The University of Minnesota could lose as much as $315 million if coronavirus disruptions continue into the fall semester, reported Bring Me The News.
The potential loss would include around $90 million from tuition, $75 million from athletics, $60 million from events and $40 million from room and board, among other revenue disruptions, university president Joan Gabel said in a virtual town hall with students and staff on Tuesday.
As part of cost-cutting efforts, Gabel and her cabinet are taking a voluntary 10% salary cut starting July 1 and 200 senior university leaders will take a full week of unpaid work before June 30. Also being considered is a salary freeze on merit increases for 2021. These collective efforts could save the university $40-50 million.
“I am grateful for the immediate willingness of system leaders to make personal financial sacrifices, and in their work for the good of our students and our University as a whole,” Gabel said.