Chapman University lost about $13.5 million in revenue in its current fiscal year from student refunds related to COVID-19, Chapman President Daniele Struppa said in a statement.
Chapman’s endowment was more than $400 million prior to refunds and the university’s net worth remains above $1 billion. It was able to issue refunds “without major cuts” in programs, or reductions in faculty and staff salaries “because we were operating from a position of strength,” Struppa said.
Struppa said the school could lose up to $90 million if in-person classes don’t resume in the fall. At that point, cuts could come.
Chapman moved to remote instruction and work for most employees in mid-March; it later freezed hiring and said summer sessions at its main Orange campus, and a second site in the Irvine Spectrum area, would be held remotely.
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