USC Aiken is in a “solid financial position” in the midst of the pandemic
Universities are not immune to economic hardships as a result of the pandemic, but the University of South Carolina - Aiken is fortunate to have done better than they had expected.
According to a Pew Research Center survey from September, one-in-four adults have had trouble paying their bills, a third have dipped into savings or retirement to make ends meet and one-in-six have borrowed money from friends or family or have gotten food from a food bank since the COVID-19 outbreak began.
The university, too, faced unforeseen expenses and limitations, including classroom cameras, software licenses for high-volume remote access and cleaning and disinfecting products and services.
Revenue producing avenues like ticket sales and fees from the public dropped as a result of the pandemic.
Cam Reagin, CPA, Vice Chancellor for Finance and Administration, assured that the “tuition rate charged by the university has remained unchanged ($433.25 per credit hour and $5,199.00 for full-time enrollment) [has not changed] since … the 2018-2019 school year.”
They have been able to keep tuition and salaries constant by making deep cuts in the operating budget. Reagin explained, “[The] travel budget [was] eliminated. Contracted Services budgets were reduced by up to 50%. Supply budgets were slashed as well, by as much as 90%.”
The housing rate is the only thing that has changed due to the construction of Pacer Commons and Pacer Crossing. Reagin said, “Housing rent revenues are used to cover not only the regular operations of housing but also to pay back the [bond] debt [upon which the construction was financed] and to fund the maintenance reserve,” making off-campus housing a more viable option until that debt is paid.
Reagin ended with a positive note, “The good news is that because of our conservative approach to this year’s budget, some one-time federal and state relief related to the pandemic and the efforts of the entire Pacer community, the University of South Carolina Aiken remains in a solid financial position.”
