Money Matters

These days, given the past year’s economic volatility, money matters to just about everybody. Indeed, the S.C. General Assembly returned to session in October 2008 because the money that comes into state coffers through taxes and fees was flowing in a much slower rate than usual.  That meant the legislators had to revise the appropriations that had been given each state agency for the fiscal year that began July 1, 2008, and ended June 30, 2009, to reflect more than a billion dollars in revenue that never materialized.

Public higher education institutions took one of the largest initial cuts of any part of the state budget that  October. At Winthrop, the cut was $3.4 million – a cut equal to 14.8 percent of our entire state funding. But that wasn’t the last cut, as over the remainder of the fiscal year, additional cuts added up to almost 22 percent of Winthrop’s initial state appropriation. Taken together with 2007 reductions, the loss to Winthrop was almost $6 million.

Winthrop responded to the crisis with a commitment to protecting students’ academic experience, and absorbed each in a series of appropriation reductions with a sense of sharing sacrifice --  including the absorption of nine unpaid furlough days for every employee during the second half of the 2008-2009 academic year.

In 2009-2010, the national economic challenges continue.  This year, only 14 percent of Winthrop’s revenue will come from the state of South Carolina, with additional appropriation reductions likely as the year proceeds.  Winthrop is approaching this situation by making decisions that enable the continued development of the university, while also responding responsibly to current circumstances.   

To assist students, parents and the public with understanding important higher education Money Matters, this page will provide important basic information, as well as an opportunity to ask questions about how Winthrop is coping and will continue to cope with reduced state funding support.  But first, for some important background, please click below:

Higher Education Money Matters 101