In addition to layoffs in early 2010, the college launched a voluntary early retirement incentive program to achieve additional personnel reductions. The program will be available to a limited number of employees who meet specific criteria.
"We've worked hard to make sure the campus has the information necessary to understand the steps we've taken," Glotzbach said. "We've also taken the time to make sure these decisions have been thoughtful, responsible, and strategic, not simply quick reactions to the financial challenges of the moment. Once we have worked through this round of reductions, absent any further significant disruptions in the larger economy, we expect that the College will be on a sound financial footing."
While college officials lowered projected revenues made in May 2008 for the 2011 fiscal year by 8 percent, projected revenues for the 2010 fiscal year remain at $122.3 million. According to a release from Forbush, the college's endowment has risen by about $40 million from last February to this September, but it is still expected to remain well below the $340 million that officials projected it would reach by 2011, due to declining markets and capital gifts.