Posted on 05/07/2020 7:23:30 AM PDT by fluorescence
HANOVER — Dartmouth College officials declined Wednesday to rule out layoffs and furloughs for some of its 3,900 employees, including non-tenured faculty, as the institution faces millions of dollars in projected losses over its spring and summer terms.
Layoffs are a “part of a tool kit” that administrators need access to, but are seen as a last resort to stabilize the college’s financial situation past June 30, Executive Vice President Rick Mills said during a meeting with Valley News editors and reporters.
“They are a tool that we deploy later and with more reluctance than most of these other tools that we’re talking about,” he said during the meeting, which was held via teleconferencing software. “But there are no current plans, and a lot of that will depend on what the data shows us about our ability to resume normal operations or quasi-normal operations and how soon that would happen.”
Dartmouth announced in March the closing of its Hanover campus and cancellation of in-person classes for its spring term to protect students and employees from COVID-19.
Students and professors transitioned to online learning, and in April, the college said classrooms and dormitories would remain closed through the summer.
The closing could result in a roughly $76 million drop in revenue for the spring term, or about 7% of the school’s $1.1 billion fiscal year operating budget.
About $53 million of those losses come from operations — such as tuition, room and board fees, and other revenue, according to Michael Wagner, the school’s chief financial officer.
He said the remaining $23 million can be attributed to investment losses outside the endowment portfolio.
The school also expects an additional $10 million in losses for the summer term, when only the sophomore class is typically on campus.
(Excerpt) Read more at vnews.com ...
The college had hoped to obtain half of its energy from renewable sources by 2025 and 100% by 2050.
Glad to see a silver lining to all of this.
Dartmouth College/Endowment
$5.7 billion
I have a feeling Dartmouth is going to be just fine.
Yeah, all the colleges are now crying poverty in Oder to siphon off some of that PPP money.
So just non-tenured faculty will be affected? Many of the tenured faculty are older, with a median age of 65 y/o, higher paid, and more at risk for C-1984. I can't see this being a shortfall remedy.
“Many of the tenured faculty are older, with a median age of 65 y/o, higher paid, and more at risk for C-1984.”
Gravity at work.
Shite runs downhill.
That’s how it works.
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