Page 7 - BusinessWest April 27, 2020

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the kitchen table,” Dumay said. “We are certainly working with all of those students who have been admitted to Elms, trying
to answer their questions so they can continue to pursue their dreams in a safe manner, and guide them in making those criti- cal decisions in this critical time.”
From its perspective, Elms — and all colleges, for that mat- ter — is making contingency plans of its own if enrollment does come in lower than the target.
“We’ll have a plan-A budget, a plan-B budget, and a plan-
C budget. But Elms is on solid financial footing. We’re not wealthy — we don’t have a large endowment — but the institu- tion is financially healthy, and we can withstand some shock in enrollment.”
Carol Leary, who is stepping down in June after 25 years as president of Bay Path University, certainly didn’t expect to spend her final weeks communicating with her staff remotely.
“Every one of us is looking at potential loss in revenue,” Leary said of ... well, virtually all colleges and universities. “Obviously, if the parents lost jobs, or if students lost jobs, will they be able to afford to go back?”
Christina Royal says many students are dealing with not just a
shift to online classes, but job loss and food and housing insecurity.
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With that in mind, she said, “everyone is doing their business-
continuity planning and deHcidiangdwlheaYt to do if there’s a decrease
in enrollment for the fall. It’s on the table for most institutions,
and certainly, at Bay Path, wPer’reintatlkiing about it. But we’re very
well-placed in some ways; we usually use 4% or less of our
endowment on operating costs. Obviously, when enrollment goes
down, it will hit schools harder that rely more heavily on their
endowment for the operating budget. I’m not sure that’s going to
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“Every one of us is looking at potential loss in revenue. Obviously, if the parents lost jobs, or if students lost jobs, will they be able to afford to go back?”
be an issue here.”
That said, Bay Path may freeze hiring and not fill open posi-
tions that aren’t absolutely essential, Leary said, while curtail- ing travel in the short term as well. “Every institution is looking at how the budget is crafted and may have to make some tough decisions — maybe even some furloughs and layoffs in the future.”
At the same time, she added, most institutions will have to start looking at themselves through a different lens — a topic she recently wrote about in an article marking 25 years in the presi-
estd
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BusinessWest COVID-19 SPECIAL COVERAGE APRIL 27, 2020 7