The rich=richer, the poor=poorer

I saw my department head today for the first time in a couple of weeks (he was on vacation). On his first day back, he learned of the severe budget cuts that are apparently in the works for EMU this coming year. There’s still a lot up in the air, of course. One report on the news just the other day suggested that the state had decided it wasn’t going to cut public universities by as much as it had originally suggested. Still, there has been concern here among administrators.

And then, in a bitter study in contrast, I came across this story in the Ann Arbor News, “U-M endowment allows for extra programs.” Just one relevant quote:

It was only in 1994 when U-M hit the $1 billion landmark. Yet by the end of the fiscal year last June, U-M’s endowment funds stood at $4.2 billion, making Michigan’s the 11th largest in the country. That growth continues this fiscal year: As of the end of March, the funds had shot up to almost $4.9 billion.

Hmm. Hey neighbor; can I borrow $20 million or so?

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