In a lengthy email sent out to faculty and staff, president of the American University of Beirut
Dr. Fadlo Khuri outlined the many hurdles the university is currently trying to overcome. Here is a preview of what he said: “I am writing today to tell you that AUB is facing perhaps its greatest crisis since the university’s foundation in 1866. This is the result of a confluence of calamities, starting with the collapse of the Lebanese economy, now compounded by the COVID-19 pandemic and associated global recession.”
He describes AUB’s model as one of “aggressive growth” that has now been stunted. He then talks $$. “For the 2019-20 academic/fiscal year, AUB’s projected revenue was approximately $609 million…for the 2020-21 period, we are projecting all-in revenues of $249 million.”
That is a 60% reduction in revenues, and as he describes are an optimistic assumption based on the hope that the Lebanese pound will stabilize at 3,000 to the dollar, not taking into account a possible haircut imposed on AUB’s bank deposits in Lebanon. “We continue to look everywhere for savings, including a reduction in capital expenditure, travel, and in many other areas.”
Khuri says the process of finalizing these cuts and budget will be submitted to the Board of Trustees at its June 4-5 meeting, and that he will be sharing the finalized budget with all on June 15th.
Khuri ends email by saying, “[s]aving AUB must be our only priority. And save it we will.”
Our heart goes out to all students possibly facing tuition increases, and all faculty members possibly looking at any pay cuts.
Upon receiving this email, students created some Hilarious Tweets About AUB Students Transferring To LU
. Check them out!