BLACKSBURG, Va. – The COVID-19 pandemic has delivered a big blow to Virginia Tech. The school is projected to lose about $60 million for the 2020-2021 school year.
The initial shortfall was estimated to be about $85 million, but Tech has been able to make some cuts by not filling open positions, saving on travel costs and with help from federal and state aid as well as alumni donations.
The biggest losses came from athletics, residence and dining.
“Our fundamental response is to be conservative and prudent with our spending. Every dollar saved is a dollar that will narrow the gap," said Mark Owczarski, a Virginia Tech spokesperson.
Owczarski said this is a one-time loss and once the pandemic is over, the school won’t miss out on those revenue sources.