“cannot rely on its endowment to fill the gaps”
This shows that it’s not just small schools which are being affected by this crisis.
FOX News in Baltimore reports:
Johns Hopkins University to make major pay cuts and lay offs
Universities across the country have been hit hard financially by the COVID-19 pandemic, including Johns Hopkins.
The university is planning pay cuts and expecting to lay off employees.
The immediate impact will be on faculty.
In a letter, the university president said it’s expecting to furlough and lay off employees because of the money lost during this pandemic.
The university has played an important role globally in tracking the spread of this virus, but because of COVID-19, the university said it’s planning to cut salaries.
University President Ronald Daniels said the school expects to lose more than $100 million by the end of June and as much as $375 million during the coming fiscal year.
Daniels said the university cannot rely on its endowment to fill the gaps.
He said over the past 6 weeks as the financial markets declined so has their endowment value, which has reduced funds available for university operations.
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