Palo Alto, CA (PRWEB) December 20, 2013
Sofia University is a private, not-for-profit, WASC accredited post-secondary institution operating as a 501(c)3 corporation in the state of California. It is governed by its Board of Trustees, which sets policy for the school and holds ultimate legal and fiduciary responsibility and authority for the university.
Throughout its 38-year history, the school has been overwhelmingly tuition driven, with tuition consistently accounting for upwards of 95% of its revenue. The university’s largest area of expense is personnel (75-80%); facilities (leases, utilities, etc.) account for approximately 10% of overall expenses.
In the current academic year, like many other small private colleges and universities in the US, Sofia University has experienced a significant enrollment shortfall relative to its current budget. With limited reserves and virtually no endowment, the school has had to enact difficult measures to stay within its budget and preserve its financial solidity.
These measures have most recently included laying off 12 members of faculty and staff for purposes of bringing current expenses into line with current revenues. All of these employees are subject to rehire at a later date if circumstances warrant.
According to University President Neal King, "Expected annual revenues are very much in line with last year's revenue, based on currently available forecast data."