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 ...
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.
Don’t laugh, that might well be an unintended consequence of this
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.
And a LOT of municipal bonds sold to senior investors are based on those complexes . . . unintended consequences.
This should not have been allowed to happen in the first place, of course, but it did.— From the list of 45 communist goals for the USA
- 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.
- Gain control of all student newspapers.
- Use student riots to foment public protests against programs or organizations which are under Communist attack.
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
“Maybe Oberlin university will be Gibson University where only real world skills are taught.”
Making quality guitars? Works for me. :0)
I think the Sherriff should hold a sale, socially distanced of course.
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.
I read that this will shut the Democrat talk of free college for awhile.
Let’s hope this is a necessary correction of America’s debt-based, flawed “higher education” system.
And students generally have cars now.
Much of that stuff is far more thoroughly learned at commercial facilities than at a university mock up.
Boy, ain’t that the truth!!
You’re kinda putting a damper on the hate-fest :)
We don't have that many Starbucks...
What if they're underwater, or get sued, holding the assets in suspense?
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.
Colleges being forced to live withing their means? What a novel concept!
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.
Good point re the “radical centrists” and their reliance on non-traditional media (e.g., youtube) - my son falls into that camp.
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.
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