Evangel University in Springfield is reducing operating costs by $4 million next fiscal year which officials say will generate additional cash flow for certain programs.
According to a news release issued Wednesday, the 10 percent budget cut is part of a three-pronged approach to improve the university’s long-term financial position.
“Achieving this goal will generate additional cash flow needed to invest in programs to carry out the university’s strategic plans,” said Linda Allen, vice president for business and finance.
Provost and Vice President for Academic Affairs Dr. Michael McCorcle said no major academic programs are being eliminated, but “some very small majors within programs are being restructured.”
The reduction in expenditures also includes adjustments to personnel. In October, the university says 15 faculty and 17 staff accepted a voluntary retirement option. And Evangel plans not to renew five non tenured faculty contracts next year, plus reduce seven staff positions.
In addition, the school’s long-term outlook aims to increase enrollment and expand fund development.