UCB's response to the Covid-19 pandemic: an analysis of financial income and expenditure
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Abstract
In light of the WHO's declaration of the conclusion of the global Covid-19 pandemic, it is essential to analyze and synthesize its impact on higher education institutions worldwide and their responses, while also examining the financial expenditures of colleges and universities for critical insights. The University of California, Berkeley is one of the most reputable public universities in the world. Utilizing a cross-sectional analysis method, we statistically examine the variances in financial revenues and expenditures, along with their trends from fiscal years (FY) 2012 to fiscal years (FY) 2022, to offer insights into the University of California, Berkeley's response to the impact of pandemic over an extended time-frame. Research indicates that the pandemic has significantly influenced educational and educational events at UC Berkeley. On the one hand, Berkeley has implemented several financial strategies, including enhancing cash flow from short-term investments, increasing retiree health benefit spending, decreasing pension benefit payments, and elevating annual contributions to the endowment. On the other hand, the state of California increased funding to UC Berkeley by establishing additional Covid-19 special funds. In a challenging way, UC Berkeley has been able to manage the adverse effects of the Covid -19 through both internal and external efforts.
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