As the federal government lowers college financing, Boston University is the most recent local institution to execute budget cuts and lay off staff.
On Monday, BU declared that it would implement a 5% budget cut for the upcoming fiscal year and lay off 120 personnel.
BU officials wrote to professors and staff to communicate the painful news of layoffs, despite our best efforts to minimize the impact on our community. About 120 staff positions and 120 vacancies will be eliminated by the university in the next few days. Additionally, the scheduling for about 20 posts will change.
The executives also stated that every attempt has been made to minimize the amount of layoffs and that these measures will affect roughly 1% of our workforce. However, we are aware that any workforce cut is unpleasant. For us all, today is a day of loss. This cannot be avoided. We are aware that it can take some time for our community to get used to these challenging adjustments. However, it’s also an essential step in safeguarding our future.
Career transitioning assistance and separation packages will be provided to departing employees.
Due to financial difficulties, BU had issued a warning in the spring about budget cuts.
Our research enterprise and daily operations are being impacted by recent and ongoing federal measures and budget cuts, the executives wrote on Monday. The whole scope of possible obstacles to our primary goals of research, teaching, and learning is still unknown.
Universities face additional challenges like growing inflation, shifting demographics, dwindling graduate enrollment, and the need to adjust to new technology as we participate in a nationwide renegotiation of how the nation’s higher education model will be funded, they noted.
Related Articles
-
Boston University CTE Center researchers trying to diagnose CTE during life, recruiting former football players
-
Trump s immigration policies will cost Massachusetts billions, experts say
-
Dorchester man charged with breaking into Boston University students apartment
-
Boston University falls to Western Michigan in national title game, 6-2
-
Boston University tops Penn State, advances to national title game
According to the university’s 990 form, Boston University earned $3.3 billion in total revenue during the July 2022–June 2023 tax year. The $3.3 billion overall sales was a 17% increase over the $2.8 billion total revenue from July 2020 to June 2021.
In the meantime, BU’s total compensation increased by 23% from $1.2 billion for the tax year from July 2020 to June 2021 to $1.4 billion from July 2022 to June 2023.
Then-President Robert Brown, who received a total pay of $2.6 million, including a base compensation of $1.3 million, in his last year as BU’s top leader, was among the best earners from July 2022 to June 2023.
With a base salary of $1.8 million and an overall take-home pay of almost $1.9 million, professor and physician Tony Tannoury was the BU employee with the highest base pay.
Professor and physician Xinning Li, professor and oral surgeon Pushkar Mehra, university provost Jean Morrison, CIO and assistant treasurer Clarissa Hunnewell, professor and physician William Creevy, and medical campus provost Karen Antman were the other highest paid employees, with nearly $1.5 million, $1.4 million, and $1.2 million, respectively.
