TSU Seeks Financial Stability After Laying Off Over 100 Employees
Tennessee State University is working to improve its financial situation following the layoff of more than 100 employees last week.
After repeated inquiries from FOX 17 News about the university’s financial challenges, the TSU Board of Trustees provided some details during a recent meeting.
The university is struggling to meet payroll, and the layoffs were necessary to help manage expenses. TSU officials informed the board that while they have enough funds to cover the spring semester, they are exploring more than just cost-cutting measures. They are also looking into ways to generate additional revenue, one of which became apparent during the homecoming parade.
“As soon as we got on the float and made our way to campus, we realized we were all essentially vendors selling TSU merchandise,” said TSU’s Interim CFO, Dr. Daarel Burnette. “We didn’t make a dime…we need to enforce our merchandise agreements, which we have but failed to implement.”
Additionally, Dr. Burnette mentioned that the university has reduced costs in areas like public safety and cut an advertisement at Nashville International Airport.
TSU officials also pointed out that the State of Tennessee has provided financial support to help cover expenses. A few years ago, the state acknowledged a debt to TSU, owing the university hundreds of millions of dollars that had never been paid. The state has been repaying that amount in various ways.
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