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U of M announces staff reductions, $50 MM loss due to Covid
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k2tigers Offline
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U of M announces staff reductions, $50 MM loss due to Covid
10-07-2020 06:46 PM
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Unionman76 Offline
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Post: #2
RE: U of M announces staff reductions, $50 MM loss due to Covid
was there a reduction in tuition,
or a reduction in students

how do you lose $50mm, thats a lot in 7 months
10-07-2020 06:53 PM
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Keeper Offline
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Post: #3
RE: U of M announces staff reductions, $50 MM loss due to Covid
(10-07-2020 06:53 PM)Unionman76 Wrote:  was there a reduction in tuition,
or a reduction in students

how do you lose $50mm, thats a lot in 7 months

Read the attachment.
10-07-2020 06:58 PM
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Unionman76 Offline
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RE: U of M announces staff reductions, $50 MM loss due to Covid
(10-07-2020 06:58 PM)Keeper Wrote:  
(10-07-2020 06:53 PM)Unionman76 Wrote:  was there a reduction in tuition,
or a reduction in students

how do you lose $50mm, thats a lot in 7 months

Read the attachment.

not much meat in the statement from rudd
only saying he could not raise tuition to cover the amount
all these universities have a lot of fat
10-07-2020 07:07 PM
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tkgrrett Offline
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Post: #5
RE: U of M announces staff reductions, $50 MM loss due to Covid
(10-07-2020 06:53 PM)Unionman76 Wrote:  was there a reduction in tuition,
or a reduction in students

how do you lose $50mm, thats a lot in 7 months

The UofM fiscal year budget is probably around $500M.

School will have lost tons of event revenue, tons of "sales" revenue from bookstore/apparrel, and a im willing to bet they have had tons of corporate-sponsored learning programs cancelled, reduction in number of companies paying for their employees to take credits and purely an overall drop in number of adult learners.

On top of that, im willing to bet they have had a significant increase in expenses associated with setting uo infrastructure to support remote learning for a much larger remote population.

Not hard to see getting to $50M loss at all.
10-07-2020 09:45 PM
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Tigerx3 Offline
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Post: #6
RE: U of M announces staff reductions, $50 MM loss due to Covid
(10-07-2020 06:53 PM)Unionman76 Wrote:  was there a reduction in tuition,
or a reduction in students

how do you lose $50mm, thats a lot in 7 months

Rudd has worked hard to hold cost low and take the burden off the backs of students. Every funding source has been reduced many significantly. Food services, book store, parking, fees,

They control over $500 million in salaries and have over $1.1 billion economic impact annually.

$50,000,000 is a lot of money and is certainly impactful but we are talking about much bigger numbers to measure it by overall.
10-07-2020 09:54 PM
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ddramone Offline
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Post: #7
RE: U of M announces staff reductions, $50 MM loss due to Covid
(10-07-2020 06:53 PM)Unionman76 Wrote:  was there a reduction in tuition,
or a reduction in students

how do you lose $50mm, thats a lot in 7 months

Are the dorms open? If not, that's close to $20 million in lost revenue right there. The upkeep on those dorms is not huge, nor is the interest payments, but that's $20million pretty much gone.

Athletics had a $40million budget (or so). Lost revenue there as well.

Does anyone know the total enrollment decrease due to Covid?
10-07-2020 10:02 PM
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jsw3ent Offline
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RE: U of M announces staff reductions, $50 MM loss due to Covid
Stickers are sky high these days----and by all means----must be bought and applied----and stickers are beyond reproach---no matter the cost.
10-07-2020 10:11 PM
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pkptigers07 Offline
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Post: #9
RE: U of M announces staff reductions, $50 MM loss due to Covid
(10-07-2020 06:53 PM)Unionman76 Wrote:  was there a reduction in tuition,
or a reduction in students

how do you lose $50mm, thats a lot in 7 months

No change in tuition. Enrollment was slightly up. Budget deficit is largely from lost auxiliary revenue, particularly housing and dining. They had to refund a portion or dorm and meal plan fees in the spring. Dorms were closed this summer but open and not quite full this fall. Probably not much being spent in campus dining this fall with no on campus classes until this week. Very little being paid in parking fees for the past 7 months. Huge losses in athletics. It all adds up quickly.
10-08-2020 12:30 AM
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Unionman76 Offline
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Post: #10
RE: U of M announces staff reductions, $50 MM loss due to Covid
COVID-19 Reporting

-Updated September 30-
Faculty & Staff
Number of cumulative exposures reported since March 131
Number of Confirmed COVID-19 Cases since March 42
Number of Active COVID-19 Exposures being monitored 10
Number of cases on campus 0
Cases contracted on campus 0


Students
Number of cumulative exposures reported since March 200
Number of Confirmed COVID-19 Cases since March 214
Number of Active COVID-19 Exposures being monitored 80
Number of cases on campus 36
Cases contracted on campus 6


Housing & Residence Life
Number of students in residence halls 1831
Number of quarantine rooms set-aside 85
Number of quarantine rooms occupied 15
10-08-2020 07:21 AM
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tkgrrett Offline
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Post: #11
RE: U of M announces staff reductions, $50 MM loss due to Covid
(10-08-2020 07:21 AM)Unionman76 Wrote:  COVID-19 Reporting

-Updated September 30-
Faculty & Staff
Number of cumulative exposures reported since March 131
Number of Confirmed COVID-19 Cases since March 42
Number of Active COVID-19 Exposures being monitored 10
Number of cases on campus 0
Cases contracted on campus 0


Students
Number of cumulative exposures reported since March 200
Number of Confirmed COVID-19 Cases since March 214
Number of Active COVID-19 Exposures being monitored 80
Number of cases on campus 36
Cases contracted on campus 6


Housing & Residence Life
Number of students in residence halls 1831
Number of quarantine rooms set-aside 85
Number of quarantine rooms occupied 15

Total on-campus university owned housing capacity is close to 3K students I believe. Definitely would be a significant drop.
10-08-2020 08:52 AM
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Tiger87 Offline
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Post: #12
RE: U of M announces staff reductions, $50 MM loss due to Covid
What are the know "rackets" when it comes to college fees?
Housing, dining, parking.
All of those took major hits.
That's a big chunk of margin gone.
Universities everywhere will be dealing with this.
10-08-2020 10:03 AM
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Unionman76 Offline
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RE: U of M announces staff reductions, $50 MM loss due to Covid
(10-08-2020 10:03 AM)Tiger87 Wrote:  What are the know "rackets" when it comes to college fees?
Housing, dining, parking.
All of those took major hits.
That's a big chunk of margin gone.
Universities everywhere will be dealing with this.

i come up with a little over $25mm for those items
10-08-2020 11:21 AM
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21-17 Best Time I Ever Ha Offline
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Post: #14
RE: U of M announces staff reductions, $50 MM loss due to Covid
Has the U of M released their exact enrollment figures for this semester?

My brother in Oxford keeps complaining that Ole Miss will not release their numbers, so no one knows how many are on campus, how many are doing online from their homes in other counties and states, and how many did not come back this year.
10-08-2020 03:58 PM
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Unionman76 Offline
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Post: #15
RE: U of M announces staff reductions, $50 MM loss due to Covid
dr rudd twitted this out in september



Number of students in residence halls 1831
is from a university of memphis website
10-08-2020 04:19 PM
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AlonsoWDC Offline
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Post: #16
RE: U of M announces staff reductions, $50 MM loss due to Covid
TIL ETSU has a college of medicine.
10-08-2020 04:41 PM
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