An independent audit commissioned by Duke’s AAUP chapter found the university in very strong financial condition, citing rising net assets, robust cash flow and large discretionary reserves. The auditor argued that recent voluntary buyouts and layoffs were not justified by the financial statements and that the institution maintains substantial unrestricted reserves. The audit author, Howard Bunsis, presented evidence of large investment balances and growing assets while noting that Duke nonetheless offered buyouts resulting in nearly 600 separations. Faculty unions and campus groups used the audit to publicly challenge the administration’s cost‑cutting rationale and plan rallies. The report has intensified scrutiny of budget governance at private research universities and may influence negotiations with staff and trustees as institutions weigh reserves, endowment spending policies and operational cuts.