A faculty‑commissioned audit of Duke University’s financial statements concluded the private research university is in 'very strong financial condition,' citing robust cash flow, rising net assets and roughly $8 billion in unrestricted reserves. The audit author, Howard Bunsis, argued administration claims of budget shortfalls do not align with the financials. Faculty groups used the report to contest voluntary buyouts, nearly 600 separations and announced program cuts. The Duke case sits alongside a broader sector pattern: January 2026 saw more than 100 layoffs and dozens of program cuts at colleges nationwide as institutions cite enrollment, federal funding risk and structural pressures. Faculty leaders argue boards and presidents should justify cuts when discretionary reserves and investment returns suggest alternatives; administrators say tough choices are needed to align operations to changing enrollment and market realities.