Traditionally the way a college or university spent their money was their business and not questioned. However, in recent years students and parents want to better understand where and how their tuition dollars are being used. This has initiated a deeper look into college and university finances.
Below is an article from hechingerreport.org that provides details on how student groups are going about scrutinizing the financials of colleges and universities and publishing their findings. After reading this article, give us a call at SpendBridge so we can discuss the best way to manage procurement and accounts payable at your institution.
Source: hechingerreport.org | Re-Post SpendBridge 4/19/2018
One of the most active student clubs at Michigan State University meets every other Wednesday in a room above a buzzing cafeteria.
This club doesn’t organize intramural sports or plan keg parties or produce the yearbook. It pores over dense financial documents to examine how the university handles its money. One kind of risky deal they unearthed, the students in the group say, cost the school more than $130 million at a time when tuition was increasing much faster than the national average.
Across the state, at the University of Michigan, lecturers and graduate students negotiating for higher salaries and benefits have been drilling into that institution’s operating budget, finding what they say is a $377 million surplus it’s enjoying from their comparatively low-paid labor.
In Colorado, adjunct instructors at community colleges have used public-records law to dig through data showing vast disparities in pay. They say this research shows that there are almost four times more part-time than full-time faculty members but part-timers collectively get about one-tenth of the money the colleges spend on instruction.