Tuesday, January 17, 2017

Chicago State University facing financial distress - Associated Press

Documents show the school could burn through its $26 million cash reserves by May and end the academic year with a $3.5 million deficit. University officials said more budget cuts may be inevitable if the university doesn't receive funding from Springfield. However, there are currently no plans for state money to go to the university next year. The university currently receives one-third of its funding from the state. Through two stopgap budgets, the university has received about $32.5 million during the past year and a half, which compares with the last full year of state funding, $36.1 million, it received from the state during 2014-15. CSU was among universities that were hit the hardest by the state budget gridlock that cut off regular appropriations for higher education, social services and other areas. http://www.pantagraph.com/news/state-and-regional/illinois/chicago-state-university-facing-financial-distress/article_bba15728-7b77-5769-99db-aa6c01035e6e.html

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