Weekly Market Update

IN PREPARATION FOR HURRICANE FLORENCE, UNIVERSITIES CANCEL CLASSES AND SPORTING EVENTS

Thursday, September 13, 2018

Meteorologists have been keeping an eye on Hurricane Florence since last week, warning those in its path to comply with evacuation orders. While downgraded to a Category 2 hurricane today, Florence is taking an unusual path for a storm its size, and calamitous flooding and rain is expected in the Carolinas and Mid-Atlantic states. The last hurricane to charge straight to the region was Hurricane Hazel in 1954, as most storms reaching the coastal United States gravitate towards the south, hitting Florida and the Gulf Coast. With the storm expected to intensify, a number of universities in the regions have cancelled classes for the rest of the week. Several college football games, including those featuring ranked teams, have also been cancelled, postponed, or moved, with the status of others yet to be determined.

In Other News

  • A Honolulu-based real estate investor made an unusual gift to the University of Washington and the University of Hawaii, in addition to cash: ownership, starting about 99 years from now, of a 2.6-acre parcel of land in Seattle's South Lake Union neighborhood. The value of the gift could be billions of dollars at the time ownership is transferred.
  • Amherst College announced the receipt of a $50 million gift from an anonymous donor. This gift follows a donation of $100 million from another anonymous alumnus in April. Together, the two gifts complete about a quarter of the College's $625 million current campaign goal.
  • The University of Colorado Board of Regents met today and will continue their discussion tomorrow to define and establish the difference between academic freedom and freedom of expression on campus.
  • The University of Wisconsin System circulated a draft policy on "monitoring degree program productivity," which outlines the definition of low-productivity programs and their path to discontinuance, in addition to possible paths to remediation.
  • On Tuesday, the Board of Regents of the University System of Georgia announced the formation of the Georgia Fintech Academy, a statewide initiative to address the anticipated demand for financial technology professionals in the coming years. The curriculum was developed collaboratively with employers. Access to online courses and degrees will be available through the System's eCampus and cloud-based talent development programs.
  • The NC Promise Program, which allowed three University of North Carolina System campuses to lower in-state tuition to $1,000 per year and out-of-state tuition to $5,000 per year, is believed to have contributed to the significant increase in undergraduate enrollment for fall 2018. The program was approved and funded by the state legislature in 2016.