NASHVILLE, Tenn. (WKRN) — Tennessee State University (TSU) leaders outlined a five-year financial plan that includes changes to scholarship funding and additional staff cuts as the institution continues to deal with financial hardship.
The model was presented at Wednesday’s State Building Commission meeting as a “sustainability model,” according to interim president Dwayne Tucker.
“We need to change the way we’re doing business at Tennessee State. There are some habits that have developed over the last several years — some bad habits — that we need to change…” TSU’s acting CFO, Jim Grady, said at the meeting. “Lives will be impacted from this.”
Last year, the university let go of more than 100 employees amid its ongoing financial struggle. The plan presented to commissioners also included a $6-7 million reduction in non-instructional staff and a $5-6 million reduction in instructional staff.
In addition to staffing changes, Grady explained the university would re-structure scholarship programs. Grady added TSU intends to honor current scholarships, but will restructure future offers to increase revenue.
“I’m committed to Tennessee State University,” Tucker said. “…We don’t have another chance at this, so we’re going to have to move forward in an credible way to get things done.”
