Could a Per-Student Tax Alleviate a College Town’s Budget Challenges? - Kathryn Palmer, Inside Higher Ed
Recession Realities in Higher Education
by Ray
18h ago
The University of Delaware owns nearly 35 percent of the untaxed property in Newark but is exempt from paying property taxes. City officials want to tax the university $50 per student, per semester. Dennis Assanis, UD’s president, said earlier this month that inflated employee health-care costs are behind the university’s hiring freeze and consideration of further “draconian measures” to balance its budget. But Newark, which is home to some 31,000 residents, including 23,613 UD students, is facing its own budget challenges, including a projected $8 million revenue gap in 2025. The Newark City ..read more
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How will Arizona’s $177 million shortfall amid Big 12 move impact athletics? - Doug Haller, the Athletic
Recession Realities in Higher Education
by Ray
18h ago
Approaching his seventh year, Robbins has remained confident since revealing the financial shortfall in November. But he has not sugarcoated the challenges Arizona faces. Everything is on the table with athletics, including layoffs, compensation freezes and the elimination of sports, although the latter seems unlikely. Robbins initially told the board of regents the university had a $240 million miscalculation. Since then, after closer evaluation, an operation deficit of $177 million has been revealed. Of Arizona’s 81 colleges and divisions, 61, including athletics, face a budget deficit. htt ..read more
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Columbia College Chicago President Kwang-Wu Kim Resigns Amid Faculty Tensions And Budget Challenges - JOY LIWANAG, University Herald
Recession Realities in Higher Education
by Ray
2d ago
Kwang-Wu Kim's departure from his role as president and CEO of Columbia College Chicago marks a critical juncture for the institution as it grapples with internal strife and financial challenges. The historic seven-week strike by contingent faculty members, a culmination of long-standing grievances, has left a lasting impact on the college's stability and reputation. The fallout from the strike, combined with the broader economic ramifications of the COVID-19 pandemic, has heightened the urgency for Columbia College Chicago to address both its internal dynamics and financial sustainability. h ..read more
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'We had a bad year:' How a covenant violation led Bradley University to make $13 million in cuts - Tim Shelley, WCBU TSPR
Recession Realities in Higher Education
by Ray
2d ago
Bradley University will pay a higher interest rate and need to have more money on hand to cover debt after violating the bond covenants on some $17.1 million worth of borrowing last year. That's the underlying story behind last year's academic cuts on the Hilltop. WCBU obtained information on the covenant violation from the Illinois Finance Authority via Freedom of Information Act (FOIA) requests. Documents filed with the Illinois Finance Authority on Jan. 17 said the university violated the Series 2021B continuing covenant agreement with PNC Bank for the year ending May 31, 2023. The specific ..read more
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Cisco to lay off more than 4K in restructuring - Roberto Torres, CIO Dive
Recession Realities in Higher Education
by Ray
3d ago
Cisco plans to lay off 5% of its workforce as part of a restructuring plan, the company said Wednesday in an SEC filing. Based on the company’s most recent headcount of 84,900, the cuts will impact roughly 4,200 employees globally. The decision to align expenses and investments to the current environment as customers “absorb high levels of product inventory,” a company spokesperson said in an email Thursday. Cisco reported a revenue drop during the second quarter of its 2024 fiscal year, according to a Wednesday earnings call, for the period ending Jan. 27. The company posted $12.8 billion in ..read more
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UNCG cuts 20 programs due to conform to budget - Eli Baine, East Carolinian
Recession Realities in Higher Education
by Ray
4d ago
The chancellor of the University of North Carolina Greensboro, Franklin Gilliam Jr. announced this month the university will be doing away with 20 academic programs due to budget constraints, and some students at other public universities worry it could happen elsewhere. Gilliam wrote in a statement that he will approve many recommendations made by university deans and Provost Debbie Storrs. Bachelor's degrees that will no longer be offered to new students at UNCG include anthropology, physics, secondary education in geography, physical education, teacher education (K-12) and religious studies ..read more
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State Funding Scenarios Discussed at Board of Regents Meeting - CU Denver
Recession Realities in Higher Education
by Ray
4d ago
CU Vice President and Chief Financial Officer Chad Marturano presented the preliminary 2024–25 budget proposal, which takes into account three scenarios for increasing undergraduate resident tuition. The tuition scenarios for each CU campus are directly tied to state funding scenarios. The state legislature determines the amount of funding provided for higher education each spring, generally finalizing the budget in April before the governor signs it into law. Marturano said all the potential tuition increases across the System are lower than inflation in Colorado, which was close to 5% in 202 ..read more
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Penn State Faculty Senate requests budget details amid potential branch campus cuts - Maddie Aiken, Pittsburgh Post-Gazette
Recession Realities in Higher Education
by Ray
5d ago
Penn State’s Faculty Senate has requested details about the university’s budgeting process and methods as potential cuts at the university’s commonwealth campuses loom. The senate has also “humbly offered” several “creative ideas” that could improve the university’s financial situation — which could include tabling the current capital proposal for the school’s $700 million football stadium renovation and asking Gov. Josh Shapiro to include Penn State’s commonwealth campuses in his proposed tuition cap plan for state universities and community colleges. https://www.post-gazette.com/news/educat ..read more
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Online Course Provider 2U Faces Doubts It Can Continue - Lauren Coffey, Inside Higher Ed
Recession Realities in Higher Education
by Ray
5d ago
Financially struggling 2U, one of the largest online course providers, has warned of “substantial doubt” it can continue in business, creating uncertainty for the hundreds of colleges and universities that use its services. The warning, in a quarterly filing on Monday, added more tumult to the already-uncertain landscape for online program management firms, or OPMs. At the end of last year, 2U had more than $900 million in debt. https://www.insidehighered.com/news/tech-innovation/teaching-learning/2024/02/15/online-course-provider-2u-questions-future-amid ..read more
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OpenAI, Microsoft warn of state-linked actors’ AI use - David Jones, Cybersecurity Dive
Recession Realities in Higher Education
by Ray
6d ago
OpenAI said it terminated accounts of five state-affiliated threat groups who were using the company’s large language models to lay the groundwork for malicious hacking campaigns. The disruption was done in collaboration with Microsoft threat researchers. The threat groups — linked to Russia, Iran, North Korea and the People’s Republic of China — were using OpenAI for a variety of precursor tasks, including open source queries, translation, searching for errors in code and running basic coding tasks, according to OpenAI, the company behind ChatGPT. Cybersecurity and AI analysts warn the threat ..read more
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