CORVALLIS – Oregon State University Athletics has announced a series of budget-reducing measures for the 2021 fiscal year, with the aim of lessening the financial impact of the COVID-19 global pandemic, OSU Vice President and Director of Athletics Scott Barnes announced Wednesday.
“Across the world, we all are dealing with unprecedented challenges, which are requiring unprecedented and difficult decisions,” Barnes said. “This is also true within OSU Athletics. Based on our current scenario planning, we have budget models that range from a shortfall of $8 million and up for the upcoming fiscal year. We have begun the process of identifying all the mitigation strategies that must take place. Please understand that none of these decisions are easy but are necessary to be fiscally responsible.”
Revenue short fall mitigation strategies for FY21 include:
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Barnes said the budget reduction measures will help OSU Athletics achieve its goal of mitigating projected revenue shortfalls. Other future actions in alignment with the university may be needed, as the financial picture for the upcoming year becomes clearer, he said.
“We will continue the process of identifying all the necessary mitigation strategies,” Barnes said, “None of these decisions will be easy.
“Though the impacts of COVID-19 present a broad challenge for all of the Beaver Nation, I remain very positive about the outlook for OSU Athletics.
“The short-term financial realities are difficult, but I remain optimistic about the long term future of Oregon State Athletics,” Barnes said. “I appreciate our incredibly loyal fans for their understanding, and thank them for their continued support as we navigate these difficult waters.”
Those interested in supporting OSU Athletics are encouraged to give to the Beavers Care program launched by the OSU Foundation. Gifts will go directly to support the scholarships of student-athletes whose competitive seasons have been affected by COVID-19.
