Antioch College enacts budget measures
- Published: December 10, 2016
At a series of meetings with staff, faculty and students on Friday, Antioch College President Tom Manley announced several cost-cutting measures aimed at reducing the college’s overall budget and bringing expenses in line with revenues.
Specifically, the college is cutting pay for executive and senior staff, and reducing its total workforce, largely through attrition and reorganization.
According to a college press release issued Saturday, salary cuts for executive and senior leadership include a 20 percent reduction for the college’s executive team, effective immediately, and a 5 percent cut for employees earning between $70,000 and $120,000, effective January, 2017.
Regarding workforce reductions, the college has trimmed a total of 31 full-time equivalent positions since July, 2015, according to the release. Twelve full-time equivalent positions have been eliminated since November, including five as of last week.
Faculty salaries and positions are not affected by these reductions, according to college spokesperson Mark Reynolds on Friday. Student worker positions and compensation levels are also not affected.
“We do not anticipate further reductions,” Reynolds said.
In Saturday’s press release, President Manley stressed that the college remains viable. “Thanks to the hard work of so many and the remarkable generosity of our alumni donors, the college is succeeding and will continue to succeed,” he said.
After closing in 2008, Antioch College was relaunched in 2009 through an alumni-led effort, and the revived college accepted its first class in 2011.
According to Reynolds on Friday, the college will save a total of more than $1 million annually through the announced cost-cutting measures. The reductions reflect over a year of work toward a leaner budget of $15.5 million for 2017, down from the original projection of $22.8 million, Reynolds said. A variety of previous measures, including restructuring debt and renegotiating insurance packages, helped lower the college’s overall budget.
Other cost-cutting measures specified in Saturday’s press release include a hiring freeze, a voluntary workweek reduction program, a freeze on professional development funds, a consolidation of dining programs into one facility, possible consolidation of residence halls (currently under consideration) and, where possible, the consolidation of accounting, fundraising and other functions across the college.
Read the Dec. 15 edition of the News for a more in-depth story.