I’m not very sympathetic to the plight of the employed academia in our society. Colleges today are filled with non reality based thinkers with bloated salaries. Maybe it is fitting that this coming financial reckoning hits higher ed employment.
Ball State University President Geoffrey Mearns gave an interview and laid out some interesting financial statements concerning his university and nationwide college predictions.
Ball State University President Geoffrey S. Mearns is telling faculty and staff that reduction/elimination of some services and programs is inevitable due to the novel coronavirus pandemic, which will also make personnel cuts likely.
The president said in an interview with WBST public radio station on Friday that “we are not facing any immediate budget cuts in the next few months,” but the outlook after that will be “very difficult,” he added in an email to the university community.
“Both of our major sources of revenue — tuition and state operating appropriations — are at risk because of the economic impact of the pandemic,” Mearns wrote to employees. “Our tuition revenue may decline substantially because … it is likely that our enrollment will decline. Some people are predicting that college enrollment in the United States may drop by more than 10% next year.
“Our state appropriation is at risk because of the recent sharp decline in economic activity. To give you some context, in the wake of the Great Recession, our state appropriation was reduced by approximately 6%. If that were to happen next year, our state appropriation would be reduced by approximately $8 million.”
Hopefully Ball State cuts their “Center for Business and Economic Research” program as their professors openly called for this shutdown.
Source: Star Press