Financial Analysis and Collective Action for HBCU’s …...Financial Analysis and Collective Action...
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Financial Analysis and Collective Action for HBCU’s and Higher Education Institutions in Georgia Howard Bunsis Professor of Accounting, Eastern Michigan University Chair, AAUP Collective Bargaining Congress October 2016 1
Transcript of Financial Analysis and Collective Action for HBCU’s …...Financial Analysis and Collective Action...
FinancialAnalysisandCollectiveActionforHBCU’sandHigher
EducationInstitutionsinGeorgia
HowardBunsisProfessorofAccounting,EasternMichiganUniversity
Chair,AAUPCollectiveBargainingCongressOctober2016
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Roadmap• HowistheStatedoingfinancially?• CanwejudgewhetherGeorgiasupportspublichighereducation?
• WhatDatashouldyouaskforandacquiretobecomebetterinformedaboutfinancialmattersatyourinstitution?
• ExaminingStateHBCUs,ComparedtoOtherInstitutionsinGAo FinancialSituationoWherethemoneycomesfromo Howisthemoneyspent?
• ImportanceofHBCU’s• HowCanWeActCollectivelytomakeourinstitutions,state,andcountrybetter?
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TheStateofGeorgiaHowisthestatedoing
financially?
StateGeneralFundTaxRevenues,2007to2017,inBillionsSource:GeorgiaDepartmentofRevenue
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0
5
10
15
20
25
OtherTaxes/Fees
VehicleTax/Fees
CorporateTax
Sales
IndividualIncome
AnnualPercentageChangesinTotalGeneralFundTaxes
5
-1.0%
-10.5%-9.1%
7.8%
4.8% 5.9% 5.2%6.4%
9.4%
3.6%
-12%-10%-8%-6%-4%-2%0%2%4%6%8%
10%12%
2007to
2008
2008to
2009
2009to
2010
2010to
2011
2011to
2012
2012to
2013
2013to
2014
2014to
2015
2015to
2016
2016to
2017
ComparisonofGATaxRateswithBorderingStatesSource:TaxFoundation,2016
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• Incometaxisthehighestpersonalincometaxrate;FLhasnostateincometax;TNhasataxoninterestanddividendsonly
• Salestaxistheaveragestatepluslocalrate
0%1%2%3%4%5%6%7%8%9%10%
Income Sales Corporate
SC GA NC AL FL TN
StateandNationalUnemploymentRatesSource:BureauofLaborStatistics
7
0%1%2%3%4%5%6%7%8%9%10%11%
1980
1983
1986
1989
1992
1995
1998
2001
2004
2007
2010
2013
2016
Georgia National
Moody’sBondRating:Aaa on7/15/2016• Georgia'sAaa GeneralObligationratingreflectsitsrobusteconomy-- whichremainsaregionaloutperformer- solidtaxrevenuetrends,conservativefiscalmanagement,andmoderatedebtandpensionliabilities.• TheoutlookforGeorgiaisstablebasedonthestate'sconservativefiscalmanagement,thecurrentstrongtrendsinrevenuegrowth,andmanageablelong-termliabilities.• Georgiaisthe8th-largeststate,withapopulationof10.2million.Ithadagrossdomesticproductof$474.7billionin2014,whichranks10thintheUS,andpercapitapersonalincomeof$40,551.• GeorgiahashadaAAAS&Pbondratingeveryyearsinceatleast2004
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StateS&PBondRatings,2016Source:PewCharitableTrust,6/6/2016
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AAA AA+ AA AA- A+ A A-AK ID AL CA KY NJ ILDE MA AZ MIFL MN AR PAGA NM COIN NY CTIA OH HIMD OK KSMO OR LANE SC MENC TN MSND VT MTSD WA NVTX NHUT RIVA WVWY WI
2016HigherEducationAppropriationPerCapitaSource:Grapevine
10
0
100
200
300
400
500
600
700
800
Wyoming
NorthDa
kota
Alaska
NewM
exico
Hawaii
Nebraska
Illinois
NorthCarolin
aMississippi
California
Conn
ectic
utArkansas
Utah
Alabam
aMaryland
Georgia
NewYork
Minne
sota
Kansas
Iowa
Texas
Indiana
Kentucky
WestV
irginia
Oklaho
ma
SouthDa
kota
Wisc
onsin
Louisia
naIdaho
Tenn
essee
Washington
Delaware
Mon
tana
NewJe
rsey
Virginia
Massachusetts
Florida
Maine
SouthCarolin
aOregon
Ohio
Nevada
Michigan
Missou
riRh
odeIsland
Colorado
Verm
ont
Penn
sylvania
Arizo
naNe
wHam
pshire
2016StateAppropriaitonperCapitaperGrapevine
2015 2016GA $288 $295USAverage $270 $278GARank(of50) 16 15
2015-16InStateTuitionandFeesbyStateSource:CollegeBoard
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$0$1,000$2,000$3,000$4,000$5,000$6,000$7,000$8,000$9,000$10,000$11,000$12,000$13,000$14,000$15,000$16,000
NH VT PA NJIL MI
SC VA DE MA
CT RI MN
AZ WA
OH HI AL CO ME
KY ORCA TN MD
IN TX WI
MO
KS GASD IA AR LA ND NYNE OK WV
MS
NCID NVAK FL UT MT
NM WY
Georiga $8,450USMean $9,410GARank 31
2016AppropriationandIn-StateTuitionforGeorgiavs.BorderStates:
Lowertheappropriation,higherthetuition
12
$0
$100
$200
$300
$400
$500
$0$2,000$4,000$6,000$8,000$10,000$12,000$14,000
NC AL GA TN FL SC
In-StateTuition PerCapitaAppropriation
• Correlationbetweentuitionandtheappropriationforthese6states=-0.37• Correlationforall50states=-0.52
CollegeAttainment:PercentofAdultsWithaBachelor’sDegreeorHigherSource:USCensusBureau
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0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Massachusetts
Colorado
Maryland
Conn
ecticut
New
Jersey
Virginia
New
Ham
pshire
Vermon
tNew
York
Minne
sota
Washington
Illinois
California
Kansas
Utah
Haw
aii
Delaw
are
Oregon
Rhod
eIsland
Neb
raska
Maine
Mon
tana
Geo
rgia
Penn
sylvania
NorthCarolina
Wisconsin
Alaska
SouthDakota
Texas
Iowa
Arizona
Missouri
Michigan
NorthDakota
Florida
Ohio
Wyoming
New
Mexico
SouthCarolin
aTenn
essee
Idaho
Indiana
Oklahom
aAlabama
Nevada
Louisiana
Kentucky
Arkansas
Mississippi
WestV
irginia
Georgiarank:23rd highestGeorgia:29%U.S.Average:28%
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TheStateofGeorgia• Isthestatecommittedtopublichighereducation?• IsthestatecommittedtopublicHBCU’sinGeorgia?
StateAppropriationtoalloftheUniversitySystemofGeorgia(USG)inBillionsSource:http://www.usg.edu/fiscal_affairs/financial_reporting
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1.81 1.70 1.74 1.88 1.94 2.02 2.09
0.00
0.50
1.00
1.50
2.00
2.50
2011 2012 2013 2014 2015 2016 2017
SameGraph,DifferentScale
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1.81
1.701.74
1.881.94
2.022.09
1.60
1.70
1.80
1.90
2.00
2.10
2.20
2011 2012 2013 2014 2015 2016 2017
AnnualPercentageChangesinAppropriationandTotalStateTaxRevenues
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-6%-4%-2%0%2%4%6%8%10%
2011to2012
2012to2013
2013to2014
2014to2015
2015to2016
2016to2017
%ChangeAppropriation %Changetaxrevenues
2011to2017PercentageChangesinStateAppropriationtoUSGandStateTaxRevenues
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16%
41%
0%
10%
20%
30%
40%
50%
%ChangeAppropriation
%Changetaxrevenues
StateAppropriationtoUSGasaPercentageofTotalStateTaxRevenueSource:http://www.usg.edu/fiscal_affairs/financial_reporting
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InBillions 2011 2012 2013 2014 2015 2016 2017USGAppropriation 1.81 1.70 1.74 1.88 1.94 2.02 2.09TotalTaxRevenues 15.31 16.05 17.00 17.88 19.03 20.81 21.56%ofTaxRevenues 11.8% 10.6% 10.3% 10.5% 10.2% 9.7% 9.7%
8%9%10%11%12%13%14%15%16%
2011 2012 2013 2014 2015 2016 2017
PerStudentAppropriationtotheUniversitySystemofGeorgia(USG)
Source:http://www.usg.edu/research/enrollment_reports 20
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016USGAppropriaitoninBillions 1.86 2.03 2.02 1.69 1.81 1.70 1.74 1.88 1.94 2.02HCEnrollmentUSG 259,945 270,022 282,978 301,892 311,442 318,027 314,365 309,469 312,936 318,164
AppropriaitonperStudent $7,164 $7,536 $7,139 $5,608 $5,803 $5,351 $5,549 $6,077 $6,208 $6,338
$4,000
$4,500
$5,000
$5,500
$6,000
$6,500
$7,000
$7,500
$8,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
AppropriaitonperStudent
BasicSetupofHigherEducationInstitutionsinGeorgia• UniversitySystemofGeorgia(USG)• TechnicalCollegeSystemofGeorgia(TCSG)• IndependentPublicInstitution(GAMilitary)• PrivateCollegesandUniversities• WheredoHBCUsFitinGeorgia?
o3arepartofUSGo4areprivateinstitutions
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InstitutionsAnalyzed
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HBCUGeorgiaPublic
GeorgiaPublicNonHBCU
HBCUGeorgiaPrivate
GeorgiaPrivatenonHBCU
SavannahState Augusta Morehouse Emory
FortValleyState ClaytonState Spelman Mercer
AlbanyState ColumbusState ClarkAtlanta Wesleyan
GeorgiaCollege Paine AgnesScott
GeorgiaTech GeorgiaPerimeter
GeorgiaState YoungHarris
KennesawState SavannahCArt&Design
UofWestGeorgia BerryCollege
ValdostaState Oglethorpe
UofGeorgia
ConsolidationsintheUniversityofGeorgiaSystem
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GeorgiaStateUniversity AugustStateUniversitymergeswith mergeswithGeorgiaPerimeterCollege GeorgiaHealthSciencesUniversityandbecomes andbecomesGeorgiaStateUniversity GeorgiaRegentsUniversity
In2015,changesnameto:AugustaUniversity
KennesawStateUniversitymergeswithSouthernPolytechnicStateUniversityandbecomesKennesawStateUniversity
2016EnrollmentandRacialCompositionofPublicHBCU’sandOtherGAPublics
Sources:http://www.usg.edu/research/enrollment_reports andhttp://www.chronicle.com/section/Facts-Figures/58/ 24
%Black %Hispanic Combined Enrollment2015State
AppropriationAppropriationperStudent
FortValleyState 94.1% 1.2% 95.3% 2,594 23,309,344 $8,986
SavannahState 87.2% 2.5% 89.7% 4,915 19,458,854 $3,959
AlbanyState 88.2% 1.1% 89.3% 3,910 19,326,043 $4,943
ClaytonState 61.3% 2.5% 63.8% 7,022 24,192,783 $3,445
GeorgiaState 41.2% 8.4% 49.6% 53,927 239,977,179 $4,450
StateofGeorgia 31.7% 9.4% 41.1%ColumbusState 35.7% 5.3% 41.0% 8,192 33,300,304 $4,065
UofWestGeorgia 35.1% 4.1% 39.2% 12,206 48,167,093 $3,946
ValdostaState 33.4% 4.2% 37.6% 11,563 49,347,815 $4,268
Augusta 21.1% 5.0% 26.1% 8,530 187,452,806 $21,976
KennesawState 18.8% 7.2% 26.0% 32,500 107,782,189 $3,316
UofGeorgia 8.0% 4.7% 12.7% 35,197 400,083,488 $11,367
GeorgiaCollege 7.5% 4.9% 12.4% 6,772 29,636,189 $4,376
GeorgiaTech 5.6% 5.6% 11.2% 23,108 227,216,008 $9,833
GeorgiaPublics:EnrollmentandMinorityPercentageGraphically
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0%10%20%30%40%50%60%70%80%90%100%
05,00010,00015,00020,00025,00030,00035,00040,00045,00050,00055,00060,000
Enrollment %Black+Hispanic
CorrelationsforGeorgiaPublics
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-0.56-0.42
-0.27
0.74
-1.00-0.75-0.50-0.250.000.250.500.751.00
Minority%andAppropriation
Minority%andEnrollment
Minority%andPerStudentAppropriation
AppropriationandEnrollment
2015AppropriationtoGeorgiaPublicsSource:http://www.usg.edu/fiscal_affairs/financial_reporting
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025,000,00050,000,00075,000,000100,000,000125,000,000150,000,000175,000,000200,000,000225,000,000250,000,000275,000,000300,000,000325,000,000350,000,000375,000,000400,000,000425,000,000
2015StateAppropriationperStudent
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02,0004,0006,0008,00010,00012,00014,00016,00018,00020,00022,000
HBCUAverage $5,438NonHBCUAverage $6,769NonHBCUMedian $4,322
RacialDataandEnrollmentofGeorgiaPrivateInstitutions
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%Black %Hispanic Combined Enrollment Endowment
Morehouse 94.3% 0.6% 94.9% 2,109 $137,985,811
Paine 88.9% 1.7% 90.6% 848 $9,329,221
Spelman 86.9% 0.3% 87.2% 2,135 $367,036,697
ClarkAtlanta 84.1% 0.4% 84.5% 3,485 $66,719,772
AgnesScott 33.0% 8.9% 41.9% 873 $272,331,405
Wesleyan 31.9% 4.4% 36.3% 711 $63,251,978
Mercer 29.8% 3.9% 33.7% 8,552 $256,919,032
Oglethorpe 18.5% 10.3% 28.8% 1,094 $19,664,387
SavannahCArt&Design 11.2% 7.6% 18.8% 11,347 $18,629,324
Emory 10.0% 5.9% 15.9% 14,769 $6,981,307,921
BerryCollege 4.3% 6.2% 10.5% 2,177 $925,698,267
YoungHarris 6.2% 4.0% 10.2% 1,218 $117,372,377
GeorgiaPrivates:EnrollmentandMinorityPercentageGraphically
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0%10%20%30%40%50%60%70%80%90%100%
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
Enrollment %Black+Hispanic
Correlations:PrivateInstitutionsinGeorgia
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-0.37 -0.32
0.69
-1.00-0.80-0.60-0.40-0.200.000.200.400.600.801.00
Minority%andenrollment
Minority%andendowment
EndowmentandEnrollment
ChangesinAppropriation:2011to2015and2015to2017
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-10%
-5%
0%
5%
10%
15%
20%
25%
%ChangeinAppropriation2011to2015
%ChangeinBudgetAppropriation2015to2017
GeorgiaState -0.4% 8.3%2011to2015 2015to2017
HBCUAvg 8.2% 8.7%Non-HBCUAvg 5.6% 9.6%
ChangesinEnrollmentandPerStudentAppropriation,2011to2016
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-12%
3%
25%
6%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
SSU
HBCUTotal
AlbanyState
FVSU
GeorgiaTech
Kennesaw
WestGeorgia
Clayton
UofGeorgia
NonHBCU
Total
GeorgiaCollege
Columbus
GeorgiaState
Valdosta
Augusta
%ChangeinEnrollment %ChangeinAppropriationperStudent
34
FinancialAnalysisofHBCUsandOtherInstitutionsin
Georgia
DataNeededandWheretoGetIt
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Item Description WhereDoYouFindtheInfo?
AuditedFinancialStatements
Reportassets,liabilities,netassets;revenues,expenses;cashflows,allaffirmedbyanoutside,independentauditor;whatactuallyhappened
Universitywebsite;bondwebsite(emma.org);asktheadministration
IRS990
Forprivateuniversitiesonly:Reportsfinancialinformationatagenerallevel;numberofcontractors;revenuesandexpensesatbroadlevel;salariesoftopadministrators
www.guidestar.org;butonly2014maybeavailablenow;asktheadministration
IPEDSfinancesubmissionfor2015
IPEDS=IntegratedPostsecondaryEducationDataSystemoftheU.S.Dept.ofEducation;thefinancesubmissiontellsusthecashspentonsalariesandbenefits
Allyearsupto2014areavailableontheIPEDSsite;2015willnotbepubliclyavailable
until2017,buttheadmincreatedandsubmittedthistothefedsinAprilof2016
IPEDSHumanResourcesubmissionfor2015-16
Informationonthenumberoffaculty,numberofemployees,breakingdownfacultybytenurestatus,parttime;salariesoffacultyandnon-instructionalpersonnel
Allyearsupto2014areavailableontheIPEDSsite;2015willnotbepubliclyavailable
until2017,buttheadmincreatedandsubmittedthistothefedsinAprilof2016
CommonDataSet
Dataonenrollment,admissions,degreesconferred,graduationrates,retentionrate,numberoffulltimeandparttimefaculty,classsize
Mostprivateandpublicuniversitieshavethesepubliclyavailableontheinstitutional
researchwebsite
Budgetfor2016-17andprioryears
Reportsfuturerevenuesandexpenditures;italwaysbalances(revenuesexactlyequalsexpenditures);notauditedbyanoutsideparty;theadmincanincludeorexcluderevenuesorexpensesastheylike
Thisishitandmiss;someinstitutionsputsomesortofbudgetontheirwebsite;but
watchoutforbudgetsthatareGeneralFundonly- theydonotincludeallrevenuesand
expenditures
ComparisonofDataSources
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Auditedfinancialstatementsarecertifiedbyanindependentoutsideauditor,usingstandardaccountingrulesandprinciples
Bondratingsaredeterminedbyexaminingnumerousstandardratiosfromauditedfinancialstatements,aswellasotherdatasuchasenrollment,applications.Thisisalldonebyanoutside,independentparty.
Budgetsarecreatedbyuniversityadministrators,arenotrequiredtobeauditedorreviewedbyanoutsideparty,andbudgetsarenotsubjecttostandardaccountingrulesandprinciples.
AuditedFinancialsforUSGInstitutions• http://www.usg.edu/fiscal_affairs/financial_reporting• Picturesonthefirstfewpages• Officialletters– noticetheFebruarydate• ManagementDiscussionandAnalysis(MD&A)
oReservesonpage12/18andpensionissueoPiechartofrevenue(page14/20)o Expensedistributiononpage15/21
• System-widefinancialstatements,pate21/27o StatementofNetPosition(BalanceSheet)o StatementofRevenues,Expenses,andChangeinNetPosition(IncomeStatement)
o StatementofCashFlows
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IndividualInstitutionDataintheUSGAuditedFinancialStatements• StartswithSupplementalInformation,page87/93• Assets,Liabilities,NetPositionpages88-90/94-96• Revenuebreakdownonpages92-93/98-99• Differencebetweenrevenuesandexpenses:page94/100• Verylittleindividualexpensedata– wewillneedIPEDSforthat• Thelast20pagesofthereportareforthefoundationsandaffiliatedorganizations
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DataforWesleyanCollege• AuditedstatementsarenotontheCollege’swebsite;noristhereanybudgetdataofanysignificance• TheIRS990for2015isonwww.guidestar.org
o TopSalariesonpage7oRevenuesonpage9o Expensesonpage10oBalancesheetonpage11o Endowmentonpage22
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40
RevenueDistribution:
Publics:USGAuditedStatementsorIPEDS
Privates:AuditedFinancialsorIPEDS(NotIRS990)
2015RevenueDistributionofGAPublicsSource:USGAuditedStatements
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0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Other
StateAppropriation
Grants&Contracts
Auxiliaries
Tuition&Fees,Net
2015RevenueDistribution:AllHBCUsandNon-HBCUs
42
0%
5%
10%
15%
20%
25%
30%
35%
40%
Tuition&Fees,Net
Auxiliaries Grants&Contracts
StateAppropriation
Other
HBCU Non-HBCU
UndergraduateIn-StateTuitionandMandatoryFees
Source:http://www.usg.edu/fiscal_affairs/tuition_and_fees 43
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000HBCUAverage=$6,547NonHBCUAverage=$9,011
DiscountRateAppliedtoTuitionandFeesSource:IPEDS
44
0%
10%
20%
30%
40%
50%
60%HBCUAverage=43%NonHBCUAverage=19%
Publics:%ofStudentsReceivingPellGrantsSource:IPEDS
45
0%10%20%30%40%50%60%70%80%90%
HBCUAverage=74%NonHBCUAverage=40%
2016PrivateUniversityTuitionandFeesSource:IPEDS
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$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
$45,000
$50,000
HBCUAverage=$22,325NonHBCUAverage=$33,384
PrivateUniversityPellRateperIPEDS
47
0%10%20%30%40%50%60%70%80%90%
HBCUAverage=63%NonHBCUAverage=34%
48
ExpenseAnalysis:IstheAdministrationCommittedtotheCoreAcademicMission
2015ExpenseDistributionforallofUSGSource:USGAuditedFinancialStatements;HospitalcostsofGSUtakenout
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26%
17%
5%8%5%
15%
10%
4%
11%Instruction
Research
PublicService
AcademicSupport
StudentServices
InstitutionalSupport
Plant
Scholarships
Auxiliary
ExpenseCategoryDefinitions
50
Instruction Salaries.of.those.who.teach;.academic.admins.are.out
Academic.Support Deans.and.Libraries;.Advising
Auxiliaries Housing,.dining,.bookstore,.parking,.athletics
Institutional.Support Upper.level.administration
Scholarships/Student.Aid Direct.aid.to.students
Plant Buildings.and.grounds
Student.Services Admissions;.student.orgs
Research Includes.external.grants.and.internal.spending
Depreciation Estimated.decline.in.value.of.buildings
Public.Service Conferences.and.institutes
Publics:InstructionandResearchExpensesas%ofTotalExpensesperIPEDS,2014
51
Institution Instruction% Research% CombinedGeorgiaTech 21.8% 53.3% 75.1%GeorgiaState 35.8% 20.2% 56.0%UofGeorgia 23.8% 28.4% 52.2%Augusta 38.5% 11.6% 50.1%Columbus 43.7% 0.1% 43.8%Kennesaw 39.7% 0.4% 40.1%WestGeorgia 39.0% 1.0% 40.0%Albany 36.1% 2.7% 38.8%Valdosta 37.4% 0.2% 37.6%Clayton 36.8% 0.1% 36.9%GeorgiaCollege 34.1% 0.5% 34.6%FVSU 20.8% 8.6% 29.5%SSU 24.0% 1.6% 25.6%
Non-HBCUAverage 35.1% 11.6% 46.6%HBCUAverage 27.0% 4.3% 31.3%
InstitutionalSupportasa%ofTotalExpenses
52
PublicInstitution InstSupport% PrivateInstitution InstSupport%Albany 18.5% Spelman 26.7%Augusta 17.1% PaineCollege 25.2%FVSU 16.6% ClarkAtlanta 24.6%Valdosta 13.0% Morehouse 24.1%Columbus 12.8% SCAD 22.6%Kennesaw 11.7% Berry 19.6%WestGeorgia 11.7% AgnesScott 19.3%GeorgiaCollege 11.5% Wesleyan 18.7%SSU 11.4% YoungHarris 17.3%Clayton 11.4% Emory 11.2%UofGeorgia 6.3% Oglethorpe 10.2%GeorgiaState 6.2% Mercer 9.6%GeorgiaTech 5.8%
HBCUAverage 15.5% HBCUAverage 25.2%NonHBCUAverage 10.7% NonHBCUAverage 16.1%
HBCUInstitutionalSupportDollarsAboveAverage:ExtraDollarsSpentonUpper-LevelAdministration
53
HBCUSavingsifAdmin
CostsWereAverageAlbany $5,317,264FVSU $4,166,296SSU $627,154
Spelman $9,160,829ClarkAtlanta $7,310,316Morehouse $7,015,190Paine $2,224,618
InstructionSalariesandBenefitsinContextforPublicsperIPEDS
54
InstitutionName
InstructionandResearchSalaries+Benefitsas%of
TotalExpenses
InstructionandResearchSalaries+Benefitsas%ofTotalSalaries &Benefits
GeorgiaTech 45.4% 75.3%GeorgiaState 39.7% 65.3%UofGeorgia 36.1% 53.8%Augusta 35.1% 50.3%Kennesaw 31.6% 53.7%Columbus 31.3% 55.3%Albany 29.6% 50.5%Valdosta 28.9% 52.9%Clayton 28.3% 47.8%WestGeorgia 28.0% 51.1%GeorgiaCollege 24.2% 47.9%FVSU 23.1% 41.4%SSU 19.0% 42.1%
HBCUAverage 23.9% 44.7%NonHBCUAverage 32.8% 55.4%
InstructionSalariesandBenefitsinContextforPrivatesperIPEDS
55
InstitutionName
InstructionandResearchSalaries+Benefitsas%of
TotalExpenses
InstructionandResearchSalaries+Benefitsas%of
TotalExpensesMercer 38.0% 61.3%ClarkAtlanta 28.5% 53.2%Paine 26.8% 54.1%Wesleyan 25.3% 45.4%Spelman 24.2% 44.9%Morehouse 22.2% 50.4%SCAD 21.9% 49.1%Berry 21.4% 45.9%YoungHarris 20.3% 44.6%AgnesScott 19.1% 40.3%Emory 18.1% 29.5%Oglethorpe 14.1% 48.0%
HBCUAverage 25.4% 50.6%NonHBCUAverage 22.3% 45.5%
InstructionalClassCoverageDistribution2015perIPEDSforPublicInstitutions
56
27%
11%
11%
33%
17%
Tenured
TenureTrack
FullTimeNTT
PartTime
GradTeaching
ChangeinInstructionalStaffforGeorgiaPublicsFrom2011to2015perIPEDS:HugeIncreaseinPartTimeFaculty
57
2011 2015 #Change %Change
Tenured 3,876 3,806 (70) -2%
TenureTrack 1,948 1,587 (361) -19%
FullTimeNTT 1,680 1,577 (103) -6%
PartTime 1,356 4,658 3,302 244%
GradTeaching 1,817 2,301 484 27%
TOTAL 10,677 13,929 3,252 30%
ChangesatFVSU
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FortValley 2011 2015 #Change %ChangeFull 46 25 (21) -46%Associate 26 28 2 8%Assistant 66 18 (48) -73%Instructor/Lecturer/Other 6 15 9Total 144 86 (58) -40%
Tenured 65 65 0 0%TenureTrack 51 8 (43) -84%NonTenureTrack 28 13 (15) -54%TotalFullTime 144 86 (58) -40%
PartTime 80 8 (72) -90%GradTeaching 0 0 0
Enrollment 3,728 2,594 (1,134) -30%
DeeperExaminationatFVSUSalaries:AsEnrollmentDropped:FacultySalariesWentDownAdministrationWentSalariesUp
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2010 2014 #Change %Change
Instructionsalaries+Benefits $14,390,435 $12,928,439 ($1,461,996) -10%
Institutionalsupportsalaries+benefits $7,108,103 $8,779,910 $1,671,807 24%
TotalSalaries+Benefits(Allemployees) $40,823,684 $39,615,145 ($1,208,539) -3%
TotalExpenses $76,558,683 $70,766,831 ($5,791,852) -8%
2015GAPublicFacultySalariesperAAUPSurveyHBCUSalariesare12%to31%BelowNonHBCUSalaries
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$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
MeanHBCU MeanNonHBCU MedianNonHBCU
Full Associate Assistant
2015CampusSpecificSalariesforPublics
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HBCUs Full Associate AssistantAlbany $72,708 $59,967 $54,092SSU $68,445 $58,914 $51,399FVSU $63,801 $52,965 $48,357Mean $68,318 $57,282 $51,283Median $68,445 $58,914 $51,399
NonHBCUs Full Associate AssistantGeorgiaTech $151,673 $103,310 $96,921GeorgiaState $124,582 $83,421 $81,508UofGeorgia $116,358 $85,531 $81,613Augusta $112,519 $80,081 $72,501Kennesaw $87,035 $69,247 $58,391Clayton $80,916 $62,460 $57,349WestGeorgia $79,876 $61,271 $56,253GeorgiaCollege $79,364 $67,179 $56,787Valdosta $77,786 $62,452 $58,047Columbus $74,240 $65,740 $55,465Mean $98,435 $74,069 $67,483Median $83,976 $68,213 $58,219
%MeanDifference -31% -23% -24%%MedianDifference -18% -14% -12%
2015CampusSpecificSalariesforGAPrivates
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HBCUs Full Associate AssistantSpelman $91,656 $69,651 $62,487Morehouse $83,772 $67,430 $55,216ClarkAtlanta $71,978 $61,744 $53,922Paine $47,502 $48,348 $43,569HBCUAverage $73,727 $61,793 $53,798HBCUMedian $77,875 $64,587 $54,569
NonHBCUs Full Associate AssistantEmory $160,121 $110,434 $93,086AgnesScott $92,925 $73,156 $62,963Mercer $88,985 $69,926 $65,945BerryCollege $87,650 $66,757 $57,513SCAD $75,861Oglethorpe $74,146 $58,662 $51,671YoungHarris $73,098 $51,588 $54,605Wesleyan $64,934 $52,165 $49,992NonHBCUAverage $89,715 $68,955 $62,254NonHBCUMedian $81,756 $66,757 $57,513
%MeanDifference -18% -10% -14%%MedianDifference -5% -3% -5%
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BondRatingsandOverallFinancial
Analysis
Fichtenbaum-BunsisRatioScores
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BondRatingsofGeorgiaInstitutionsSource:Moodys.com
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Aa2 Aa3 A1,2,3 Ba1,2 Baa1,2 NoRatingUniversity
ofGeorgia GeorgiaTech Augusta
Morehouse(Ba1) SavannahArt
SavannahState
UofGeorgia GeorgiaState ColumbusStateClarkAtlanta
(Ba2) Mercer AlbanyState
EmoryGeorgiaPerimeter GeorgiaCollege ClaytonState
KennesawState PaineUofWestGeorgia Wesleyan
ValdostaState Bainbridge
Spellman(A1) YoungHarrisFortValleyState
(A2) BerryCollege
AgnesScott(A3) Oglethorpe
Moody’sBondRatingsinHigherEducation2015PublicSector
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5The Financial & Strategic Outlook for Private Colleges
Moody’s Rates Over 500 Universities in the USIncludes vast majority of sector debt
» Nearly 275 private colleges and universities» Over $85 billion of rated debt outstanding» Median rating of A3 by number of institutions» Median rating of Aa2 weighted by rated debt
» Over 230 four-year public universities» Almost $125 billion total rated debt outstanding» Median rating of A1 by number of institutions» Median rating of Aa1 weighted by rated debt
Source: Moody's, ratings as of December 29, 2014. S-T represents those with only a short-term rating
812
4146
69
22 19
82 0 3 1
0
10
20
30
40
50
60
70
80
Aaa Aa1 Aa2 Aa3 A1 A2 A3 Baa1 Baa2 Baa3 SG S-T
US Public University Ratings
1511
20
25
33
3840
33
26
21
12
00
5
10
15
20
25
30
35
40
45
Aaa Aa1 Aa2 Aa3 A1 A2 A3 Baa1 Baa2 Baa3 SG S-T
US Private University Ratings
Moody’sBondRatingsinHigherEducation2015PrivateSector
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5The Financial & Strategic Outlook for Private Colleges
Moody’s Rates Over 500 Universities in the USIncludes vast majority of sector debt
» Nearly 275 private colleges and universities» Over $85 billion of rated debt outstanding» Median rating of A3 by number of institutions» Median rating of Aa2 weighted by rated debt
» Over 230 four-year public universities» Almost $125 billion total rated debt outstanding» Median rating of A1 by number of institutions» Median rating of Aa1 weighted by rated debt
Source: Moody's, ratings as of December 29, 2014. S-T represents those with only a short-term rating
812
4146
69
22 19
82 0 3 1
0
10
20
30
40
50
60
70
80
Aaa Aa1 Aa2 Aa3 A1 A2 A3 Baa1 Baa2 Baa3 SG S-T
US Public University Ratings
1511
20
25
33
3840
33
26
21
12
00
5
10
15
20
25
30
35
40
45
Aaa Aa1 Aa2 Aa3 A1 A2 A3 Baa1 Baa2 Baa3 SG S-T
US Private University Ratings
Moody’sonUSG:October3,2016• Strengths
o Thewealthofthesystemwithhealthyreserveso USGisthedominantproviderofpublichighereducationintheAaa-ratedStateofGeorgia.
o Thesystem'sfavorabletuitionpricing,enrollmentgrowth,anddiverserevenuesourceswillcontinuetosupportsounddebtservicecoverage.
oWhilefinancialleverageforsomecollegesishigh,overallfinancialleverageismanageableandUSG'sfutureborrowingplansarelimited.
• Challengeso Thinunrestrictedliquidityrelativetoalargeexpensebase,growingretirementbenefitobligations,andongoingcapitalneeds.
o Theratingalsoincorporatestheannualrenewalandabatementriskassociatedwiththeleaseobligationsupportingthebonds.
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FortValleyStateMoody’sBondRating• Moody'supgradesUniv SysofGA's(FortValleyStateUniversityFoundationProperty,LLCProject)toA2;• Outlookstable10/15/2014• TheupgradefortheStudentHousingFacilitiesRevenueBonds(FortValleyStateUniversityFoundationProperty,LLCProject),Series2006acknowledgestheextraordinarysupporttheUniversitySystemofGeorgia(USG)hasnowdemonstrateditwillprovidetoFortValleyStateUniversity,aswellasothermembercampuses.• FortValleywillbepermittedtousecentralizedreservestofundPPVdebtserviceinfiscalyear(FY)2015andthesystemhasincreasedtheallotmentofstateappropriationstotheuniversityforFY2015.
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StrengthsandChallengesforFVSU• STRENGTHS
o AnannuallyrenewableleasewiththeBoardofRegentsoftheUniversityofGeorgiaSystem(USG)underpinsthecreditoftheSeries2006projectatFortValley.USGisalarge,diversesystemwithgoodoperatingcashflowperformanceandover$1.2billionofunrestrictedmonthlyliquidity.
o TheBoardhasimplementedgreateroversightandcontrolofthesystem,includingnewpoliciesandproceduresgoverninguseofthePPVprogram.
o FortValleyStateUniversitywillbeabletoaccessacentralizedreserveforrequireddebtservicepaymentsonthe2006projectinFY2015.ThesystemisactivelyworkingwithFortValleytoimplementturnaroundstrategies.
o Thesystemhas,inrecentyears,moreconcretelydemonstratedsupportforotherstrugglingcampuses.
o USGreceivessignificantdirectfinancialandcapitalsupportfromtheAaa-ratedStateofGeorgia,althoughoperatingfundingonaperstudentbasishasdeclinedsince2009.Thestateofferssignificantstudentfinancialaidprogramssupportingstate-widestudentdemand.
• CHALLENGESo FortValleywillcontinuetobefinanciallychallengedformultipleyearsdueto
asteepFall2014enrollmentdecline.o Oversightofthesystemiscomplex,withover30campuseso USGhaslargepensionandotherpost-retirementbenefitliabilitiesthatwill
alsorequireincreasedfunding.
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ClarkAtlantaMoody’sRatingOctober5,2016• Moody'sAffirmsClarkAtlantaUniversity,GA'sBa2;OutlookStable• TheBa2ratingreflectsahighlyvulnerableandvolatilestudentmarketpositionstemmingfromanarrowandpricesensitiveenrollmentbase.• Theratingalsoincorporatesheavydependenceonstudent-relatedrevenuesources,variableoperatingperformance,andmodestliquidity.• Theratingfavorablyreflectsimprovingoperatingperformance,anemergingtrendofenrollmentandrevenuegrowth,andamanageabledebtburden.
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MorehouseBondRatingMoody'sDowngradesMorehouseCollege,GAtoBa1;OutlookNegativeAugust2016• Whileacknowledgingsomeimprovementinstabilizingenrollmentandoperatingperformance,thedowngradetoBa1reflectsanexpectationofcontinuedweakrevenuegrowth,combinedwithlimitedfinancialflexibility.
• Theratingincorporatesafiercelycompetitivestudentmarket,exacerbatedbyanarrowniche.
• Morehouseisrevisingitsbusinessmodeltofocusmoreheavilyonincreasingphilanthropytosupportasustainablefinancialmodel.
• TheBa1ratingexpressessomedemonstratedhistoryoffundraisingprowess,yettheabilitytosustainablyshifttoahigherlevelofunrestrictedgivingandexpanditsdonorbaseisuncertain.
• Morehouse'soperatingperformanceandliquidityprofilearemodest,notablygiventhesignificantheadwindsthecollegeisfacing.
• TheBa1ratingfavorablyreflectsanexpectationthatcostreductioneffortswillcontinuetogaintractionwhilethedebtburdenremainsmanageable.
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TheImportanceofHBCU’sintheUnitedStates
UniversitySystemofGABoardofRegents2015
74
UniversitySystemofGAPresidents2015
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6ReasonsWhyHBCUsAreMoreImportantThanEverDr.MichaelLomax, CEOandpresidentofUNCFJuly16,2016• 1.OutsizedImpact,Low-Cost=“BestBuy”inEducation• Today,thenation’s106HBCUsmakeupjust3percentofAmerica’scollegesanduniversities,yettheyproducealmost20percentofallAfricanAmericangraduatesand25percentofAfricanAmericangraduatesintheSTEMfieldsofscience,technology,engineeringandmathematics — thecriticalindustriesofthefuture.• AndHBCUtuitionratesareonaveragealmost30percentlessthanatcomparableinstitutions — that’swhythey’reoftenreferredtoasthebestbuyineducation.
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2.MeetingtheNeedsofLow-income,First-generationStudents• HBCUsprovideastableandnurturingenvironmentforthosemostatriskofnotenteringorcompletingcollege:low-income,first-generationcollegestudents.Manyofthesestudentsareacademicallyunderpreparedforcollege,yetthey’repreciselythestudentsthatthecountrymostneedstoobtaincollegedegrees.• Onaverage,morethan300,000studentsattendHBCUseachyear,and80percentofthemareAfricanAmericans.It’salsoworthnotingthatHBCUsareservingthosewhoneeditthemost — morethan70percentofallstudentsatHBCUsqualifyforfederalPellGrantsand80percentofHBCUstudentsreceivefederalloans.
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3.LowerCostsNarrowtheRacialWealthGap• 43millionAmericansacrosstheracialandsocioeconomicspectrumhavenearly$1.3trillionincollegeloans,blackhouseholdsarefarmorelikelytohavestudentdebtatallincomelevels.• About54percentofAfricanAmericansbetweentheagesof25and40havestudentloans,comparedwith39percentofwhiteAmericansinthatagegroup.• Byprovidingabestvalueineducation,HBCUshelptoeliminateorreducestudentdebtforlow- tomiddle-incomefamilies
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4.CampusClimateFostersSuccess• Studentsofcolorfeelmoreathomeandperformbetterinschoolswheretheyfeelsupportedandsafe.Thestudentenvironmentfitisveryimportantforstudentsuccess.Arecentreportreaffirmedjusthowimportantcampusclimateistostudentoutcomes.• TheGallup-PurduepollnotedthatblackgraduatesofHBCUsaresignificantlymorelikelytohavefeltsupportedwhileincollegeandtobethrivingafterwardthantheirblackpeerswhograduatedfrompredominantlywhiteinstitutions.• Formorethan150years,HBCUshavebeenprovidingdiverselearningenvironments — fromstudentstofacultytoadministration — ensuringthateverystudenthasachancetosucceed.
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5.AddressestheNation’sUnder- andUnemploymentCrisis• ThenationneedsHBCUsnowmorethanever.Byearly2015,theunderemploymentrateforrecentcollegegraduateshadreached44percent.ForAfricanAmericancollegegraduates,thatratewasevenhigher — 56percent.• Atthesametime,theunemploymentrateforAfricanAmericancollegegraduatesbetweenages22and27isroughly12.4percent,morethantwicetherateoftheirwhitecounterparts.• GiventheirproventrackrecordofinfluencingtheacademicsuccessofAfricanAmericans,nowmorethanevergreaterinvestmentisneededinHBCUs.
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6.HBCUsOfferaTrueValue/ValuesProposition• HBCUsarerootedinfaith,communityandservice.Blackchurcheshavelongbeenpillarsoftheblackcommunityandthehistoryandlifeofblackcollegesarecloselyintertwinedwithfaith,valuesandservicetoothers.• HBCUsofferatruevalue/valuesproposition:notonlyaretheyareagreatvaluetotheirstudents,buttheyalsoproducestudentswithgreatvalues.• Formorethan100years,HBCUshavebeeneducatingminorities,givingthemeconomicopportunitiesandinstillinggreatvalues.Notonlyhavetheyconsistentlyproducedleadersintheircommunitiesandacrossthenation,butHBCUstodayareconsistentlyandaffordablyproducingtheleadersofthefuture.
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GeorgiaHistoricallyBlackCollegeFightsForAccreditationAtlantaJournalConstitution,9/19/2016
• PaineCollegeinAugustaisinafighttoregainaccreditationaftertheSouthernAssociationofCollegeandSchoolsCommissiononColleges(SACSCOC)deniedPaine’sappealofit’searlierlossofstatus• SACSCOCremovedPainelastsummerforfailingtomeetstandardsforfinancialresourcesandstabilityandcontrolofsponsoredresearchandexternalfunds.• The133-year-oldhistoricblackcollegehasinstructeditsattorneystofilealawsuitintheUnitedStatesDistrictCourtseekinganordertodelaytheactionandcompellingtheaccreditingagencytorestoreitsaccreditation.
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AAUPMembersCanStandWithStudentsandFacultyandCommunityMemberstoSupporttheHistoricRoleandMissionofHBCU’s• HBCUStudentsStandInSolidarityWithAmericanUniversityAmidstRacistEvents;September26,2016www.hbcubuzz.com• 34HBCULeadersComeTogetherInSupportOf#BlackLivesMatter Movement;July21,2016o ThepresidentsofSpellman,Morehouse,andFortValleyStatehavesignedtheletter
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AAUPActivismandCollectiveActioninthe
StateofGeorgia
November-DecemberIssueofAcademe:RaceonCampus• CampusActivismandCompetingRacialNarrativesHowstudentactivismreinforcesacademicfreedom. ByPeterHalewood
• FromPunitivePedagogiestoLiberatedLearningEmployingcriticalpedagogiestofurthersocialjustice. ByJanellHobson
• CampusActivism,AcademicFreedom,andtheAAUPWhattheAAUPcandotosupportstudentactivists. ByEmilyM.S.Houh
• TeachingPalestineTheimportanceofbringingtheIsrael-Palestineconflictintothemainstream. ByRanaJaleel
• WhyStandardizedTestsHaveStandardizedPostracial IdeologyPutting“race-neutral”admissionsstandardsontrialByIbram X.Kendi
• EightActionstoReduceRacisminCollegeClassroomsWhenprofessorsarepartoftheproblem. ByShaunR.HarperandCharlesH.F.DavisIII
• AusterityandAcademicFreedo QuestioningthecommonplaceontheterrainofausterityByAnthonyPaulFarley
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AAUPUnionsatHBCU’s• DelawareStateUniversity(DE)• EdwardWatersCollege(FL)• LincolnUniversity(PA)• CentralStateUniversity(OH)• WilberforceUniversity(OH)
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BuildinguptheAAUPChapter• Aneffectivefacultyvoicemustbedonecollectively• Actingaloneorasindividualswillnotbeimpactful• TheAAUPstandsforsomething:
oAcademicfreedomo Sharedgovernanceo Facultyandworkershaveavoiceintheprocessandaseatatthetable
oPartofahistoricnationalandstateorganization
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FacultyHavetoActCollectively• Thefulltimefacultyatprivateinstitutionsareunlikelytounionize.Legally,therearesignificantroadblocks:o Yeshiva(canbeovercomeinveryuniquecircumstances)o Religiousnatureofsomeinstitutions
• InGeorgia,duetolackof“enabling”legislationforfacultyinhighereducation,itwillbevirtuallyimpossibleforfacultytounionizeatpublicinstitutionsinthestate
• Butyoucanactlikeaunion– actcollectivelyo Thisdoesnotmeanstormingthegateso Itdoesmeancoordinatedactions
• Wearingbuttons• Wearingstickers• AAUPstickersonofficedoors• Handingoutbuttonsatgraduation• StandingunitedoutsideaBoardmeeting• Sendingalettertotheadministrationsignedby30AAUPmembers,aswellasstudentsandothersfromcampusandcommunity
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WhataretheGoals?• Tohaveaseatatthetableandavoiceintheprocess• Tohaveamoreeffectivevoice– withthegoalofmakingtheinstitutionbetter.Asfaculty,youaredeeplycommittedtothesuccessofyourstudentsandtheuniversity.Iftheadministrationlistenedandworkedmoreextensivelywiththefaculty,theeducationalexperienceofthestudentswouldbeenhanced• MoreinteractionwithBoard• Arealfacultyvoiceonfinancialmatters
oGettingtheauditedfinancialstatementsinatimelyfashion
oGettingtheIRS990inatimelyfashionoRecommendmetricsrelatedtothepercentofresourcesdevotedtothecoreacademicmission
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CollectiveAction:KennesawStateMariettaDailyJournal;October10,2016• TwodaysbeforeavotetoinstallAttorneyGeneralSamOlens asKennesawStateUniversity’snextpresident,protestsfromfacultyandstudentsagainsttheimpendingappointmentcontinuedMondayonthecampusgreen.
• Anestimated200to300participantsstandinsilencewiththeirbackstowardKennesawHall,whichhousestheuniversitypresident
• ScottRitchie,anassociateprofessoroflanguageandliteraryeducationandoneoftheorganizersoftheprotest,said“Whatthefacultyaremostconcernedaboutisthelackofanationalsearchforthenewpresident.ThedecisiontoappointSamOlens wasmadebehindcloseddoors,”Ritchiesaid.“TheyarealsoconcernedwithOlens’politicalstanceonthingsliketransgenderbathrooms,gaymarriageandthingslikethatthathavethecampuscommunityconcernedbecausewehavealargeLGBTpopulationhereandhavebeenwinningnationaldiversityawardsforthepasttwoyears.”
• Onlinepetitionat:http://www.thepetitionsite.com/201/634/352/keep-ksu-safe-for-lgbtq-students/
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MorefromKSU– LetterfromtheNationalAAUPtoRegentsChairmanKesselStelling Jr.• “WhilethedecisionoftheregentstoforegoanationalsearchmaybepermissibleundertheapplicableUniversitySystemofGeorgiapolicies,thedecisionisatoddswithwidelyobservedprinciplesofacademicgovernance,asitdeprivesthefacultyofitsappropriateroleintheprocess,”wroteHans-Joerg Tide,anassociatesecretaryoftheAAUP.• “Weurgetheboardofregentsnottoremovethefacultyfromtheprocessandinsteadtoconductanationalsearchwithfullparticipationfromthefaculty.”
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KennesawStateNamesControversialPoliticianasPresidentWithoutNationalSearchChronicleofHigherEducationOctober12,2016• SamOlens,Georgia’sattorneygeneral,wasnamedonWednesdayaspresidentofKennesawStateUniversitybytheUniversitySystemofGeorgia’sBoardofRegents,accordingtoauniversitynewsrelease.
• Inararemove,Mr.Olens wasselectedwithoutanationalsearchtofilltheposition,apointofconflictformanyfacultymemberswhoregardedhisappointmentasathreattosharedgovernance.
• StudentsandfacultymembersattendedWednesday’smeetingoftheBoardofRegentstoprotestMr.Olens’s appointment
• OnMondaytheAmericanAssociationofUniversityProfessorsaskedthecollegetoconductanationalsearchandincludefacultymembersinthehiringprocess.Hans-Joerg Tiede,theassociation’sseniorprogramofficer,onWednesdaycalledtheappointment“anunwelcomedevelopment.“Wecontinuetobeconcernedthatthisprocessprettymuchexcludedthefacultyentirely,”hesaid.“Wealsohaveheldforalongtimethatwebelievethatuniversitypresidentsshouldhavesignificantexperienceineducationalmattersandthatisalso,inthiscase,apparentlylacking.”
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AAUPStatementonPresidentialSearchesNovember3,2015• TheAAUP'sNovember3StatementonPresidentialSearchescallsuponcollegesanduniversitiestoavoidclosed,secretivesearchesandclarifiesexisting AAUPpoliciesaboutpresidentialsearches.
• ContrarytotheAAUP'sprinciplesofsharedgovernance,governingboardsatseveralcampusesaroundthecountryhaveconductedsecretivesearchesinrecentmonthswithoutadequatefacultyandpublicparticipationintheprocess.
• WhileAAUPpoliciesacknowledgetheneedforaconfidentialphaseinwhichasearchcommitteemaydeveloptheinitialcandidatepool,suchsearchcommitteesshouldinvolvefacultymembers.
• Allsearchesshouldincludeanopenphase,involvingcampusvisitsandapublicforuminwhichfaculty,students,andotherscansharetheiropinions.Thestatementarguesthattheobligationsofpublicandprivatenon-profitcollegesanduniversitiestoservethepublicinterestnecessitatetheprotectionsof sharedgovernance,includingfacultyengagementinallphasesofthehiringprocess.
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