SU financially struggling during COVID-19 pandemic
SU financially struggling during COVID-19
On Monday morning, SU administrators sent out a letter detailing their plans to make up for the $35 million “unplanned” expenditures the pandemic has caused the school. “While there are many unknowns for the coming year, we can realistically expect further and significant financial challenges ahead,” the letter reads.
The first measure listed is a voluntary 10-percent reduction in pay to be taken by Chancellor Kent Syverud, Interim Vice Chancellor and Provost John Liu, Senior Vice President and Chief Financial Officer Amir Rahnamay-Azar, as well as the Chancellor’s Council.
Additionally, staff and employees will see a salary freeze on merit increases for the 2021 fiscal year.
The school also plans to temporarily freeze hiring non-essential positions as well as a “5 percent cost reduction across all administrative, academic, and auxiliary units and focusing our funds in support of our people and our academic mission.”
The university will continue capital projects that are underway such as the Dome’s roof, but will refrain from any new projects that have yet to begin.
“We recognize and acknowledge the shared sacrifice that is being asked of our community. It is in working together that we will emerge stronger in the face of this challenging time,” the letter reads. Administrators ended the letter notifying the community that more updates and details will be available in the coming days and weeks.