Category Archives: Finance

The money that makes academe tick.


Arizona State U. Will Take Over Thunderbird Business School

Arizona State University has reached a deal to take over the Thunderbird School of Global Management, ending the business school’s quest to shore up its finances by attracting a buyer, The Wall Street Journal reports. Arizona State will pay off roughly $22-million of Thunderbird’s debts, and the business school will keep most of its faculty and staff.

Thunderbird reached a deal last year to be taken over by the for-profit company Laureate Education Inc., but alumni protested and the school’s acc…


Enrollment at Law Schools Continues Downward Slide

Enrollment at American law schools declined this fall by 6.9 percent, down nearly 20 percent from its peak in 2010, the American Bar Association announced on Tuesday. This fall’s enrollment, which totaled 119,775 full-time and part-time students, is at its lowest point since 1982, when there were 35 fewer association-approved law schools being measured.

The results of the association’s annual survey of its member institutions are just the latest confirmation of enrollment trends being observed …


U. of California Student Workers’ Union Calls for Divestment From Israel

A union that represents more than 13,000 teaching assistants and other student workers on nine campuses of the University of California system is calling on the university to divest from companies and institutions that “profit from Israeli apartheid and occupation of Palestinians.”

According to a news release from the union, United Auto Workers Local 2865, more than 65 percent of the 2,100 members who participated in a vote approved the divestment resolution.

More than half of the voters also en…


U. of Maine Panel Advances Plan to Divest From Coal Companies

The University of Maine system’s investment committee on Wednesday unanimously approved a plan to no longer make direct investments in coal companies, the Portland Press Herald reported.

If approved next month by the full Board of Trustees, the new divestment policy would affect about $500,000 of the university’s roughly $9.8-million of investments in fossil fuels.

Institutions such as Unity and Pitzer Colleges have taken the broader step of divesting from fossil fuels, but the Maine system’s …


AAUP Will Investigate Drastic Cuts at U. of Southern Maine

The American Association of University Professors has opened an investigation into drastic budget cuts at the University of Southern Maine, the Portland Press Herald reports.

The university has announced it will cut dozens of faculty positions and several academic programs to help close a $16-million budget deficit. Those measures “have raised significant issues of academic freedom, tenure, and due process that are of basic concern to the academic community,” the association said in a letter to …


U. of California Committee Approves Tuition Increases Amid Protests

A committee of the University of California Board of Regents on Wednesday approved a plan that could raise tuition by as much as 5 percent in each of the next five years, the Los Angeles Times reports.

The meeting, at the university’s San Francisco campus, saw fireworks inside and out. Hundreds of student protesters gathered beforehand, attempted to keep the regents from entering, and jostled with campus police officers when they intervened. Karl Pister, an 89-year-old former chancellor of the s…


Professor Loses in Lawsuit Against Columbia U.’s School of Journalism

A professor’s lawsuit accusing the Columbia University Graduate School of Journalism of misusing funds for her endowed chair has been dismissed by a New York State appeals court, The New York Times reports.

The professor, Sylvia Nasar, a former economics reporter for the Times and author of A Beautiful Mind, a biography of the mathematician John F. Nash Jr., has taught at the school since 2000. She said she had discovered that the school had spent $4.5-million from the fund on expenses unrelated…


Former Head of Community-College Foundation Admits Embezzling $50,000

A former executive director of a foundation that raises money for Los Angeles Trade Technical College pleaded guilty on Friday to embezzling more than $50,000, the Los Angeles Times reports. Rhea Chung was ordered to repay the $50,500 she admitted taking, and was sentenced to three years of formal probation and 60 days of community service.

Ms. Chung was arrested in February. The money she admitted to embezzling included two years’ worth of bonus payments and other expenses. She resigned from he…


Kentucky State U. Slashes Budget to Trim $7-Million Deficit

Kentucky State University’s Board of Regents voted on Friday to slash its budget by close to $1-million this fiscal year and more than $2-million next fiscal year in order to trim a $7-million deficit, the Lexington Herald-Leader reports.

The historically black university will eliminate 18 positions, not including 32 adjunct positions that will also be cut. The plan also suspends the granting of tenure and promotions for the current academic year.

In September, Kentucky State announced it had dr…


U. of California System Proposes Ending Tuition Freeze

The University of California system’s administration has proposed ending a three-year tuition freeze and charging students as much as 5 percent more in each of the next five years, the Los Angeles Times reports.

The increases are aimed at bringing in much-needed revenue as the system considers expanding its enrollment and hiring more faculty members, among other things. Janet Napolitano, the system’s president, said the proposed increases could be reduced or eliminated if the state raised its co…