Ithaca College budget surplus decreases by $15 million - Sam Haut, the Ithacan

William Guerrero, vice president of the Division of Finance and Administration, said increased financial aid and salary and benefits are the biggest factors in the decrease. Guerrero said although the decrease in the surplus may look concerning, it does not indicate financial trouble for the college. Beth Reynolds, controller for the Office of Business and Finance, said $6.7 million from the $15 million went to salary and benefit increases, $6 million went to financial aid and a $1 million loss resulted from lower enrollment, from both a larger class graduating in 2018 and less freshmen attending the 2017-18 academic year than expected — which was partially offset by a tuition rate increase. https://theithacan.org/news/ithaca-college-budget-surplus-decreases-by-15-million/