Universities in hot seat over use of reserve funds

Korea JoongAng Daily 23 May 2015

Students across Korea are preparing to sue over the excessive reserve funds they say their universities have accumulated. Acting on the assumption that colleges are continuing to set aside fees from tuition in reserve funds rather than using them to improve the quality of education, students are demanding their money be returned, reports Korea JoongAng Daily.

Reserve funds are designated for purposes such as investing in research, constructing university buildings and funding scholarships. In the past, tuition money was frequently set aside for such reasons, but the Ministry of Education passed new standards in 2013, banning such practices. Under the new guidelines, only donations, corporate transfers and returns from the school’s financial assets can be collected for reserve funds.

“We are looking into filing class-action lawsuits against colleges that have unjustly accumulated tuition money for the sake of their reserve funds while neglecting to improve education quality,” said a statement by student council members from 10 different universities, including Yonsei University.
Full report on the Korea JoongAng Daily site

Receive UWN's free weekly e-newsletters

Sponsored Article

Getting to net zero, one community at a time

University of Victoria staff

Accelerating Community Energy Transformation is a University of Victoria-led collaborative initiative that brings together over 40 partners, including Indigenous knowledge keepers and community leaders, to create innovative place-based solutions for energy system transformation.

Promoted by the University of Victoria.

Sponsored Article

Africa pays a premium for global climate change sluggishness

Stellenbosch University staff

Africa needs to stop paying the price for the rest of the world’s recalcitrance to act fast enough in response to the irrefutable conclusions that climate change is real and that the impact of global warming could be devasting, says Professor Guy Midgley, interim director of the School for Climate Studies at Stellenbosch University, South Africa.

Promoted by Stellenbosch University.

Sponsored Article

Innovations to ensure energy savings in a hot, arid climate

UAE University staff

Researchers from the United Arab Emirates University have shown that the potential benefits of building energy savings and a cooler indoor environment, as well as improved cooling effect on air temperature at pedestrian level, strongly indicate that a cool roof with high solar reflectance and albedo is a promising strategy for buildings in regions with hot, arid climates.

Promoted by United Arab Emirates University.

Sponsored Article

A new global university ranking with an ethical mission

Aftab Dean

A new university ranking system aims to serve as a catalyst for positive transformation in higher education, ensuring that universities create an environment grounded in integrity and sustainability that inspires and supports students and staff in the development of novel solutions to global challenges.

Promoted by Globethics.net.

Sponsored Article

SDG progress report launches university into new territory

University of Pretoria staff

In the publication of its first progress report on its contribution to the Sustainable Development Goals, the University of Pretoria is navigating new territory at the same time as it is acknowledging its clear stewardship role in protecting the environment and biodiversity.

Promoted by the University of Pretoria.