institutionalfinance

$100M for Engineering at U. of Illinois

The Grainger Foundation has pledged $100 million for engineering programs at the University of Illinois at Urbana-Champaign. The funds will be used for endowed chairs, scholarships and facilities.

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Fund-Raisers Predict Return to Pre-Recession Levels

College and university fund-raisers predict that giving to their institutions grew by an average of 5.5 percent in 2012, according to a twice-annual survey by the Council for the Advancement and Support of Education. If that prediction holds true, giving for 2012 would be higher than the $31.6 billion record high for the 2007-8 academic year. Fund-raisers also predict giving to grow by 5.8 percent in 2013, a rate equal to the average over the past 20 years.

New Effort to Help Public Universities

The American Academy of Arts and Sciences is planning a new commission that will study the issues facing public universities and consider ways to bolster them in an era of reduced tax support, The Los Angeles Times reported. The new commission will be announced today. It will be led by Robert J. Birgeneau, who is retiring in June as chancellor of the University of California at Berkeley. In honor of the president who signed the legislation in 1862 that led to the system of land grant universities, the new effort will be called "The Lincoln Project: Excellence and Access in Public Higher Education."

Bloomberg Gives $350 Million to Johns Hopkins

New York City Mayor Michael Bloomberg has made a $350 million donation to Johns Hopkins University, his alma mater. The new gift brings his lifetime giving to Hopkins to $1.18 billion -- making him the first person to top $1 billion in gifts to an American college or university. The new funds will be used for two primary purposes. The bulk of the money will be used to endow professorships for interdisciplinary work in vital areas. The initial appointments will be in water resource sustainability, individualized health care delivery, global health, the science of learning, and urban revitalization.

The university will use $100 million from the gift for need-based aid for undergraduates. Hopkins is among the more prominent private universities in the United States that have not declared a need-blind admissions policy (meaning that applicants are reviewed and admitted without regard to financial need). Ronald Daniels, the president, has stated that he has a goal of making Hopkins need-blind. An article in The New York Times about Bloomberg's relationship with Hopkins said that he has financed 20 percent of need-based financial aid for undergraduates in recent years.

 

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Public universities use MOOCs to steer students to traditional credit pathways

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Nonelite public universities are trying to tap into the MOOC excitement to direct students toward traditional credit pathways, generating revenues along the way.

Bowling Green State Will Cut Faculty Slots by 11%

Bowling Green State University announced Friday that it will cut the size of its faculty by 11 percent, eliminating 100 full-time faculty jobs, The Toledo Blade reported. The reduction will be made by not filling positions of those who resign or retire, and also by not renewing many one-year teaching contracts. Officials said that more than $5 million would be saved, and that the funds would be invested in other priorities. In addition, administrators said that there would be no impact on the quality of instruction students receive.

David Jackson, president of the faculty union, said faculty members were not told of the plan in advance. He also said that the quality of instruction would be hurt, and that the student-to-faculty ratio would go up. "These are not aimless cuts that will not have an effect on students," he said. "It is unconceivable that this will not have a negative effect on the quality of education here at BGSU."

 

Small Arts College in Minnesota Will Close

The College of Visual Arts, in Minnesota, has announced that it will close at the end of the academic year. Enrollment has dropped 21 percent in the last year. A statement from Ann Ledy, president of the college, said: "Although CVA’s tuition is one of the lowest in the state, students have found it more and more difficult to pay their way. With declining federal and state financial aid support, and the challenges surrounding private loans, students cannot afford the college of their dreams."

Moody's report shows diminished pricing power for colleges

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Because of increased competition for students, decreased household income and skepticism about value, a third of institutions predict tuition revenue won't keep pace with inflation, Moody's survey finds.

Proposed Budget Increases in California

Gov. Jerry Brown of California on Thursday released a proposed budget that includes substantial increases for higher education, which were made possible by a tax hike voters passed in November. Both the University of California and California State University Systems received an additional $250 million in funding, while the state's community college system received an increase of $197 million as well as $179 million for previously deferred commitments. Overall, the budget would increase funding for higher education by $1.3 billion, or 5.3 percent, compared to last year's allocation.

At a news conference Thursday, Governor Brown also vowed to attend board meetings of the two university systems, in part to pressure other board members to keep tuition from going up.

 

Oil boom and trust of conservative lawmakers means more money for North Dakota colleges

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In stark contrast to most public institutions, North Dakota colleges will likely see a sizeable increase in state appropriations, a decision education leaders attribute to a favorable economic climate and efforts to build the trust of conservative lawmakers.

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