As we begin another academic year, we want to share an update on how leaders across campus have been working to better align our expenses with projected revenue growth. This essential work that began last year will continue to help protect the university’s financial health as the higher education landscape continues to evolve.
Earlier this month, President Clements provided an overview of the economic headwinds facing higher education that could have a significant financial impact on the university budget. Our teams continue to monitor the uncertainty around federal funding and other economic variables.
To prepare for those uncertainties, we will need to remain conservative in our financial stewardship. All colleges and divisions will participate in the following actions:
- Continue with the established spending and hiring guidelines.
- Set aside a portion of spending authority across all colleges and divisions. These savings will be held within each college and division, ensuring the University can adapt and effectively monitor and adjust.
In the coming weeks, each Vice President and Dean will work with their teams to make the specific decisions needed to meet the University’s financial goals.
It will be important to continuously review our processes and evaluate how we work and effectively use our resources to support our financial goals. We will continue to communicate directly with the campus community, college and division leadership and business officers as the year progresses.
While our University remains well positioned financially, we are not immune to the challenges facing higher education and many of our peer institutions. With a proactive, strategic and diligent approach, we will position Clemson University for the future.
Thank you for all you do for our University.
Robert Jones, Executive Vice President and Provost
Rick Petillo, Senior Vice President for Finance and Operations and CFO