University leaders posted a message to the campus community that outlined a number of cost-saving measures put in place to help manage the school's budget during the crisis.
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"We expect to see repercussions from the pandemic for some time," the letter stated.
University leadership said approximately 250 staff members will be temporarily furloughed, the university will suspend 5% automatic and 5% match contributions to staff retirement plans, and university leaders will take a 20% pay cut.
NU deans will also take a 10% pay cut reduction.
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"We anticipate a total shortfall of roughly $90 million for the current 2020 fiscal year," the letter stated. "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."
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The new changes come after NU already put a first round of cuts in place including, a hiring and salary freeze, a delay in nonessential construction projects and a reduction in discretionary spending.
University leaders said they will also begin to increase the payout rate of the school's endowment.
"Our approach is guided by a commitment to protect the academic excellence that this community has built up over 169 years and to prioritize the well-being of our people," the letter stated.
For more information visit: www.northwestern.edu.