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  January 17, 2006
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around academe


Harvard money managers quit
Several money managers who handled Harvard’s endowment recently left the school after receiving lower salaries in 2005. The company’s top six employees earned
$56.8 million, down from $78.4 million in 2004 and $107.5 million in 2003. Alumni have reportedly complained for several years about what the “exorbitant salaries and bonuses” given to Harvard’s money managers. The president and executive chief of the management company, along with 26 other employees, recently announced their departure from Harvard to start a private investment firm.

Football expenses questioned
An audit of the University of Colorado’s athletic department spending for the past three years revealed $117,400 of questionable payments. According to a report, the department failed to disclose several expenses, including $39,000 spent on trips for football coaches in a private jet owned by the institution’s foundation. Colorado officials have accepted recommendations proposed in the report including major changes in financial habits.

States increase funds for higher ed.
State spending for higher education increased an average of 5.3 percent in the 2005-06 fiscal year, according to a report by the Center for the Study of Educational Policy at Illinois State University. James C. Palmer, a higher education professor at Illinois State, says colleges and universities are moving out of the “trough” they inhabited in fiscal year 2003-04, when general fund appropriations increased by just 2.1 percent. Twenty-seven states increased higher education budgets by 5 percent or more this year. The University of Georgia’s allotment rose 10.8 percent, the report says.
—Emily Begnaud

 
 
 


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