(THE PICKET) – While Shepherd University has cut expenses, it is still experiencing a drop in income from the state and tuition payments, according to a quarterly financial report released last month by the University’s Board of Governors.
University operating revenues in fiscal 2015 dropped 3.4 percent, or $1.476 million, from fiscal 2016, according to the report. Meanwhile, operating expenses grew by 0.9 percent, or $501,000. Asset values declined by 3.71 percent, or $4.354 million, to $145.8 million, and cash declined by 9.07 percent, or $1.62 million, the report said.
A drop in enrollment has contributed to Shepherd’s financial squeeze, although the University generated $17.9 million from tuition and fees, the report said. Declining enrollment and a drop in capital investments also is blamed for the drop in asset values, the report said.
On the bright side, the University received $1.26 million in gifts, primarily for student scholarships, the report said.