Posted on 09/27/2024 7:42:26 AM PDT by george76
George Mason University's Antonin Scalia Law School will have incurred more than $38 million in losses over five years by the end of its 2025 fiscal year, according to budget projections shared with the wider university's board of visitors at a meeting Thursday.
The amount the Virginia-based law school is poised to lose by next year eclipses $30 million in naming gifts the school received in 2016 from an anonymous donor and the Charles Koch Foundation in honor of the late U.S. Supreme Court Justice Antonin Scalia. The financial challenges come amid fallout over bombshell allegations against a former longtime faculty member of GMU Law, Joshua Wright, who was accused by former students of sexual misconduct.
The annual losses the school has posted have increased nearly every year, from $3.8 million in 2020, to $3.3 million, $4.3 million, $5.8 million and $7.8 million in the years following. In its 2025 fiscal year, the law school is projected to lose $13.2 million. ...
The wider university has made a proposal to law school Dean Ken Randall, aimed at remedying its financial needs. "The dean has been informed that the university wants to find creative ways to address the financial status of this important school," documents included in Thursday's BOV agenda said. Those include discharging a loan and setting aside more money to offset the school's discounting, but there are strings attached.
"The above is contingent on the following: Going forward, the law school is held to the expectation of break-even bottom line at the end of each fiscal year given its ability to grow non-JD revenues, reduce operating costs, and/or significantly increasing fund raising. The law school should also maintain rankings," the document said.
Law, in theory, should be almost costless to teach
There are no large research buildings needed, no laboratories, no equipment, no endless supplies,
At its core, it is legal experts, talking about the law. Often with books that aren’t even copyrighted any longer.
Tim Kaine’s wife, Anne Holton, was the president of George Mason Law School:.. another diversity hire ?
“George Mason University’s endowment was valued at nearly $142 million at the end of the 2022 fiscal year.”
I’d say it’s about $100 million now. At this rate they have about 8-10 years left. Hopefully sooner. The world needs fewer lawyers.
Law, in theory, should be almost costless to teach
Mostly the air of ideas and laws, so the majority of cost is salaries.
Anne Holton drove away donors?
Virginia’s largest university allowed the conservative Charles Koch Foundation to give input in some personnel decisions, the school is tightening its rules governing agreements with donors ..
The university’s relationship with the Koch Foundation faced increased public scrutiny since 2016, when the law school named itself for late conservative Supreme Court Justice Antonin Scalia in conjunction with a $10 million donation from the Koch Foundation and a corresponding $20 million anonymous donation.
https://apnews.com/general-news-807149f5a8044bf49e24deadffac72fd
WTH does anyone expect? It’s inside the Beltway.
$10 million donation from the Koch Foundation and a corresponding $20 million anonymous donation.
And yet, even with free outside money, the University has not figured out negative cash flow. Sounds like government without a currency printing press.
Tim Kaine’s wife, Anne Holton, was the president of George Mason Law School'Nuff said.
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