DePaul University is facing financial pressure after the pandemic intensified declining enrollment and widened the Chicago private school’s budget gap.
To narrow the growing gap between revenue and expenses the largest Catholic university in the U.S. is starting to cut its budget. It is offering a voluntary separation program to about 15% of the school’s 1,400 full-time staff and administration, according to an April 4 notice by DePaul University President Robert Manuel, faculty are ineligible. School officials project a shortfall of $56 million for the fiscal year beginning July 1, barring cost-cutting measures.
“DePaul is facing a lot of the same challenges that a lot of their peers are facing, especially in the Midwest,” said Emily Wadhwani, a senior director at Fitch Ratings. Those challenges include post-COVID-19 recruiting as students weigh alternatives, alongside inflation pushing the cost of expenses like wages and utilities higher.University-wide enrollment at DePaul fell 3.5% year over year to 20,917 students in 2022. Since 2018, total enrollment fell 6.
Manuel and DePaul University’s nine-member Strategic Resource Allocation Committee will need to submit a budget proposal to the board for approval in May.Chicago Tribune editors' top story picks, delivered to your inbox each afternoon.
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