There will be a reduction in force at Knox College. A letter to the Knox College community from college president Teresa Amott outlined plans to undertake a reduction in force in order to address unforeseen increases to the college’s budget deficit caused by the cancellation of on-campus classes in the spring term. This will affect approximately 55 staff members.
Amott notes in the letter that Knox College has managed to transition successfully to remote schooling for its spring term, with 99% of students who studied at the college in the winter staying for the spring term. However, the lost revenue from meal and housing plans has made a financial situation that was already difficult for the school worse. The school’s endowment values have also declined “significantly” because of volatile stock market conditions and the economic slowdown stemming from stay-at-home directives.
Amott states that the college has found that it has not been able to keep all of its workers on its payroll, resulting in the reduction in force. This reduction will affect “approximately 55 hourly, salaried, union, and non-union staff.”
Additionally, the college will need to take other budgetary measures, including the possibility of a reduction in 403(b) contributions and graduated pay reductions for faculty and staff.
As for whether employees would be called back, and when, President Amott said that “will depend on projected fall enrollment, the availability of federal assistance, and the extent of Knox fundraising and endowment levels in the coming months.”
