University of Iowa lost nearly $1.2M on AIB program
The University of Iowa lost nearly $1.2 million from its operation of a business campus in Des Moines.
The Des Moines Register reports that university officials say the decision to close the former AIB College of Business is due to reductions in state support.
The university announced last week the move to sell the campus' seven buildings and permanently furlough 33 full-time staffers whose positions aren't directly tied to student instruction.
The university took possession of the nonprofit institution in 2016. The merger was described as a gift to the university.
The terms of AIB's gift agreement say the property could be sold if the school's officials determined that operating the campus was "no longer feasible for economic or other reasons."
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