According to a recent report from the Academic Senate, the University of Illinois has its financial house “in order.”
“The UI has had a net income, essentially a profit, of more than $300 million every year since 2010” according to News-Gazette coverage.
The Senate Budget Committee report presented by Accountancy Professor Michael Sandretto confirms what we have been saying for several years: the University has been accumulating huge surpluses. CFA has been consistently right about the financial condition of the university (see our presentations here, here, here and here), in the face of claims of fiscal crisis from the Administration. The university’s underlying financial condition remained strong even in the furlough year (2010), when the Administration forced faculty to take pay cuts. In the same year, the UI made a profit of over $300 million. Our prediction for the next four years: continued profits, and continued excuses as to why the money just really can’t be spent.