UNC President Feinstein Cuts Executive Pay as Trustees Receive Preliminary Budget Outlook
April 22, 2020
During the University of Northern Colorado Board of Trustees meeting Wednesday, University of Northern Colorado President Andy Feinstein announced that he, his vice presidents, and UNC’s athletic director will reduce their salaries by 10% in response to the financial crisis caused by the coronavirus pandemic.
“While this is the first cost-saving measure I am implementing to respond to the financial hardship our university and community will face, it will not be the last,” Feinstein said in a campus memo Wednesday. “Although no specific decisions regarding additional budget reductions have been made, I have asked my team to keep all options on the table.”
The bulk of Wednesday’s meeting was spent addressing the preliminary outlook for budgets of the current and following fiscal year. While UNC was on track to be cash-flow positive for the second year in a row, reversing previous years of deficit spending, the financial hit caused by coronavirus is expected to result in a financial impact of $4.5 million this year, and in one possible scenario, a projected $18.5 million in lost revenue next year.
Feinstein and Chief Financial Officer Michelle Quinn, who co-hosted a 90-minute Q&A with over 200 participants following the meeting, said that everything remains on the table in addressing next year’s budget, including furloughs, salary decreases, workforce reductions, and outsourcing.
A video recording of Wednesday’s meeting and the ensuing Q&A is available at http://unc.link/trustees