Category Archives: Finance

The money that makes academe tick.


Citing ‘Rapid’ Changes in Higher Ed, Kilian Community College Will Close

Kilian Community College, a two-year institution in South Dakota, will close at the end of May 2016, The Sioux Falls Business Journal reports.

The college’s Board of Trustees voted on the closure on Thursday, and the president, Mark Millage, told students, faculty, staff, and donors about the decision in a message on Friday. “This was a very difficult decision,” he said. “Kilian has a rich, 38-year history of serving our community. But the reality is that the business of higher education is chan…


Former Professor Is Convicted of Embezzling $650,000 From Student Fund

A federal jury in Tallahassee, Fla., on Thursday convicted a former professor at Florida State University of embezzlement for taking some $650,000 from a fund at the university created to give business students direct investing experience.

According to a news release from the U.S. attorney’s office in Tallahassee that was quoted by WCTV, a local television station, James S. Doran, a former assistant professor of finance, transferred the money to a personal account from the Student Investment Fun…


Tuition Revenue Is Expected to Be Stagnant Again Next Year, Moody’s Says

Public and private colleges and universities alike expect tuition revenue to be relatively stagnant in the 2016 fiscal year, according to Moody’s Investors Service’s annual tuition survey.

A report on the survey said that both public and private institutions project about a 2-percent increase in net tuition revenue, in keeping with a trend of “muted” growth also observed in last year’s report.

The survey, which drew responses from about 170 institutions, also found that nearly two-thirds of publ…


U. of Montana Plans to Eliminate 52 Faculty Jobs as Part of Budget Cuts

The University of Montana at Missoula will eliminate 201 full-time jobs, including 52 faculty posts, because of budget concerns, The Billings Gazette reports.

The university’s president, Royce C. Engstrom, who announced the cuts on Tuesday, said the disciplines most heavily affected would be journalism, anthropology, English, geography, liberal studies, art, political science, and forestry management, among others. Of the faculty positions being cut, 25 are already vacant.

Professors responded b…


Rider U. Faculty Accepts Pay Freeze to Forestall Layoffs and Program Cuts

Rider University has dropped plans to lay off faculty members and shut down academic programs after its faculty union agreed to a two-year freeze in wages, The Philadelphia Inquirer reported. The planned cuts, announced in October, would have resulted in 14 layoffs and 14 program closures, and would have saved $2 million. An agreement that includes the pay freeze was approved on Friday by the New Jersey university’s board, the Inquirer reported.


Latest Merger in Georgia Will Combine an HBCU With a Largely White College

Georgia’s Board of Regents voted on Tuesday to approve the merger of Albany State University and Darton State College, marking the seventh consolidation of Georgia public colleges in recent years. The Atlanta Journal-Constitution reports that the merger is the first in the state to combine a historically black institution with one that is mostly white.

Declining levels of state funding have fueled a spate of mergers in recent years. The newspaper notes that Albany State’s enrollment has declined…


University President Resigns Abruptly Amid Harsh Budget Cuts

The president of Wittenberg University has resigned abruptly, the institution announced in a news release on Wednesday. Laurie M. Joyner, who has served as the Ohio university’s president since 2012, will resign effective on Friday, according to the university.

“This decision to leave Wittenberg has not been easy,” Ms. Joyner said in the release. “I have been honored to work with talented students and caring colleagues on the faculty and staff and have particularly enjoyed providing leadership-d…


Colo. Voters Approve Plan for Higher Education With New Marijuana Tax

Voters in a Colorado county with a thriving marijuana industry approved a ballot proposal on Tuesday that would use a tax on pot sales to fund a college-scholarship program for county residents, reports the Associated Press.

Under the proposal, which Pueblo County voters backed by a 20-point margin, a 5-percent excise tax on marijuana growers is expected to yield $3.5 million a year by 2020. The proceeds would allow any high-school senior in the county to attend one of its two public colleges. A…


Eastern Illinois U. Insists, Again, That It Will Not Close in the Spring

Eastern Illinois University on Wednesday released a statement reassuring students and faculty members that it is not closing its doors next semester. “It has come to my attention that you may again be hearing that our ability to stay open for the spring semester is in question,” read the statement, which was signed by the university’s president, David M. Glassman. “This is not true.”

Mr. Glassman said the rumor had resurfaced recently after an article in the Chicago Tribune stated that the presi…


Paine College Says It Can’t Pay Some Salaried Employees

Paine College announced on Friday that it was unable to make its scheduled payroll for some salaried employees, a grim signal of financial trouble at the historically black institution that had prompted its accreditor to place it on probation.

The Georgia college’s vice president for institutional advancement, Sunya L. Young, said in a written statement on Friday that the institution was working to pay its employees “as quickly as possible.” The college said in the statement that it had sent a l…