The context in which boards are making endowment spending decisions has changed remarkably in the past year. In January 2008, Senators Max Baucus and Charles Grassley, chair and ranking minority member, respectively, of the Senate Finance Committee, cited "explosive college endowment growth" as evidence that college and university boards should…

"Spectacular error" sounds euphemistic compared to "devastating," "catastrophic," or "meltdown"--terms more commonly summoned to describe the credit crisis and ensuing global economic carnage. Whatever they are labeled, gross miscalculations on Wall Street are having a deleterious effect on college campuses across the country, with many…

The development of program discontinuance guidelines and their implementation at the University of Michigan is described. Draft policy guidelines from the University of Pittsburgh, Michigan State University, and University of Wisconsin, and guidelines on academic freedom and tenure from the American Association of University Professors (AAUP) were…