Not sure that’s the most accurate term for the situation!
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I did look. There is nothing there. You are welcome to prove me wrong, but the sole purpose of those reports is to show cost indices over time.
For a quick look at how much the U of M makes from just their college football program, this Forbes article is a good read. $23,640,337 in expenses, $85,209,247 in revenue (back in 2011/2012). $60+ million a year in profits seems like a pretty solid nest egg.
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See above; they’ll consider making it go away when you die.
Look, my family ought to be indebted for generations to pay for my education. Who cares if it means my children can’t afford an education, they need an education to do their indentured servitude anyway.
We must punish the non-wealthy for attempting to raise their status and educate themselves!
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As WearySky points out, Michigan is fortunate in being one of the rare universities where sports earns its keep, including improvements like new buildings.
The UM budget is very transparent compared to most state schools, they moved to a thing called the “UB model” in '99, revised it around 10 years later, it is very detailed in how it tracks the flow of cash across campus, and remarkably it has been overseen by administrators who aren’t intimidated by numbers. As a result, it is much harder to hide big chunks of money there than it is at many schools (like mine), and incidentally provides an excellent case study data as to what the actual costs are on such campuses.
As a Michigan taxpayer you should be pleased about this, but in fact the state reaction to UM’s transparency (and overall excellence) has been to cut general fund support down to the level where UM is essentially a private university.
The pension costs depend on the system. On my campus faculty pensions are part of the state pension plan, which is raided down to nothing, so payouts come from current revenues…very dangerous. By contrast, Michigan is affiliated with TIAA-CREF, so faculty retirements are not a concern in this sense. Staff however are part of the state employee pension system, I don’t know how healthy that is in Michigan.
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Did you mean slimy, or vicious?
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