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September 8, 2010

UCLA business school to end public funding

Matthew Garrahan:

A leading business school in the University of California system is preparing to forgo public funding amid increasing uncertainty about the state's economic health and California's ability to pay for higher education.

The UCLA Anderson School of Management plans to fill the funding gap with money from private donors, bolstering a roster that includes business figures such as Larry Fink, the founder of BlackRock, and Bill Gross, the founder of Pimco.

Its decision to opt out, which is awaiting the approval of Mark Yudof, president of the UC system, is a clear indication of the broad changes that lie ahead for the network, which was established in the 1960s with a public mandate to provide world-class education to deserving students regardless of their ability to pay.

The system, which includes colleges in Berkeley and San Diego, is seen as one of California's jewels yet has struggled in recent years as the state has grappled with the recession and plunging tax revenues.

California faces a budget deficit of more than $19bn while the UC system itself has a funding shortfall of $800m, forcing schools and colleges in the network to cut classes and raise tuition fees. This has prompted a wave of protests on campuses across the state.

Posted by Jim Zellmer at September 8, 2010 1:02 AM
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