By Autsin Ferguson
Funding shortages have caused Rider University to process and pay invoices on 60-day terms, a move that has implications for organizations across campus, according to a member of Rider’s Disbursements Department.
According to the department, the 60-day maturing period applies to all invoices that it isw receiving for the time being.
The prolonged wait period’s effect on specific clubs depends on the type of payments being processed. For organizations that book events or speakers months in advance, the invoice is more likely to mature in time for the anticipated event. For shorter-term expenses, such as purchasing supplies and food for events, the prolonged maturing periods can create a financial strain for individual clubs and organizations across campus.
The university’s revenue shortages have been the source of cutbacks throughout Rider, including budget cuts, faculty furloughs and layoffs, most notably with the cutting of the College of Continuing Studies.
In Dell’Omo’s convocation speech on Aug. 30, he mentioned that the university has lost $9.2 million in revenue, $1 million more than what the university had projected before the start of the COVID-19 pandemic.
There is a steep deficit that the university has faced due to financial constraints and revenue losses from the COVID-19 pandemic. According to a report from the university before the start of the fall 2020 semester, Rider projected $17 million in budget deficits for the next year.
In an interview with The Rider News on Sept. 9, Dell’Omo expressed that the financial situation at Rider did not have an immediate remedy, saying that the school would “have to continue to tighten our belt.”
According to Rider’s office of Disbursements, the 60-day maturing period applies to all invoices that they are receiving for the time being.
The side effects of funding shortages stem back to prior to the beginning of the COVID-19 pandemic, with Rider’s administration enforcing a university-wide spending freeze on supplies, materials and other professional services from January through the end of the fiscal year in June. The freeze had affected both university offices and student-run clubs and organizations.
As of Oct. 13, Disbursements Manager Barbara F. Huff did not respond to requests for comment on the matter.
Editor’s Note: Among the clubs and organizations affected by the delay in invoice maturity is The Rider News, whose invoices for its printed editions has been processed, but not yet matured.