ALBANY, N.Y. (NEWS10) – The College of Saint Rose released an announcement Thursday outlining the institution’s financial issues and how they plan to address the issue. Interim President Marcia J. White met with the Representative Committee of the Faculty (Rep Com) on Thursday in the hopes of working with them to reduce the college’s deficit by $6 million. The College’s Board of Trustees has directed that this work be completed before the conclusion of the Fall 2020 semester.
“As an alum of the College, I have taken on this role because I love this College and want to help move it to a place of strength,” said White, who after she was tapped to lead the Saratoga Performing Arts Center in 2005, replaced 15 years of financial deficits with 12 consecutive operating budget surpluses and raised over $20 million.
Thursday’s meeting followed a meeting President White had with the College’s Representative Committee of the Faculty in early July, in which she shared with them the College’s current financial situation. She is working with the faculty over the next three months. Any loss of faculty positions would not take effect until December 2021.
Working in partnership with the faculty, the purpose of this process is to set Saint Rose on a sound financial path for the future, according to college leadership. The changes will also allow the College to build upon the momentum generated by new offerings, including the 2-in-4 program, in which students can earn a bachelor’s and master’s degree in four years, and the return of a nursing degree, in which Saint Rose was a leader before the program was discontinued in the 1950s.
Already, the College has realized nearly $8 million in savings through eliminating the positions of 20 administrators and staff and eliminating or freezing 50 vacant administrator and staff positions. Pay cuts of 5 to 10% have been extended through this fiscal year for administrators and non-unionized staff who make more than $50,000 a year. The reductions also included the freezing of the pension plan for hourly employees, offering a phased retirement plan for faculty, ending consulting contracts, and $1.7 million in cuts to operating budgets.
With the College’s recent efforts pertaining to administrators and staff, a projected $15.8 million deficit has been reduced to $9.6 million. While White says this is a great start, Saint Rose cannot carry a $10 million debt forever and needs to become a more focused institution.
Saint Rose, which will mark its 100th anniversary in September, serves approximately 4,000 undergraduate and graduate students, with 84% of students coming from within New York State. The College employs 520 faculty, staff, and administrators.
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