The University of California took a 20-year vacation from paying into its pension. During that time, UC changed investment plans and ending up losing lots of money because of poor investment choices. “The University of California’s $11.2 billion endowment has produced the worst investment returns of the 10 richest colleges in the country over the past decade,” according to an analysis by The Center for Investigative Reporting.
Assembly Bill 94 requires UC to provide a report on student costs. The 2013 report has never been provided, yet the Legislature talks about giving more money to UC and says nothing about the lack of the report. Many jobs were lost back in 2009, but at least some of the departments are right back where they were. Experienced, higher-paid and long-term staff were eliminated and then replaced with younger and lower-paid employees. There are way too many people in management.
When the university was established, I don’t think legislators envisioned the enormous amount of power and money that the system now has today. It might be a good idea for the Legislature to re-evaluate what it wants in the terms of higher education. What is more important, education or research? Right now, by far, research towers over education. Far too many faculty spend no time in the classroom.Many do not want to spend any time with lower-division students.
The university is supposed to have the best, the elite, but it certainly is not in management. It has way too much power and abuses that power. The university needs a complete overhaul of its structure. It needs to adhere to the mission set forth by the Legislature long ago.The Legislature needs to look at the whole picture and stop listening to those who lobby for the university. It needs to have documentation for every statement that comes from the university.
A full, independent audit of UC is needed.
[Source]: The Press Enterprise