Notre Dame sees $100M-plus revenue shortfall for next year
SOUTH BEND, Ind. (AP) — The University of Notre Dame is projecting a more than $100 million revenue shortfall for the upcoming fiscal year in part because of the coronavirus outbreak, according to a letter sent to the school community.
In the letter sent to Notre Dame staff, faculty and students last week, university President the Rev. John Jenkins and other top administrators cited “financial aid expenditures, flat endowment payout, lower auxiliary revenue and projected lower levels of philanthropy” during the fiscal year that begins July 1.
Notre Dame expects the financial challenges to have “continuing impacts on our budget for the foreseeable future,” the letter said.
Notre Dame took several belt-tightening steps in mid-March, instituting a hiring freeze, canceling or postponing several capital projects, and eliminating university-sponsored travel and non-essential spending in an effort to mitigate the virus’s financial impact.
The university already was expecting a shortfall of $44 million for the current fiscal year, which ends June 30, the South Bend Tribune reported. Half of that has been attributed to the university returning $22 million to students in spring undergraduate room and board fees.
No faculty or staff will receive merit salary increases for the upcoming fiscal year and there will be no increases to existing salaries related to promotions until further notice. Senior administrators are voluntarily reducing their salaries by 5% to 20%.