On Campus
Oct 09, 2008, 06:17AM

The Financial Crisis Reaches State Schools

An article from Ohio University's The Post details exactly what the growing financial woes mean for state-funded higher education.

The Voinovich School of Leadership and Public Affairs, the College of Osteopathic Medicine and the general operating budget will absorb a 4.75 percent budget cut in special state funding spread throughout the year, said Rebecca Vazquez-Skillings, assistant vice president of budget planning and analysis.

The College of Osteopathic Medicine will offset the cut in state money by leaving unfilled positions vacant, said Jack Brose, dean of the College of Osteopathic Medicine. These unfilled positions were part of OU’s hiring freeze announced two weeks ago.

The state contributes funding to the college’s family practice, the primary care facility, geriatrics and clinical teaching program.

The college has combined positions to cover those left unfilled, Brose said.

  • Some of of the schools taking the hardest hits are small liberal arts colleges. Many schools had a great deal of their assets invested in short-term investment funds like Wachovia's Commonfund that have recently undergone a spending freeze. As a result, many schools cannot get access to their money to pay for salaries or development projects.

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