Category Archives: Finance

The money that makes academe tick.

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Pension-Law ‘Glitch’ Could Prompt Retirement Wave, U. of Illinois Warns

University of Illinois system officials are seeking a legislative fix for what they are calling an “unintended glitch” in the state’s new pension law, warning that faculty members and employees could retire en masse by the end of June over looming reductions in their retirement benefits, The News-Gazette reported.

The university said its Board of Trustees had directed its president, Robert A. Easter, to work with other public universities and the legislature to amend the law.

“Right now people a…

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U. of North Texas May Have Misstated Its Finances by $23-Million

The University of North Texas’ flagship campus may have overstated its financial health by $23-million since 2012 because of misreporting, according to the Denton Record-Chronicle and The Texas Tribune.

Audits by the system and a private firm found that a misleading journal entry had been made to account for unresolved collections. The audits were prompted by a 2012 complaint to the state auditor’s office that suggested the entry had been made to “hide thousands of unreconciled transactions…

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Penn State Surpasses $2-Billion Fund-Raising Goal

Pennsylvania State University has surpassed the $2-billion goal of a seven-year fund-raising campaign that straddled an economic recession and a child-sex-abuse scandal that threatened to scare away potential donors, university officials said on Saturday during a celebration on the University Park campus. The campaign, called “For the Future,” has raised $2.158-billion, according to a news release.

The campaign’s success “clearly demonstrates that Penn State is stronger than ever and that Pe…

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Vice President at Saint Augustine’s U. Says She Was Fired in Retaliation

In a further sign of turmoil at a financially troubled institution in Raleigh, N.C., the vice president for business and finance at Saint Augustine’s University told a local newspaper that she was fired on Thursday in retaliation for giving information to the board about management problems.

The vice president, Angela Haynes, told the News & Observer that the institution’s president, Dianne Boardley Suber, had told her that she “wanted to find someone who was more experienced who would work with…

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U. of Maine’s Flagship to Avoid Faculty Layoffs in Its Budget Cuts

The University of Maine at Orono will eliminate 61 positions, 30 of them on the faculty, but will avoid faculty layoffs and program cuts under its plan for helping the University of Maine system close a $36-million budget gap, the Bangor Daily News reported.

All of the system’s campuses have been submitting plans showing how they’ll cut their budgets by set amounts. The Orono campus, the system’s flagship, is looking to cut $9.7-million and plans to meet some of that amount by dipping into sav…

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National Hispanic U. Reportedly Will Close by Summer of 2015

National Hispanic University, which stopped enrolling new students in January, expects to close as a four-year college by the summer of 2015, the San Jose Mercury News reported, citing a statement by the institution’s corporate owner, Laureate Education Inc.

The company bought National Hispanic in 2010 and planned to significantly increase its enrollment by adding 8,000 students online and starting new degree programs. But those efforts never took off, and Laureate officials have said rules rest…

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SUNY to Merge Nanoscale and Technology Campuses as New Institute

The State University of New York’s governing board on Wednesday approved the merger of the system’s College of Nanoscale Science and Engineering, in Albany, and the SUNY Institute of Technology, in Utica-Rome, according to news reports.

Planners say the new institution, to be known as the SUNY Institute of Nanoscale Science, Engineering, and Technology, will create an alternative within the New York system to elite institutions like the Massachusetts Institute of Technology and will draw studen…

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Randolph College’s Art Museum Is Penalized Over Sale of Painting

[Updated (3/13/2014, 4:10 p.m.) with a response from the college.]

The Association of Art Museum Directors on Wednesday penalized Randolph College’s Maier Museum of Art, following the museum’s sale of a George Bellows painting for $25.5-million, according to the News & Advance, a newspaper in Lynchburg, Va.

The painting, “Men of the Docks,” was the second of four that the college’s Board of Trustees voted in 2007 to sell to increase the college’s endowment and to bolster its finances. Last mon…

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Marietta College Cuts 20 Jobs to Relieve Budget Pressures

Marietta College, in Marietta, Ohio, plans to eliminate 20 full-time jobs, a move that college officials attributed to budget pressures and the need to ensure the institution’s future financial health, The Marietta Times reported.

The cuts are expected to save $1.1-million and will affect employees across the campus, including instructors, a college spokesman told the newspaper. He said he could not say which positions would be cut.

Joseph W. Bruno, Marietta’s president, said in a news release…

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College of St. Elizabeth Cuts 17 Faculty Jobs and May Consider Admitting Men

The College of Saint Elizabeth, a Roman Catholic institution in Morristown, N.J., is eliminating 17 faculty positions and is exploring other options, including allowing men to attend its traditional undergraduate division, to deal with what it describes as “serious financial problems,” the Daily Record, a local newspaper, reported. The college, founded by the Sisters of Charity as a women’s liberal-arts college in 1899, already admits men to its graduate and continuing-education divisions.

The c…