Colleges in Dire Financial Straits

[mamselle]

Well done, both of you...!

;--}

M.

[apl68]

More on the NEU acquisition of an outrigger in Portland:

   https://boston.cbslocal.com/2021/08/31/bm-baked-beans-factory-new-institute-affiliated-with-northeastern-university/

(One wonders if they'll be able to get the taste of B&M Baked Beans right after the move, though....)

M.

If they put the Roux Institute in the bean factory, you know they'll cook up something good.

BTW, it's technically not a bean "factory," it's a bean "plant."

[mamselle]

More on the NEU acquisition of an outrigger in Portland:

   https://boston.cbslocal.com/2021/08/31/bm-baked-beans-factory-new-institute-affiliated-with-northeastern-university/

(One wonders if they'll be able to get the taste of B&M Baked Beans right after the move, though....)

M.

If they put the Roux Institute in the bean factory, you know they'll cook up something good.

BTW, it's technically not a bean "factory," it's a bean "plant."

Oh, dear, regional language differences.

The factory where 'Boston' baked beans are made, once in Maine, is now moving to the midwest. So.....oooohhhh, wait, I get it.

Well done #3.

M.

[Hibush]

Legacy Business School, despite its $70,000 tuition, great Manhattan location, and gold-plated degrees, is in trouble.

The five-year-old school owes back rent on its small campus in NYC and the school's founder, international education executive Alessandro Nomellini, is occupying the campus and forcing current management to sue to get him out. The founder's legal team has left him because they haven't been paid.

[kaysixteen]

Why would anyone be stupid enough to attend such a 'school', and, perhaps more importantly, what businesses would think a 'degree' therefrom would be worth anything?

[Hibush]

Why would anyone be stupid enough to attend such a 'school', and, perhaps more importantly, what businesses would think a 'degree' therefrom would be worth anything?

Apparently not as many as they were projecting, but I'm not sure the intelligence or discernment of the prospective students was the limiting factor. Maybe they just had an overoptimistic director of enrollment management.

[Wahoo Redux]

Why would anyone be stupid enough to attend such a 'school', and, perhaps more importantly, what businesses would think a 'degree' therefrom would be worth anything?

Apparently not as many as they were projecting, but I'm not sure the intelligence or discernment of the prospective students was the limiting factor. Maybe they just had an overoptimistic director of enrollment management.

It's in Trump Tower, interestingly enough.

[mamselle]

Is it, still?

I read that a number of their tenants had left.

(There's an article, somewhere....)

M.

[Hibush]

IPEDS released some more data on how many schools are operating. I grabbed some numbers to show the change in the past decade to give an idea of how may schools were in terminally dire straits.

These numbers show the net change, but not many schools have been founded de novo.

		Public	Private nonprofit	Private for-profit
Four year	Number in 2021	773	1,608	343
	% change	11%	1%	-48%
Two Year	Number in 2021	920	139	564
	% change	-16%	-22%	-45%

Clearly the cleaning up of the for-profit sector caused a lot of bankruptcies. Being sued for fraud by the Federal government does lead to dire financial straits. It appears that Secretary DeVos' efforts did not bring them back.

While two-year schools have declined, there was actually an increase in the traditional (ie public and non-profit) four-year schools.

The large increase in publics is surprising. Would those not be the "directional state" schools we often hear are in trouble. Why would there be more of them? 
One possibility is that more schools are opening in urban areas to meet rising demand, while the rural schools in depopulating areas remain open (but struggling)due to political support.

Private 4-yr non-profits remain the largest in number by far. Public ones likely enroll more students.

[jimbogumbo]

I would imagine some (no idea how many) have moved from Public 2 yr to Public 4 yr.

[mythbuster]

The entire community college system in Florida converted from 2 year to 4 year starting in 2009. It went from the Community college system to the Florida College system. They have 28 institutions. That likely accounts for much of the public growth.

[mamselle]

More on the NEU acquisition of an outrigger in Portland:

   https://boston.cbslocal.com/2021/08/31/bm-baked-beans-factory-new-institute-affiliated-with-northeastern-university/

(One wonders if they'll be able to get the taste of B&M Baked Beans right after the move, though....)

M.

If they put the Roux Institute in the bean factory, you know they'll cook up something good.

BTW, it's technically not a bean "factory," it's a bean "plant."

Oh, dear, regional language differences.

The factory where 'Boston' baked beans are made, once in Maine, is now moving to the midwest. So.....oooohhhh, wait, I get it.

Well done #3.

M.

More concretely,

   https://www.pressherald.com/2021/09/19/beans-to-an-end-mainers-share-sweet-memories-connected-to-bms-homey-products/

Even the journalists are getting in on the 'beans' puns....


Also, the discussion of the value of a CPA credential came up awhile back, I can't find the exact post, but this just appeared in my news feed, and I recalled the issue: might be pertinent:

   https://www.goingconcern.com/opinion-its-the-aicpas-own-fault-no-one-wants-to-be-a-cpa-anymore/

Where's Octo!!!!????

M.

[Wahoo Redux]

Oh me oh my...

For the last 8 years I have taught whatever falls to the floor, which has been a wide variety, and I have taught well and with good humor. I have out published most of the TT folks. I have never had a problem other than minor grade challenges, everyone which I resolved without even bothering the chair.

But there's that demographic cliff.

So we have the need to find "immediate savings," and it looks like I may be out of a FT job next semester.  I will not be desperate as my wife has tenure and just won a good sized campus research award, and we have built up a good bit of savings and we have low CoL...

And I am not in love with teaching or this school...

And if I am back to adjuncting I would have a great deal more time to write and pursue other interests...

But what a blow to one's sense of purpose and self-esteem. 

It hasn't happened yet, and I am reasonable person and understand the university's untenable position.  The provost is a bit of a tool but a nice person nevertheless; I am sure hu doesn't want to be in this position.

Is it true that they were giving raises to athletics!?!?!  Can't be!

Just...ah sh*t!  What a bummer. 

I expect Polly to arrive any moment to gloat. 

[selecter]

That's brutal. Not much that I can say. I've been there once, and made it "out" .... to another school, but the demographic cliff is still there. Tempora mutantur, nos et mutamur in illis.

[little bongo]

I'm sorry, Wahoo. I'm glad you have some things in place to cushion the blow, but it's a big blow, nonetheless. Best of luck with whatever happens.