May 29, 2020 COFE Report and Recommendations

On Friday, May 29, 2020, the faculty of the Committee on Finance and Enrollment (COFE) sent a Report and Recommendations to President Folt, Provost Zukoski, and SVP James Staten, recommending the following: (1) to more clearly explain why they are not planning to borrow more money or use the endowment; (2) to wait until November 2020 to decide whether to pause the university’s contributions to retirement benefit plans, and if its contributions are modified, to at least keep the university’s automatic 5% contribution; (3) to not impose furloughs on employees making less than $80,000 per year;  (4) to set an end date for the current cost-cutting plans; (5) to continually reassess their budget plans as circumstances develop; and (6) to consult regularly with COFE and other faculty about those plans. See the full report here.