Seton Hall’s Executive Cabinet announced Thursday that it would be taking a voluntary 10% pay cut amid the news that Seton Hall could be facing up to tens of millions of dollars in lost revenue as a result of the COVID-19 pandemic. University President Joseph Nyre, who leads the University’s Executive Cabinet, volunteered to reduce his salary by 20% in response to the crisis.
Previous reporting by The Setonian on April 18 revealed that Seton Hall is budgeting for four different financial scenarios, which range from a best-case scenario of a 10% decline in revenue amounting to a $41 million hit to the University budget to a worst-case 40% drop in revenue amounting to up to $150 million in losses.
According to University Spokesperson Laurie Pine, the cabinet agreed to the measures a few weeks ago.
“The fiscal implications and losses caused by the pandemic are certainly not desirous, but we will overcome them. Our executives are taking pay cuts, we instituted a hiring freeze, paused major construction projects, and are taking a number of other measures to help fund expenses related to the pandemic,” Pine said, citing $9.2 million in refunds to students for room, board and parking, additional grants for students to cover amounts lost by students to outside agencies that coordinated study abroad, and bolstering the University’s student emergency fund.
“These actions are not required, but we are taking these actions because they are the right thing to do,” Pine said.
The University also announced that it was continuing preparations to welcome students back in the fall, though noted that it was also preparing contingencies in the event that it is deemed unsafe for in-person classes to resume – a circumstance which is appearing increasingly likely as public health officials continue to warn of a possible resurgence of COVID-19 cases in the fall.
During Wednesday’s White House briefing, Dr. Anthony Fauci, the nation’s top infectious disease expert, said that he is “convinced” that the United States will continue to experience coronavirus through the fall. “What happens with that will depend on how we’re able to contain it when it occurs,” Fauci said.
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