The 2020-21 academic year proved to be extremely challenging on many levels, and the University’s budgeting and finances were no different. But thanks to exceptional stewardship by Trinity’s executive team, the Operating Budget Task Force, and the Board of Trustees, the University has weathered the COVID-19 pandemic better than many institutions of higher learning.

A year ago, the University faced an estimated operating budget deficit of $22.7 million for the 2020-21 fiscal year resulting from the pandemic. Significant temporary expense budget reductions and the use of rainy day reserves allowed Trinity to narrow that gap. Additionally, the University established a target of $12.5 million in permanent expense reductions for FY22 to address longer‐term operating budget damage from the pandemic. While these cuts are painful, they will allow Trinity to continue its student-centric, long-term mission.

Since December, our revenue projections have improved, thanks to strong student enrollment, significant progress in COVID‐19 vaccinations, a sharp V‐shaped financial market recovery, and promising economic acceleration. As a result, the permanent expense reductions originally proposed at $12.5 million have been reduced to $10 million, and the University has been able to restore its retirement contribution match to 10% effective January 1, 2022—a key priority for faculty and staff.

The approved 2021-22 fiscal year budget includes total revenues of $148.4 million, an increase of $6.2M from the prior year. Net student revenues (net tuition plus room and board revenue) as well as endowment and trust distributions represent 91% of total revenues. As the economic and pandemic situation evolves, the University will review the budget in late summer and, if material changes are necessary, present a revised budget at the September 2021 Board of Trustees meeting.

$148.4M

total revenues for FY22

(an increase of $6.2M from FY21)

$10M

permanent expense reductions

(originally proposed at $12.5M)