VCU revenues to fall at least $75M

RICHMOND, Va. (AP) — Virginia Commonwealth University’s president says revenues likely will fall at least $75 million in the spring 2021 semester.

The Richmond Times-Dispatch reports that President Michael Rao told the school’s board of visitors on Friday that’s the best-case scenario for a future still clouded by the pandemic. Revenue losses could reach $144 million.

VCU Health is projecting a loss of $60 million. Rao says the university will do everything it can to avoid that. The university’s overall budget this year is $1.3 billion.

VCU has saved costs by refinancing bonds, freezing some spending and hiring and integrating its purchasing and accounts payable systems to be more efficient.

Copyright © 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.

Related Categories:

Education News | Local News | Virginia News

Like WTOP on Facebook and follow @WTOP on Twitter to engage in conversation about this article and others.

Get breaking news and daily headlines delivered to your email inbox by signing up here.

© 2021 WTOP. All Rights Reserved. This website is not intended for users located within the European Economic Area.

More from WTOP

Log in to your WTOP account for notifications and alerts customized for you.

Sign up