AKRON, Ohio-- The University of Akron announced on Friday they will soon begin a three-year plan to address financial issues at the school.
After a nine-month review, it was determined that changes would have to be made.
“The University of Akron’s future is bright, but first we need to fix its finances,” President Scott Scarborough said in a news release. “Our review indicates UA has a $60 million financial problem, and we have developed a three-year plan to solve that problem.”
The $40 million of expense reductions include the following:
- Eliminating 215 positions via a planned reduction in workforce. No faculty layoffs are occurring
- Eliminating baseball
- 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
“We are working hard to ensure that our colleagues whose positions will be eliminated are shown the respect and courtesy they deserve,” Scarborough said. “We owe them our thanks and appreciation for their years of service to the University.”
In a message to the entire University of Akron campus, Scarborough added that he knows the next few weeks will be tough, but they will refocus efforts on the mission ahead.
The university will honor all baseball scholarships for students who wish to remain at the school through graduation.
Any baseball player wishing to transfer will be able to and eligible to play immediately at another school.