CLEVELAND — College and universities across Ohio and the country are being forced to slash budgets because of the coronavirus pandemic.
The University of Akron is predicting a staggering loss of between $65 and $70 million, according to University of Akron President Gary Miller.
“All the universities revenue sources have been reduced because of the pandemic,” he said.
Miller said he is working with the athletic director to reduce the athletic budget as well as reorganizing colleges.
“One area receiving a great deal of attention is the reorganization and staffing of our colleges. I called for a dramatic reduction in the number of colleges to reduce costs,” he said.
That means cutting the university’s eleven colleges to five.
But, the University of Akron is certainly not alone.
“No source of revenue for the university has gone unaffected by the unprecedented challenges posed by COVID-19. To that end, the university is asking all colleges, earnings units and support units at Ohio State to prepare three budget scenarios for FY21: budgets that assume 5%, 10% and 20% reductions in spending. This approach aligns with the governor’s instruction to all state agencies and follows several proactive financial steps already taken by the university in the midst of this crisis,” said Ohio State University Senior Vice President & CFO Michael Papadakis in a statement.
“These financial impacts go far beyond planned budget reductions in response to enrollment changes prior to the pandemic. In response, our Academic Deans have begun revising plans for reductions in their colleges, but no faculty reductions have been finalized at this point. Further, no academic programs have been or will be eliminated at this time,” said Ohio University President Duane Nellis.
Part of the problem is some students are reluctant to commit to college now, not knowing if they will have the typical college experience come fall.
“They picture going to classes, they picture meeting people, living in the dorms. So, what many students are choosing is a gap year. Maybe I will wait until this is over and I can have a normal college experience,” said Amanda Weinstein, University of Akron, Assistant Professor of Economics.
While other students are putting off enrolling until they get a better understanding of what will happen on college campuses in the fall.
