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NIU reports smaller FY25 deficit but warns one‑time revenue masks larger shortfall; FY26 planning under way
Summary
CFO George Middlemiss told the trustees’ finance committee NIU’s third‑quarter results showed improved net revenue but administrators said a one‑time $8 million item inflates FY25 results and the university plans a modified zero‑based FY26 budget to close a larger underlying gap.
Vice President and Chief Financial Officer Dr. George Middlemiss presented the university’s quarterly financial summary, cash and investments report and an early preview of the fiscal‑year 2026 budget to the finance, audit, compliance, facilities and operations committee on May 14.
For the third quarter ended March 30, Middlemiss reported all‑funds revenues largely in line with budget and expenditures slightly above budget, producing third‑quarter net revenue of about $46 million. Year‑to‑date results were higher than the previous year by about $11.4 million, primarily because of timing differences and stronger miscellaneous and…
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