Saturday, December 19, 2015

GW not ‘out of the woods’ with financial troubles, faculty say - Ellie Smith, Hatchet

Joseph Cordes, the chair of the finance committee, presented the overall state of the University’s finances from fiscal years 2014 through 2016, and shared options on how the administration might address financial challenges in the coming year. After a year of cutbacks in the administration and in departments, Cordes said there has been growth in the budget, but the University should still be looking at ways to increase revenue. University President Steven Knapp announced in a letter Wednesday that a new round of budget cuts will be instituted to deal with long-term financial issues. He called for central units in the administration to make three to five percent budget cuts each year from 2017 to 2021, which could mean cutting 15 to 25 percent of current budgets overall.

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