New Jersey City University in Jersey City, N.J., has declared a financial emergency and is asking for $10 million in state aid.
University officials said its financial woes, along with declining enrollment, have made it difficult for it to operate. They also said the pandemic has exacerbated these issues, reports nj.com.
“The university is facing an unprecedented challenge, which is a direct result of historical underinvestment in the university and in black and brown communities, as well as a dearth in funding in comparison with its peer institutions,” board chairman Joseph Scott said. “This, combined with a national trend of declining enrollment for college-aged students, has resulted in a long-term erosion in the university’s ability to operate. The pandemic has only exacerbated these issues, reducing enrollment further and accelerating the decline in operating revenue.”
The university board has adopted a 90-day budget so that the university can address structural deficits.
The announcement of financial difficulties comes even as the university has expanded on multiple fronts, which include a mini-campus on the Jersey City waterfront, the city’s West Side, and facilities at the former Fort Monmouth.