President Folt outlined some of the highlights of her six-year tenure on Tuesday morning in Bovard Auditorium.
She discussed the new USC Capital Campus in Washington D.C. and the increases in research, enrollment, funding, and startups. Folt also hit on the big sports news of the year -- USC joining the Big 10 conference.
Finances were another topic highlighted. Last year, USC announced that it spent $158 million more than it had earned. Although Folt did not address this specifically, she did mention that all universities are dealing with financial pressures:
“That’s every university in America. I think they said 80% of the universities have had operating cost deficits over the last three years, at least two of the last three years, and a lot of that is because costs have exceeded tuition. It’s also because so we’ve had inflation,” she said.
Folt pointed out that USC is unique in the fact that it is a large, private institution with elite research, athletics, and a leading health system. Unlike many other large universities, like the Ivy League and public ivies, the majority of USC’s financial funding comes from tuition.
“Our large support comes from tuition, so things that really affect tuition are going to have a bigger effect on us than they might on other universities,” Folt said.
To end her speech, she talked about the more than 70 new executive orders that have been signed by President Donald Trump since he was inaugurated in January. Folt addressed the concerns that many have regarding the future of DEI and research programs but was unable to provide the audience with a clear answer.
“What I really wish I could tell you is not to worry, but I can’t tell you how to face it, because none of us really understand this,” she said.
While people may remain uncertain about the future, Folt assured the audience that USC is resilient and capable of handling whatever the future holds.
“We fight for our mission because of you. You are the ones that really keep us together. We have a history of boldness, and that’s just shown that we can change,” Folt said.
This was Folt’s sixth and final university address as she retired from her position as president.
“I’ve been doing this for more than 24 years, leading universities, and you might think that after that time this gets old, but it doesn’t... I’m going to step down from this position feeling just as enlivened by it as I have from the start,” she said.
Folt plans to stick around. She will return to the faculty after this semester, working in the new Ginsburg Hall that opened up in September.