The University of Providence in Great Falls has declared financial exigency — an urgent financial need — as the school prepares for the end of an $8 million annual sponsorship from Providence Health in December 2027.
"We know that the system, the health care system, Providence Health will stop subsidizing us in December 2027. So the hope is that by our budget of 27-28, we would be at a zero balance or close to so that we would not generate debt. Right as we move forward," University President Caroline Goulet said.
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"When we started looking at our financial budgets and whatnot, that's when we decided we knew that we couldn't continue the way that we had been and that we needed a hard reset. And that's really what financial exigency allows us to do," Goulet said.
Goulet said some academic programs will be re-evaluated.
"That allows us to relook at the program. We don't admit in it. And then we relook at it and say, okay, can we redesign that program so that it's going to be sustainable in the future, yes or no?" Goulet said.
Chief Advancement Officer Roy Lanham said the university has a plan in place to meet its budget goals.
"Sustain giving monthly giving, looking towards plan gifts, looking to build our endowment. So that's we're really looking toward the future and just building our annual fund. A lot of that's going to have to be major gifts that are going to help us to meet those marks," Lanham said.
For students like sophomore Havyn Vandenacer, the period of uncertainty is difficult, but recognizes the school making progress toward change.
"But at the same time, you can see the changes happening in the school and you can see that they are trying to turn around their mistakes from before. And so, I think that, yeah, it can be a little bit scary, but also, you know, like you at least know that they're trying to make themselves better," Vandenacer said.
The university says it is not currently in debt. The financial exigency declaration gives the school time to adjust its budget before the Providence Health sponsorship ends in 2027.
