President Reports University’s Financial Health Remains Strong
Despite the current economic crisis, CLU is in a much better position than many schools throughout the nation, President Chris Kimball reported at a Town Hall meeting for faculty and staff.
“Cash accounts,” he continued, “which we manage very conservatively, are above par for this time of year, giving us a comfortable reserve for emergencies. Enrollment is higher than ever in the history of CLU, and undergraduate admission applications for next fall are up 31 percent over last year.”
Although the University’s endowment has declined by about one-third due to the poor performance of the stock market, less than 4 percent of CLU’s operating budget is funded by that source.
“We must continue to be vigilant of the realities and challenges related to our operating budgets, financial aid reserves and endowment spending,” Kimball said. “In the coming months we will focus on finding areas to grow within the University by maximizing the use of our resources and by reallocating funds as necessary.” Included among those reallocated funds is an additional $250,000 in financial aid to assist returning students.