Mid-Continent University, a private institution in Kentucky, will close June 30, KFVS 12 News reported. The university has been financially struggling, and facing rumors about a possible closure for months. All employees received layoff notices, and the university hopes that some faculty members will volunteer to allow a final cohort of students to graduate. The university enrolls about 300 students on campus, and another 600 online or through off-campus programs.
Dartmouth College today announced a $100 million gift, the largest in the college's history. Half of the gift will match other gifts. The donor is anonymous. A major use for the funds will be Dartmouth's cluster hiring initiative, in which groups of faculty members will be hired with various interdisciplinary research agendas.
Harvard University plans to sign the United Nations-backed Principles for Responsible Investment framework. The move does not force the university to take a specific action, like avoiding certain stocks or divesting from fossil fuel producers, which the university has declined to do, but obliges it to consider environmental, social and governance records to the extent they affect investments. A Harvard spokesman said the university will integrate “energy consumption, greenhouse gas emissions, and resource scarcity, and social issues such as health and safety and employee productivity into investment analysis.” Harvard President Drew Faust also announced Monday the university will do more to confront climate change by supporting climate change research and continuing to cut greenhouse gas emissions caused by the campus.
Pearson Embanet could earn up to $186 million over 11 years from its deal to manage the new University of Florida online college, The Gainesville Sun reported. The article details efforts by the university to keep many details (including how Pearson Embanet's performance will be judged) private, saying that they are trade secrets.
California's storied Master Plan has led to a structure and financing of public higher education that is out of sync with the needs of students and the state, according to a new report from the Institute for Higher Education Leadership and Policy (IHELP) at California State University at Sacramento. The report calls for heightened planning and collaboration at the regional level. It also makes the case for more cost-effective specialization at individual institutions as well as the broader use of technology, such as online education.
Education Secretary Arne Duncan said Sunday that college coaches and athletics directors should be paid based on how well their players are performing in the classroom.
In an interview on NBC's “Meet the Press,” Duncan said he was concerned that too many athletes make money for their university but don’t end up earning degrees.
"The incentive structures for coaches, the incentive structures for ADs, have to be changed so much more of their compensation is based not upon wins or losses but around academic performance and graduation,” Duncan said. "University presidents and boards have been very complacent and soft on this issue, and you have to really look at the leadership of universities here."
Penalties for athletes performing poorly should not only hit the universities, but should apply to and follow coaches as well, he added.
TIAA-CREF has agreed to pay more than $19.5 million after allegations that it illegally skimmed money from account holders.
Several college instructors accused TIAA-CREF of keeping money their accounts earned between the time the instructors tried to transfer or withdrawal money and the time TIAA-CREF completed the transaction. TIAA-CREF, the lawsuit alleges, kept roughly $40 million in such gains it should have turned over to its customers. The settlement money will be divided up pro rata by nearly 59,000 educators. The value of the proposed settlement is about half what plaintiff’s attorneys accused TIAA-CREF of keeping. TIAA-CREF is also agreeing to pay $3.3 million in legal fees.
TIAA-CRAF did not admit wrongdoing in the settlement, which has received preliminary but not yet final approval from a federal district court judge in Vermont.
"We are pleased to have reached a settlement, which is pending court approval,” a spokesman for TIAA-CREF said in an email. “We continue to deny any wrongdoing and have resolved this litigation to avoid the distraction and expense of litigation. As always, our clients remain a top priority for us.”