USC financial disclosures show the university spent $158 million more than what the university earned
USC spent $158 million more than what the university gained in revenue during the 2023-2024 fiscal year.
The University plans to cut costs, while the university restructures its spending further.
December 8, 2024, 7:30 am ET
The University of Southern California has reportedly spent $158 million more than what the university earned in its 2023-2024 fiscal year, amidst pre-existing financial troubles at the school.
The university placed some of the rising costs on inflation and said it plans to set initiatives to drive down the deficit, according to USC Annenberg Media.
The University’s Office of the Provost stated to Annenberg Media in a statement that the budget deficit over the past six years has ranged from anywhere between $586 million as a result of complications the University grappled with during the COVID-19 pandemic, to $36 million.
The university directly cited how inflation, costs of insurance, competition from other higher education institutions, declines in graduate school enrollment, athletic expenses, and growth of financial aid are all factors that could helps explain the deficit for the current year.
USC financial disclosures show the university spent $158 million more than what the university earned
USC spent $158 million more than what the university gained in revenue during the 2023-2024 fiscal year.
