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Some 172 faculty members at the University of Missouri sent a letter to administrators criticizing a new tax on unspent reserves, calling it a "punishment for success and for being careful with money," according to the Missourian. Affected accounts are those made up of money from incentive programs and controlled by faculty members who use them for research, lab maintenance and paying Ph.D. students, among other things, the Missourian reported. The plan involves a 5 percent tax at the end of the first fiscal year and 10 percent annually after that. Previously, surplus funds from such accounts would roll over. University administrators say the tax is about investing surplus funds into "strategic initiatives."
The faculty letter was sent in May. Missouri reportedly told professors last week that the university would proceed with the tax and that start-up funds would be excluded. Tuition and fees, facilities, and grants also will be reallocated based on amounts generated by schools and colleges going forward, according to the Missourian.
