The University of Wisconsin at Madison plans to cut 400 positions and drastically trim its budget, a response to Republican Governor Scott Walker's plan to cut $300 million from the UW system over the next two years. In a blog post on Friday, Madison Chancellor Becky Blank said the university is facing a "structural deficit that may be as much as $96 million as a result of state budget cuts in the upcoming year." Meanwhile Walker, a possible contender for the Republican presidential nomination, said earlier this week that the state might reduce funding less than originally planned, according to The Milwaukee Journal Sentinel.
Catholic University of America has eliminated 37 positions through buyouts and layoffs, The Washington Post reported. The university is trying to cut costs in the wake of declining enrollment in its law school and architecture school.
A report being issued today by Moody’s finds that the wealthiest American colleges and universities are getting wealthier at a faster rate than other institutions, The Wall Street Journalreported. This is largely a continuation of a longtime trend. The wealthiest institutions are elite universities that attract large donations and use sophisticated investment strategies that rarely are available to institutions with small endowments. The new Moody's report says the wealthiest 10 universities in fiscal 2014 held almost one-third of cash and investments at four-year colleges and universities, while the top 40 had two-thirds.
Ohio State University at Newark is planning to eliminate varsity athletics programs, The Newark Advocate reported. Officials cited the need to cut costs at a time of declining state support. The university currently has six varsity teams.