By Laurin Penland
Wilmington, NC – A yearly audit of UNCW says the University has put itself in a better financial position than many other public universities, despite having lost millions of dollars in stocks and endowments last year.
Areas that hit the hardest in UNCW's revenue stream last year were investments, grants, endowments, and state funds all of which resulted in the University receiving almost thirty million dollars less than the previous year, that's a 23 percent decrease.
By cutting operating expenses and services the university was able to avoid layoffs. However, Charlie Maimone, Vice Chancellor for Financial Affairs, says years of compounded cuts by the state could finally cause layoffs.
"Actually, if we begin to go over a 2 percent reduction for next year we will begin to affect the core. We will have to make reductions in areas like the size of classes and the number of sections we're able to teach."
Maimone says the university won't know what kind of cuts they'll have to make until the state decides how much funding it will receive this summer.
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