Virginia Tech projects as much as $300 million in losses in coming months

By Henri Gendreau henri.gendreau@roanoke.com 540-381-1679 18 hrs ago

Virginia Tech could lose between $50 million and $67 million in revenue over the spring and summer due to the economic fallout from the coronavirus, the university said.

President Tim Sands described the projected financial hit in a message posted Sunday as “extensive.” In the fall semester, the university could lose anywhere from $48 million to $240 million, estimates which don’t include the potential impact of reduced state funds from the pandemic impact, he said.

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Estimates for spring and summer losses include $14 million to $24 million in instructional expenses; $27 million to $30 million in “auxiliary” expenses, including costs related to housing, dining and athletics; and $6 million to $10 million in research funds.

Mark Owczarski, a university spokesman, said Monday the estimates reflect an anticipated enrollment drop in summer classes and canceled summer study abroad programs; rebates Tech made in housing and dining contracts; and lost revenue from canceled sporting and arts events, among many other areas.

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