As four-year graduation rates rose resulting in fewer returning students than predicted, the University’s freshmen retention and upper-class undergraduate persistence rates, following a national trend, were down slightly against current budget projections. The combination created a revenue shortfall from tuition and fees of approximately $14.5 million. “Deans and administrators worked with us to close the gap through reductions in discretionary spending. In some cases, they also considered a hiring delay for open positions where possible,” said Paula Congelio, vice president for finance and chief financial officer. “We are also re-evaluating all capital projects to determine whether any could be delayed.”
