Nation & World
Facebook files for initial public stock offering valued between $75 billion and $100 billion. The filing with the U.S. Securities and Exchange Commission unveiled the collective wealth that could be bestowed on the founder and many of his employees. Mark Zuckerberg, the 27-year-old founder, who owns 28.2 percent of the company and is its single largest shareholder, could be worth as much as $28 billion, earning him the ninth spot on Forbes’ list of richest Americans.
NEWS
Now it’s Facebook’s turn to share. The social networking giant that coaxes 845 million people to divulge the intimate details about their lives is one step closer to cashing in on its meteoric rise. Facebook Inc. filed papers Feb. 1 with the goal of raising $5 billion in a public stock sale. The offering would be the largest among Internet companies, eclipsing Google Inc. in 2004 and Netscape Communications in 1995. Depending on demand, the company could be
Mark Zuckerberg, founder of Facebook, speaks to reporters. Rick Friedman/MCT
Court appeals ban on gay marriage A federal appeals court Feb. 7 struck down California’s ban on same-sex marriage, clearing the way for the U.S. Supreme Court to rule on gay marriage as early as next year. The 2-1 decision by a panel of the 9th U.S. Circuit Court of Appeals found that Proposition 8, the 2008 ballot measure that limited marriage to one man and one woman, violated the U.S. Constitution. The architects of Proposition 8 have vowed to appeal. The ruling was narrow and likely to be limited to California. “Proposition 8 served no purpose, and had no effect, other than to lessen the status and human dignity of gays and lesbians in California,” the court said. The ruling upheld a decision by retired Chief U.S. District Judge Vaughn R. Walker, who struck down the ballot measure in 2010 after holding an unprecedented trial on the nature of sexual orientation and the history of marriage.
College & City
From left, Ivy Bottini receives a hug from Rick Watts to celebrate the striking of California’s ban on same-sex mariage. Wally Skalij/MCT
Board approves tuition increase for 2012-13
The board of trustees approved Ithaca College’s 2012-13 budget, which set tuition at $37,000 and room and board at $13,400 for the academic year. Tuition will increase 4.88 percent, and the overall cost of attendance 4.71 percent, during the upcoming academic year, Sgrecci said the bringing the total cost of increase will cover attendance to $50,400. rising operational The $1,722 increase is costs at the college. part of the 2012-13 budget, which was drawn up by the budget committee and approved by the Board of Trustees. The budget committee is led by the Office of Finance
and Administration. Tuition rose from the current $35,278 price — the lowest increase in a decade. The cost of tuition has gone up 20.9 percent since the 200809 school year. Carl Sgrecci, vice president of finance and administration, said the college is trying to maintain a stable enrollment while also covering operational costs. Sgrecci said 96 percent of the college’s revenue comes from fees charged to students from tuition, room and board, as well as spending at on-campus food and retail stores. Details of the college’s 2012-13 budget, which totals $225 million, reveal how much money is being allotted for the IC 20/20 plan, the college’s strategic vision for the next 10 years.
The college has set aside $4.5 million to the IC 20/20 plan for the 2012-13 academic year. Of that total, $1.3 million has been budgeted for five new faculty positions and for staff positions dedicated to different IC 20/20 initiatives, including the Center for Faculty Excellence and capital campaign fundraising. Junior Ellis Williams said he worries that the increasing cost of tuition could prevent some people from attending the college. He said the college’s expansion, through initiatives like IC 20/20 and the center in New York City, will drive up costs and exclude potential students who don’t have the means to pay for it. The budget also allots $88 million for institutional financial aid, according to a statement from the college.
February 2012
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