An independent audit commissioned by Duke faculty found the university in strong fiscal condition — ample cash flows, rising net assets, and large unrestricted reserves — and criticized recent administrative messaging that justified deep staff and budget cuts. The audit’s author said Duke’s reserves and investment position undermined the case for broad workforce reductions and called for greater transparency on spending decisions. The audit has energized faculty and unions: Duke offered voluntary buyouts that produced nearly 600 separations and signaled further layoffs, prompting protests and calls for trustees to justify cuts. Separately, sectorwide retrenchment continued in January, when at least 100 layoffs and multiple program reductions were reported across institutions, underscoring ongoing labor and program pressure in higher education.