“Colleges and universities across the United States have been impacted by an approximate 10% nationwide decline in college enrollment over the last decade, and no Iowa institution has been immune to this shift.”
If you think things are bad now, just wait until schools start feeling the pain of withheld donations over the pro-Hamas insanity.
KCCI News reports:
Drake University preparing to cut faculty, academic programs
Faculty, staff and students at Drake University are preparing for some painful cuts.
Declining enrollment is hurting the university’s operating budget, so now Drake is slashing more than $10 million in spending.
KCCI obtained the minutes of a recent faculty senate meeting, which show faculty positions and academic programs will have to be cut.
According to Drake University, the institution is working with a $128 million operating budget. The Board of Trustees recently approved a deficit of $4.3 million for the current fiscal year.
According to meeting minutes, the university has reached an “understanding” with the board to have a plan in place by fiscal year 2025 to balance the operating budget by fiscal year 2026.
Drake University provided the following statement to KCCI:
Colleges and universities across the United States have been impacted by an approximate 10% nationwide decline in college enrollment over the last decade, and no Iowa institution has been immune to this shift. Drake is fortunate to have an incredibly strong balance sheet with healthy cash reserves, and a low amount of long-term debt. However, as enrollment revenues have declined, our operating budget has been put under stress. We are managing this through both expenditure control and innovation that will drive enrollment and generate revenue—all while staying committed to our mission and preserving the academic excellence and impressive student outcomes for which we’re nationally recognized.
We currently have a $128 million operating budget. As we look ahead to the next fiscal year, our projections indicate we would start with a budget that is out of balance by more than $10 million if no action is taken.
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