New York University (NYU) lost $100 million in the spring semester and is projected to lose $150 million over the summer due to the coronavirus pandemic, according to a university-wide email sent Monday, reported NYU’s student newspaper the Washington Square News.
The university has also lost $60 million in housing and meal plan refunds, $4 million in emergency aid and $3 million in financial assistance to students at a study abroad program.
“We have sought to support the NYU community and our academic mission and to act equitably; yet those actions have resulted in substantial additional unforeseen expenses,” said the email from three administrators, NYU president Andrew Hamilton, provost Katherine Fleming and executive vice president Martin Dorph.
To deal with budgetary shortfalls, NYU has instituted a hiring freeze and a ban on non-essential spending, which includes non-essential travel and a halt of non-essential research.
“We are hopeful that these steps we will be taking will provide a sufficient cushion to see us through this profoundly unsettled moment without doing anything to jeopardize our ability to retain our dedicated employees and maintain our staffing,” the email said. “Still, we would be irresponsible if we did not inform you all of the possibility that certain severe budgetary outcomes might require that we consider more serious actions, such as reductions in work hours, furloughs, or lay-offs.”