March 2021 Financials - Thank You HEERF!

The Higher Education Emergency Relief Fund (HEERF) is helping turn this year’s small deficit into a small surplus. While we are making up for most tuition losses in TUG and DC with spending reductions, we still had a deficit. Fortunately, the new round of HEERF awards allows for reimbursement of lost revenue in addition to covid-fighting expenses, and we are using some of this to cover the deficit. We’re saving the majority of our lost-revenue funds for next year, when small returning classes in TUG and DC, covid-related declines in new students, and the restoration of some expenses cut this year will pose a significant deficit challenge. At this point it looks like HEERF will help us address this. I’ll have more information for you on the FY22 budget in the next couple of months.