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The University of Akron is beginning efforts to cut costs and increase revenue.

(Karen Farkas, cleveland.com)

AKRON, Ohio - The University of Akron will pay at least $1.2 million to Ernst & Young to help the school make or save $45 million by July 2019.

The move follows a $350,000 draft report by the firm that showed the university continues to spend more than it receives. An anonymous donor paid for the report, which was released last month.

After reviewing the report and proposed "Transformation Plan," UA trustees on Wednesday agreed to hire Ernst & Young to help the university make changes to raise revenue and cut costs.

Officials said they would focus on enhancing student retention and recruitment initiatives, increasing fundraising and reviewing the scholarship program, as part part of a "two-year action" plan beginning in July 2017.

"It is imperative that we move ahead quickly with developing the detailed action plans that will be needed to achieve our goals," board chair Roland Bauer said in a statement. "Doing so means that we need to supplement our existing staff with specific experience and expertise to address the identified areas of priority focus to successfully implement the recommendations."

The board approved an initial six-month contract with Ernst & Young, with possible month-to-month extensions for up to an additional 18 months. According to the agreement, the firm will receive $200,000 a month plus expenses from Dec. 8 through June 30, 2017. If the contract is extended, payment will remain $200,000 per month for six months, then $150,000 a month.

See the scope-of-work document below or click here if on a mobile device.

The university ultimately wants to see a cost reduction or revenue increase of $65.4 million, and ways to achieve that are outlined in the document.

Key initiatives and preliminary targets of UA transformation plan

Initiatives include $20 million saved from employee buyouts. Officials have said they would like to avoid layoffs.

Ernst & Young will assist with data compilation and analytics, as well as provide analysis and advice, the university said.

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