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‘A Dramatic and Unprecedented Contraction’: A Look Inside a $375-Million Budget Shortfall

By  Audrey Williams June
May 19, 2020

These days, college leaders have been delivering an unmistakable message about the new coronavirus’s effect on institutional finances: Things are bad and likely to get worse.

The Johns Hopkins University forecast net losses for the next fiscal year to be as much as $375 million. The president, Ronald J. Daniels, also provided an unusually detailed picture of the scope of the challenges that the coronavirus has presented to his institution’s finances.

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These days, college leaders have been delivering an unmistakable message about the new coronavirus’s effect on institutional finances: Things are bad and likely to get worse.

The Johns Hopkins University forecast net losses for the next fiscal year to be as much as $375 million. The president, Ronald J. Daniels, also provided an unusually detailed picture of the scope of the challenges that the coronavirus has presented to his institution’s finances.

“The magnitude of the challenges we face is unlike any we have experienced in recent memory,” Daniels recently said in a statement. The university, he said, was experiencing “a dramatic and unprecedented contraction.”

Daniels also outlined a three-phase plan to mitigate losses, which includes cutting the salaries of top leaders, restricting new hires, and suspending contributions to employees’ retirement accounts. Here’s a closer look at some of the key areas of financial loss, and how Hopkins hopes to respond.

We welcome your thoughts and questions about this article. Please email the editors or submit a letter for publication.
DataFinance & Operations
Audrey Williams June
Audrey Williams June is the news-data manager at The Chronicle. She explores and analyzes data sets, databases, and records to uncover higher-education trends, insights, and stories. Email her at audrey.june@chronicle.com, or follow her on Twitter @audreywjune.
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