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Financial hits pile up for colleges as some fight to survive
Associated Press ^ | April 7, 2020 | Collin Binkley and Jeff Amy

Posted on 04/07/2020 9:29:48 AM PDT by Olog-hai

Colleges across the nation are scrambling to close deep budget holes and some have been pushed to the brink of collapse after the coronavirus outbreak triggered financial losses that could total more than $100 million at some institutions.

Scores of colleges say they’re taking heavy hits as they refund money to students for housing, dining and parking after campuses closed last month. Many schools are losing millions more in ticket sales after athletic seasons were cut short, and some say huge shares of their reserves have been wiped out amid wild swings in the stock market.

Yet college leaders say that’s only the start of their troubles: Even if campuses reopen this fall, many worry large numbers of students won’t return. There’s widespread fear that an economic downturn will leave many Americans unable to afford tuition, and universities are forecasting steep drop-offs among international students who may think twice about studying abroad so soon after a pandemic. […]

Dozens of colleges have instituted hiring freezes, and many are halting construction projects so they have enough money to pay employees. But university presidents say the savings will only stretch so far, and many are asking the federal government for a second stimulus package to avoid deeper cuts. …

(Excerpt) Read more at apnews.com ...


TOPICS: Education; Health/Medicine
KEYWORDS: colleges; coronavirus; covid19; kungflu; liberalagenda; moogoogaipandemic; stimulus; wuhanvirus
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To: Old Yeller

Cancelling the NCAA Basketball Tourney cost about $700 million that would have been distributed to member colleges. That tourney and the BCS are MAJOR sources of revenue for college sports programs.

It’s easy to rip on the schools but most non-revenue sports rely on that money to keep going. For example, Old Dominion just cancelled their wrestling program because they knew the money wasn’t coming in this year. Good thing the BCS money did get distributed.

The Ohio States of the world will be fine but scholarship money will be greatly reduced across America.


41 posted on 04/07/2020 10:16:08 AM PDT by LRoggy (Peter's Son's Business)
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To: cnsmom

Don’t laugh, that might well be an unintended consequence of this


42 posted on 04/07/2020 10:17:09 AM PDT by LRoggy (Peter's Son's Business)
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To: Olog-hai

Perhaps they could halve the bloated salaries of their bureaucrats AND their Profs? I once knew a PhD who LIVED for her Sabbatical years as she HATED actual teaching.


43 posted on 04/07/2020 10:17:42 AM PDT by originalbuckeye ('In a time of universal deceit, telling the truth is a revolutionary act'- George Orwell..?)
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To: cornfedcowboy

And a LOT of municipal bonds sold to senior investors are based on those complexes . . . unintended consequences.


44 posted on 04/07/2020 10:18:33 AM PDT by LRoggy (Peter's Son's Business)
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To: Gen.Blather
  1. Get control of the schools. Use them as transmission belts for socialism and current Communist propaganda. Soften the curriculum. Get control of teachers’ associations. Put the party line in textbooks.

  2. Gain control of all student newspapers.

  3. Use student riots to foment public protests against programs or organizations which are under Communist attack.
— From the list of 45 communist goals for the USA

It is in the schools, at the desk, in the first class, that the foundations for a Communist outlook are laid in future Soviet citizens. The country entrusts the school with its most treasured possessions — its children — and no one should be allowed to indulge in the slightest deviation from the principles of the Communist materialistic upbringing of the new generation.

— USSR’s “Literaturnaya Gazeta”, 09/03/1949
This should not have been allowed to happen in the first place, of course, but it did.
45 posted on 04/07/2020 10:22:06 AM PDT by Olog-hai ("No Republican, no matter how liberal, is going to woo a Democratic vote." -- Ronald Reagan, 1960)
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To: Kozy

“Maybe Oberlin university will be Gibson University where only real world skills are taught.”

Making quality guitars? Works for me. :0)


46 posted on 04/07/2020 10:24:36 AM PDT by Huskrrrr
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To: cnsmom

I think the Sherriff should hold a sale, socially distanced of course.


47 posted on 04/07/2020 10:26:41 AM PDT by MrEdd (Caveat Emptor)
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To: Varda

While endowments can revert to the donors, most of schools have written into their bylaws dissolution clauses that if they fold, they will distribute their remaining assets to other 501c3 institutions.


48 posted on 04/07/2020 10:28:31 AM PDT by Heracles Basileus (dead link)
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To: Olog-hai

I read that this will shut the Democrat talk of free college for awhile.


49 posted on 04/07/2020 10:28:42 AM PDT by Rusty0604 (2020 four more years!)
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To: Olog-hai

Let’s hope this is a necessary correction of America’s debt-based, flawed “higher education” system.


50 posted on 04/07/2020 10:31:56 AM PDT by PGR88
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To: boxlunch

And students generally have cars now.
Much of that stuff is far more thoroughly learned at commercial facilities than at a university mock up.


51 posted on 04/07/2020 10:32:13 AM PDT by MrEdd (Caveat Emptor)
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To: Fiji Hill

Boy, ain’t that the truth!!


52 posted on 04/07/2020 10:44:54 AM PDT by Man from Oz
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To: LRoggy

You’re kinda putting a damper on the hate-fest :)


53 posted on 04/07/2020 10:45:18 AM PDT by Magic Fingers (Political correctness mutates in order to remain virulent.)
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To: McGavin999
Many colleges need to close and many academics need to go into the real world.

We don't have that many Starbucks...

54 posted on 04/07/2020 10:50:04 AM PDT by grey_whiskers (The opinions are solely those of the author and are subject to change with out notice.)
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To: Heracles Basileus
Top. Kek.

What if they're underwater, or get sued, holding the assets in suspense?

55 posted on 04/07/2020 10:51:20 AM PDT by grey_whiskers (The opinions are solely those of the author and are subject to change with out notice.)
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To: Magic Fingers

I fondly remember my college days (class of ‘80) and want to see my experiences come back in vogue and when this generation of professors kick the bucket you’ll see some changes to adapt to the way kids are today, which is far less ideological. My son was raised right but he does not share the ideological part of our side and you are going to hear more and more the term ‘Radical Centrist’, which is where a lot of the kids are now. Andy they have nothing but disdain for the Media and are rapidly transferring to YouTube broadcasters.

Tim Call is my current favorite on YouTube.


56 posted on 04/07/2020 11:07:01 AM PDT by LRoggy (Peter's Son's Business)
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To: Olog-hai

Colleges being forced to live withing their means? What a novel concept!


57 posted on 04/07/2020 11:17:43 AM PDT by clearcarbon
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To: Heracles Basileus

Makes sense. From a to a 501c3 to a 501c3, probably shields the schools remaining assets from any legal action concerning the use of the fund after they let go.


58 posted on 04/07/2020 11:17:53 AM PDT by Varda
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To: LRoggy

Good point re the “radical centrists” and their reliance on non-traditional media (e.g., youtube) - my son falls into that camp.


59 posted on 04/07/2020 11:26:08 AM PDT by Magic Fingers (Political correctness mutates in order to remain virulent.)
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To: DivineMomentsOfTruth

Trouble is, many “Christian” universities are as leftist as the Ivy League.

I teach at one, and my inclination is to kill them all and let God sort them out.

Of course, I would be fired in disgrace if I were to say that publicly. The liberal arts folks rule, more’s the pity.


60 posted on 04/07/2020 1:10:52 PM PDT by mywholebodyisaweapon (Thank God for President Trump.)
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