The economic downturn, which has been forcing budget cuts and program upheavals at higher education institutions for several years, has yet to plague the financial health of colleges and universities, according to their business officers.
Web publication Inside Higher Ed recently released its 2011 Survey of College and University Business Officers, which shows that half of participants view their institution’s financial health as good and another 17 percent call it excellent. Financial officers also downplayed the consequences of budget cuts, with 93 percent shooting down the notion that smaller budgets have significantly damaged academic programs.
Though responses were consistently positive across all types of institutions, officers at public institutions were slightly more apt to report good or excellent financial health (74.5 percent) than their private non-profit counterparts (63.1 percent). Two-year community colleges are in even better shape, with more than four out of five respondents reporting better-than-average financial health at their institutions.
Looking back, nearly two-fifths of business officers said their school’s financial status was much better compared to May 2009. However, only half that many (18.8 percent) expect to see significant improvement over the next two years, and most are concerned that additional budget cuts could begin to damage the quality of academic programs and services.
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