“top officials will be taking a 10% to 20% cut in pay and it will draw on its endowment”
The school has even stopped contributing to retirement funds for employees. Wow.
CBS News Chicago reports:
Northwestern University Furloughs 250 Workers Amid Budget Shortfall
Northwestern University has furloughed 250 workers and suspended contributions to employee retirement funds as it reports a $90 million budget shortfall due to the coronavirus pandemic, officials announced Monday.
The university also announced top officials will be taking a 10% to 20% cut in pay and it will draw on its endowment.
University president Morton Schapiro said in a statement that even if activities are resumed in the fall on its Evanston and Chicago campuses, the university will have a significant budget shortfall in the 2021 fiscal year.
“We expect to see repercussions from the pandemic for some time,” Schapiro said in his statement, noting the university’s work brings large numbers of people together in classrooms, dormitories, hospitals and other venues. “As such, a pandemic places extreme pressure on all our major functions and on associated revenue streams.”
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