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February 5, 2021
Dear Johns Hopkins Community,
We write to update you on some positive developments regarding Johns Hopkins’ financial situation and the relaxation of our mitigation efforts, including a plan for restoration of employer retirement contributions for the second half of the current fiscal year.
Thanks to the remarkable resourcefulness and ingenuity of so many, and the good fortune of some one-time occurrences, including tremendous philanthropic support, we are in a much stronger position at midyear than we had expected. More details on the university’s financial performance in the first half of this fiscal year (July through December 2020) are available here, but suffice it to say that we are now able to begin relaxing our austerity measures and to restore six months of our retirement contributions.
Today, we are taking the following three steps:
We are, of course, far from back to normal. Although we do not yet have updated projections for the full fiscal year (through June 30), we know that overall revenues have been negatively affected by COVID-19 and are lower than they were at this same point last year. But we know, too, that the steps taken across the university to mitigate this financial downside have been quite successful.
We are also mindful of the continued uncertainty of the pandemic, particularly with respect to the emergence of new variants of the virus. For that reason we are preserving a portion of our current positive balance to be able to weather the months ahead. We are committed to re-assessing as the year progresses, and, as promised last spring when we began this difficult journey together, if we can prudently do more to reverse our austerity measures, we will do so.
Johns Hopkins Health System is taking similar positive steps, focusing first on reinstating merit pay for its employees. The Johns Hopkins School of Medicine faculty and staff are part of the Johns Hopkins University and thus will have their employer retirement contributions reinstated under the university’s plan.
Updated financial FAQ are posted at covidinfo.jhu.edu with more details and information on these plans, along with our past and current COVID financial reporting. The university’s financial team will hold a town hall meeting this spring, once we have in hand updated year-end projections, so that we can review this information with you and answer any questions.
Let us conclude with an earnest expression of gratitude to all members of our community and, in particular, our deans, departmental chairs and directors, and financial team, for your herculean efforts through a very challenging time as we have maintained our research, educational, and clinical missions.
Ronald J. Daniels
Interim Senior Vice President for Finance and Administration
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