institutionalfinance

Western Nevada Eliminates Athletics

Western Nevada College announced Tuesday that it is eliminating its two intercollegiate teams, baseball and softball, The Record Courier reported. Officials said they could not justify the expense -- $400,000 a year for 50 students who played on the teams.

 

Private Art College May Merge Into Salem State U.

A small free-standing art college in Massachusetts, Montserrat College of Art, may merge into Salem State University, the two institutions announced Monday. The two institutions have been in private due diligence discussions and now plan to move to public discussions involving various campus constituencies. A statement from Stephen D. Immerman, the Montserrat president, said, "Montserrat offers a unique brand of arts education for a unique student population. However, as a small, private college with less than 400 students, it is challenging to provide the resources needed to maintain and grow the competitive advantages needed for working artists. By joining Salem State, we believe that we can ensure that the Montserrat name and the college's tradition of excellence and student-centered education will remain available for future generations of aspiring artists and designers."

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New University System to Focus on Health Careers

A new university system focused on health care -- and financed in an unusual way -- was announced this morning, backed by the German publishing giant Bertelsmann. Arist Education System said it would create a system of graduate and professional health and human sciences institutions. The first institution to join the system is California's Alliant International University, which specializes in psychology, health sciences and law. Like the other institutions as part of Arist, Alliant -- which has been a private nonprofit university -- will become a public benefit corporation, a form of for-profit company that strives to pursue a social mission.

Illinois Governor Seeks Nearly $387M in Higher Ed Cuts

Illinois's new governor, Bruce Rauner, this week proposed a $387 million cut to the state's higher education budget. About $209 million of that will come from the University of Illinois -- that's nearly one-third of the system's state subsidy. 

"A budget cut of that magnitude would substantially harm our students and the people of Illinois by most severely impacting the university’s core education and research missions," Robert Easter, the president of the three-campus system, said in a statement. He promised to vigorously lobby against the cuts. While the governor is a Republican, Democrats have the majority in both chambers of the Illinois General Assembly.

Illinois is one of the few states to see dramatic increases in higher ed spending in the last few years, but none of the money has gone into the classroom -- instead, the state has been ponying up hundreds of millions of dollars to fund a broken pension system.

Middlebury set to abandon plan that tied tuition to inflation to keep down prices

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College received attention and praise for trying to limit tuition increases. Now, the college says the system will no longer work.

Sit-In to Protest Fossil Fuel Investments

Divest Harvard, a student group that wants Harvard University to sell off its investments in fossil fuel companies, started a sit-in Thursday outside the office of President Drew Faust. WBUR reported that Faust agreed to meet with the students if they would agree to leave the building -- and that they rejected the request. On social media Thursday night, the students reported that they were settling in for the night. In 2013, after reviewing the issue, Faust said that divestment was not "warranted or wise."

 

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Report seeks to add specificity to debate over states' performance-based funding models

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Gates-funded report seeks to define and classify types of performance-based funding in 35 states, drawing tentative praise from researchers who have criticized the policies.

Florida Governor Wants to Freeze Graduate Tuitions

Florida Governor Rick Scott, a Republican, plans to propose that public universities be required to freeze tuition in graduate and professional programs at whatever levels exist on July 1, the Associated Press reported. The measure is of concern to many university leaders who say that increases for medical and law school can be handled by students who have lucrative job prospects ahead.

 

Report: Colleges That Divest Will Lose Money

A new report -- funded by the Independent Petroleum Association of America -- argues that colleges that sell holdings in fossil fuel companies are likely to pay a financial price for doing so. The report is by Daniel Fischel, a consultant who is emeritus professor at the University of Chicago Law School. He analyzed the performance of two hypothetical portfolios over a 50-year period, including energy-related stocks in only one of the portfolios. The portfolio without energy stocks had average annual returns of 0.7 percentage points less than the one with the energy stocks. Fischel released his findings in an op-ed in The Wall Street Journal called "The Feel-Good Folly of Fossil-Fuel Divestment."

The findings are sure to be challenged. Many proponents of divestment, for example, do not deny that energy stocks have done well historically, but suggest that changes in society, energy policy and the environment will make many energy companies less profitable in the years ahead. Others note that various divestment movements have always been opposed as financially questionable, and that colleges that have divested have not reported financial harm.

 

 

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Sojourner-Douglass Closes Satellite Campus

Sojourner-Douglass College, in Maryland, has closed a satellite campus as the college fights to deal with serious financial and accreditation problems, The Baltimore Sun reported. All but one of the employees at the Anne Arundel County campus have lost their jobs. Students are being helped to transfer to college's main campus in Baltimore or elsewhere. The college currently has 750 students, down from about 1,300 before the recent problems.

 

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