Restructuring Academic Programs into Larger Divisions
Since 2013, economists and financial strategists have insisted that higher education must reduce its costs. In fact, the Moody’s perception of mounting fiscal pressure on all key university revenue sources led to the 2013 downgrade of the credit rating for the entire sector (Moody’s, 2013). But even before the 2008-09 economic crash, the Berea College administration realized that its budget was not fully sustainable in the long term. In 2008, almost 80 percent of Berea’s budget came from its endowment, which by March 2009 dropped from more than $1 billion to less than $700 million.