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USC Had $158 Million Deficit In 2023-24

Here’s some news regarding USC that is not news if you read this blog closely. I’ve been mentioning the financial situation at the university and this was announced by the administration this week.

This year, USC’s audited financial statement shows a deficit of $158 million for the 2023-2024 fiscal year (roughly 2 percent of the total budget).

USC gave multiple reasons for the deficit, including “softening of graduate student enrollment” and “the rising cost of college athletics.”

It’s clear the administration has overspent.

The question is . . . how much of a role did this play in Carol Folt’s recent announcement that she would retire at the end of the academic year.

UPDATED: Here’s some background on recent past years via USC:

Over the past six years, our deficit has ranged from $586 million during legal cost repayments and COVID, to a modest positive level of $36 million in 2023

11 thoughts on “USC Had $158 Million Deficit In 2023-24”

  1. I would not be the least bit surprised if it led to Folt’s “retirement.” She is the CEO of the university, and one of her jobs, maybe the most important one, is to be a responsible steward of the university’s finances. Unless I am not mistaken, USC has run a deficit in nearly all of the years Folt has been president.

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  3. The Varsity Blues Donations ending didn’t help either. In somewhat similar news, The College of the Canyons recently fired long time (35 years) President Dianne Van Hook and is undergoing a forensic audit covering 20 years. Evidence of Egregious Facility Contracts that may a personal benefit component.

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  5. How about USC begins being financially sound by eliminating all the DEI positions that are paying out six figures plus benefits? But like President Trumps says, “Everything WOKE turns to S–T!

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      1. So Cal,

        I am hoping for the same, however, I think SC is so screwed up right now, that firing Riley is a low priority on SC’s list. There are better coaches out there that would coach SC for around $4-5 mil and a 4 year contact.

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  8. And they’re trying to close the gap in future years by eliminating key elements of the tuition benefit given to the dependents of their employees.

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