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PHOENIX – Officials with the University of Arizona have 29 days to announce a cash restoration plan to the Arizona Board of Regents, after it admitted to miscalcucating its funds by millions.
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The Tucson-based university has admitted to only having 97 days’ worth of cash on hand, which is lower than the 120 days required by ABOR, and much lower than the 156 days it originally forecast in June 2023
University officials gave several reasons behind the miscalculation, including:
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- Relying on a flawed revenue-metrics system to project numbers
- Giving out a lot of need-based and financial-based scholarships
- A $55 million loan to the Athletics Department that has to be paid off
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By Dec. 15, UArizona President Robert Robbins will need to present a plan to ABOR on how he will close the financial gap.
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University community reacts to financial crisis
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University of Arizona facing financial crisis
Officials with the Tucson-based university have admitted to only having 97 days’ worth of cash on hand, which is lower than the 120 days required by the Arizona Board of Regents. Now, the university is facing a deadline to present a plan on solving the crisis. FOX 10’s Lauren Clark reports.
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Amid concerns of possible cuts to make up the gap, the university community is demanding answers. During a meeting on Nov. 16, UArizona President Robert Robbins was grilled with tough questions on the topic.
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“I find it inexcusable for the [UArizona] administration to have mismanaged $240 million,” said one person.
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“I find it incredible that despite the metrics indicating financial success, the administration has plunged us into a financial crisis,” said another person.
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Robbins was originally slated to talk about the school’s plan for 2024.
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“We are one of the top university in producing Fulbright Scholars,” said Robbins, during the meeting.
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For the first 40 minutes of his talk, Robbins didn’t touch on the looming question in the minds of the university community. Rather, he discussed new school programs and investments.
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“It’s not the time for me to go through and describe all the issues surrounding our financial challenges, but I thought I would look at where we made investments,” said Robbins.
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