GCU News Bureau
The Phoenix Business Journal published a story Thursday that highlights what several local companies -- including Grand Canyon University -- are doing with the money they're saving from the recent federal tax cuts.
GCU President Brian Mueller said the University will use the money to provide higher pay and benefits for faculty and staff, many of whom are frequently sought after by other institutions because of their expertise in higher education.
“It’s very important that we keep them here. The people that build the technology, the people that build curriculum, the people that assess learning outcomes, the people that provide counseling,” Mueller told The Business Journal, adding that it helps maintain continuity at the University.
The story reported that a portion of the savings is being passed on to employees through increased bonuses, a higher 401k matching contribution and a higher medical benefits contribution.
GCU also plans to invest in additional faculty, primarily in the College of Science, Engineering and Technology, to keep up with growth, the story reported.
The tax cut also will help offset pressures on the University's operating margins, the result of a significant increase in property taxes and the increase in the Arizona minimum wage, which affects nearly 2,500 student workers.
To read the story, click here. However, please note that Phoenix Business Journal content is accessible by subscription only.
