“Barron discusses pandemic's impact on Penn State's budget”

[BobPSU92]

See the link below. From the article:

”As the University begins the spring 2021 semester in the midst of the pandemic and continues unfolding its COVID-19 safety plans, Penn State President Eric J. Barron in a question-and-answer session shares more about the University’s financial outlook and how COVID-19 has affected the institution’s fiscal health.

2020 was a challenging year for everyone across a number of fronts, including our University. Can you talk about how you think Penn State has navigated the pandemic so far?

President Eric Barron: As I’ve said a number of times, the University’s response has been deliberate, coordinated and flexible, all with health and safety as our priority. I again want to give credit to our resilient and innovative faculty and staff, as well as our students, who all quickly transitioned to various modes of teaching, learning and working. The efforts that have been put in place to continue to provide a world-class Penn State education to our students are nothing short of phenomenal.

The pandemic has had a significant financial impact on the University, however, through revenue shortfalls and additional investments needed to respond to the pandemic. So far, we have been able to manage the financial impacts through a combination of federal aid and a series of strategies we have employed to reduce expenditures. While it has been challenging and we remain concerned, we are positioned to come out of the pandemic financially stable.”

Barron discusses pandemic's impact on Penn State's budget | Penn State University

The article just oozes got-thisness. Well, I think that’s the ooze.

 

[FHSPSU67]

Nary a dollar mentioned. Brilliant obtuseness!

 

[BobPSU92]

Nary a dollar mentioned. Brilliant obtuseness!

I did not quote the entire article. See the link for more information.

 

[RGWhirly]

While it is obviously a given, I see he does not really mention directly the $ saved by furloughing quite a bit of staff that are not getting paid.

 

[Art]

Nary a dollar mentioned. Brilliant obtuseness!

While it is obviously a given, I see he does not really mention directly the $ saved by furloughing quite a bit of staff that are not getting paid.

Would be interesting to see an enumeration of of the shortfalls and how they were covered. But that's not the Penn State Way. Whatever happened to "openness?" Too bad Rodney is no longer around.

 

[BobPSU92]

Would be interesting to see an enumeration of of the shortfalls and how they were covered. But that's not the Penn State Way. Whatever happened to "openness?" Too bad Rodney is no longer around.

Reading the article, note that barren said nothing about cutting onion dip costs.

 

[Art]

Reading the article, note that barren said nothing about cutting onion dip costs.

He's gonna tack that on to the borrowing for Lasch and have everyone wonder where the extra half mil cam from.

 

[91Joe95]

Translation - We did our job by getting the kids on campus for a few days so we could charge them full freight even when we knew they couldn't stay. Then we shut everything down and started recovering costs.

 

[91Joe95]

He's gonna tack that on to the borrowing for Lasch and have everyone wonder where the extra half mil cam from.

Frau Barron only likes premium onion dip, and he had a lot more time to eat it last year.

 

[Art]

Frau Barron only likes premium onion dip, and he had a lot more time to eat it last year.

We should be thankful that Herr Piggy hasn't developed a taste for caviar and foie gras.

 

[Pardlion]

We'll be golden as soon as we shed his salary.

 

[Thomas1945]

We should be thankful that Herr Piggy hasn't developed a taste for caviar and foie gras.

And French black truffles.

 

[BobPSU92]

We'll be golden as soon as we shed his salary.

Like PSU will pay his successor less.

 

[Thomas1945]

Like PSU will pay his successor less.

Maybe we could work out one of those pay by the pound not degrees or experience deals!

 

[Pardlion]

Like PSU will pay his successor less.

Don't be so sure. I'm throwing my hat in the ring, and I work for beer and ice cream.

 

[MtNittany]

I know 2 PSU Freshmen this year. Neither want to return next fall. Both blame the administration's policies regarding the virus, not the virus itself.

 

[BobPSU92]

Maybe we could work out one of those pay by the pound not degrees or experience deals!

Then Penn State would hire someone obese.

 

[PSU73]

Here's a link to the last audited financial statements for YE thru June 2020 for the financial guys to peruse. It shows the operating income and expeditures for the year were about $7 billion. It also show $7 billion in Cash and Investments at the same period end. There was a very large increase in long term debt during the year and a substantial increase in "Pension Prefunding Expense" on Pg 10 but it's not clear how that cash for that is to flow.
I'm still kind of pondering that $7 billion in Cash and Investments.

https://controller.psu.edu/sites/controller/files/psu_2020_financial_statements_-_final.pdf

 

[Ian]

Once again the university could have really stepped up and help support all of the small local businesses that support them year round with a local relief package.... but no. Nary a mention and minimal support. Clearly they do not think it takes a village. They are the "castle on the hill" with deep trenches around it. While they irresponsibly spend millions on the West Campus park and garage, Royal Garden and Museum complex and now approve $50 million improvements to the football building, the town around them is crumbling. I know, I know but they are borrowing a lot of that $$$. Oh, and I'm sure they will get some federal monies from the next relief package. Makes you wonder if they want it to crumble so they can advance their foot print. Very disappointing and also makes you wonder how much they have invested in companies like the Chicago firm buying up apartment complexes in dwntwn SC and who is proposing another high rise on E. College Ave at Hetzel.... it will be interesting to watch the next five years unfold at dear ole state.

 

[BringBackStoneys]

Once again the university could have really stepped up and help support all of the small local businesses that support them year round with a local relief package.... but no. Nary a mention and minimal support. Clearly they do not think it takes a village. They are the "castle on the hill" with deep trenches around it. While they irresponsibly spend millions on the West Campus park and garage, Royal Garden and Museum complex and now approve $50 million improvements to the football building, the town around them is crumbling. I know, I know but they are borrowing a lot of that $$$. Oh, and I'm sure they will get some federal monies from the next relief package. Makes you wonder if they want it to crumble so they can advance their foot print. Very disappointing and also makes you wonder how much they have invested in companies like the Chicago firm buying up apartment complexes in dwntwn SC and who is proposing another high rise on E. College Ave at Hetzel.... it will be interesting to watch the next five years unfold at dear ole state.

Good grief. In what world does Penn State have any obligation to make relief payments to State College businesses? Tax payers already funded hundreds of small business block grants - now you want tuition dollars redirected too?

 

[BobPSU92]

Good grief. In what world does Penn State have any obligation to make relief payments to State College businesses? Tax payers already funded hundreds of small business block grants - now you want tuition dollars redirected too?

How many other universities have propped up local businesses in the last year? I’m sure this isn’t a common occurrence.

Which businesses does Penn State help? Select ones? How would that work? All of them? Is that realistic? How would Penn State be sure that every “mom and pop“ used the money as intended? Is this really something that Penn State should get involved in? Penn State has enough to worry about.

 

[Art]

How many other universities have propped up local businesses in the last year? I’m sure this isn’t a common occurrence.

Which businesses does Penn State help? Select ones? How would that work? All of them? Is that realistic? How would Penn State be sure that every “mom and pop“ used the money as intended? Is this really something that Penn State should get involved in? Penn State has enough to worry about.

They could re-direct orders for onion dip from Food Services to some local catering establishment. That would provide a tremendous boost to the local economy.

 

[LemonEars]

See the link below. From the article:

”As the University begins the spring 2021 semester in the midst of the pandemic and continues unfolding its COVID-19 safety plans, Penn State President Eric J. Barron in a question-and-answer session shares more about the University’s financial outlook and how COVID-19 has affected the institution’s fiscal health.

2020 was a challenging year for everyone across a number of fronts, including our University. Can you talk about how you think Penn State has navigated the pandemic so far?

President Eric Barron: As I’ve said a number of times, the University’s response has been deliberate, coordinated and flexible, all with health and safety as our priority. I again want to give credit to our resilient and innovative faculty and staff, as well as our students, who all quickly transitioned to various modes of teaching, learning and working. The efforts that have been put in place to continue to provide a world-class Penn State education to our students are nothing short of phenomenal.

The pandemic has had a significant financial impact on the University, however, through revenue shortfalls and additional investments needed to respond to the pandemic. So far, we have been able to manage the financial impacts through a combination of federal aid and a series of strategies we have employed to reduce expenditures. While it has been challenging and we remain concerned, we are positioned to come out of the pandemic financially stable.”

Barron discusses pandemic's impact on Penn State's budget | Penn State University

The article just oozes got-thisness. Well, I think that’s the ooze.

The problem with universities, high schools, and grade schools is that they have no business sense since they view their income as "free". They assume it will continue unabated. They should have laid off professors and teachers when classes had to be cancelled. Instead the professors and teachers got paid for sitting home. This is unlike the response of restaurants and other real businesses. They can't treat income as free like universities and other schools do.

 

[cvilleelkscoach]

Once again the university could have really stepped up and help support all of the small local businesses that support them year round with a local relief package.... but no. Nary a mention and minimal support. Clearly they do not think it takes a village. They are the "castle on the hill" with deep trenches around it. While they irresponsibly spend millions on the West Campus park and garage, Royal Garden and Museum complex and now approve $50 million improvements to the football building, the town around them is crumbling. I know, I know but they are borrowing a lot of that $$$. Oh, and I'm sure they will get some federal monies from the next relief package. Makes you wonder if they want it to crumble so they can advance their foot print. Very disappointing and also makes you wonder how much they have invested in companies like the Chicago firm buying up apartment complexes in dwntwn SC and who is proposing another high rise on E. College Ave at Hetzel.... it will be interesting to watch the next five years unfold at dear ole state.

I have skin in this game as a local property owner and the desire to see State College survive, but this is just a bridge too far. Infusing capital into local businesses is not the role of the university. What source of funds do you propose they use for this endeavour?

As for the growth downtown of apartments, etc. You are barking at the wrong place. You should be directly it toward the borough council. They could control or stop this if they chose. They could place restrictions on building height, require parking, open space requirements, set backs, etc. into ordinances. Many communities have done similar things to control growth. But they just wring their hands and focus on social justice issues that they believe makes them look so woke versus actually running the damn town. Let's not forget about the parking requirements boondoggle they attempted a couple of years ago that was nothing more than a money grab that failed miserably. They spent hours of meeting time and tens of thousands of dollars on the thing to shut it down in less than a year. That is the kinds of thinking that is going on.

 

[BringBackStoneys]

The problem with universities, high schools, and grade schools is that they have no business sense since they view their income as "free". They assume it will continue unabated. They should have laid off professors and teachers when classes had to be cancelled. Instead the professors and teachers got paid for sitting home. This is unlike the response of restaurants and other real businesses. They can't treat income as free like universities and other schools do.

You guys are a hoot. In case you missed it, faculty actually worked while your PPP tax dollars paid for employees of ‘real businesses’ to sit at home.

 

[BobPSU92]

They could re-direct orders for onion dip from Food Services to some local catering establishment. That would provide a tremendous boost to the local economy.

True.

 

[LemonEars]

You guys are a hoot. In case you missed it, faculty actually worked while your PPP tax dollars paid for employees of ‘real businesses’ to sit at home.

I don't know any real employees who got PPP tax dollars to sit home. Some did get unemployment compensation like the profs and teachers should have gotten. If the profs and school teachers spent some fraction of their normal work hours doing Zooms then they should have gotten partial pay for the time they actually worked.