U of A fired the CFO, or rather she resigned. I haven't seen any other resignations or firings...none have been made public. But based upon a cursory review of their qualifications, I would be shocked if that department otherwise remained intact.
Steps they are taking over the next six months:
- Implementing hiring and compensation freeze.
- Freezing international travel for senior administrators.
- Restricting purchasing.
- Deferring nonessential capital projects.
- Concluding strategic initiatives funding.
Steps they are taking over the next 18 months
- Implementing FY 2025 base budget reductions with focus on units spending in deficit, overhead and administrative functions.
- Delaying FY 2025 Salary Increase Program.
- Conducting individual reviews of all budget units; ensure ongoing financial accountability.
- Rebalancing undergraduate non-resident merit aid for new students.
- Eliminating tuition guarantee in fall 2025 for new students.
- Eliminating Activity Informed Budgeting (AIB) model; implement centralized planning budget model.
- Reorganizing administrative services in: Information Technology, Human Resources, Marketing & Communications, Business & Finance, and University Advancement. This is big. Administration had grown by 69% over the past 10 years.
Steps they are not taking:
- Reducing need-based aid for Arizona resident students.
- Reducing need and merit-based aid for any current or accepted students throughout their time at the University of Arizona.
- Eliminating tuition guarantees for any current or accepted students.
- Instituting furloughs.
- Reducing retirement benefits.
- Permitting overspending of budgets.
A little more info from the UofA site: https://www.arizona.edu/financial-updates/action-plan
From the school paper: https://wildcat.arizona.edu/151595/news/...al-crisis/
Lots of funding for athletics that they hadn't anticipated. They are firing people in the AD, and season ticket prices for both MBB and football will increase 25%.
Some interesting inside baseball: https://tucson.com/news/local/education/...62ff6.html
Most in-depth article I've seen. Will require a one-time signup: https://www.chronicle.com/article/how-th...st4vadg9y6
This was a problem in the making for years.
Incidentally, Robbins says the $265 million purchase wasn't actually $265 million...but he won't say what it actually was. The fired/resigned CFO said it was less than $200 million...so...still too much.
https://news.azpm.org/p/news-articles/20...quisition/
Steps they are taking over the next six months:
- Implementing hiring and compensation freeze.
- Freezing international travel for senior administrators.
- Restricting purchasing.
- Deferring nonessential capital projects.
- Concluding strategic initiatives funding.
Steps they are taking over the next 18 months
- Implementing FY 2025 base budget reductions with focus on units spending in deficit, overhead and administrative functions.
- Delaying FY 2025 Salary Increase Program.
- Conducting individual reviews of all budget units; ensure ongoing financial accountability.
- Rebalancing undergraduate non-resident merit aid for new students.
- Eliminating tuition guarantee in fall 2025 for new students.
- Eliminating Activity Informed Budgeting (AIB) model; implement centralized planning budget model.
- Reorganizing administrative services in: Information Technology, Human Resources, Marketing & Communications, Business & Finance, and University Advancement. This is big. Administration had grown by 69% over the past 10 years.
Steps they are not taking:
- Reducing need-based aid for Arizona resident students.
- Reducing need and merit-based aid for any current or accepted students throughout their time at the University of Arizona.
- Eliminating tuition guarantees for any current or accepted students.
- Instituting furloughs.
- Reducing retirement benefits.
- Permitting overspending of budgets.
A little more info from the UofA site: https://www.arizona.edu/financial-updates/action-plan
From the school paper: https://wildcat.arizona.edu/151595/news/...al-crisis/
Lots of funding for athletics that they hadn't anticipated. They are firing people in the AD, and season ticket prices for both MBB and football will increase 25%.
Some interesting inside baseball: https://tucson.com/news/local/education/...62ff6.html
Most in-depth article I've seen. Will require a one-time signup: https://www.chronicle.com/article/how-th...st4vadg9y6
This was a problem in the making for years.
(11-13-2023, 09:45 PM)Goose Wrote: https://news.azpm.org/p/news-articles/20...rinvested/
As many have suspected, the $265 million purchase of an online university is a significant driver of the cash flow problem. The operating costs of said purchase are also much higher than anticipated. The article blames the model used to predict expenses and asserts that problem has been corrected. However, that doesn't square with the operating cost underestimate. Things are stinking here more and more. The online university purchase was an attempt to emulate ASU and it's great success in creating an online presence. UofA tried to shortcut the process and appear to have failed spectacularly.
Incidentally, Robbins says the $265 million purchase wasn't actually $265 million...but he won't say what it actually was. The fired/resigned CFO said it was less than $200 million...so...still too much.
https://news.azpm.org/p/news-articles/20...quisition/
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