Full-Time College Faculty Members Get Pay Bump
The American Association of University Professors’ annual survey has revealed that full-time faculty members’ salaries increased 2.6 percent last academic year. According to the recent survey, the median salary for full-time faculty members at colleges and universities during the 2016-17 year rose to $80,095. In addition, full-time professors experienced the largest pay bump from last year, earning an average of $102,402. Other faculty receiving pay increases include associate professors and assistant professors, which earned $79,654 and $69,206 respectively in 2016-17. More on the American Association of University Professors survey is available on the Inside Higher Ed website.
GAO Seeks Feedback on Proposed Yellow Book Changes
The U.S. Government Accountability Office (“GAO”) is seeking comments on its proposed revisions to Government Auditing Standards (“Yellow Book”). The exposure draft offers major changes to the 2011 Yellow Book including chapter reorganization, providing additional details on the auditor’s requirements when the engaging party is different from the responsible party, and an update to the internal control requirements and guidance. Comments on the proposed Yellow Book changes are due Thursday, July 6. More on the proposed amendments to the Yellow Book is available on GAO.gov.
Online FAFSA Tool Temporarily Down for Months
An online tool used by students to help them complete the Free Application for Federal Student Aid (“FAFSA”) might be unavailable for several months. In a joint statement last week, the Department of Education and Internal Revenue Service said the tool will be down until security protections are implemented. The added security measures are aimed to protect the taxpayer data of those who submit an application. Students should expect the tool to be back at the start of the next FAFSA season on October 1. More on the FAFSA online tool is available on the Inside Higher Ed website.
Duke Study Reveals Legislator-State Funding Relationship
Duke University’s Fuqua School of Business has uncovered a relationship between higher education state funding and legislators who attended public institutions in their states. According to the school’s study, every legislator that attended an in-state public university helps add $3.5 million in funding. In addition, the study discovered that the relationship has strengthened since the Great Recession, especially among legislators representing districts where their alma maters reside. More on Duke University’s study of legislator school ties and state funding is available on Inside Higher Ed.
Coastal Carolina Investigating Possible Phishing Scam
An investigation is underway to help Coastal Carolina University (“CCU”) recover money stolen through a possible phishing scam. The university discovered that scam artists masqueraded as vendors under contract with Coastal Carolina to pocket more than $1 million over two incidents. During the first incident, an individual claiming to be a vendor representative emailed CCU financial services and asked to change the vendor’s bank account information, and had around $839,000 wired to their account. Per the investigation, the scam artists are highly skilled and could be located in the U.S. and internationally. Click here for more about Coastal Carolina University’s investigation.
Harvard Ordered to Release Donor’s Financial Information
A federal judge has ordered Harvard University to release any financial information it possesses on entrepreneur Charles Spackman. The decision is in response to a lawsuit filed by investor Sang Cheol Woo to collect a judgment from Spackman, one of Harvard’s wealthiest donors. The Woo ruling could impact the money Harvard previously received from Spackman, and the school could be sued if a fraudulent transfer took place. More on the Harvard ruling is available at the Nonprofit Quarterly website.