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UArizona dealing with financial trouble as school fails to meet ABOR cash reserve requirements

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UArizona dealing with financial trouble as school fails to meet ABOR cash reserve requirements

Officials with the University of Arizona have 29 days to announce a cash restoration plan to the Arizona Board of Regents, after it admitted to miscalcucating its funds by millions.

The Tucson-based university has admitted to only having 97 days’ worth of cash on hand, which is lower than the 120 days required by ABOR, and much lower than the 156 days it originally forecast in June 2023

University officials gave several reasons behind the miscalculation, including:

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  • Relying on a flawed revenue-metrics system to project numbers
  • Giving out a lot of need-based and financial-based scholarships
  • A $55 million loan to the Athletics Department that has to be paid off

By Dec. 15, UArizona President Robert Robbins will need to present a plan to ABOR on how he will close the financial gap.

University community reacts to financial crisis

Amid concerns of possible cuts to make up the gap, the university community is demanding answers. During a meeting on Nov. 16, UArizona President Robert Robbins was grilled with tough questions on the topic.

“I find it inexcusable for the [UArizona] administration to have mismanaged $240 million,” said one person.

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“I find it incredible that despite the metrics indicating financial success, the administration has plunged us into a financial crisis,” said another person.

Robbins was originally slated to talk about the school’s plan for 2024.

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“We are one of the top university in producing Fulbright Scholars,” said Robbins, during the meeting.

For the first 40 minutes of his talk, Robbins didn’t touch on the looming question in the minds of the university community. Rather, he discussed new school programs and investments.

“It’s not the time for me to go through and describe all the issues surrounding our financial challenges, but I thought I would look at where we made investments,” said Robbins.

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Stocks rise, S&P 500 set to break losing streak: Yahoo Finance

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Stocks rise, S&P 500 set to break losing streak: Yahoo Finance

The S&P 500 is set to end its 5-day streak of losses. The major indexes (^DJI,^GSPC, ^IXIC) are all trading higher thanks to big-name tech stocks like Nvidia (NVDA) and Tesla (TSLA). One stock that is trading lower is US Steel (X), which fell sharply after President Biden announced he will block Nippon Steel’s (NPSCY) purchase of the company. Other trending tickers on Yahoo Finance today include Rivian Automotive (RIVN), Adobe (ADBE), and Oklo (OKLO).

Key guests include:
3:05 p.m. ET – Ahmed Riesgo, Insigneo Chief Investment Officer
3:15 p.m. ET – Brian Gardner, Stifel Chief Washington Policy Strategist
4:00 p.m. ET – David Miller, Catalyst Funds Co-Founder, Chief Investment Officer and Senior Portfolio Manager
4:35 p.m. ET – Rachel Tipograph, MikMak, founder and CEO

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Tesla to Announce Q4 2024 Financial Results on January 29, 2025

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Tesla to Announce Q4 2024 Financial Results on January 29, 2025

Tesla (NASDAQ:TSLA) is planning to report its Q4 2024 results displaying their net income and cash flow of the business’s profitability and financial position on January 29, 2025 after market close.

Tesla experienced different stock price fluctuations, as market responses, between 9% and 22% within one day after releasing the results.

Tesla to Announce Q4 2024 Financial Results on January 29, 2025

Tesla’s management will also give their 2025 guidance such as production, models, technology including Full Self-Driving (FSD).

The one-year price targets for Tesla given by 45 analysts are USD 278.47 at the average while ranging from as high as USD 515.00 and the lowest at USD 24.86. The average target is -26.58% from the current price at $379.28.

GuruFocus calculates the GF Value for Tesla one year ahead to be at $298.99 which indicates the stock to be overvalued -21.17% from the current price $379.28.

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You can make more informed investment decision by visiting GuruFocus now and deep dive into Tesla’s performance with charts, breakdowns, 30-year financial data, and more!

This article first appeared on GuruFocus.

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State lawmaker hopes to close campaign finance loophole in 2025 legislative session

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State lawmaker hopes to close campaign finance loophole in 2025 legislative session

SIOUX FALLS, S.D. (Dakota News Now) – A South Dakota lawmaker has filed multiple pieces of legislation he says could help address government accountability.

Senate Bill 12 would limit the amount of money that may be loaned to a candidate or a political action committee (PAC).

Sen. Michael Rohl (R) of Aberdeen hopes that the bill will close a loophole in the South Dakota campaign finance world.

“PACs shouldn’t be personal checking accounts for the ultra-wealthy to be able to buy politicians,” Rohl said.

Currently, South Dakota law limits contributions to a candidate and a PAC at $1,000 and $10,000 respectively.

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However, the state allows unlimited loans, which can be forgiven as bad debt.

“We don’t have campaign finance laws in South Dakota. We just have them for people that are everyday citizens that are trying to follow the spirit of the law, but the bad actors don’t have to follow them,” Rohl said.

Rohl wants to limit the loans to the $1,000 and $10,000 figures that are used for contributions.

In the midst of several fraud investigations amongst state employees, Senator Rohl says accountability in all parts of government is desperately needed.

“I think politicians for a long time have been saying we want to have more transparency in government, but nothing seems to happen so I’m drafting legislation and trying to be true to what I told people I represent I would do.”

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But Rohl is very prepared for a lot of pushback.

“There’s going to be some opposition to it and there’s going to be opposition for the very reason that it needs to go away, and that’s because people are going to be afraid to make their donors mad,” said Rohl.

The Aberdeen senator also filed Senate Bill 11, which limits the amount of money that a political committee may accept from an inactive candidate campaign committee.

The 100th legislative session starts on January 14th.

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