ASU cites numbers on investments associated with outstanding debt as well as updates its current plans in a response to a credit downgrade by Moody's
For the past six years, ASU and its division of Business and Finance have carefully scrutinized all expenditures in a proactive approach to improve its financial standing, which include:
* Freezing all vacancies: For the past two years, ASU placed a freeze on all its employment vacancies. While limited positions have been filled, each one has required the approval of the ASU president.
* Staffing Reviews: The University has and will continue to review all positions at the University and will make adjustments as needed, which will allow it to save money without compromising the admission and retention programs for its students.
* Budget Reviews: In addition, the University will conduct a special review of all its expenditures to improve its overall financial standing.
* Appointment of a Special Board of Trustee Committee on Credit Rating Restoration: The Board of Trustees will establish a special Credit Rating Restoration Committee to collaborate with the ASU President and the senior ASU management team on the University's fiscal management plan. The committee will: (a) collaborate with the President and ASU's senior management team on retooling ASU's fiscal management plan, (b) monitor and support the administration's implementation of the plan, and (c) periodically assess the plan's effectiveness in addressing the factors listed in the credit rating report and require the University's administration to provide quarterly reports on the financial condition of the University until such time as the University's credit rating is restored to its pre-downgrade "A" category level.
* Continued Review of Cost-saving Measures: The University will continue to review all operating areas to identify potential areas of revenue growth and cost-savings measures. Additionally, the University will reinforce its commitment and resources to increase its enrollment and it will take all reasonable and necessary steps to regain its "A" category credit rating.
* Enhancement of Revenues: The University has already placed in effect an aggressive financial oversight plan to reduce costs and manage its resources.