Why is University of Arizona in financial trouble? (2024)

Why is University of Arizona in financial trouble?

The University's expenditures exceeded its revenues. The University's reserves are below the threshold required by the Arizona Board of Regents. The current issue centers on the University's structural deficit.

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.

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.

What is the budget problem with the University of Arizona?

Without further action, we would face a projected budget shortfall of $162 million this year. Our budget shortfall would only get worse year-after-year if we took no immediate action to course-correct the overspending trend. We are not going to allow that to happen.

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.

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).

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.

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 university has the highest student debt?

Atop the list is Maine Maritime Academy, where 2019 graduates who borrowed left with an average debt load of $56,897 – nearly $27,000 above the average among all ranked colleges.

Who funds University of Arizona?

Federal Government Grants and Contracts

The University of Arizona receives significant federal grant money for research and other purposes, in part stemming from its high Hispanic enrollment.

What is special about the University of Arizona?

The University of Arizona is a student-centered, top-100 global university. Repeatedly recognized for its outstanding academic programs and exceptional value, Arizona is where students collaborate with leading faculty to solve critical problems and make the world better through groundbreaking discovery.

Is the University of Arizona expensive?

The net price is the average cost of the university after aid and scholarship funds are discounted from the total cost, which come in on average at $18,016 for in-state students and $36,245 for out-of-state students receiving need-based aid.

What is the gender breakdown of University of Arizona?

University of Arizona has a total undergraduate enrollment of 40,407 (fall 2022), with a gender distribution of 45% male students and 55% female students. At this school, 22% of the students live in college-owned, -operated or -affiliated housing and 78% of students live off campus.

Is ASU bigger than University of Arizona?

ASU is the largest public university in the country, with an in-person student body of over 77,000 students spread over several campuses throughout the Phoenix metropolitan area. In contrast, UA has a student body of around 44,000 students and is located in Tucson, Arizona.

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.

What GPA does University of Arizona require?

Apply Guide: Undergraduate Main Campus Options

First-year undergraduate students have a 3.00 (recalculated) GPA from a secondary school, have at least three years of high school work, and present a completed high school diploma or certificate.

Is u of Arizona or ASU better?

ASU is a research university. They have extensive graduate programs, including a large number of PhD programs. They're one of the largest universities and one of the best known (they're better-known than the University of Arizona, despite Arizona being at least as well-regarded).

Why is University of Arizona so expensive?

Analysts have found many drivers to costs at universities, including increasing student enrollment, the cost of administrative personnel, attracting top faculty, building new on-campus facilities and amenities, and loss of state funding from the Great Recession.

Is University of Arizona hard to get into?

The acceptance rate at University of Arizona is 86.7%.

For every 100 applicants, 87 are admitted. This means the school is lightly selective. The school will have their expected requirements for GPA and SAT/ACT scores. If you meet their requirements, you're almost certain to get an offer of admission.

What is the most popular major at the University of Arizona?

The most popular majors at University of Arizona include: Business, Management, Marketing, and Related Support Services; Biological and Biomedical Sciences; Health Professions and Related Programs; Science Technologies/Technicians; Engineering; Multi/Interdisciplinary Studies; Computer and Information Sciences and ...

What is the #1 college in Arizona?

Arizona State University

The campus is located just outside of Phoenix, in the suburb of Tempe, Arizona.

Does the University of Arizona have a good reputation?

The University of Arizona earned recognition across several categories in the 2024 U.S. News & World Report Best Colleges ranking, released Monday. The university's undergraduate program for management information systems, housed within the Eller College of Management, rose two spots to No.

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.

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.

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).