My alma mater makes an interesting move off-campus
Merging with a private college to open the University of Iowa Des Moines. As I recall, there had been no public university in Iowa's capital previously. Although, as we all know, when someone says it's not about the money, it's always about the money. From The Des Moines Register.
The University of Iowa's footprint in Des Moines will increase significantly after its announced merger Monday with AIB College of Business, a capital city institution since 1921.
Presidents of the two higher education centers said the AIB campus at 2500 Fleur Drive will be renamed the University of Iowa Des Moines.
The move means expanded educational opportunities for central Iowa students, who not only will be able to pursue business-related degrees, but also degrees in other UI programs. Students who enroll at AIB this fall will be considered UI Hawkeyes, officials said.
Current AIB students will be able to complete their programs, officials said.
The Iowa Board of Regents, which governs the state's three public universities, must approve the merger, which is expected to be completed by June 2016. When the merger is complete, UI will assume ownership of the AIB campus, whose 20 acres and 16 buildings has an assessed value of more than $21.5 million.
In addition, UI will take control of AIB's endowment, estimated at about $7 million. Some of the money in the endowment will be used to pay AIB's debt of about $1 million.
But AIB President Nancy A. Williams emphasized that the merger is not about money.
AIB "is not seeking any type of financial relief. In fact, the college is virtually debt free, and no money is being exchanged," Williams said.
"We are doing this because it's the right thing at this point in AIB's proud history.
"There are new challenges today for private colleges, and our merger with the University of Iowa is the logical next step for our future ... offering quality educational services to our community."