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Often considered vital to the financial health of private colleges and universities, endowments provide necessary income for the yearly budget as well as a safety net of savings for a rainy day – for if, say, the economy falls into a recession. Why, then, are leading academic institutions hoarding their money while slashing faculty, financial aid, and programs? On Inside Higher Ed, Mission and Money co-authors Burton A. Weisbrod and Evelyn D. Asch give some perspective on the leading universities that are squirreling their savings away.
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Pity the college football coach. With all those talented student-athletes, how much energy and time should he spend on the student versus the athlete? For any coach at the 120 universities playing big-time football, the choice is easy if he does what the school's contract rewards.Contracts specify "performance-based" bonuses, and so we examined coaches' contracts to answer the question: How do football coaches' rewards for winning games, attending to the athlete, compare with their rewards for advancing the student toward graduation? There's no contest. No one is surprised when a corporation talks about its devotion to the social good but then pays its CEO bonuses for raising profits. Likewise, it should be no surprise that despite talk about education, coaches are paid to win games. But it may be surprising how clear the contracts are in specifying what it takes for a coach to get bonuses.
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The New York Times spoke with Burton Weisbrod, author of Mission and Money on rising tuition costs. “Am I, for example, as a tenured professor or any tenured faculty member necessarily, or even probably, a better undergraduate teacher because I am doing research? The answer to that is not clear at all.”
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Burton Weisbrod, one of the authors of Mission and Money did a very interesting Q & A with Inside Higher Ed today. Questions of university funding are now swept up in our economic mess, and for now, no one’s asking if endowments are too big. Weisbrod’s answers poke a little further into how universities really […]
Read MoreThings have changed, haven’t they? Months ago, we were arguing over universities hoarding their endowments even as tuition prices increased. Then endowments took massive hits and even Harvard terminated 50 money managers. I haven’t heard much about it since. Burton Weisbrod has always argued against requiring universities to pay out a fixed portion of endowments […]
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