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FWST: TCU chancellor says school is ‘scrambling’ to make up $50 million in losses from COVID-19

TopFrog

TopFrog

Lifelong Frog
TCU chancellor says school is ‘scrambling’ to make up $50 million in losses from COVID-19

BY DREW DAVISON

TCU has lost $50 million amid the coronavirus pandemic, chancellor Victor Boschini said on a Big 12 videoconference Friday.

Like most colleges across the country, TCU is doing what it can to soften the impact from the worldwide pandemic by trimming budgets and, in some cases, asking the highest-paid employees to take voluntary pay cuts.

Boschini said the idea of playing home football games in front of limited capacity crowds of 25% to 50% is going to be a “huge hit” for the university.

Read more at https://www.star-telegram.com/sports/college/big-12/texas-christian-university/article243099746.html
 
T

TRF51

Active Member
This hurts the private schools more than the public schools because they get less money from the state. Other schools are going through it as well.
 
Eight

Eight

Member
Gary's Shirtless Revenge said:
That's not how endowments work.
Click to expand...

chapter-9.jpg
 
Horny4TCU

Horny4TCU

Active Member
What are they going to do with all the old professors come fall? Aren't most professors in the vulnerable population?

I don't know how they can expect a 50, 60, or 70 year old teacher to sit in a closed classroom with all those young "spring breakers", breathing their polluted Corona air...
 
BABYFACE

BABYFACE

Full Member
Horny4TCU said:
What are they going to do with all the old professors come fall? Aren't most professors in the vulnerable population?

I don't know how they can expect a 50, 60, or 70 year old teacher to sit in a closed classroom with all those young "spring breakers", breathing their polluted Corona air...
Click to expand...
They are drinking more Dos Equis these days. It should be good.
 
Eight

Eight

Member
Horny4TCU said:
What are they going to do with all the old professors come fall? Aren't most professors in the vulnerable population?

I don't know how they can expect a 50, 60, or 70 year old teacher to sit in a closed classroom with all those young "spring breakers", breathing their polluted Corona air...
Click to expand...

going futurama in the classrooms

mzl.imxavlol.320x480-75.jpg
 
Gary's Shirtless Revenge

Gary's Shirtless Revenge

Full Member
BABYFACE said:
So frickin what. These are not normal times.
Click to expand...

TCU isn't in dramatic times, yes. Do you realize they just completed a couple of fiscal years where TCU had right around $1 billion in annual revenue? And they've had +$100mm in gross profits (somewhat deceiving, but still) most years for the past 10?

In TCU's FY2019, they had $900mm in revenue. Assuming FY2020 ended up around $950mm, the $50mm hit in FY2021 is roughly 5%. They can easily do a 5% cut every year FOREVER and have exactly ZERO financial stress.

Withdrawing from the endowment principal balance would be akin to you or me doing a 401k loan or withdrawal. You would never do that except for the last resort in need of capital, like long term unemployment or a major medical emergency.

TCU could get a loan against the endowment and take a $50mm cash infusion, but again they don't need it in any way/shape/form.

Now that I am thinking about it... Bosch and the board do really like debt... and with interest rates where they are and TCU's endowment being what it is... hmmm....
 

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