Morehouse College, the highly rated historically Black institution for men in Atlanta, has announced a series of initiatives to tighten its budget. Most professional staff and faculty will be required to take a one-day unpaid furlough each month. The college will also stop making matching contributions to employees’ retirement accounts.
The college hopes to save $3 million with the austerity measures. Some of the savings will be earmarked for student financial aid programs.
Morehouse College President David A. Thomas told the Atlanta Journal-Constitution that “we are trying to take an approach that creates the least disruption to our education programs as well as to the quality of student services. Morehouse is doing the things we need to do to put our fiscal house in order so we can continue the high-quality experience that has attracted students here.”
The budget-cutting measures were announced right after Morehouse announced that it had received a $34 million gift to eliminate the debt of all members of the Class of 2019. The gift was the fulfillment of a pledge made at this past spring’s commencement ceremonies by Robert F. Smith, the founder, chair, and CEO of Vista Equity Partners. (See JBHE post.)