Rising expenses and falling revenue represent the perfect storm for financial chaos. Both public and private institutions are closely examining budgets, as the costs of labor, energy, products, and services continue to rise amid global inflationary pressures and economic volatility. At the same time, student enrollment has taken a nosedive in past years and is predicted to continue declining by an additional 15% starting in 2025 due to the shrinking college-age population.
Across the board, institutions are facing significant budget deficits and making hard choices about where to save – be it faculty and staff, academic programs, research grants, facilities budgets or some or all of the above.