Gaddis Faulcon, interim president of Shaw University, the historically Black educational institution in Raleigh, North Carolina, has announced a series of cost-cutting measures in an effort to shore up the university’s financial situation. The cost-cutting measures include the elimination of vacant positions, restructuring of contracts, and there will be some personnel reductions. The university expects to save $2 million over the next year.
President Faulcon stated that “we want to not just survive, but thrive and we can only do so by continuously examining our internal processes to determine how we can be more effective. These are challenging times for institutions like Shaw, but we will continue to scrutinize every dollar spent to ensure we are doing our best to uphold our mission and provide an academic environment that allows our students to succeed.”