Tag: Northwestern

Northwestern University to Furlough 250, Tap Endowment for More

(Bloomberg) — Northwestern University forecast a $90 million budget shortfall due to the coronavirus pandemic and said it will tap more money from its endowment and furlough about 250 staff members.

The school forecast the deficit for the current fiscal year and said the endowment move is aimed at avoiding further budget pressures, according to a letter from university President Morton Schapiro on Monday. The endowment was valued at $10.8 billion as of August.

Universities across the U.S. are facing financial pressure as the virus outbreak has forced them to clear out dorms, cancel on-campus classes and, in some cases,

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Northwestern Announces $90 Million Shortfall, Furloughs 250 Staff

EVANSTON, IL — Northwestern University officials project a $90 million budget shortfall for the current fiscal year as a result of the coronavirus pandemic. University leaders announced Monday they would personally take pay cuts, furlough 250 workers and start withdrawing more money from the university’s endowment.

“Even if we resume on-campus activity in the fall, as we hope to do by phases, we are likely to see a significant shortfall in the 2021 fiscal year as well, perhaps as great as or greater than what we are experiencing this year,” President Morton Schapiro, Interim Provost Kathleen Hagerty and Senior Vice

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