ADVERTISEMENT

Don't Want To See ANY UR Pink Slips

M

MidloTrader

Team Manager
Mar 13, 2010
1,596
281
83
I commend Pres Crutcher for his ongoing communications to alumnae this year, especially during this current crisis. But I did reply yesterday to his latest message asking for confirmation that UR would NOT be adding to the rising unemployment numbers over the coming weeks. Haven't heard back yet. I was disgusted to see the reporting last week that Harvard with its 40 Billion endowment had the gall to lay off dining hall workers.

With the large endowment we have, constant requests for more giving, rising administrative staffs in higher education overall, and knowing how much even private universities feed off taxpayer dollars (Fed student loans, Pell Grants, etc), there would be no excuse for laying off workers right now. Especially when we can certainly hope that, as the virus impact subsides, they'll be able to open up for summer sessions. Let's all hope that where infections are very low to zero like in many Virginia counties, Americans can start getting back to work as well.

Praying for all our Spider family!
 
  • Like
Reactions: KWeaver and MolivaManiac
While I am hopeful for summer sessions, I wouldn’t bet on any university apart from the fruitcakes at Liberty trying to do much over the summer. Most seem to be hopeful that they can open this fall at the moment.

That said I strongly agree with your no pink slip sentiment. I was happy to see the student emergency fund email come out today - I haven’t seen anything similar from my other Alma mater.
 
MidloTrader said:
I commend Pres Crutcher for his ongoing communications to alumnae this year, especially during this current crisis. But I did reply yesterday to his latest message asking for confirmation that UR would NOT be adding to the rising unemployment numbers over the coming weeks. Haven't heard back yet. I was disgusted to see the reporting last week that Harvard with its 40 Billion endowment had the gall to lay off dining hall workers.

With the large endowment we have, constant requests for more giving, rising administrative staffs in higher education overall, and knowing how much even private universities feed off taxpayer dollars (Fed student loans, Pell Grants, etc), there would be no excuse for laying off workers right now. Especially when we can certainly hope that, as the virus impact subsides, they'll be able to open up for summer sessions. Let's all hope that where infections are very low to zero like in many Virginia counties, Americans can start getting back to work as well.

Praying for all our Spider family!
Click to expand...

You can't have it both ways. Shutting down the economy for COVID has consequences whether your a barber shop or a college. if UR (and other colleges for that matter) come back in a different mannger (entirely possible), then we may have stuff/departments that are no longer needed.

Maybe the tenured (code word "lazy") professors may have to teach an extra class?
What happens if next year's freshman class is only 600 kids vs. 800?
What happens if 10% of the upper classman don't return?

What happens if no Asian (or other foreign) students enroll?

What happens if the UR Juniors decide NOT to go abroad?

What happens if there is no fall semester? No football?

Now that being said, its a bad look firing anyone now because when this semester started, no one knew this happening (except the WHO). Next semster entirely different story, potentially
 
Did receive a reply from Dr. Crutcher and no intention of laying off any of their employees. In fact, even though some are obviously working less hours due to no classes, no camps, etc, they're paying everyone based on the average hours worked over the past year. While summer class programs on campus are obviously at risk, they will certainly continue online options. Hopefully, that will bridge the revenue needed to keep them going.

I do see a gradual re-opening of many businesses in May & June, especially in non-hotspot areas, which in fact is the case for over 80% of VA, while still protecting the elderly and others at risk. Unfortunately, Richmond metro area and NOVA are majority of our state's cases and hospitalizations (even though lots of hospitals aren't even half full now and shifts for nurses being cut), so these areas may be stuck with a longer lockdown than others. But that's how it should work for every state, city & county across the country, since SD, MT, WY are not NYC or NOLA. And now with 15 min rapid testing as well as a serology antibody test, think we'll find out a lot of people had Coronavirus in Jan & Feb (friend of mine did), so there should be more herd immunity, plus we'll have some results from viral treatment studies. That way, the fear should at least lessen, even though there won't be a vaccine for 18 months, if then. Because we don't always get a vaccine even after all the research (e.g., AIDS/HIV, MERS, SARS1).

Stay healthy my friends! And if you're a part of or own one of the small businesses fighting for survival during this time, how about letting us know in this thread. Always want to support local and alumnae!
 
  • Like
Reactions: ChoppinBroccoli
MidloTrader said:
Did receive a reply from Dr. Crutcher and no intention of laying off any of their employees. In fact, even though some are obviously working less hours due to no classes, no camps, etc, they're paying everyone based on the average hours worked over the past year. While summer class programs on campus are obviously at risk, they will certainly continue online options. Hopefully, that will bridge the revenue needed to keep them going.

I do see a gradual re-opening of many businesses in May & June, especially in non-hotspot areas, which in fact is the case for over 80% of VA, while still protecting the elderly and others at risk. Unfortunately, Richmond metro area and NOVA are majority of our state's cases and hospitalizations (even though lots of hospitals aren't even half full now and shifts for nurses being cut), so these areas may be stuck with a longer lockdown than others. But that's how it should work for every state, city & county across the country, since SD, MT, WY are not NYC or NOLA. And now with 15 min rapid testing as well as a serology antibody test, think we'll find out a lot of people had Coronavirus in Jan & Feb (friend of mine did), so there should be more herd immunity, plus we'll have some results from viral treatment studies. That way, the fear should at least lessen, even though there won't be a vaccine for 18 months, if then. Because we don't always get a vaccine even after all the research (e.g., AIDS/HIV, MERS, SARS1).

Stay healthy my friends! And if you're a part of or own one of the small businesses fighting for survival during this time, how about letting us know in this thread. Always want to support local and alumnae!
Click to expand...
Is James City County still a hot spot? It looked like one to me on a per capita basis a little while back. I don't know if that was a result of % getting tested.
I think it was 73 positive out of 75,000 when Henrico was 44 out of 315,000.
 
urmite said:
Is James City County still a hot spot? It looked like one to me on a per capita basis a little while back. I don't know if that was a result of % getting tested.
I think it was 73 positive out of 75,000 when Henrico was 44 out of 315,000.
Click to expand...
From most recent VDH report, looks like James City County and overall Peninsula have leveled off. Majority of cases and deaths still in NOVA, RVA and VB. And of course, the setting with largest outbreaks in these 3 areas and in a lot of counties are long-term care facilities, as you'd expect with any viral infection. As much as we don't enjoy VA's hot summer weather, let's really hope we have a lot of hot temps & especially humidity even in May, so we'll test the hypothesis that it goes away at least until our next flu season.
 
Mooney and Huesman apparently taking cuts. Hopefully that saved a few jobs.

Wonder if UR applied for a PPP loan like the LA Lakers did?
 
Curious, are endowments restricted from paying employees during catastrophic events, i.e. pandemics?
 
Endowments are restricted from being touched in any way. You may only continue to add money to them, but never, ever, ever, EVER spend any of it. At the same time, you must always ask for more money for your endowment, because you can never have too much money not to spend.

(At least this is how I think most universities treat them.)
 
Annual spendable income from the endowment is prudently targeted each year to be between 4% and 6% of a three year moving average of its market value with a one year lag. This spending policy ensures that the corpus of each endowed fund retains its purchasing power on an inflation adjusted basis. The endowment does not fund construction projects on campus.
Click to expand...

https://giving.richmond.edu/leadership/endowment/faq.html

In practice, they aim to increase endowment spending by 3% each year, while keeping it within the 4-6% range of the endowment’s value.

Endowment spending provides over 35% of the university’s annual budget, more than they take in from tuition on a net basis.

They could tap into it portions of it for emergency needs, and they may be doing that. A combination of lower revenue (fewer students and more financial aid) and some additional expenses related to managing the situation are causing the immediate budget hole. But any significant extra draw from the endowment, on top of decreases in the underlying value of the endowment, will challenge budgets for years to come.

Again, we’re in vastly better shape than most schools, but we’re still going to have some form of reset on spending for a while.
 
Apart from maintaining the endowment principal over the next few years,the annual endowment income levels will be noticeably challenged.The Fed was heading toward a borrowing zero interest rate.With this pandemic,we will now be approaching zero(maybe even negative interest) given severe deflationary trends.The returns on all endowments will follow suit.The inability to generate past levels of income will abruptly put the brakes on the party.Dipping into the endowment principal will be a necessity in order to meet both current but reduced cost operating levels as well as $80m of annual scholarships.Good thing we have Hale in charge.The Spider Management group have hopefully been reconfiguring the endowment portfolio over the last couple of months in order to reduce risk exposure.

https://fred.stlouisfed.org/graph/?g=qSgR #FRED

https://smc.richmond.edu/team/index.html
 
Last edited:
32counter said:
Apart from maintaining the endowment principal over the next few years,the annual endowment income levels will be noticeably challenged.The Fed was heading toward a borrowing zero interest rate.With this pandemic,we will now be approaching zero(maybe even negative interest) given severe deflationary trends.The returns on all endowments will follow suit.The inability to generate past levels of income will abruptly put the brakes on the party.Dipping into the endowment principal will be a necessity in order to meet both current but reduced cost operating levels as well as $80m of annual scholarships.Good thing we have Hale in charge.The Spider Management group have hopefully been reconfiguring the endowment portfolio over the last couple of months in order to reduce risk exposure.

https://fred.stlouisfed.org/graph/?g=qSgR #FRED

https://smc.richmond.edu/team/index.html
Click to expand...

 
You must log in or register to reply here.
ADVERTISEMENT

Latest posts

ADVERTISEMENT
Top Bottom
Back