The reality of higher education’s financial challenges is sinking in among college and university business officers.

This is the seventh year Inside Higher Ed has surveyed college and university business officers. Gallup conducted the survey, receiving responses from 409 chief business officers from May 2 to June 11. Respondents included 217 business officers from public institutions, 184 from private institutions and eight from for-profit institutions. Results were statistically weighted based on public or private status, four-year or two-year degree offerings, student enrollment, and geographical region in order to produce results representative of business officers nationally.

The emerging picture is decidedly less optimistic than that of previous years. This year, 71 percent of chief business officers agreed with the statement that media reports saying higher education is in the midst of a financial crisis are accurate. That is up from 63 percent in 2016 and 56 percent in 2015.

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Doug Lederman, Editor, is one of the three founders of Inside Higher Ed.

Rick Seltzer, Reporter, covers business and management for Inside Higher Ed.