Presidential pot o’ gold

They say only two things in life are certain: death and taxes. Well, folks, one of those two is about to hit IU in a big way. Don’t worry. There hasn’t been an outbreak of bird flu or the Black Death.\nWe’re talking about taxes.\nThe IU board of trustees has decided to allocate $10 million each year for use by the University’s next president. The money is intended to help the president pay for new initiatives and improvements. \nIU’s budget is set up in such a way that each school within the University is the direct recipient of revenue from government appropriations and tuition. Any money that goes to University-wide programs must be collected as a “tax” from each of the schools. \nEach IU campus will give one-eighth of its new revenue – or the increase in revenue each year – for the president’s new fund. The Bloomington campus is expected to pay out $5 million a year to the fund.\nNot surprisingly, many of the schools are unhappy with taking money out of their budgets to fund the initiative. The College of Arts and Sciences is expected to lose $1 million because of the new program. Granted, it would have been nice for the schools to have received more warning about the new fund. (The change was announced last spring and is expected not to take effect until later budgeting.) But we believe the effect for the University as a whole will be positive.\nAdministrators hope the annual $10 million will help the new IU president do his job more effectively. Some think one of the major problems Adam Herbert has had during his time as president was an absence of funds to implement improvements and initiatives.\nIn fact, the board of trustees’ president, Stephen Ferguson, said one of Adam Herbert’s “biggest surprises” was that the president “doesn’t have any funds.”\nIt is indeed surprising the president of an accredited, multi-campus research institution such as IU has no leeway to make and implement decisions. This fund is a correction of a lapse in judgment by previous boards that did not realize what was necessary for a successful presidency.\nThe editorial board agrees with the board of trustees: Discretionary spending money for the president will likely result in a quality upgrade for IU as a whole. True, many of the schools are not happy with being “taxed” to provide this funding. However, if the money serves its intended purpose, all the various University schools will ride the wave of positive change.\nWith a new president with fresh ideas, armed with a shiny new bank balance, IU’s future is lookin’ up.\nAnd we’re hoping the new president’s first use of these spending powers is toward the research and development of a mascot. Pretty please?