Category Archives: Finance

The money that makes academe tick.

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SUNY Polytechnic President, Charged With Felony Bid-Rigging, Is Suspended Without Pay

[Updated (9/22/2016, 8:58 p.m.) with response from Mr. Kaloyeros's lawyer.]

Alain E. Kaloyeros, president and chief executive of the SUNY Polytechnic Institute, was one of two men charged with felony bid-rigging on New York State economic-development projects, the Times Union reported on Thursday. Eric T. Schneiderman, the state’s attorney general, said Mr. Kaloyeros and Joseph Nicolla, a developer in Albany and SUNY Polytechnic board member, had conspired to rig bids.

Mr. Kaloyeros, a longtime …

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City College of N.Y. President Is Cleared in Dispute Over Spending From Arts Fund

A City University of New York investigation has exonerated the president of its City College campus of accusations that she improperly spent some $600,000 from an arts endowment on adjunct professors’ salaries, The New York Times reports.

The investigation, by CUNY’s general counsel, followed complaints by faculty members who were surprised to find this summer that the Martin and Toni Sosnoff Fund for the Arts, created with gifts from the Sosnoffs and previously used for arts programs, exhibits,…

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South Carolina Governor Asks University Trustees to Pay Back Expenses

Nikki Haley, the governor of South Carolina, has asked the trustees of the Medical University of South Carolina to return the university-reimbursed money they spent on fine dining and luxury hotels, the Charleston Post and Courier reports.

Harold Jablon, one of the trustees, has agreed to pay back $20,000. A recent investigation by The Post and Courier found that the board members rack up big bills when they meet in Charleston. Since 2011, the trustees have spent $560,000 on food, drink, and lo…

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Amazon and Wells Fargo End Student-Loan Partnership

Wells Fargo has stopped offering Amazon customers reduced interest rates on private student loans, The Washington Post reported on Wednesday.

The partnership was discontinued about a month after the companies announced they were working together. Neither company responded to a request for comment, the Post said.

The short-lived program offered Wells Fargo education loans to Amazon Prime Student subscribers with an interest rate discounted by half a percentage point.

Critics said the partnership …

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CUNY Investigates Possible Misuse of $600,000 at City College of N.Y.

The City University of New York is investigating faculty concerns that a recent $500,000 donation to a fund that supports humanities and arts programs at the system’s flagship, the City College of New York, may have been improperly diverted, The New York Times reports.

With the donation, the fund — known as the Martin and Toni Sosnoff Fund for the Arts — should have contained roughly $600,000. But faculty members at the college learned this summer that the account held just $76. After gettin…

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Berkeley Suspends Its ‘Global Campus’ Because of Budget Deficit

The University of California at Berkeley has indefinitely suspended its proposed “global campus” because of its budget deficit, the East Bay Times reported on Friday, even though the Berkeley chancellor said earlier this year that the project would be off-limits to budget cuts.

The chancellor, Nicholas B. Dirks, said in an open letter to the campus in February that although Berkeley was considering cuts to close a $150-million deficit, the planned global campus would be “entirely supported by …

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Berkeley Paid to Improve Image of Soon-to-Be-Ex-Chancellor

The University of California at Berkeley paid consultants more than $200,000 over the past year to raise the profile of the chancellor, Nicholas B. Dirks, who announced on Tuesday that he would resign.

The revelation, made by the San Francisco Chronicle, has echoes of a controversy that recently helped to topple the chancellor on the Davis campus, Linda P.B. Katehi.

Berkeley entered into a yearlong contract with the firm Williamsworks and a subcontractor on July 1, 2015. Among the goals, as stat…

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3 Prominent Universities Are Sued by Employees Over Retirement Plans

[Updated (8/10/2016, 11:00 a.m.) with responses from MIT and Yale.]

Yale University, New York University, and the Massachusetts Institute of Technology are being sued by employees who accuse the institutions of allowing them to be charged excessive fees on their retirement savings, The New York Times reported on Tuesday. The workers are seeking class-action status in the lawsuits.

Their complaints allege that the universities, which each have retirement plans with more than $3 billion in assets,…

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Community College’s Board Member to Resign After Weeks of Pressure

[Updated (8/7/2016, 10:41 a.m.) with the board's acceptance of the former chairman's resignation.]

A member of the Board of Governors of Metropolitan Community College, in Omaha, will resign following threats by the federal government to withhold student aid from the college if he stayed on the board, the Omaha World-Herald reported.

Fred Conley initially refused to resign last week, saying that instead he would depart from the board at the end of his term, in December. He gave up his post as ch…

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As a College Faces Loss of Funds, Its Board Chair Refuses to Resign

The chairman of the Board of Governors of Metropolitan Community College, in Omaha, has been under pressure to step down because of a legal situation that threatens the college’s ability to receive federal student aid. On Monday the chairman, Fred Conley, rejected calls for his resignation, saying he would instead serve the remainder of his term, through December, but not seek re-election, reports the Omaha World-Herald.

The legal situation arose after the U.S. Department of Housing and Urban De…