Reeling from an unprecedented eleventh-hour $2.5 million reduction to its state-appropriated operating budget for fiscal year 03, IMSA began the 2002-03 year by making the difficult decisions required. The Board of Trustees cut staff positions, cut the salaries of all remaining employees, increased student fees by 43%, accessed temporary or one-time revenue sources, and reduced programs and services for IMSA students, Illinois educators and other Illinois students.
In the aftermath of the reduction, the IMSA community rallied, choosing once again to stand up and be trailblazers, acting to preserve the academic integrity and distinctiveness of its remaining internal and statewide programs, continuing to advance and position IMSA for long-term sustainability and value to Illinois, and working to rebuild its state-appropriated operating budget (good progress was made in FY04).
Excerpt: From the President of the IMSA Fund
IMSA Fund, "Annual Report 2002-2003" (2003). IMSA Fund Reports. 17.