Category Archives: Finance

The money that makes academe tick.

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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 …

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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…

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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…

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Papers Offer Strategies on Affordability and Access at Regional Public Universities

A set of papers released on Thursday by the public-policy firm HCM Strategists focuses on ways that regional universities can improve access and affordability for low-income students. The papers are part of a project called “Maximizing Resources for Student Success,” which was financed by the Bill & Melinda Gates Foundation. They focus on a range of topics including competency-based education, tuition and financial aid, reducing time-to-degree, and strengthening  transfer pathways for community-…

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After $13-Million Fraud, Ball State U. Commissions External Review

Ball State University will hire a former federal prosecutor to investigate how it was defrauded of $13.1-million, The Star Press reports. Deborah Daniels, an Indianapolis lawyer and former U.S. assistant attorney general, will also recommend ways for the university to better protect itself from fraud.

The university fell victim to the vast fraud because of two investments made by a former director of cash and investments, Gale Prizevoits, whom Ball State fired in 2011. Two men have been convicte…

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U. of Southern Maine President Will Leave Post for Job With System

Theodora J. Kalikow will step down this month as president of the University of Southern Maine to take a job with the University of Maine system as an acting vice chancellor who will work on a one-year community-engagement effort, the Portland Press Herald reported.

Ms. Kalikow’s new job will run through the end of next June, when her current contract expires. She has served as the Southern Maine campus’s interim president during a period of financial turmoil. In April she reversed course on a c…

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U. of Dayton Will Divest From Fossil Fuels

The University of Dayton announced on Monday that it would begin divesting coal and fossil-fuel stocks from its $670-million investment pool, saying that it was the first Roman Catholic institution in the United States to take such action.

The new policy was adopted unanimously by the university’s Board of Trustees. Dayton will first eliminate fossil-fuel holdings from its domestic equity accounts, and will later develop plans to do so for its international holdings. The university said truste…

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After Short Discussion, Penn Board Opts Not to Divest From Tobacco

The University of Pennsylvania will not divest its $7.7-billion endowment of holdings in tobacco companies, after its Board of Trustees on Friday discussed a proposal to do so and opted not to take a vote, The Philadelphia Inquirer reports. During the meeting, the board’s chairman, David L. Cohen, said tobacco is not a “moral evil.”

A group of professors had called on the university to divest, writing an open letter to the board in anticipation of Friday’s meeting. But after a brief discussion, …

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Thomas Jefferson U. Receives $110-Million Gift

The Sidney Kimmel Foundation has donated $110-million to Thomas Jefferson University, in Philadelphia, the university announced on Tuesday, and the institution has renamed its medical school the Sidney Kimmel Medical College at Thomas Jefferson University.

The Kimmel Foundation was started in 1993 by the clothing-company magnate and philanthropist Sidney Kimmel, who was born in Philadelphia. Other major gifts he has made to higher education include a $150-million pledge to the Johns Hopkins Univ…

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New York Man’s Conviction Is Linked to $5-Million Fraud at Ball State U.

The March conviction of a New York man on one count of wire fraud has been linked to a recently revealed $5-million fraud at Ball State University, The Star Press reports. George Montolio, 46, was arrested in 2011, and it was the discovery of his crime that alerted Ball State to $8.1-million more that had also been stolen.

The university’s former director of cash and investments, Gale Prizevoits, was dismissed three years ago, soon after university officials discovered the fraudulent investments…