Posted on 12/09/2024 7:46:55 AM PST by Red Badger
The University of Southern California has reportedly spent $158 million more than what the university earned in its 2023-2024 fiscal year, amidst pre-existing financial troubles at the school.
The university placed some of the rising costs on inflation and said it plans to set initiatives to drive down the deficit, according to USC Annenberg Media.
The University’s Office of the Provost stated to Annenberg Media in a statement that the budget deficit over the past six years has ranged from anywhere between $586 million as a result of complications the University grappled with during the COVID-19 pandemic, to $36 million.
The university directly cited how inflation, costs of insurance, competition from other higher education institutions, declines in graduate school enrollment, athletic expenses, and growth of financial aid are all factors that could helps explain the deficit for the current year.
Administrators stated that they plan to invest in its students and employees at the university while planning ahead for potential future financial struggles that could further inhibit the its spending power.
In USC’s statement, the institution made mention of how “Eliminating this deficit is attainable over the next few years and is necessary to ensure USC’s long-term financial resiliency. By acting now and reviewing our financial structures, we can fulfill our obligations to current and future Trojans- so long as we all focus on our end goal.”
The University added in their statement to Annenberg Media that they are “[C]onfident that USC will continue to excel as we take the actions needed to build an even brighter and more sustainable future for our university.”
USC is not a UC school. It is private.
I knew I made that mistake as soon as I hit “post”.
But my point is still valid. Fiscal irresponsibility in CA is all over the place and flows from Newsom.
O J SIMPSON
WHO NEVER TOOK A TEST HIMSELF
ALWAYS TAKEN BY “STAND-INS”.
USC endowment is about 7.5 BILLION...they overpaid by about 2%....a rounding error...,Lincoln Riley has them trapped 88 million buyout...10 million a year salary...if no great improvement he will be gone in 2 years.
They were better than their record... couldn’t play whole game...their fans longstanding hubris and arrogance deserves a reality smackdown....
I was born and raised in L.A. and my dad was a big Trojans fan. I don’t know why but he watched all the games he could. He’s probably spinning in his grave. He was a big Clippers fan too. I guess he just liked punishment.
Apparently hiring “degreed professionals” was the wrong choice. Try a married couple with kids next time.
They sound like the pope!
After last summer, I thought UCLA held that title.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.