MOUNT VERNON — Facing a projected budget deficit of $7 million by the 2015-16 school year, Mount Vernon Nazarene University on Monday announced nearly $6.4 million is cuts and reductions over the next three years.
President Henry Spaulding II said when he was elected president, he knew MVNU was in some degree of financial distress, but didn’t know how much. He and the leadership team began looking at the budget line by line in January, and has had discussions with the deans of the schools, department heads and directors.
He said factors contributing to the budget crunch include a downturn in enrollment, a decline in regional school population, economic decline in Ohio, increased competitiveness in higher education and the continued rise in health care costs.
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