Citing a deficit expected to reach $40 million by the end of the fiscal year, the University of Louisville has announced furloughs for some employees along with pay reductions for senior leaders and some athletic department personnel.
In a memo by Dr. Neeli Bendapudi to UofL employees, said some full-time and part-time employees in targeted area will be furloughed over the next several weeks. Bendapudi also said the university will institute a hiring freeze and only fill the most critical of positions. Additionally, UofL will also evaluate and likely implement temporary changes to retirement benefits, but not to health or life insurance.
Other changes will be to transition summer courses to online delivery, practicing fiscal restraint by purchasing only truly essential items and prohibiting international and domestic travel.
Bendapudi also announced that she, along with Executive Vice President and University Provost Beth Boehm and Executive Vice President of Research and Innovation Kevin Gardner have agreed to take an immediate pay reduction through June 30. The UofL leadership team will also take pay reductions as follows:
10% pay reduction for any university employee with total compensation $300,000 and greater;
5% pay reduction for any university employee with total compensation between $200,000 – $299,999;
2% pay reduction for any university employee with total compensation between $100,000 – $199,999.
The UofL Athletics Association will also instituting pay reductions for senior-level administrators and head coaches through June 30, 2021 as the department works to deal with a $2.1 million shortfall for this fiscal year and the potential for significant revenue volatility in the next fiscal year.
The announcement says the university will do everything in its power to lessen the impact on students, faculty and staff.
Source: WAVE
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