Antioch College staff and faculty are facing salary cuts and furloughs, as the Yellow Springs liberal arts institution struggles with a revenue shortfall this fiscal year.
College President Tom Manley announced the changes at a series of campus meetings Thursday.
Manley told staff and faculty the Antioch College Planning and Finance Committee recommendations are the first step in a “multiphase” process needed to ensure the college’s longterm financial stability.
Manley said the measures are necessary to meet payroll and operating expenses and that full salaries will be restored by July first.
No staff layoffs have been announced, and officials say student employment won’t be affected.
The announcement follows revisions of the college curriculum by the faculty in a process that began in 2016. It’s part of the first major reorganization of the college since it reopened to students in the fall of 2011.
Effective March 1, all Antioch staff earning more than $40,000 a year will be required to take the equivalent of 10 days of unpaid leave by June 30, 2018. Faculty will take an 11-percent reduction of pay for the remainder of the fiscal year ending June 30.
Officials say the college will also implement other cost-saving measures, including reviewing contracts and consulting services for savings opportunities and, “consolidating areas of overlap between the college and its auxiliaries, identifying opportunities for attrition, keeping vacant positions open, and not immediately filling voluntary leaves and retirements.”
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