Interim President Stockwell Day explained that The King's College will make a series of budget cuts and adjustments to “show donors that we are being fiscally responsible.” The decision followed various financial hits, including the conclusion of a 10-year donor pledge fulfilling half of the school’s annual budget and the lack of a closing sale on Devos Hall in a declining real estate market. Day then started the announcements section of the gathering by saying all of the faculty at The King’s College are now working under renewable one-year contracts.
