A faculty‑commissioned audit of Duke University’s finances argues the institution has strong liquidity and large discretionary reserves, calling into question recent staff reductions and program cuts. The analysis, prepared for the Duke AAUP, shows rising net assets, $21.8 billion in total investments and billions in unrestricted reserves, and it accuses the administration of offering buyouts while maintaining discretionary funds. The wave of institutional layoffs and program eliminations that marked January — more than 100 job cuts reported across institutions — has been framed by some administrators as necessary fiscal triage, but faculty and unions are using audit data to demand transparency and to push back on further reductions.