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Thursday, February 25, 2021

Three possible University budget scenarios

As we all know, the University’s financial picture became unsettled with the onset of the pandemic. We worked our way through fiscal year 2020, are proceeding through fiscal year 2021 with many adjustments in spending and revenue. And, as I’ve reported to you previously, we are planning for fiscal years 2022 and 2023 as the state enters a new budget biennium. 

Late last month, we had our first look at the University’s budget framework for fiscal 2022. The framework outlines the main parameters of University budget assumptions and planning for the coming year — changes in state appropriations, tuition rate adjustments, potential compensation increases, possible funds for investment in academic units, and so on. The framework is a starting point, as during the spring any of these variables might not pan out to be what was planned or hoped for in the framework.

Wednesday, February 24, 2021

Fundraising campaign success

As you know, the college and University have been engaged in multi-year fundraising campaigns that are now entering their final months. For CLA, our Shattering Expectations campaign goal was to raise $150 million. We passed that mark early on, exceeding the goal in December 2019. Gifts arrive in different forms. Some are gifts that can be spent immediately, others are endowments that provide spendable income in perpetuity (a $1 million gift provides $45,000 annually), and a final set are bequest and estate gifts for the future. 

I’m now pleased to report that we have hit our target for all three original campaign priorities: $50 million for student readiness, $65 million for research and engagement; and $35 million for diversity, access, and inclusion.