In the past year, DePaul has kept a close eye on its finances as the university faces a widening gap between revenue and expenses and the likelihood of enrollment challenges due to declining numbers of college-going students. As the fiscal year reaches a close, there is some good news to share.
A modest operating surplus is projected for fiscal year 2022, primarily due to savings related to reductions in spending on items such as travel, entertainment, supplies, and facilities costs due to the university's shift to a hybrid work environment and constraints brought on by the pandemic. In recognition of the financial pressure faculty and staff are facing due to the current inflationary environment and in the spirit of Vincentian personalism and mutual care that is an essential part of our institutional culture, the Board of Trustees today approved the use of a portion of the surplus to fund a one-time payment for most faculty and staff.
One-time payments based on compensation level will be made to most full- and part-time faculty and staff who received compensation during fiscal year 2022 and remain active with the university on July 1, 2022—the payout date. All applicable deductions and withholdings will apply.
The Board of Trustees approved the payment structure recommended unanimously by DePaul's Strategic Resource Allocation Committee, or SRAC, and endorsed by President Esteban. The nine voting members of SRAC, drawn from faculty, staff, students, and ad hoc members from supporting areas developed the structure keeping in mind the university's mission and recognizing that faculty and staff of different compensation levels may face different degrees of financial pressure. SRAC made a recommendation to the president, who endorsed it and shared it with the board for approval.
For full-time faculty and staff:
- Those earning an annual base salary of up to $50,000 will receive a one-time payment of $2,000.
- Those earning between $50,001 and $100,000 will receive a one-time payment of $1,500.
- Those earning between $100,001 and $125,000 will receive a one-time payment of $1,000.
Part-time faculty and staff will receive a one-time payment of $700.
We are grateful for the board's support of this proposal and for SRAC's thoughtful recommendations for its implementation. It is our hope the payments will begin to alleviate the burden of the rising cost of necessities.