The Kept-Up Academic Librarian

Arkansas Now Requires All State Colleges To Make Expenditure Data Public

The University of Arkansas today launched OpenUA, its expenditure transparency website, to provide online documentation of public expenses paid by all university offices, departments and divisions. The Arkansas legislature passed Act 1163 during the 2011 session, requiring all state institutions of higher education to provide "expenditure data on a website operated by the state-supported institution" beginning with the 2013 fiscal year, and eventually showing at least 10 years of information. Read more at:
http://www.todaysthv.com/news/article/216749/2/University-expenditures-now-available-online

Consultants Say Their Plan Could Help UConn Save $50 Million - and Raise Revenue

The University of Connecticut could save more than $50 million over five years by consolidating more purchasing decisions and technology services, boosting ticket prices for high-demand sports and kicking its fundraising into higher gear, a new consultants' report says. The recommendations unveiled Thursday also include offering more year-around classes rather than scaling back each summer, charging more for parking and bus rides, and examining whether small academic majors and waning programs are valuable enough to justify continuing them. UConn trustees received the recommendations from McKinsey & Co., which it paid $3.9 million last year to suggest ways to cut costs and boost income as the school's state subsidies drop. Read more at:
http://www.courant.com/news/education/hc-efficiency-study-uconn-1111-20111110,0,5937270.story

More Colleges Are Offering Financial Literacy Initiatives For Students

Before Reason Chandler could get his student loan at Tidewater Community College in Norfolk, Va., this year, he had to complete a budget. To help students better manage their debt, some college campuses and high schools, where experts say such education should begin, are ramping up their financial-literacy efforts. Since colleges are held accountable for default rates, financial-aid offices are spearheading financial-literacy initiatives on campus. Read more at:
http://www.edweek.org/ew/articles/2011/10/28/10finance.h31.html?tkn=PQZFZbe%2FNe3vo33WnTGlwwT1zCe5Yhk9zfi9&cmp=clp-edweek

IHE Endowments Underperformed The Stock Market

Many prominent university endowments took a conservative turn last year, after sharp losses in the financial crisis, and underperformed the stock market as well as much smaller endowments. These endowments, which typically hold a mix of stocks, bonds, hedge funds, real estate, and more complex investments, on average did not beat the stock market. The 80 schools in the preliminary round of the endowment study had returns ranging from 4.8 percent to 36.2 percent. Read more at:
http://www.boston.com/news/education/higher/articles/2010/11/03/cautious_investments_by_big_colleges_bring_smaller_gains/

Not The First Mayor To Seek Tax On Tuition

Pittsburgh Mayor Luke Ravenstahl plans to propose a 1 percent college-education privilege tax to council today, in a move that's likely to set off a fight with the city's schools of higher learning. College and university representatives met with the mayor on Wednesday and argued against the tax, which would be assessed on a college student's tuition. It technically would not be a levy on the students or their schools, but rather on the privilege of getting a higher education in Pittsburgh.Formulas like Mr. Ravenstahl's have met with vigorous opposition in other cities, like Providence, R.I., where a mayor's bid to tack a $150-per-semester fee on to tuition bills at four universities ended in stalemate. Read more at:
http://www.post-gazette.com/pg/09313/1011971-53.stm

Senate To Act On Credit Card Marketing To College Students

The Senate may vote on a bill as early as May 11 that would prevent credit-card companies from targeting college students such as Cabrilo by requiring parental consent for a borrower under age 21 unless there is proof of independent income or completion of a financial literacy course. Average credit-card debt among graduating college seniors increased to more than $4,100 last year from $2,900 in 2004. Read more at:
http://www.bloomberg.com/apps/news?pid=20603037&sid=ajVskGdVyPSw&refer=home

Financial Crisis Has IHEs Preparing For The Worst

Amid a deepening financial crisis that has sapped college endowments, college and university officials are grappling with the growing fear that the Wall Street turmoil could cast a shadow over nearly all their operations. Administrators at small colleges and large universities across the state huddled in tense meetings this week to discuss worst-case contingency plans and appraise their financial status after the market meltdown. While colleges stopped short of adopting new policies as Boston University did Tuesday when it froze hiring and halted new construction projects, they are scrutinizing everything from budgets and building plans, to how they and their students borrow money. Read more at:
http://www.boston.com/news/local/articles/2008/10/03/financial_chaos_threatens_to_besiege_universities/

Banning Marketing Practices Of Credit Card Companies

College students get flooded with offers for free T-shirts and other goodies when they apply for credit cards, but the easy access to money can result in serious financial trouble. To help solve the problem, Giannoulias is proposing legislation that targets the marketing practices of companies issuing credit cards by banning on-campus giveaways. The plan, which will be introduced in the General Assembly early next year, also would prevent colleges and their alumni associations from selling students’ contact information to credit card lenders. Read more at:
http://www.reviewatlas.com/news/x1969504972/Plan-would-protect-college-students-from-too-tempting-credit-card-deals

Shift On Campus From Credit Card To Debit Card Marketing

Many colleges have tightened rules on credit-card marketing on campus in order to discourage students from racking up huge amounts of debt. Now another kind of card is being pushed on campus -- with its own set of issues. This fall, financial-services companies are focusing more of their campus marketing on "prepaid debit cards," which work like standard debit cards except that they aren't linked to a traditional checking account. On the plus side students can't get into thousands of dollars of debt, as they can with credit cards. Read more at: http://online.wsj.com/article/SB122109287812921669.html

Bad Idea When Banks And IHEs Team Up For Debit Cards

Banks have long pitched credit cards on campuses through exclusive deals with university alumni and athletic groups. But in marketing financial products to students, debit card partnerships have become the next frontier. Why? One major reason is that debit card use is growing faster than credit card use, and young adults have proved especially willing to embrace the financial industry's push for cashless payments.Students also tend to be short on cash. That makes them a reliable source of fees for banks, which charge up to $38 each time consumers overdraw their accounts. At Portland State University hundreds of students protested, angry that the school was promoting a bank account they felt cost students more than other banking options. Read more at:  http://www.usatoday.com/money/industries/banking/2008-03-16-cover-college-debit_N.htm