Harvard University's endowment is down about $1 billion in the 12 months through June, Bloomberg reported. The fund, still the largest university endowment in the world, ended up at $30.7 billion, down about 0.05 percent. Harvard, like many other universities, saw major losses the year that the recession started, but many other universities have been posting gains more recently. Harvard officials said that their losses were due to investments in publicly traded non-U.S. companies and in "emerging market" shares.
Higher Education Quick Takes
Administrators at Bryan College, a Christian college in Tennessee, tried to stop the student newspaper from publishing an article about an assistant professor's arrest in an FBI sting. The assistant professor was accused of trying to meet underaged girls at a gas station. The editor of the weekly newspaper, The Triangle, published the article himself, posting copies in public spaces at the college, after the president asked him not to print it, he said in a note attached to the article. A spokesman for the college told the Chattanooga Times-Free Press that administrators didn't want the story published because they couldn't verify its facts.
City College of San Francisco is planning today to unveil a series of reforms that officials hope will balance its budget and allow it to hold on to accreditation, The San Francisco Chronicle reported. Among the reforms: forcing students who don't pay their tuition to do so, eliminating many "enrichment" classes to shift the curricular focus to courses that allow students to earn degrees or transfer, eliminating paid sabbaticals, increasing the workload of clerical staff members from 37.5 to 40 hours a week and across-the-board salary cuts of 1 percent.
Inside Higher Ed received a call Tuesday from someone claiming to be the site’s owner. The caller, Kevin, who declined to give his last name, said the site was not all that lucrative and with the added attention garnered last week, he decided to take it down. He added that he does not think sites like We Take Your Class are a problem; the problem, he believes, is that education is structured in a way that makes it easy to cheat.
The National Science Board added its voice Tuesday to the chorus of groups and agencies expressing concern about the future of public research universities. Its report, Diminishing Funding and Rising Expectations: Trends and Challenges for Public Research Universities, argues that declines in state funding, which it documents, "threaten the ability of major public research universities to educate new scientists and engineers, recruit and retain the best faculty and students, and continue performing top-quality research."
Colorado Technical University improperly awarded financial aid dollars to dozens of students, the U.S. Education Department's inspector general said in an audit this month. The audit, whose findings were challenged by the for-profit college, a unit of Career Education Corp., recommended that the university be required to reimburse the government for $173,000 in improper payments and to examine the records of thousands of other students in its CTU Online unit to see if similar improprieties occurred.
Students and faculty members at Long Beach City College gathered at the college's board meeting Tuesday night to protest the planned elimination of 17 academic programs (and the likely layoff of 10 full-time faculty members), The Contra Costa Times reported. Most of the programs are in the arts or skilled trades, and those protesting said that these programs are vital for many students. College officials said that they had few options, given the severity of budget cuts in California.
The University of Notre Dame has invited President Obama and also Mitt Romney to speak on campus during the presidential election campaign. The university's announcement of the invitation noted that Notre Dame has a tradition of inviting presidential candidates to appear, and that many have done so. The university also has a tradition of inviting presidents to deliver commencement addresses, and when Obama did so in 2009, there was a huge uproar from some Roman Catholic and anti-abortion organizations that objected to such an honor going to someone who supports abortion rights. An official of the Pro-Life Action League told The Indianapolis Star that the organization didn't object this time, since Romney also received an invitation. The Cardinal Newman Society is criticizing the new Obama invitation -- and also expressing concerns about a possible Romney appearance, noting that Romney has expressed support for embryonic stem cell research.