May 8, 2020 by
Richard L. Page
Dear Larner Faculty and Staff,
We are living in unprecedented times. The COVID-19 crisis has had profound effects on the health and financial stability of the world. I am tremendously proud of the way our community has responded, allowing us to maintain our teaching mission, preserve our vital research and modify our health care system to address the needs of our patients.
On Friday, April 24, 2020, the UVM Community received an email from Provost Prelock and Vice President of Finance Richard Cate, outlining the financial challenges the University of facing. They reported that although UVM’s finances are sound, the University has had a number of unanticipated costs and revenue losses associated with the pandemic.
The unknown impact of the pandemic on future revenue requires that LCOM take immediate steps to address budget challenges. These include:
- I am taking a voluntary pay reduction of the equivalent of one month’s compensation (8.3%) for the coming fiscal year that starts in July (FY21).
· Our Senior Associate Deans and Senior Advisor to the Dean have voluntarily reduced their compensation for FY21 by 8.3%
- All Chairs of the Basic Science Departments have voluntarily reduced their compensation for FY21 by 8.3%
- All Chairs of the Clinical Departments have voluntarily reduced their UVM salary for FY21 by 8.3%. This is in addition to a reduction in compensation and benefits from the UVM Health Network.
- All Associate Deans have voluntarily reduced their compensation for FY21 by 8.3%
- The College will reduce payroll expenses to the general fund by 5%. Every Dean’s Office unit leader and chair will be held accountable to achieve this goal.
- As per the University’s hiring freeze, senior administration will deny requests to fill general fund vacant positions with rare exception (and then requiring Provost approval).
- LCOM will defer all approved sabbaticals until FY22.
In addition to the changes above, we are forming a task force to review administrative services across the College to increase efficiency and reduce redundancy. We are also reviewing every discretionary expense.
I understand that these changes may be unsettling. But it is the shared goal of the University leadership that we make necessary adjustments now, so we can emerge from the financial challenges of the COVID-19 crisis quickly and preserve as many faculty and staff positions as possible. I am proud of the resilience demonstrated by the LCOM community, and am confident that we will continue to work together to advance the mission of the College and University.
Thank you for all you do,