(City College of San Francisco) CCSF close to bankruptcy, state report says [View all]
Source: SF Chron
City College of San Francisco is perilously close to bankruptcy in part because it employs nearly twice as many faculty as similar colleges and pays them better - yet educates no more students on average, says a new financial analysis of the state's largest public school.
The college got into trouble because, unlike other colleges, it failed to make the budget cuts necessary to keep up with reductions in state funding, never set aside money for its growing retirement obligations, and "has provided salary increases and generous benefits with no discernible means to pay for them," says the review by the state's Fiscal Crisis & Management Assistance Team, authorized by state law to help public schools in financial trouble.
For example, beyond vacation, employees receive 23 paid holidays and work less than 40 hours a week.
As City College fights to retain its accreditation and stay open, the new report flings back the curtain on a series of management errors that may doom the college of 86,000 students - or help it, if it's not too late.
Read more: http://www.sfgate.com/bayarea/article/CCSF-close-to-bankruptcy-state-report-says-3875651.php
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