Unrestricted assets at U-M campuses grow 42 percent
Unrestricted assets at the University of Michigan grew by nearly 42 percent during the last fiscal year, the Detroit Free Press reports.
The Free Press included U-M Flint, U-M Dearborn and the U-M Health System in its analysis.
Officials at several universities told the Free Press the money is meant for one-time special projects, and therefore, using it to lower tuition for students is not wise.
Eastern Michigan University, whose unrestricted assets dropped from $56.1 million to $40.5 million, according to the Free Press report, used some of that money to fund the restoration of it’s Pray-Harrold classroom building. The project, completed in 2011, had long been on the university’s wish list for major campus upgrades.