MOUNT GREENWOOD — Faculty and staff at Saint Xavier University will see their pay cut as the private school works to reduce its debt.
Christine Wiseman, president of the Mount Greenwood-based university, confirmed the move on Friday, adding that the reductions are based on a tiered system with the highest-paid administrators receiving the greatest hit.
"It's a hard time for all of our institutions," Wiseman said after a panel discussion Friday.
She added that the reductions will enable Saint Xavier to meet its debt commitments for the next four quarters of the current fiscal year. The reductions will run from Nov. 1-June 30 and cut long-term debt by $21 million.
According to documents gathered by DNAinfo, the cuts range from 4.9 percent for those making up to $25,000 annually up to 22.9 percent for top brass making up to $300,000 annually.
Wiseman said the university is well positioned for the future, citing investments in the school's nursing program and a satellite campus in Gilbert, Ariz. But those ventures have yet to produce the revenue needed to cover the current debt load.
"It's all tied to revenue," she said.
Wiseman also expressed concern about the state budget crisis, saying the university at 3700 W. 103rd St. is desperately awaiting proceeds of grants for low-income students known as the Monetary Award Program or MAP grants.
Fifty-one percent of students at Saint Xavier receive MAP grants, Wiseman said.
The money is typically issued in the first semester, but the funds have yet to arrive as a result of the state budget gridlock. Thus far, Saint Xavier and most other universities throughout the state have been able to float the cash, Wiseman said.
But she said her school can't wait forever. She believes that the university's financial patience will have no choice but to run dry if the funds aren't released by June.
She's also concerned that as Illinois continues to operate without a budget, the money promised for MAP grants might be gone by the time an agreement is reached. And without that money many students at Saint Xavier won't be able to afford tuition.
State Rep. Kelly Burke (D-36th) also spoke about the impact the budget impasse has on Saint Xavier and other similar institutions at the 10th annual "Breakfast With Your Legislators" Friday morning.
She said the MAP grants typically amount to about $4,000 per student, which is paid directly to the university. Many of the students who receive these grants are also eligible for federal aid programs.
There are about 135,000 students who receive the MAP grants statewide, and Burke is hoping to secure bipartisan support as she pushes the state to release the funds. Indeed, some of the most affected areas in Illinois are in downstate college towns, she said.
"It is so shortsighted," Burke said of the lack of funding.
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