Category Archives: Finance

The money that makes academe tick.


U. of Chicago Faculty and Students Protest Layoffs of Departmental Aides

It’s not just underfunded public institutions like Chicago State University that are feeling the pain of budget cuts in Illinois; even the wealthy and private University of Chicago is being roiled by spending cuts and layoffs that have fallen heavily on nonacademic and secretarial staffers, the Chicago Tribune reports.

Several employees in the humanities division were let go in mid-May, and another round of cuts affecting other branches could hit at the end of June, faculty and union representat…


U. of Wyoming’s President Declares Financial Crisis

The University of Wyoming’s president has declared a financial crisis and plans to reduce or cut academic programs and review the institution’s structure, according to a letter on Thursday from the president, Laurie Nichols, to the campus.

According to Wyoming’s financial-exigency policy, if the university is in a dire financial situation, it should follow guidelines to navigate the financial constraints fairly.

Ms. Nichols stressed in her letter the difference between financial exigency and the…


Georgia’s Paine College Loses Accreditation Over Financial Concerns

Paine College will lose its accreditation from the Southern Association of Colleges and Schools’ Commission on Colleges, The Augusta Chronicle reported on Thursday.

The accrediting body said the historically black private college had not met standards for financial resources, financial stability, and control of sponsored research and external funds.

The college was put on probation in 2014 after the accrediting commission found Paine had not met 10 standards. Its probation continued in 2015 afte…


Accrediting Council Should Be Denied Recognition, Says Education Dept.

The Accrediting Council for Independent Colleges and Schools should be denied renewed recognition, the U.S. Department of Education recommended on Wednesday.

The council, an accreditor of for-profit colleges, failed to meet several criteria for recognition as a gatekeeper for federal student aid, the department said. The accreditor did not provide information on how well graduates do on licensing examinations for employment and did not show that it could sustain “highly probable” long-term decli…


Dowling College to Remain Open for Now

Dowling College, a small, private institution on New York’s Long Island that had announced plans to close, will remain open for now, the Associated Press reports. On Wednesday the college posted a statement on its website saying that its trustees had rescinded a motion to shut down the institution, which is reportedly $54 million in debt.

“The college is currently engaged in sustained strategic negotiations with Global University Systems (GUS) for the purpose of creating an academic partnership …


George Washington U.’s President to Step Down Next Year

Steven Knapp, president of George Washington University, will not seek to renew his contract when it expires next year, the university announced on Tuesday.

Mr. Knapp was named the university’s president in 2007, and during his tenure he made priorities of enhancing partnerships with neighboring institutions, strengthening the community of alumni, expanding the university’s scope of research, and increasing student opportunities for service, according to the university’s statement. He also overs…


Kean U. Broke Law in Purchasing $250,000 Table, State Office Says

Kean University broke the law in the way it purchased a $250,000 table, according to the New Jersey Office of the State Comptroller, The Star-Ledger reports. The state office learned that the table was already on a boat from China to the university before Kean’s Board of Trustees approved the purchase.

According to the office, documents showed that planning for the table began well before the governing board approved it. Those documents included an email from the president, Dawood Y. Farahi, app…


Private College in Illinois Will Close Short-Lived Arizona Campus

A Chicago college, Saint Xavier University, is shutting the doors to its campus in Gilbert, Ariz., after just one year of operation, The Arizona Republic reported on Wednesday.

University officials said the closure, in a town southeast of Phoenix, was largely due to the Illinois budget crisis.

In July 2015, Bruce V. Rauner, Illinois’s Republican governor, and the state’s Democratic-controlled legislature began a long budget stalemate, putting public money on hold for colleges. Mr. Rauner had pro…


St. Catharine College of Kentucky to Close, Citing Enrollment and Financial Woes

St. Catharine College, in central Kentucky, will close its doors in July after 85 years of operation, its Board of Trustees announced on Wednesday.

In the statement, the board’s chairman, John Turner, said the U.S. Department of Education’s withholding of student aid from several programs was a key source of the financial strain that led to the decision to close. St. Catharine has asserted that the department failed to pay back “hundreds of thousands of dollars” in financial aid, report…


Dowling College, Long in Financial Trouble, Will Close on Friday

Dowling College, a small private institution on New York’s Long Island, will close its doors for good on Friday, the Associated Press reported. The college had been struggling to find academic partners to help keep it afloat. A New York Board of Regents official said the college was roughly $54 million in debt, and enrollment had dropped by half since 2009, according to the AP.

“As painful as this announcement is, we want the student body, faculty, and alumni to know that we made every effort …