Penn State operated at nearly a $200 million deficit the last fiscal year and, while a significant portion of that can be attributed to the pandemic, Bendapudi also noted that there remains a “structural deficit.” In other words, the university’s financial issues aren’t simply going away as COVID becomes less of a concern. “It’s going to be a tough 12 to 18 months but we gave our word that by 2025, we will get to a balanced budget,” Bendapudi said, referring to a promise made to the university’s board of trustees.
