October 20, 2008

Case Western Reserve University eliminates $20 million deficit

Year-End Surplus First Since 2004

Barbara R. Snyder

President Barbara R. Snyder announced today that Case Western Reserve University completed the 2008 Fiscal Year with a budget surplus of $127,000, a sharp turnaround from the previous year's $20 million deficit.

"I am so proud of the way our entire campus came together to resolve our financial difficulties," Snyder said. "This progress gives us greater flexibility to focus on the priorities identified in our academic strategic plan."

In 2007, the university's Board of Trustees approved a financial recovery plan that called for a $10.5 million deficit in this fiscal year, and complete elimination of the deficit by 2011. John Sideras, interim Senior Vice President for Finance, attributed the accelerated result to a more conservative approach to spending, increased tuition revenues, and additional income from an endowment that grew in the wake of greater donor engagement.

"We are confident in and committed to continuing this positive financial momentum," Sideras said. "But also are mindful of the current economic environment and the imperative of continued careful management."

University leaders are following such developments closely and remain committed to fiscal responsibility even as they work to enhance the university's stature and performance through implementation of its new strategic plan, "Forward Thinking." The plan's imperatives include a strong emphasis on interdisciplinary collaboration, increased international engagement and improved advising of students and mentoring of faculty and staff.

"The past year proves that this university can make measurable gains while carefully controlling spending," Sideras said. "We will continue shepherd our resources, and make appropriate, targeted investments in areas most likely to advance the institution's mission."


2008 Total Operating Revenue: $859,902,000
2008 Total Operating Expense $840,449,000

Increase in Total Operating Revenues: 4.9%
Decrease in Total Operating Expenses 0.4%

For more information contact Laura M. Massie, 216.368.4442.

Posted by: Heidi Cool, October 20, 2008 02:00 PM | News Topics: Administration, Campus Life, General, news

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