Antioch College cuts costs: faculty, staff impacted
- Published: March 6, 2018
Antioch College has made the first round of cuts in what college leaders say is a “multi-phase process” to reduce expenses and secure the college’s long-term financial stability.
Faculty and staff earning more than $40,000 annually must take the equivalent of 10 days of unpaid leave during the remainder of the current fiscal year, which ends on June 30, 2018. That furlough equates to an 11 percent pay cut during this period, or a 3.8 pay cut across the year as a whole.
The cuts were announced in a March 1 press release and during campus meetings last week. No positions are being eliminated at this time and student employment remains unaffected, according to the release.
The recently announced measures are part of a major “budget alignment” unveiled by college leaders in mid-January. At that time, Antioch convened a 10-member planning and finance committee to review college finances and make recommendations to President Tom Manley and the Antioch College Board of Trustees. The committee is being aided in its work by a higher education consultant, Stefano Falconi, hired by the trustees. Last week’s budget measures are the first cuts recommended and enacted by the committee, with further budget measures expected to be presented to the trustees at their March 15 meeting.
Other cost-saving measures being pursued include reviewing college contracts and consulting services for savings opportunities and “consolidating areas of overlap between the college and its auxiliaries, identifying opportunities for attrition, keeping vacant positions open and not immediately filling voluntary leaves and retirements,” according to the press release.
Read a more in-depth report in the March 8 issue of the News.
A prior News story about Antioch’s budget effort can be accessed here.