President Judy Olian and her staff have made several financial adjustments to aid the budget deficit for the 2020-21 school year, according to an email sent to Quinnipiac faculty.
The university is experiencing a $55 million loss, $10 million of which is due to expenses related to the COVID-19 pandemic. The rest can be attributed to enrollment being down for two consecutive years.
In order to alleviate the effects of the budget deficit, Olian and her staff have made eight decisions that were put together in an email sent to faculty and staff.
Since 60% of expenses are employee-related, it was decided that 130 employees would be temporarily furloughed and 38 employees would be laid off. The average furlough will be six weeks but will range between two weeks and six months, and all employees on furlough will keep their benefits. All layoffs will be in effect by July 1, 2020.
There was a salary cut for all employees on April 1, however, everyone will be receiving their original salary beginning July 1.
Members of the Management Committee and Leadership Council voluntarily took 5% to 10% cuts to assist in budget savings. Olian is continuing the 20% reduction to her salary for the upcoming school year.
Capital programs will be slowed down as well as take a $10 million cut.
The university-wide hiring freeze will continue for the 2020-21 academic year, which includes all faculty and staff positions.
A voluntary separation program was proposed to tenured faculty of the College of Arts and Sciences, the Schools of Business and Communications and Nursing. All eligible faculty have until June 30 to decide to accept the program.
All university-sponsored travel is canceled for the upcoming school year, which includes studying abroad and sabbaticals. This is to help reduce expenses as well as health risks due to COVID-19.
A big reduction in expenses came from the dean and administrative teams of each school adjusting their allotted budget for the school year. Cuts in operational costs came to 53% of budget savings.
“Regardless of the concerted attempts to minimize the impact of these reductions on our faculty and staff, these decisions are among the hardest we’ve ever confronted at Quinnipiac, and no doubt they will cause sadness and hardship,” Olian said in the email. “I can say that each decision was labored over, considered from every perspective, and ultimately made to protect the university’s future and fulfil our academic mission.”