Virginia Tech projects as much as $300 million in losses in coming months

[mahatmakanejeeves]

Hat tip, WTOP

Virginia Tech projects as much as $300 million in losses in coming months

By Henri Gendreau [e-mail] 540-381-1679 18 hrs ago

Virginia Tech could lose between $50 million and $67 million in revenue over the spring and summer due to the economic fallout from the coronavirus, the university said.

President Tim Sands described the projected financial hit in a message posted Sunday as “extensive.” In the fall semester, the university could lose anywhere from $48 million to $240 million, estimates which don’t include the potential impact of reduced state funds from the pandemic impact, he said.

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Estimates for spring and summer losses include $14 million to $24 million in instructional expenses; $27 million to $30 million in “auxiliary” expenses, including costs related to housing, dining and athletics; and $6 million to $10 million in research funds.

Mark Owczarski, a university spokesman, said Monday the estimates reflect an anticipated enrollment drop in summer classes and canceled summer study abroad programs; rebates Tech made in housing and dining contracts; and lost revenue from canceled sporting and arts events, among many other areas.

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[appalachiablue]

1. The overall impact of the pandemic and economic

depression on college attendance, operations and jobs is unknown at this point but it will be significant. Many changes are in store for the other side this period.