Siena University Is Financially Strong and Building for the Future

Last Sunday, the Times Union published a report based on its interpretation of Siena University finances that alarmed members of our campus community and may have confused readers. We appreciate the chance to set the record straight because accuracy and clarity matter and readers deserve the full picture.

This moment in higher education is challenging. Many colleges across the country are closing, merging, or struggling to stay solvent. Concern about institutional stability is understandable. That level of concern, however, does not apply to Siena University.

Siena's financial condition is strong. Our debt is low. Our endowment is growing. Cash flow from operations remains positive, which means the university has the resources to pay its bills and meet its obligations without relying on endowment principal. Our net assets increased by more than $12.9 million in 2025, and we continue to invest in new academic programs, technology, research initiatives, and modern facilities that support the next generation of students. These are the actions of a university building for the future.

The Times Union claims Siena is "not bringing in enough money to cover the cost of running the school" and cited our $3 million operating deficit as proof. This statement is misleading because it confuses two very different financial measures. The operating deficit includes non-cash expenses like depreciation, which total more than $12 million. Non-cash expenses mean no money leaves the university. It is an accounting practice. It does not reflect Siena's day-to-day financial health. In reality, we have strong net student revenue, solid investment performance, and disciplined financial management.

The metric that actually shows our ability to operate is cash flow from operations, and - as the article noted - ours is positive. That is what pays the bills and keeps Siena running on sound financial footing.

We expect this operating deficit to continue briefly as we complete cost-saving measures related to a voluntary separation program that will be accrued and expensed this year. Offering generous early retirement options and restructuring require investment today, but significantly reduce expenses as soon as next year and for years to come. The short-term impact is intentional and leads directly to long-term financial benefit. These are disciplined business decisions designed for long-term strength.

The Times Union also claims that Siena "did not get the money" from the largest charitable gift in our history. That is misleading. As noted in the article, payments are being made on a schedule established by the donor and Siena, and the relationship remains collaborative and constructive. Major philanthropic commitments of this size are commonly paid over time. It is also standard practice to maintain confidentiality around the specifics of private charitable agreements. Respecting those limits is not secrecy, it is part of responsible stewardship.

The article also raises questions about Nobel Hall and an unexpected new loan. Before construction began, Siena anticipated that pledge payments would arrive over time and worked with the bank to secure a loan that provided both construction financing through a line of credit and long-term financing for any outstanding balance as of April 2026. The university has comfortably managed the line of credit and will convert the remaining balance into a long-term loan with a fixed repayment plan. This financing was planned and is not new or unexpected. Any public comments that described Nobel Hall as "debt-free" were meant to convey that the project will be debt-free once the full gift is received.

The Times Union reported that Siena "laid off the entire facilities department." That is a misrepresentation. Siena transitioned to a facilities management partnership, and every impacted employee was offered employment with our partner at the same salary or higher. The management company supports more than 230 colleges and universities nationwide. This partnership improves service quality and expands technical expertise and training. It also reduces costs and reflects a proactive shift in how universities are managing operations in a changing environment.

These actions are intentional, and they align with what is happening across higher education. There are now more seats in college classrooms nationwide than there are students to fill them. Institutions that waited too long to adapt are now making decisions under pressure. Siena is acting early and from a position of strength. Our strategy aligns with current steps taken at universities across the country, including Harvard, Stanford, the University of Southern California, Boston University, Catholic University of America, and Carnegie Mellon to name just a few. These institutions, like Siena, are modernizing operations and reallocating resources to academic and student priorities in order to remain competitive and mission-focused.

The strategy is producing results. Siena's return on investment ranks among the strongest in New York State and is recognized nationally. The median earnings of Siena graduates 10 years after graduation is $124,000. We have also been recognized as a top institution for social mobility, reflecting our mission and commitment to access and affordability. These outcomes matter most to students and families choosing a university.

Siena University is not in retreat. We are rising. We are investing with purpose, adapting with discipline, and honoring our Franciscan mission with transparency, humility, and responsible stewardship. We are proud to be a strong part of the community and felt obligated to clarify the record. Siena is strong today and we are building to be even stronger tomorrow.

Charles F. Seifert is the president of Siena University; Thomas J. Baldwin, Jr. chairs the school's Board of Trustees. This commentary was composed and submitted on behalf of the Board of Trustees.