Athletics Enacts Cost-Cutting Measures Due to COVID-19
The financial burden of the pandemic forces NC State Athletics to enact temporary furloughs and temporary salary reductions.
NC State Athletics will implement temporary furloughs and temporary salary reductions in response to financial woes caused by the COVID-19 pandemic.
In an announcement posted online, Athletics Director Boo Corrigan said the department expects to lose between $25 million and $35 million in revenue this fiscal year.
Athletics has already taken steps to curtail expenditures this year, including leaving vacant positions open, reducing operating expenses and restricting the use of overtime. “However, we are still facing a significant departmental revenue deficit,” he said.
Corrigan outlined a range of actions that will take effect Oct. 24 and continue through the end of the fiscal year in June.
- Coaches and staff members making $200,000 or more will have their salaries temporarily reduced by 20%.
- Coaches and staff members making between $100,000 and $199,999 will have their salaries temporarily reduced by 15%.
- Coaches and staff members who make less than $100,000 will be furloughed for 19 days.
“These are uncomfortable and very difficult decisions and I fully understand that actions taken will have a significant impact on individuals and families,” Corrigan said. “This is not the byproduct of a lack of success, commitment or passion of our entire staff, rather an excruciating reality we face as a department, and in higher education.”