The COVID-19 pandemic is creating unprecedented cost pressures for colleges and universities nationwide as they face the uncertainties of reopening campuses, potential enrollment declines, intensified need for financial aid, and diminished endowments.
Cost-management tactics will differ among institutions depending on such factors as which scenarios play out over the coming academic year, student population demographics, and the institution’s pre-pandemic financial position. Regardless, the pandemic will require most institutional leaders to make hard decisions to implement prompt and often significant cost reductions to support critical operations and maintain financial stability in this time of upheaval.
Kaufman Hall’s Higher Education Management Consulting team has created this monitoring and planning guide to identify immediate- or near-term options for managing costs during and immediately after the pandemic in the areas of:
- Capital and Cash
- HR and Benefits
- Supplies and Services
- Academic Programming