- Christian Brothers College, a Roman Catholic establishment in Memphis, Tennessee, plans to reduce $4 million from its working funds to plug a deficit attributable to declines in enrollment, on-campus occupancy and credit score hour manufacturing.
- The college mentioned it declared monetary exigency, which refers to a extreme monetary disaster that may result in layoffs of tenured college members. Christian Brothers mentioned it arrange a committee that can decide what number of college might be terminated ought to that change into essential.
- Below college coverage, total departments or tutorial applications could also be eradicated throughout occasions of monetary exigency. The college mentioned college students enrolled for the autumn 2024 time period will be capable of full their applications even when these applications are eradicated.
Christian Brothers is one in all many small personal faculties scuffling with enrollment-related funds holes. The college’s headcounts began falling round 5 years in the past.
In fall 2017, the college enrolled 2,157 college students, in keeping with federal knowledge. By fall 2022, that quantity had dropped to 1,934 college students, a roughly 10% decline. Furthermore, Christian Brothers mentioned it didn’t meet its enrollment targets for first-time, first-year college students for fall 2023.
Christian Brothers racked up a $2 million deficit in fiscal 2022, with $75.1 million in bills in comparison with $73.1 million in income, in keeping with tax paperwork.
That deficit is projected to succeed in as much as $7 million by the tip of 2024, the college mentioned.
“We have now reached a vital time for our College if we want to proceed this work for an additional 150 years,” Christian Brothers mentioned in a press release. “We should restore our monetary viability and reallocate our applications and sources to supply the promise of school that our mission requires.”
Funds and employees cuts haven’t been sufficient to treatment the difficulty over the previous few years, officers mentioned an FAQ posted on-line.
A Christian Brothers spokesperson didn’t reply a number of questions Monday in regards to the faculty’s present enrollment and what sort of cuts college officers anticipate.
“As a result of we’re so early within the course of, it will be inappropriate to remark additional presently on any explicit estimated, anticipated, proposed or rumored actions that is perhaps taken. We’ll share extra data as we now have it associated to remaining choices,” the spokesperson mentioned by way of e mail.
Christian Brothers plans to determine a Retrenchment Committee to suggest cuts to the college’s president. The panel will embody two college members elected by the college physique, one governing board member and different officers.
The college mentioned it is not going to reduce or scale back present college students’ tutorial scholarships, although it should consider whether or not to slash its athletics applications.
Christian Brothers officers mentioned the college will not be closing.
“We’re taking these extraordinary actions to make sure that CBU continues as a flourishing and affluent four-year institution for the foreseeable future,” it mentioned within the FAQ.