Budget update from President Glotzbach
May 27, 2020
Dear Members of the Skidmore Community,
Let me begin by thanking you, once again, for your extraordinary efforts in working to manage the effects of the COVID-19 pandemic crisis. This time has been difficult for all of us, with profound disruptions in both our professional and personal lives. Please accept my personal appreciation for all you have done to cope with these disruptions and to help the College navigate these uncharted waters.
For some time before the global COVID-19 pandemic arrived, we were engaged in community discussions about maintaining the College’s continuing financial sustainability in an ever-changing and challenging higher education landscape. Now, as we adapt to this historical moment and to drastic changes in our operations because of the pandemic, Skidmore is facing a whole new set of challenges that have short- and long-term implications for the College’s budget.
Over the past several weeks, the College has developed a presentation that explains the many components of the annual budgeting process; it incorporates five-year financial models that illustrate the extent of the College’s budgetary challenges. Although a balanced “base” operating budget for fiscal year 2020-21 has been achieved and approved by the Institutional Policy and Planning Committee (IPPC), the President’s Cabinet, and the Board of Trustees, it incorporates parameters that align it with previous budgets and will most likely have to be adjusted as we enter the fall semester. Indeed, the College has already experienced significant summer revenue losses as a result of the pandemic, and it remains to be seen what future effects we will have to confront.
Against this financial background, the College needs to make challenging decisions that ensure Skidmore remains fiscally strong – the necessary condition for everything else we want to do. Through a shared understanding and willingness to work together, our community can address our budget issues and remain on track to achieving our strategic goals for the future. But to do so, we need you to be engaged in both understanding and assisting the College in whatever ways possible.
Toward this end, the presentation and other content on the College’s Future Financial Sustainability webpage provide important information and updates to the Skidmore community that will enhance
your understanding of our financial situation. The webpage also includes a form through
which members of the community can submit questions that will be answered and compiled
in a new Frequently Asked Questions (FAQs) section.
Thank you for your attention and for all you are doing to help Skidmore though the pandemic crisis.
Philip A. Glotzbach