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President Bollinger finally acknowledged the demands of more than 3,000 students supporting the #CUtuitionstrike. To no surprise, he explained that despite Columbia's $11 Billion endowment, the school could not afford our demands.
We know this is not true. Here is our response: https://twitter.com/ColumbiaSpec/status/1341183886303387653
We know this is not true. Here is our response: https://twitter.com/ColumbiaSpec/status/1341183886303387653
First of all, it's important to recognize the accomplishment of getting a president infamous for ignoring students to acknowledge our demands. We know we have power already with 3,000+ supporters.
Sign here to join: https://bit.ly/tuitionstrike
Sign here to join: https://bit.ly/tuitionstrike
But we must refute the idea that @Columbia can't afford a reduction in tuition.
Other schools with similar financial situations, like Princeton, Georgetown, & Williams have already reduced tuition by 10% in light of the pandemic.
Other schools with similar financial situations, like Princeton, Georgetown, & Williams have already reduced tuition by 10% in light of the pandemic.
We are not asking for anything radical; we are only asking to be treated like students from other similar schools.
But if President Bollinger wants to get into details, we can do that too.
According to Columbia’s own 2020 financial statement, the university has $974 million in cash on hand. This $974 million alone is 6x greater than our demand for a 10% reduction in cost of attendance.
According to Columbia’s own 2020 financial statement, the university has $974 million in cash on hand. This $974 million alone is 6x greater than our demand for a 10% reduction in cost of attendance.
Bollinger claims that Columbia is just too constrained when it comes to how they can use their funds because of donor restrictions and complications, but this is misleading too.
Over $7.267 billion of Columbia’s net assets are completely unrestricted by obligations to donors.
Over $7.267 billion of Columbia’s net assets are completely unrestricted by obligations to donors.
These numbers come from Columbia's own 2020 Financial Statement! (page 2 & 15)
https://www.finance.columbia.edu/sites/default/files/content/Finance%20Documents/Financial%20Reports/Columbia-Consolidated%20Financials%20and%20Footnotes%20FY20%20FINAL.pdf
https://www.finance.columbia.edu/sites/default/files/content/Finance%20Documents/Financial%20Reports/Columbia-Consolidated%20Financials%20and%20Footnotes%20FY20%20FINAL.pdf
The money is there if Columbia wants to spend it, it just doesn’t feel enough pressure yet to do so.
That's why we have resorted to the #CUtuitionstrike
That's why we have resorted to the #CUtuitionstrike
It is also noticeable that among all of the “cost-cutting” measures that Bollinger cites in his email, nowhere is any reduction to his own multimillion-dollar salary mentioned.
Bollinger made $4.6 MILLION last year! But unlike 4 other Ivy Presidents, who reduced salaries by as much as 25%, Bollinger refused a cut.
https://www.bloomberg.com/news/articles/2020-07-29/ivy-league-presidents-take-pay-cuts-up-to-25-in-covid-crunch#:~:text=In%202018%2C%20the%20university%20disclosed,to%20data%20compiled%20by%20Bloomberg.
https://www.bloomberg.com/news/articles/2020-07-29/ivy-league-presidents-take-pay-cuts-up-to-25-in-covid-crunch#:~:text=In%202018%2C%20the%20university%20disclosed,to%20data%20compiled%20by%20Bloomberg.
The #CUtuitionstrike is about refusing to accept the ways in which Columbia operates like a business and not a university.
If you only listened to Columbia talk about its financial situation, you would not know that Columbia is in the process of spending $6.3 BILLION on real estate expansion into Harlem that has displaced thousands of residents.
Columbia has spent more than $200 million in legal fees this decade (data obtained from tax form 990), in order to fund legal defense for projects such as union busting or defending its expansion into Harlem.
And once again, Columbia has a president who made $4.5 million last year living in a house that Columbia spent $20 million renovating.
We are not asking Columbia to materialize money out of thin air; we are asking Columbia to change the way it spends the billions of dollars it already has. #CUtuitionstrike
We must refuse this language of austerity. @Columbia is an example for other universities.
If Columbia does not use its $11 Billion during the pandemic, then other smaller schools can argue that they should not use their endowment either.
If Columbia does not use its $11 Billion during the pandemic, then other smaller schools can argue that they should not use their endowment either.
A school with an $11 billion endowment & a multimillionaire president should not have students needing a food pantry to avoid hunger, mothers graduating w/ $100k in debt, or low-income students who need to work full-time to pay the bills.
This does not seem like too much to ask.
This does not seem like too much to ask.
