Raising money has become a big part of a university president’s job — and Penn’s president Liz Magill was in trouble with funders.
Penn President Liz Magill’s resignation, following months of criticism and a botched congressional testimony, rocked academia.
Some celebrated it as a win against antisemitism; others viewed it as curbing free speech and the right to protest.
While there are many reasons Magill stepped down, one possible factor is straightforward: money.
The responsibilities of a modern college professor are two-fold, Michael Hemesath, a professor of economics at Carleton College and the former president of Saint John’s University, told Business Insider over email.
Internally, their job is to focus the school’s academic mission and campus culture. Externally, they must serve as the school’s public face and fundraise — something that is taking up more time as private donations become integral to universities’ budgets.
«In recent decades, the role of a university president, particularly at bigger institutions, has shifted significantly toward more external commitments, primarily fundraising as institutions grow more complex and educational costs have continued to rise faster than inflation,» Hemesath said.
At a big research institution, external responsibilities can take up 75% or more of a president’s time, he added.
