AKRON, OH (WOIO) - University of Akron announced Friday it's cutting jobs and the baseball program to fix its finances. In a news release, President Scott Scarborough said the cuts are part of a three-year plan to address the university's $60 million dollar financial problem.
"The University of Akron's future is bright, but first we need to fix its finances," President Scarborough said. "Our review indicates UA has a $60 million financial problem, and we have developed a three-year plan to solve that problem."
The university plans to reduce expenses by $40 million. That includes reducing the following:
Eliminating 215 positions via a planned reduction in workforce, no faculty layoffs are occurring
Eliminating non-academic programming in EJ Thomas Hall, except for rentals
Outsourcing dining services
Renegotiating healthcare plans
Increasing the cost share of retiree dependent coverage
Changing the university's retire/rehire policy
Centralizing course scheduling
Reducing central costs, such as legal fees and university memberships
"The most painful but necessary reduction is the abolishment of filled positions," said Scarborough. Affected employees will be notified later this month, after the university ensures it has complied with all applicable government regulations and contractual agreements.
The university also expects 20 million dollars from raising graduate tuition and undergraduate fees by $10 million and projects another $10 million in enrollment growth.