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The cost of moving online is a significant loss in revenue to the College. As a not-for-profit institution, we are tuition dependent, with almost 90% of our tuition and fee revenue covering our operating costs, 70% of which is compensation for our employees. For the coming academic year, we are projecting a significant budget shortfall as a result of reduced revenue. We have some savings that we planned to use for capital reinvestment that we can instead use to cover some of the deficit. It will be important that we consider measures to address the deficit without risking the long-term financial viability of the College.
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