By: Sydney Umstead, News Editor
The Griffin published an article titled “Endowments for Dummies” on Nov. 8. However, in light of recent questions surrounding the task force and budget, we sat down with Bob Baumet, the vice president of finance and administration to get more specific information.
Baumet stated that Canisius’ total endowment is $147.1 million.
The agency accounts, as Baumet described, also fit into the categories of restricted and unrestricted funds. However, he noted that the “use of the word agency is internal to Canisius,” continuing, “These accounts are required to be broken out into the two fund classifications previously mentioned.”
Regarding the agency accounts, Baumet stated that the university is currently “analyzing the agency accounts.” As Baumet said, the goal is to aid in the previous “historical processes that were taking place.” Furthermore, he mentioned how the university hopes to “relocate and
budget without-donor-restriction agency accounts to operational accounts while relocating
agency accounts with-donor-restriction to temporarily restricted accounts.”
These historical processes, according to Baumet, include situations where “agency account expenses were not budgeted and often added a layer of risk to cash reserves.” He noted that while he sympathizes with the account holders, “We’re in a position now where change is really necessary.”
Part of this change is set to impact the fiscal year 2026, when Canisius may be “budgeting every expenditure.” He mentioned how everything is prepaid a year ahead, which “makes it into the actual budget.”
The endowments agency accounts can be a way to “help reduce the deficit in several ways.”
Baumet is also a member of the task force which will weigh in on the scheduled budget cut of $15 million. He stated that the books are open to anyone in the task force and they are “bound by confidentiality.” However, he said that there will be communications given by the “coaches of the committee.”
He stated that “the real purpose of the task force is to implement institutional financial stability.” Baumet noted how he has heard it called the “budget-cutting task force,” and expressed “That’s not really what it’s about.” Specifically, “the task force can’t make budget cuts, they can make recommendations, but ultimately the Board of Trustees approves budgets.”
The task force plans to come to a decision in March 2025.