Afternoon Update: U. of Arizona has a "major problem" with finances, its president says

Adding religious holidays to the academic calendar; new coalition for foreign students; Texans approve $3.9-billion university endowment; and more. ADVERTISEMENT [Afternoon Update Logo]( You can also [read this newsletter on the web](. Or, if you no longer want to receive this newsletter, [unsubscribe](. MONEY WOES [U. of Arizona Has a ‘Major Problem’ With Finances, Its President Says]( By Calli McMurray [STORY IMAGE]( The university says it has $240 million less in reserves than originally calculated. Financial aid will be scaled back, and the athletics department could face “draconian cuts.” ADVERTISEMENT CAMPUS CULTURE [Should the Academic Calendar Include More Religious Holidays?]( By Amita Chatterjee [STORY IMAGE]( Colleges are facing pressure to acknowledge non-Christian faiths and adopt more flexible, accessible policies for attendance and coursework. LATITUDES [A New Coalition Will Advocate for a Coordinated National Strategy on International Students]( By Karin Fischer [STORY IMAGE]( Also, Republican lawmakers want to revive a federal investigation into academic ties to China. THE EDGE [They’re Interns, Not Gofers]( By Goldie Blumenstyk [STORY IMAGE]( Internships and apprenticeships can be valuable “earn and learn” models, but that doesn’t happen in a vacuum. They require attention and intention. RESEARCH FUNDING [Texans Approve Creation of $3.9-Billion Endowment for ‘Emerging’ Universities]( Proposition 5 passed easily in voting on Tuesday. The Texas University Fund, with money from the Legislature, is intended to help Texas State and Texas Tech Universities and the Universities of Houston and of North Texas enhance their research. The effort resembles the Permanent University Fund, a huge endowment for the University of Texas and Texas A&M systems. (Denton Record-Chronicle) STUDENT AID [Vanderbilt Becomes Second University to Settle Antitrust Case Over Student Aid]( The University of Chicago [settled]( in April. The lawsuit, filed in 2022, claims that 17 prominent colleges [conspired for years to restrict financial aid]( and so overcharged more than 200,000 students by billions of dollars, in violation of antitrust law. Terms of the settlement, which faces review by a federal judge, were not disclosed. (Reuters, The Chronicle) ACQUISITIONS [Jessup U., a Christian Institution in California, Takes Over Multnomah U., in Oregon]( The small universities were both founded in the 1930s with a shared commitment to a faith-based education. Jessup has locations in Sacramento and San Jose. Multnomah is in Portland. (News release) CAMPUS HONORS [Davidson College to Keep Slaveowner’s Name on Campus Building]( After examining how the North Carolina institution could both acknowledge its ties to slavery and preserve its history, the college said on Tuesday that its main academic building would continue to be named for Maxwell Chambers, as it has since 1860. Chambers, who gave $250,000 to Davidson, was a businessman who derived his wealth, in part, from the slave trade. (The Charlotte Observer) COED CONFLICT [Judge Approves $1.25-Million Settlement for Former Students of Mills College]( The students asserted in a lawsuit that Mills had misrepresented its [2022 merger]( into Northeastern University shortly after the women’s college in California nearly closed. Northeastern, in Boston, and Mills denied the allegations. About 400 students will each receive some $1,600, their share of the settlement after legal fees are paid. 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