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- Title
The Impact of COVID-19 on Higher Education Budget-Making Decisions.
- Authors
Fotta, Amy
- Abstract
Institutions of higher education in the United States are facing significant financial challenges, exacerbated by the COVID-19 pandemic. These challenges include declining enrollment and revenue losses from traditional sources like net tuition, state funding, and auxiliary services. Despite federal relief efforts, colleges and universities must make difficult decisions about budget priorities and cost-cutting measures. The pandemic has disrupted budget-making decisions, prompting concerns about long-term financial sustainability. Federal financial relief has provided some support, but institutions still face difficult decisions regarding budget priorities and cost-cutting measures. The Theory of Punctuated Equilibrium offers a framework for analyzing the impact of the pandemic on higher education budgets, emphasizing the need for flexibility and innovation in budgetary processes to ensure financial sustainability in the post-pandemic era. It can be applied to understand how the pandemic has disrupted budget-making, leading to significant changes and the adoption of new strategies. Institutions must adjust to stabilize finances, which involves diversifying revenue, re-evaluating budget processes, and making difficult decisions to ensure long-term financial health.
- Subjects
UNITED States; HIGHER education; UNIVERSITIES &; colleges; HIGHER education &; state; COVID-19 pandemic; COVID-19; COST control; TUITION
- Publication
Journal of Applied Professional Studies, 2024, Vol 5, Issue 11, p2
- ISSN
2694-2577
- Publication type
Article