What is the cash error at the University of Arizona? (2024)

What is the cash error at the University of Arizona?

“We made a bet on spending money, we just overshot”

What is the University of Arizona financial error?

2 that that cushion had fallen to 97 days for fiscal year 2024. The news came after administrators told the board in June that the university had 156 days of cash on hand—a $240 million mistake caused by accounting errors and flawed financial projections.

What was the budget error for the University of Arizona?

It wasn't too long ago that the University of Arizona found itself in a tough spot: President Robert Robbins announced to the Board of Regents and the public late last year that the school was facing an unprecedented $240 million budget shortfall that he attributed to financial miscalculation.

What is the financial problem with the University of Arizona?

The UA faces a projected $177 million annual shortfall — meaning a $177 million deficit every year without intervention — and 70 days cash on hand for the end of Fiscal Year 2024. This is according to a Feb. 9 financial oversight report.

How did University of Arizona lose money?

The vast majority of the deficit is due to increased spending to enhance and improve our student experience and to strengthen our faculty and staff. This includes millions spent on student merit aid, compensation to retain and attract world-class faculty and staff, and critical strategic investments.

What was the scandal at the University of Arizona?

Check out what's clicking on Foxnews.com. Students and faculty members harshly criticized University of Arizona President Robert C. Robbins on Thursday over a $240 million budget shortfall that has sparked suggestions for cuts to student scholarships and instructor salaries.

What is the Arizona money scandal?

Three former Arizona Department of Education employees were indicted on conspiracy and money laundering charges in what prosecutors say was a scheme to defraud more than $600,000 from an education voucher program that has drawn criticism for its skyrocketing costs and lax regulation by the state.

What is the accounting error at the University of Arizona?

Some mistakes, unfortunately, are more costly than others. Take, for example, the University of Arizona's recently discovered $240 million accounting error, which has led to talk of severe budget cuts, including in the student aid it provides, hiring, and in other operations.

Why is University of Arizona in debt?

The university's administrators say that inflation, the pandemic and widespread overspending have contributed to its financial problems, and that they are trying to fix the budget without hurting the university's academics or research.

How much debt is the University of Arizona in?

It would be another massive hit for a university that's already $177 million in debt and struggling to find its way out. Gov. Katie Hobbs is planning to meet with the Arizona Board of Regents again this week to discuss the Tucson-based university's future.

How prestigious is University of Arizona?

The University of Arizona is one of the world's top research universities, according to Times Higher Education. UArizona ranks tied for No. 155 globally, No.

Is University of Arizona worth it?

The University of Arizona has earned recognition in The Princeton Review's "The Best 388 Colleges for 2023," receiving top ratings in fire safety (98), sustainability (87) and quality of life (87).

Is University of Arizona good academically?

University of Arizona is ranked #115 out of 439 National Universities. Schools are ranked according to their performance across a set of widely accepted indicators of excellence.

Who is Arizona university biggest rival?

Arizona's chief intercollegiate rival is the Arizona State Sun Devils, and the two universities' athletic departments compete against each other in multiple sports via the State Farm Territorial Cup Series.

What is the University of Arizona shortfall for 177 million?

In January, the University of Arizona had a projected $177 million budget shortfall for fiscal year 2024. On Thursday, Interim Chief Financial Officer John Arnold told the Arizona Board of Regents that UA reduced that number by about $15 million. Its current forecasted shortfall is $162 million dollars.

Why did University of Arizona change its name?

Established in 1885, University of Arizona is changing its nickname to UArizona to distinguish the land-grant university from other national and international organizations using the abbreviated UA.

How much does University of Arizona make a year?

FY 2023 revenues are projected to be $2.32 billion, a $48.3 million increase over the FY 2022 revised projections, representing a 2.1% increase.

Does Arizona have a budget deficit?

By: Jim Small - January 25, 2024 1:16 pm

Arizona lawmakers must address a $1.7 billion deficit in the coming months as they craft legislation to patch up the current year's budget and develop a spending plan for the upcoming fiscal year, budget analysts said Thursday.

Why is University of Phoenix controversial?

In 2019, the University of Phoenix reached a record $191 million settlement to resolve Federal Trade Commission charges that the institution used deceptive advertisem*nts that falsely touted its relationships and job opportunities with companies such as AT&T, Microsoft and the American Red Cross.

How much money did the University of Arizona lose?

PHOENIX (AP) — Students and faculty members harshly criticized University of Arizona President Robert C. Robbins on Thursday over a $240 million budget shortfall that has sparked suggestions for cuts to student scholarships and instructor salaries.

Where does Arizona get its money?

Arizona uses all major state and local taxes. After federal transfers, Arizona's largest sources of per capita revenue were general sales taxes ($1,835) and property taxes ($1,253).

Who is the treasure of Arizona?

The Honorable Kimberly Yee serves as the 36th Treasurer of Arizona.

What's the acceptance rate for University of Arizona?

University of Arizona has an acceptance rate of 87%. Half the applicants admitted to University of Arizona who submitted test scores have an SAT score between 1140 and 1370 or an ACT score of 21 and 29.

What is Arizona's acceptance rate?

Arizona admissions is somewhat selective with an acceptance rate of 87%. Students that get into Arizona have an average SAT score between 1120-1370 or an average ACT score of 21-29.

Who is president of the University of Arizona?

University of Arizona President Robert C. Robbins writes about the university's plan to address the university's financial challenges that he presented to the Arizona Board of Regents on Dec.