Category Archives: Finance

The money that makes academe tick.

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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…

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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…

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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…

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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…

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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…

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Early Data Show Double-Digit Growth in Endowment Returns

Report: “2014 NACUBO-Commonfund Study of Endowments”

Organizations: the Commonfund Institute and the National Association of College and University Business Officers

Summary: Most college endowments had a very good year, according to preliminary data from an annual survey of higher education’s investments. The data, in a report issued on Monday by the two organizations, indicated that:

  • Endowments averaged nearly a 16-percent return for the fiscal year that ended in June. That’s four percentage …
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Virginia State U. President Will Resign Following Student Protests

In the wake of protests of declining enrollment and cuts in campus services, the president of Virginia State University, Keith T. Miller, will resign at the end of December, the Richmond Times-Dispatch reports.

The announcement followed a three-hour, closed-session meeting of the historically black university’s Board of Visitors. Harry Black, the board’s rector, reported the change, saying the college “should move in another direction strategically.”

One month ago, students gathered to protest b…

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Benedictine U. to End Undergraduate Program at One of Its Campuses

Benedictine University announced on Thursday that it was switching the focus of its branch campus in Springfield, Ill., to adult education and would end the undergraduate program there for students of traditional college age. The Roman Catholic institution’s main campus is in Lisle, a suburb of Chicago, and it also has a branch campus in Mesa, Ariz.

Michael Bromberg, president of the Springfield campus, said the decision stemmed from market opportunities in the adult-education sector and from th…

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Iowa Regents Pull the Reins on Expenses of Firm Hired to Cut Costs

Iowa’s statewide Board of Regents has tightened its oversight of reimbursements to a consulting firm that is advising the state’s public universities on how to cut costs, the Associated Press reports.

The firm, Deloitte Consulting LLP, has been reimbursed $366,000 for expenses that were submitted without receipts, the news service said. But under a contract amendment signed last week, Deloitte agreed to submit receipts for airfare, lodging, rental cars, and other expenses over $25. It will not …

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50 Faculty Positions Will Be Eliminated at U. of Southern Maine

The University of Southern Maine will cut 50 faculty positions and two academic programs to try to close a $16-million budget deficit, the Portland Press Herald reports. The changes, announced on Monday, represent only the first of three steps to drastically reduce expenses at Southern Maine.

The university will cut its master’s program in applied medical sciences, which has five faculty members, and the undergraduate French program, which has three faculty members. In an email to the faculty on…