Category Archives: Finance

The money that makes academe tick.

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Drexel Will Close Its Sacramento Campus

Drexel University will close its campus in Sacramento, it announced on Thursday, ending a years-long attempt by the Philadelphia university to establish itself as a bicoastal institution, The Sacramento Bee reports. The 215 students enrolled in the campus’s handful of degree programs will be able to finish their studies.

The predominantly graduate-level campus opened in 2009. Two years later the university’s bid to build an undergraduate campus nearby fell through because of falling real-estate …

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Protesters Shut Down U. of California at Santa Cruz Over Tuition Increases

Student protesters effectively shut down the University of California at Santa Cruz on Thursday morning, blocking its entrances as part of a four-day protest of tuition increases, racism, and police violence, the Santa Cruz Sentinel reports. The university responded to the early-morning action by telling students and faculty members to stay off the campus.

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Judge Orders S.C. State Trustees Not to Fire President, Because They May Be Fired First

Trustees at South Carolina State University cannot fire the president they suspended, a judge ruled on Wednesday, because they will probably be fired themselves in a matter of days, the Associated Press reports.

The board placed the president, Thomas J. Elzey, on administrative leave last week, two weeks after a state legislative panel shocked the historically black university by recommending that it be shut down for two years because of financial problems. That proposal was later spiked, with l…

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Sweet Briar College, Citing ‘Financial Challenges,’ Will Close Its Doors in August

Sweet Briar College, a women’s liberal-arts college in Virginia, announced on Tuesday it would close its doors in August, citing “insurmountable financial challenges,” according to a news release from the institution.

“This is a sad day for the entire Sweet Briar College community,” said Paul G. Rice, chairman of the college’s Board of Directors, in the statement. “The board closely examined the college’s financial situation and weighed it against our obligations to current and prospective stu…

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South Carolina State U. Puts Its President on Leave

South Carolina State University’s Board of Trustees has placed its president, Thomas J. Elzey, on administrative leave as the state’s only public, historically black university tries to get its finances in order. The Post and Courier, a Charleston newspaper, reported that the board made the decision in a special meeting on Monday.

The latest controversy surrounding the struggling institution was touched off two weeks ago, when a state legislative panel recommended that the college be closed for …

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Colleges’ Credit-Card Agreements Are Hard to Find, Consumer Group Says

A consumer-advocacy group says several colleges are not making their credit-card agreements available to the public, in violation of federal law.

In a letter to two officials at the Consumer Financial Protection Bureau, a federal agency, the Consumers Union said the group had contacted 10 universities, none of which “provided us any information or copies of their college credit-card agreements.” The Credit Card Accountability Responsibility and Disclosure Act, enacted in 2009, requires colleges …

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Another Republican Governor Proposes Big Cuts in Higher Education

Add another state to the list of budgetary showdowns playing out between Republican governors and higher education.

First there was Wisconsin, where Gov. Scott Walker proposed dealing with a $2-billion deficit by giving the public-university system more autonomy and, in exchange, cutting $300-million in state funding over two years. Then a close examination of Mr. Walker’s budget proposal showed his office wanted the popular “Wisconsin Idea” and its public-service emphasis stripped out of the sy…

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Lawmakers Recommend 2-Year Closure for Troubled South Carolina College

[Updated (2/10/2015, 4:48 p.m.) with comment from the university's Facebook page.]

A legislative panel has voted to temporarily shut down the financially beleaguered South Carolina State University, the state’s only public historically black institution, reports The State, a newspaper in Columbia.

Under the proposal, which still requires approval from the state’s House of Representatives and Senate to take effect, the institution’s trustees, administrators, faculty, and staff would all be fired….

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U. of California Students Call for Divestment Over Palestinian Rights

The body representing the University of California system’s students is calling on the university to divest its holdings in “companies engaged in the systematic violation of Palestinian rights” through the Israeli occupation of the West Bank. The UC Student Association voted on the issue on Sunday, according to a news release from Students for Justice in Palestine.

The action followed a similar vote held in December by a union representing student workers across the system.

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Boston U. Trustees Reject Ban on Investing in Gun Makers

Trustees at Boston University have decided not to have the college divest from companies that make guns, breaking with the board’s own committee on socially responsible investing, which recommended the change, The Boston Globe reports.

The Board of Trustees’ executive committee rejected the measure because the “social harm” caused by gun makers was not “clearly unacceptable” and therefore did not warrant taking the extreme step of divestiture. The change was proposed in December.

Had it divested…