Post by FU73 on May 31, 2020 10:25:19 GMT -5
Colleges, Staring Down Financial Losses, Seek Philanthropy From Donors, Alumni
A photo of the Fairfield University website, showing the school's pitch for philanthropic donations.
Like most colleges, the twin crises of the pandemic and the economic downturn have blindsided Fairfield University in Connecticut.
After sending students home for the semester, the university is accelerating existing plans to move more courses online this spring and next fall, costing millions of dollars. President Mark Nemec said the private Jesuit university is not running a deficit, but it does owe more than $10 million in room and board refunds for this semester. Its $375 million endowment is suffering steep losses as the stock market tanks.
So last week, Fairfield launched a fundraising campaign to cover costs associated with the pandemic. The pitch included an online video featuring images of students walking across a crowded campus, working in labs and playing volleyball. The goal is to support students’ financial aid, mental health services, remote learning and spiritual guidance.
“Our ask is about our future, like any philanthropic ask,” Nemec told WGBH News. “Despite the current challenges, we are very bullish about our long-term future.”
In the near term, New England colleges like Fairfield face bleak budgets and tough academic and staffing decisions that won’t come without consequences to the region’s economy....
www.wgbh.org/news/education/2020/05/13/colleges-staring-down-financial-losses-seek-philanthropy-from-donors-alumni
A photo of the Fairfield University website, showing the school's pitch for philanthropic donations.
Like most colleges, the twin crises of the pandemic and the economic downturn have blindsided Fairfield University in Connecticut.
After sending students home for the semester, the university is accelerating existing plans to move more courses online this spring and next fall, costing millions of dollars. President Mark Nemec said the private Jesuit university is not running a deficit, but it does owe more than $10 million in room and board refunds for this semester. Its $375 million endowment is suffering steep losses as the stock market tanks.
So last week, Fairfield launched a fundraising campaign to cover costs associated with the pandemic. The pitch included an online video featuring images of students walking across a crowded campus, working in labs and playing volleyball. The goal is to support students’ financial aid, mental health services, remote learning and spiritual guidance.
“Our ask is about our future, like any philanthropic ask,” Nemec told WGBH News. “Despite the current challenges, we are very bullish about our long-term future.”
In the near term, New England colleges like Fairfield face bleak budgets and tough academic and staffing decisions that won’t come without consequences to the region’s economy....
www.wgbh.org/news/education/2020/05/13/colleges-staring-down-financial-losses-seek-philanthropy-from-donors-alumni