What’s Next: As colleges make cuts, new ways to make (and save) money emerge – Education Dive
The coronavirus pandemic is costing the sector in almost every part of its operations, but certain measures could benefit schools down the road.
As the costs associated with the coronavirus pile up for colleges, it seems almost moot to point out that in certain areas, institutions are netting immediate savings.
After all, some colleges and systems forecast losses in the tens of millions of dollars. So halting aspects of campus operations — as well as large-scale events such as commencements and recruitment fairs — can save some cash. But their losses are big enough that a little savings here and there won’t rescue their budgets.
Consider this example:
Most institutions have shuttered almost all their academic buildings and residence halls. At one large college, that move saved about $1 million in utilities expenses, Jim Hundrieser, vice president for consulting services at the National Association of College and University Business Officers (NACUBO), told Education Dive.