Category Archives: Finance

The money that makes academe tick.

by

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…

by

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 …

by

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…

by

San Jose State U. Failed to Report Fiscal Improprieties, Audit Says

A special audit by the California State University system has found fiscal improprieties at San Jose State University and says campus leaders knew about the problems but failed to report them to the state, the San Jose Mercury News reported.

Some of the problems involved questionable expenditures by a former head of San Jose State’s department of justice studies, who has since left the university. San Jose State conducted its own review of the department in 2013, in response to a whistle-blower …

by

U. of Southern Maine Will Close 3 Programs; More Cuts May Follow

The trustees of the University of Maine system voted unanimously on Monday to eliminate three academic programs at the University of Southern Maine as part of that institution’s plan to close a budget deficit that seems to grow at every mention and is now estimated at $16-million.

Southern Maine’s interim president, David T. Flanagan, had pegged the deficit at $15-million just last month, but told the trustees on Monday that it had grown because of lower-than-expected enrollment this fall, the

by

Kentucky State U. Re-Enrolls Most Students Kicked Out for Tuition Owed

Kentucky State University has re-enrolled 70 percent of the students it kicked out last week for failing to pay their tuition bills, the university announced on Wednesday.

One week ago, Kentucky State said it had dropped 645 students from its enrollment, citing their outstanding debts in the form of unpaid tuition, fees, or room and board. It said on Wednesday that it had re-enrolled 452 of those students, who have “paid their balances in full.” Enrollment at the historically black university no…

by

Kentucky State U. Drops One-Quarter of Student Body, Citing Tuition Owed

Kentucky State University announced on Wednesday it had dropped 645 students—roughly 25 percent of its enrollment—because they had not paid tuition, according to the university’s website. The university’s president, Raymond M. Burse, cited a $7-million budget deficit in the decision to disenroll students who owed the university more than $1,000 in tuition, fees, or room and board.

According to the historically black institution, students with outstanding debt were warned 22 times in the past 14 …

by

UCLA Offers Help to Students and Workers Whose Cars Were Damaged in Flood

The University of California at Los Angeles is offering emergency assistance, in the form of interest-free loans, to students and staff whose cars were damaged in a July 29 flood caused by a water-main break. The Los Angeles Times reports that loans of up to $5,000 will be available, and recipients will have two years to pay them back. In addition, a relief fund of more than $55,000—raised through crowfunding—has been established by the UCLA Foundation. Nearly 1,000 cars were damaged in the …

by

Students, Faculty, and Alumni Challenge Cooper Union in Court

Advocates for the no-tuition policy established by Peter Cooper, founder of the Cooper Union for the Advancement of Art and Science, on Friday asked a state judge in Manhattan to block the institution’s plan to start charging tuition this fall, The New York Times reported. The Committee to Save Cooper Union says the policy was part of the trust the founder established in 1859 and requires court approval to be changed. Lawyers for the trust say that it requires the college only to offer free nigh…

by

Campus Chief Takes a Pay Cut So Lowest-Paid Workers Can Earn More

Raymond M. Burse, interim president of Kentucky State University, is taking a pay cut in order to give raises to 24 employees at the low end of the institution’s pay scale, the Associated Press reported.

Karen Bearden, chair of the university’s Board of Regents, said the board had approved Mr. Burse’s request to reduce his salary by the amount necessary to bring the employees’ pay up to $10.25 an hour. Some were making as little as $7.25 an hour.

Mr. Burse’s salary will drop to $259,744, about…