USC slashing benefits for NMF

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:From the USC subreddit:

They've cut a lot of funding for programs, student scholarships, faculty pay/raises, and miscellaneous things (library hours, etc.). No one except a few people in upper admin really knows how bad it is; the deficit this year was 158 million but USC suffered 586 million during covid and there weren't substantial changes like this, so people suspect things are worse than USC makes it appear.

The Faculty are trying to unionize and have issued resolutions to admin to try and get more transparency about the budget situation, but admin doesn't really bite.

+1. This. It's a serious situation. Meanwhile costs of attendance has surpassed $95k a year

Do you have a student enrolled at USC?

It was announced Nov 20 that USC spent 158 milllion more that it took in last year. How is that not serious?

They have a $7 Billion endowment. They will be fine.

Hey look! It’s another person who doesn’t understand how endowments work…at all.

There's huge correlation between school ranking and endowment ranking for reasons.

Yep, cause it’s not like uchicago, a high ranked school, has had a budget crisis or anything. The denial of reality is so pathetic. It’s okay to not know everything. Sometimes, your comment just isn’t necessary.

Do I think usc is gonna default on their settlement payments? No, but it’s not like it’s in AAA+ financial health. There are many labs on campus that have closed and they’ve fired various staff in this positions, the library has reduced hours, club funding has been suspended from a lot of organizations, there’s fewer student worker jobs, dining hall hours reduced; meanwhile, the president has been spending like a mad woman on construction and millions on renovating her office annually (I’m serious).

Is USC in great health? Yes, it’s not reliant on tuition anywhere near as the profits from its hospital. But, the student experience is actively being harmed by these financial issues.

[Anonymous]

Anonymous wrote:

Anonymous wrote:USC is so not worth it that it receives tens of thousands more applications than seats, celebrities want to bribe their kids into the school for $500,000, they have one of the highest SAT averages of any school in the country, have a kick butt sports tradition, a top business school, incredible law school.

Yeah. It might as well fold up shop now.

I mean, this can all be true and it’s lousy with its money. Like awesome that celebrities want their kids to go, but are we gonna deny celebrity culture of sexual assault and the 1 billion dollar law suit the school settled on for assault? I’m happy that some red carpet child who will have a $5,000/month apartment in Westwood and go on consistent international trips will not suffer much from budget cuts, but the rest of the school- you know, the normal people- do experience it and can’t just “well famous people wanna go here” away from that situation.

I'm nitpicking here, but USC is not in Westwood - far from it. UCLA is in Westwood.

[Anonymous]

A large chunk, if not all of the settlement, was likely covered by insurance. Athletics probably cause of the shortfall, as it is at a number of schools,

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:USC is so not worth it that it receives tens of thousands more applications than seats, celebrities want to bribe their kids into the school for $500,000, they have one of the highest SAT averages of any school in the country, have a kick butt sports tradition, a top business school, incredible law school.

Yeah. It might as well fold up shop now.

I mean, this can all be true and it’s lousy with its money. Like awesome that celebrities want their kids to go, but are we gonna deny celebrity culture of sexual assault and the 1 billion dollar law suit the school settled on for assault? I’m happy that some red carpet child who will have a $5,000/month apartment in Westwood and go on consistent international trips will not suffer much from budget cuts, but the rest of the school- you know, the normal people- do experience it and can’t just “well famous people wanna go here” away from that situation.

I'm nitpicking here, but USC is not in Westwood - far from it. UCLA is in Westwood.

Yes, but where do you think the rich kids at usc who don’t want to live on campus live? They live far out and drive in.

[Anonymous]

Anonymous wrote:A large chunk, if not all of the settlement, was likely covered by insurance. Athletics probably cause of the shortfall, as it is at a number of schools,

Wow, more people need to invest in sexual assault insurance. Would free up hollywood

[Anonymous]

Anonymous wrote:It's so unfair that USC attracts so many high SAT scorers.

Could we start a petition to make them stop???

They attracted high scores because they subsidized the high scorers. It remains to be seen if that can still attract the high scorers absent merit aid

[Anonymous]

Anonymous wrote:

Anonymous wrote:A large chunk, if not all of the settlement, was likely covered by insurance. Athletics probably cause of the shortfall, as it is at a number of schools,

Wow, more people need to invest in sexual assault insurance. Would free up hollywood

Studios likely do have such insurance. USC has said that insurance proceeds are covering part of the settlement. Not sure why this is surprising.

[Anonymous]

How is the university funding this settlement beyond insurance proceeds? Over how many years?

Due to careful stewardship, we will be able to fund the settlement over the next two fiscal years through a combination of litigation reserves, insurance, deferred capital spending, the potential sale of non-essential assets and careful management of expenses. It will not affect our planned restoration of merit increases and full retirement benefits to our faculty and staff nor will it have any effect on our robust financial aid program. No philanthropic gifts, endowment funds or tuition revenue will be redirected from their intended purposes.

https://change.usc.edu/tyndall-issues/california-state-court-global-settlement/faq-regarding-george-tyndall-global-settlement-in-state-court/


Apparently they changed their minds.

[Anonymous]

USC is in the hole by $158 million due to overspending in 2023-2O24. Google Anne berg media.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:USC has been in a ton of financial turmoil this year, and it seems to be getting worse: https://morningtrojan.com/p/usc-cuts-national-merit-finalist-scholarship.

Parent of a NMF from a couple of years ago...USC is not unique. Most comparable schools eliminated scholarships to NMF years ago.

Maybe read the article before blathering?

I'm not subscribing to some pretentious school newspaper.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:USC has been in a ton of financial turmoil this year, and it seems to be getting worse: https://morningtrojan.com/p/usc-cuts-national-merit-finalist-scholarship.

Parent of a NMF from a couple of years ago...USC is not unique. Most comparable schools eliminated scholarships to NMF years ago.

Maybe read the article before blathering?

I'm not subscribing to some pretentious school newspaper.

You people are such incessant whiners, just throw a fake email in and start reading. Education is actually GOOD.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:From the USC subreddit:

They've cut a lot of funding for programs, student scholarships, faculty pay/raises, and miscellaneous things (library hours, etc.). No one except a few people in upper admin really knows how bad it is; the deficit this year was 158 million but USC suffered 586 million during covid and there weren't substantial changes like this, so people suspect things are worse than USC makes it appear.

The Faculty are trying to unionize and have issued resolutions to admin to try and get more transparency about the budget situation, but admin doesn't really bite.

+1. This. It's a serious situation. Meanwhile costs of attendance has surpassed $95k a year

Do you have a student enrolled at USC?

It was announced Nov 20 that USC spent 158 milllion more that it took in last year. How is that not serious?

They have a $7 Billion endowment. They will be fine.

Hey look! It’s another person who doesn’t understand how endowments work…at all.

You don't have to introduce yourself like that. Just enjoy learning.

[Anonymous]

Anonymous wrote:How is the university funding this settlement beyond insurance proceeds? Over how many years?

Due to careful stewardship, we will be able to fund the settlement over the next two fiscal years through a combination of litigation reserves, insurance, deferred capital spending, the potential sale of non-essential assets and careful management of expenses. It will not affect our planned restoration of merit increases and full retirement benefits to our faculty and staff nor will it have any effect on our robust financial aid program. No philanthropic gifts, endowment funds or tuition revenue will be redirected from their intended purposes.

https://change.usc.edu/tyndall-issues/california-state-court-global-settlement/faq-regarding-george-tyndall-global-settlement-in-state-court/


Apparently they changed their minds.

No, see the settlement didn't affect financial aid.

The new layer of anti-assault bureaucratic bloat will affect financial aid.

[Anonymous]

Anonymous wrote:A large chunk, if not all of the settlement, was likely covered by insurance. Athletics probably cause of the shortfall, as it is at a number of schools,

Nope. USC seems to be having difficulty getting the insurance to pay. An article from 2023 states:

"USC is suing a group of Chubb insurance companies, alleging they breached a contract to fully compensate the university for millions of dollars paid to plaintiffs to settle the sexual abuse misconduct allegations involving former campus gynecologist Dr. George Tyndall" [he was the only full time gynecologist at the student health clinic from 1989 until 2016.]

Then there was another lawsuit that was quietly settled for an undisclosed amount. NPR reported, "The University of Southern California says it has reached a settlement with 80 former students who allege they were all sexually abused by a former campus doctor over the course of two decades.

Dennis Kelly, a former campus physician, left USC in 2018, and the following year, six male graduates came forward with allegations that Kelly engaged in inappropriate sexual conduct during appointments, such as rectal examinations."

Since it was a confidential settlement no one knows how much USC had to pay out.

[Anonymous]

Read on the USC subreddit that there seems to be lots of cuts and financial problems this year at USC. Someone mentioned that insurance wasn’t paying for the entire settlement and people don’t want to donate while the settlement needs to get paid. USC does have a large endowment, but it’s likely mostly restricted, and they have a huge number of students so on a per capita basis it’s not that large. Seems like the smart thing to do would be like NYU and start utilizing ED1/ED2 to pad the class with more full pay students.