Cleveland State University Ends Presidential Residence Lease to Save $145,000 Annually

In a decisive move towards cost-saving, the Cleveland State University (CSU) Board of Trustees has put an end to the lease of the president's residence, as reported last Thursday. This decision, made alongside President Laura Bloomberg, acknowledges her ability to navigate the university with a firm hand in financial discipline. The residence, located at 2568 Fairmount Boulevard in Cleveland Heights, will no longer be a CSU expense, aiming to save the institution a notable $145,000 yearly, CSU News outlined.

While the Board examined ways to tighten the University's belt, they didn't hold back on a nod to Bloomberg's leadership, granting her a performance bonus and a salary bump following her most recent annual review. In 2024, showing a personal commitment to the University's financial health, President Bloomberg declined a performance bonus and cut her own salary by 10%. Now, in lieu of housing, she will receive a housing allowance, the details of which are to be finalized with and by the Board.

President Bloomberg and her husband Jon Bloomberg are setting down their own roots in Cleveland, having chosen to purchase a personal residence. They plan to host future University events at this new home, an update that points to a blending of personal and professional life for the Bloomborgs as they continue their engagement with the CSU community.

The move to scrap the presidential residence lease reflects a slice of CSU's wider fiscal strategy amidst budget crunches but without skimping on academic quality or student support. With a strategic plan named "Cleveland State United" now underway, spearheaded by Bloomberg, the University is steering towards a more resilient financial and organizational future, according to the CSU News release.