On The Record > Fiscal Year 2024 Budget

Fiscal Year 2024 Budget

​​​DePaul University is in the process of creating a balanced budget for the next fiscal year, which runs from July 1, 2023 – June 30, 2024. Learn more about the budget process, timeline, and answers to other frequently asked questions.

DePaul’s Strategic Resource Allocation Committee, known as SRAC, has been working extremely hard to create a balanced budget for the next fiscal year. Without any corrective actions, we will face a gap between our revenues and expenses for FY24, which runs from July 1, 2023 – June 30, 2024. The revenue shortfalls are primarily linked to:

  • Changing enrollment demographics shared across the private university landscape, particularly a decrease in graduate enrollment;
  • Discontinuation of temporary government stimulus provided during the pandemic;
  • Rising costs due to the current inflationary environment;
  • Increase in financial aid provided by the university’s own dollars.

The proposed budget includes reducing costs among faculty expenses ($11.3 million), staff expenses ($28.3 million), and departmental expenses ($16.9 million). As a first step in the budget reduction process, on March 30, the Board of Trustees approved the implementation of a Voluntary Separation Incentive Program for eligible full-time administration and staff. For budget reductions affecting faculty, the university is reviewing such areas as teaching load, class scheduling, and vacant lines. Faculty-related budget reductions will occur over two years, with 60% taking place in FY24 and 40% in FY25.

The Voluntary Separation Incentive Program, or VSIP, is a 100% voluntary program that gives eligible full-time staff and administrators an incentive payment to retire – or take an early retirement – from the university. Out of 1,389 full-time staff and administration, 205 people are eligible. Staff and administrators who meet any of the following criteria by June 30, 2023 are eligible:

  • At least age 55 with a minimum of 20 years of cumulative full-time service;
  • At least age 62 with a minimum of 10 years of cumulative full-time service;
  • The sum of your age and cumulative full-time service equals at least 75.

Our highest priority remains delivering a quality and impactful education to our diverse student population. To uphold that commitment, DePaul is retaining all its active tenured faculty positions.

Out of the 240 term faculty who have contracts with the university, six term faculty will not be reappointed for the 2023-24 academic year. Term faculty received notifications from their colleges and schools about their contract renewal status on April 10, the annual Faculty Handbook deadline. Decisions about contract renewals for term faculty were made following joint discussions between the provost and deans, with direct input from department chairs and faculty, based on enrollment levels.

In addition, certain vacant term faculty positions will not be filled. Each college and school will continue to include term faculty members in conversations about the budget process.

There are no plans to eliminate programs or departments at this time.

The University Library was originally given a $1.5 million target to cut from its $5 million departmental budget. After further review, university leadership determined the $1.5 million budget cut to the library is not a viable option.

The proposed budget includes a 6% increase for institutional financial aid for fiscal year 2024 over the prior year’s budget to $301.3 million, primarily to honor commitments to continuing undergraduate students and to support new scholarship strategies for transfer and graduate students.

The voluntary separation program is funded through a special distribution from the endowment.

Jan. 26, 2023 President Rob Manuel presented the current state of the university at Designing DePaul.
March 15, 2023 President Rob Manuel shared an update about the FY24 budget process.
March 30, 2023 The board approved a Voluntary Separation Incentive Program for full-time staff and administration.
April 4, 2023 President Rob Manuel announced the launch of the Voluntary Separation Incentive Program.
April 10, 2023 Colleges and schools sent notifications to term faculty to inform them whether they will be reappointed or not for the upcoming year.
April 14, 2023 Deadline for eligible staff and administration to express interest to participate in the Voluntary Separation Incentive Program.

Deadline for Academic Affairs to seek feedback on the faculty-related, part-time staff, student affairs and departmental reductions.
May 8, 2023 Board of Trustees receives high-level FY24 budget proposal.

Budget meetings continue within units.
June 8, 2023 Proposals on how to reach targets from units and colleges delivered to President Rob Manuel and SRAC.

Budget meetings between president, units, and colleges continue as needed.
June 16, 2023 Budgets delivered back to units and colleges with comments from SRAC and president.
June 30, 2023 Final budget shared with university.
July 1, 2023 New fiscal year begins.

Do you have additional questions about the FY24 budget?

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