Dear All:
I am writing again to share this fall's disappointing news about Uni's financial situation. General State Aid (GSA), which comprises roughly half of our income, has been declining significantly in recent years. GSA has decreased 11 percent each of the last two years, with an 11 percent cut this year.
While we believed we had planned for these reductions, thorough
analysis by Uni's Budget Manager, Mike Adams, suggests Uni will
experience a significant budget shortfall by $190,000 or more this
fiscal year.
Even more unsettling, we have recently come to a fuller understanding of an accounting error that has resulted in $1.05 million deficit that has grown over recent years in a moribund 2012 account that was no longer being monitored. This debt is owed to the University, and University officials and Uni staff are working together on feasible ways to retire the debt.
We are working diligently to put the necessary safeguards in place to ensure this can never happen again, and exploring possible sources of new income.
To those ends, I have asked for an exhaustive audit of our
income/expenditures and business practices for the period in question; the Office of University Audits began their work on Nov. 10. Further, I will be forming a budget task force to make certain we have wide participation and transparency as we move forward with understanding our current budget situation and identifying the steps needed to bring that budget back into a healthy balance.
I am 100 percent committed to ensuring that Uni continues to provide a world-class education to its students and maintains the unique educational environment that is so valued by Uni faculty, staff, students, parents, alumni and friends alike.
Please contact me with any questions or input on this extremely important matter.
Sincerely,
Jeff Walkington
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