REQUEST TO OFFER A JOINT DOCTORAL DEGREE IN BUSINESS

Submitted By

Baruch College The Graduate Center Of Of The City University of The City University of New York

Zicklin School of Business PhD Program in Business PhD Program in Business

Approved by Zicklin School Faculty Approved by the Graduate Council April 15, 2010 May 8, 2013

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DRAFT

Executive Summary

We propose that of The City University of New York (Baruch College) be authorized to award doctoral degrees, jointly with The Graduate Center of The City University of New York (Graduate Center) in the area of Business. This proposal calls for a change in the relationship between the Graduate Center, Baruch College and the Zicklin School of Business (Zicklin) with regards to its doctoral education in Business. (Baruch College appreciates the opportunity of having a joint PhD in Business.) As co-issuer of the degree, Baruch College foresees no change in the operations of the program and anticipates significant academic benefits for the future. This is a step in recognizing the significant role that Baruch College plays in doctoral education, and will minimize the confusion that exists among program applicants and employers in the academic marketplace as to whether Baruch College offers a PhD degree. The goal of this joint degree is to move the PhD program into Zicklin, so that the Business program would operate in a manner similar to other academic PhD programs at leading public universities in the and globally. The joint endeavor will add program identity to Zicklin, Baruch College and PhD studies in Business.

Baruch College's Zicklin School of Business is one of the most respected in the United States. Our qualified faculty in the Doctoral Program in Business seek to educate a small and selective group of future researchers and teachers who will contribute to the development and dissemination of knowledge in the business disciplines ( See Appendix 1 for a partial list of faculty). Graduates are trained to work in academia and are typically placed at academic institutions upon completion of the program (See Appendix 2 for a list of recent student placements). With the formal recognition of the PhD program our graduating students will see a significant expansion in their opportunity set of Universities outside of the U.S. Northeast. This recognition extends to students applying to the PhD program in Business and they will no longer be confused when trying to ascertain the link between Zicklin and the Graduate Center.

The proposed restructuring plan enables Baruch College to be officially recognized for the doctoral training that has been conducted on its campus since Manus Rabinowitz completed his dissertation on May 19, 1970. Putting the name of Baruch College formally on the degree will mitigate the confusion that exists in the marketplace as to the significant academic role Baruch plays in PhD education. Now Baruch will be categorized as a PhD granting institution by Forbes, Financial Times, U.S. News, Bloomberg-Business Week and other college guides and rating agencies. Our current academic operating style will be comparable with peer institutions. No longer will our PhD model of operations be compared to non-doctoral granting institutions. This change in title is not expected to be accompanied by any internal operational changes.

The proposed agreements call for a simplification in the funding relationship between Baruch College and the Graduate Center. Baruch College contributes $176,000 in direct scholarship support through the Baruch College Endowment Fund, $750,000 though the adjunct teaching budget, $50,000 in private fund raising to support travel and internally absorbs the approximately $500,000 difference between the Graduate Center reimbursement and the actual faculty salaries paid in order to compete with Public AACSB business schools. With the new program, the funds previously transferred by the Graduate Center will be substantially reduced as Baruch College carries the higher burden of teaching costs. The

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department chairs and the Dean are prepared to absorb the increase in staffing costs as part of their commitment to the PhD education mission of Baruch College.

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Background

The Zicklin School of Business (Zicklin) is routinely listed in the top 50 public university business programs and clearly deserves to be recognized as a doctoral granting institution. The PhD program will enhance Baruch College’s position when external classifications and rankings are made by such notable ratings groups as Forbes, Financial Times, U.S. News, Bloomberg-Business Week and other college guides and rating agencies. Baruch College will now be compared to other doctoral granting institutions as opposed to now being compared with masters granting institutions. In addition, it will improve Baruch College’s ability to attract, support, and retain doctoral-level faculty while supporting the strongest possible doctoral students. The placement record of Business graduates show that a majority graduate on a timely basis and are placed as tenure track, assistant professors at Colleges and Universities.

The joint program will end the confusion that prevails with external accrediting agencies such as the Association to Advance Collegiate Schools of Business (AACSB) and Middle States. Zicklin has consistently had to explain, that for educational purposes, the school conducts its academic affairs in a fashion similar to a large public university granting a doctoral degree in business. When Zicklin identifies its peer institutions, Zicklin identifies those public universities that offer PhD degrees and benchmarks its salaries and teaching loads against those schools it identifies. Outcome measures are set similar to those schools and yet Zicklin lacks the authority to offer the PhD through Baruch College. This lack of a formal degree leaves external evaluators, such as AACSB, perplexed since they remain unaware of an example of an academic model comparable to the CUNY consortia. A further confusion exists when our doctoral students present at conferences and go on the job market. The Zicklin brand name is very strong on a global basis. Confusion comes about when our students explain that their degree is not from Baruch College, but rather some entity whose profile is much higher in other disciplines than Business. As much as we modify the web page to reflect the current situation, students and external evaluators routinely inquire if Baruch College has a PhD program.

The economic reality for the Zicklin School of Business is that in order to recruit and retain academic faculty comparable to other leading Public AACSB accredited universities, salaries of faculty who teach in the PhD program are much higher than the current Graduate Center reimbursement rate. Baruch College underwrites faculty salaries by approximately $500,000 more than is currently transferred from the Graduate Center. Zicklin also provides teaching and scholarship support of $750,000 from its internal adjunct budget and Baruch College’s Endowment Fund supplies approximately $176,000 in scholarships.

Implications of the Change in Degree Status

Governance

The Business PhD program is governed by the rules, regulations and policies of the Graduate Center. The program is administered by an Executive Officer, appointed by the President of the Graduate Center (often in association with the senior members of Baruch College) and Executive Committee elected by the doctoral faculty in Business. The governance of and all joint appointments between Baruch College and the Graduate Center will remain intact.

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The Executive Committee

The Executive Committee oversees the Business Program. The election of faculty to the Committee is done in complete compliance with Graduate Center rules and regulations. One of their important roles is to evaluate CUNY faculty nominations to the Doctoral faculty. Under the proposed changes the Executive Committee will continue and all Doctoral appointments are to remain intact.

Faculty

The list of distinguished faculty is provided in Appendix 1. Over the past 10 years, all Business dissertations have been chaired by the Doctoral faculty at Baruch College. With few exceptions the remainder of these committees consist of Baruch faculty or faculty within CUNY.

The courses in the program are almost entirely taught by Baruch College faculty with the notable exception of some first year classes that are delivered by the Graduate Center Economics Program. This academic strategy is consistent with the academic programs at other leading PhD programs in Business. The faculty running the program will continue to do so and all joint appointments between Baruch College and the Graduate Center will remain intact.

Space

There is no space allocated to the Business Program at the Graduate Center. The Executive Officer and the APO are provided with office space at Baruch College. In addition, a dedicated conference room and a computer laboratory for PhD students are also available at Baruch College. Each of the 75 students in residence has their own cubicle with a personal computer linked to print capabilities. Since all Business Doctoral students teach at Baruch College at some point, their entire computer allotted is part of the need to provide adjunct teaching faculty with an appropriate level of technology.

Admissions

The admissions committee consists of doctoral faculty who represent the five academic area specializations (accounting, finance, management, marketing and computer and information systems). The selection of the area coordinator is based on extensive discussions among the executive officer, the department chair in the Zicklin School of Business and students. The admission decision will continue to be made by faculty with Baruch College/Graduate Center joint appointments and no changes are expected.

Student Services

The non-academic services such as admissions, registration, financial aid, international students and human resources are supported by Baruch College. Functions related to the allocation of payments from the Graduate Center will continue to be handled through the Graduate Center.

Academic Services (Library)

The unique academic requirements of the Business Program demand access to financial information unique to Business, none of which is currently purchased by the Graduate Center. The Baruch College

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library spends over $150,000 per year to purchase data used in teaching and research. As part of that purchase, special software is set up in the PhD laboratory exclusively for their use.

The conference room is set up with sophisticated communication equipment supplied by Baruch College. At this stage there is minimal use of technology or library facilities at the Graduate Center, and no changes are expected to occur. At some point in the future, a discussion of the allocation of the student technology fee paid by Business PhD students should reflect this academic reality.

Curriculum

The curriculum is developed in joint collaboration with the area specialization coordinators, the Zicklin academic department, the doctoral faculty in the department and the executive officer to ensure efficient allocation of resources. Any substantial changes to the curriculum are proposed to the Executive Committee approved by the curriculum committee (these are also members from the executive committee) and then submitted to the curriculum committee of the Graduate Center. The existing curriculum will remain exactly the same with a joint degree.

Accreditation

The primary accreditation for the PhD program in Business is AACSB. There is a long and well developed accreditation process that has served as a model for other accreditors such as Middle States, the PhD program in Business has subjected itself to accreditations since Zicklin became accredited. Our experience with Middle States at Baruch College is that they find no need to add to the requirements of Middle States. When Middle States accredited the Graduate Center, the PhD program in Business submitted minor modifications to comply with Middle States. We do not envision any changes in the accreditation process with the Graduate Center and a considerable simplification in the Baruch College Accreditation process.

Funding Level

The proposed changes to the program will not put any burden on the Graduate Center. For the last few years the Graduate Center has allocated approximately 25 teaching units plus the equipment of four units for the executive officer. These 29 units will be replaced by $196,000 direct deposit to Baruch College. The APO will also be funded by Baruch College.

The Graduate Center will continue to provide eight Chancellor Fellowships to Business (approximately 3.5% of their total allocation) and allow Business students to compete for other scholarships. The Business program will continue to admit students who receive outside funding for their degree. The tuition payments made directly to the Graduate Center have been in excess of $80,000 and we expect no change in this situation moving forward.

Funding of Students

For the past 10 years almost all of the PhD students in the full time program in business are fully funded. The funding comes from the allocations of the CUNY Chancellor Line fellowship (currently eight per year) foreign documentation (currently ten students from China) the Fulbright Foundation, United States military and the American military. All tuition (not provided through CUNY tuition fellowship) is paid

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directly to the Graduate Center. Baruch College will continue to only admit students on a fully funded basis.

Students: Current Level of Activity

There are about 75 doctoral students currently enrolled in the Business Program. 73 of these students have been in the program for less than 12 semesters. 100% of them are resident at Baruch College. To determine the number of students we will admit each year, we have performed an analysis of the current number of students admitted and supported into each specialization over the last three years, and the funding sources used to support those students. Based on those numbers and on projections made in consultation with the chairs and area coordinators of each department and with the Provost, Baruch College has proposed to continue to admit a total of 16-18 students per year across the five areas of specialization. This level of activity allows Zicklin to maintain current AACSB accreditation.

Baruch College is uniquely able to support additional doctoral students. First and foremost, it has been able to place virtually all of its graduating class in academic positions or in positions that utilize the student’s skill set. Financial institutions are a common source of student placement. In addition, Baruch College attracts students that often come with significant outside funding. For example, Baruch College has applicants with Fulbright Scholarships, the ADS program from the AICPA, and a long-standing relationship with the South West University of Finance and Economics (SWUFE) in Chengdu, China. Support levels less than the $25,000 per annum benchmark can be filled in from the adjunct teaching budget and some private funds. The admission of 16-18 students per year will allow Baruch College to compete with schools of comparable size.

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Appendix 1: Distinguished Faculty, Centers and Institutes at Baruch College

Endowed Chairs

Linda Allen, William Aldinger Chair in Banking and Finance Lauren Block, Lippert Chair in Marketing Douglas Carmichael, Eli and Claire Mason Professor in Accountancy Steven Lilien, Irving Weinstein Professor of Accountancy Thomas Lyons, Lawrence N. Field Family Chair in Entrepreneurship Terrence Martell, Saxe Distinguished Professor in Finance June O’Neill, Wollman Distinguished Professor of Economics Edward Rogoff, Lawrence N. Field Chair in Entrepreneurship Robert Schwartz, Marvin M. Speiser Professor of Finance and University Distinguished Professor of Finance Prakash Sethi, University Distinguished Professor of Management Ko Wang, William Newman Chair in Real Estate Joseph Weintrop, Stan Ross Professor of Accountancy Romona Kay Zachary, Peter S. Jonas Distinguished Professor of Entrepreneurship Centers and Institutes Located at Baruch College that Link to the PhD program

Bernard L. Schwartz Communication Institute Center for Educational Leadership Center for Innovation and Leadership in Government Center for Nonprofit Strategy and Management Center for the Study of Business and Government (CSBG) Lawrence N. Field Center for Entrepreneurship Wasserman Trading Floor / Subotnick Financial Services Center Weissman Center for International Business Robert Zicklin Center for Corporate Integrity Steven L. Newman Real Estate Institute

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Appendix 2: Profiles of Recent Graduates in the Last Three Years

Accounting

Hakyin Lee, 2012, Assistant Professor, Robert B. Willumstad School of Business at Adelphi University Cary Lang, 2011, Assistant Professor, School of Business at SUNY College of Old Westbury Robert Pawlewicz, 2011, Assistant Professor, George Mason University School of Management Elizabeth Peltier Wagner, 2011, Assistant Professor, John Molson School of Business, Concordia University Ping Wang, 2011, Assistant Professor, Lubin School of Business, Pace University Fengyun Wu, 2010, Assistant Professor, Widener University School of Business Administration Information Systems

Guido Lang, 2012, Assistant Professor, School of Business, Quinnipiac University Mehmet Turan, 2012, IBM Research Laboratories Vijuyalakshmi Raghuathi, 2011, Assistant Professor, Brooklyn College William Hampton-Sosa, 2011, Assistant Professor, Brooklyn College Jamie Muro Flomenbaum, 2011, NYSE Research appointment Finance

Scott Murray, Assistant Professor, University of Nebraska, Lincoln Guangzhong Li, 2012, Professor, Sun Yat Sen University Norbert Pierre, 2011, Assistant Professor, Williamson College of Business Administration, Youngstown State University Junqiang Xie, 2011, RavenPack Hedge Fund Eleni Gousgounis, 2010, Assistant Professor, Howe School of Technology Management, Stevens Institute of Technology Management

Leanna Lawter, 2011, Assistant Professor, John F. Welch College of Business, Sacred Heart University Wencang Zhou, 2012, Assistant Professor, School of Business, Montclair State University Rita Shea-Van Fossen, 2010, Assistant Professor, Anisfield School of Business, Ramapo College Marketing

Ozge Yucel Aybat, 2012, Assistant Professor, School of Business Administration, Penn State Harrisburg Marina Carnevale, 2012, Assistant Professor, Gabelli School of Business, Fordham University

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Yoshiko Demotta, 2012, Assistant Professor, School of Business, Montclair State University Chrissy Mitakakis, 2012, Assistant Professor, Sienna University Rania Semaan, 2012, Assistant Professor, School of Business and Management, American University of Sharjah

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Resolution on Joint Ph.D. in Business with Baruch College Approved by Curriculum and Degree Committee on March 13, 2013 Approved by Graduate Council on May 8, 2013

WHEREAS, the faculty of the Baruch College Zicklin School of Business passed a resolution approving a joint Doctoral Degree in Business with The Graduate School on April 15, 2010; and

WHEREAS, the proposed joint degree acknowledges the important contributions made by the Graduate Center and by the Baruch College faculty, who have provided the instruction for doctoral training that occurs almost exclusively on its campus; and

WHEREAS, the proposed joint degree will provide an opportunity to showcase the doctoral program to federal funding agencies and private foundations in order to secure additional financial support to enhance the program and to attract and retain outstanding doctoral-level faculty and high achieving doctoral students; and

WHEREAS, the joint awarding of Doctoral Degrees will not alter the consortial structure of the Ph.D.in Business at the Graduate School; now, therefore, be it

RESOLVED, that

A. the Graduate Council of the Graduate Center, CUNY, approves the awarding of doctoral degrees in Business jointly by The Graduate Center and Baruch College, and be it also

RESOLVED, that

B. the Graduate Center will continue to record degrees in Business with the integrated Postsecondary Education Data System (IPEDS), and be it also

RESOLVED, that

C. the Business doctoral program will continue to function in accordance with Graduate School governance and that all curricular matters will remain subject to the approval by the Graduate Council of the Graduate School.

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Institution Baruch College Date Program Business Degree PhD

TABLE 1 DATA ON FACULTY MEMBERS DIRECTLY ASSOCIATED WITH THE PROPOSED DOCTORAL PROGRAM

# of External Any Classes Articles Dissertation # of Researc Dissertation Taught in h Load Advisees Name Refereed Load in the Current % FTE 1 Support Current AY Current AY (Use “D” to Specify FT/P Sex Journals previous2 5 2 AY Time to T Dept M/F R/E Spring 2013 Spring 2013 Proposed Program Director and “C” in the in yrs. Spring to Specify Core Faculty) past 5 2 Program Current 2013 yrs AY 2 G Com Chr Com Chr Doc Mstrs UG R Full Professor Douglas R. Carmichael FT Accounting M W 2 1 0 Masako Darrough FT Accounting F A 4 3 6 3 2 20 Harry Z. Davis FT Accounting M W 5 2 0 Aloke Ghosh FT Accounting M F 6 6 1 3 10 Hyman Gorenberg FT Accounting M W 0 1 0 Steven B. Lilien FT Accounting M W 3 1 1 5 Stephen Lustgarten FT Accounting M W 2 5 Hugo Nurnberg FT Accounting M W 6 1 0 William Ruland FT Accounting M W 2 0 Anthony Tinker FT Accounting M W 22 1 0 Joseph Weintrop FT Accounting M W 3 3 3 10 3 3 4 95 Linda Allen FT Finance F W 6 1 2 10 2 1 1 20 Clark (Jack) Francis II FT Finance M W 9 0 Christos Giannikos FT Finance M W 7 2 0 Peter M. Gutmann FT Finance M W 0 2 0 Giora Harpaz FT Finance M F 4 2 0

Armen Hovakimian FT Finance M F 10 1 3 13 3 1 3 40 Ted Joyce FT Finance M W 10 1 10 Terrence F. Martell FT Finance M W 1 1 10 June O'Neill FT Finance M W 3 0 Joel Rentzler FT Finance M W 2 2 0 Robert Schwartz FT Finance M W 6 4 1 10 Kishore Tandon FT Finance M F 7 2 5 2 20 Ashok Vora FT Finance M F 0 2 0 Ko Wang FT Finance M A 6 1 2 12 Jeffrey Weiss FT Finance M W 4 2 0 Avner Wolf FT Finance M F 3 0 Liuren Wu FT Finance M A 18 1 3 1 2 0 Albert E. Croker FT Information M B 0 1 0 Systems M. Barry Dumas FT Information M W 0 3 0 Systems Martin Frankel FT Information M 9 1 1 0 Systems Linda W. Friedman FT Information F W 18 5 2 0 Systems Karl Lang FT Information M A 10 7 2 15 Systems Michael Palley FT Information M W 0 2 0 Systems Abdullah Uz Tansel FT Information M F 1 1 0 Systems Kapil Bawa FT Marketing M F 0 0 Lauren Block FT Marketing F W 13 2 2 18 2 1 25 J. David Lichtenthal FT Marketing M W 3 1 0 Lilach Nachum FT Marketing F F 10 1 3 0 Steven Schnaars FT Marketing M W 2 1 0

Sankar Sen FT Marketing M F 11 1 1 6 1 1 25

Myung-Soo Lee FT Marketing M A 4 5 Hirokazu Takada FT Marketing M A 2 1 0 Gloria Penn Thomas FT Marketing F W 1 3 10 Yoshihiro Tsurumi FT Marketing M A 0 0 Stephen Gould FT Marketing M W 9 3 1 3 12 1 6 40 Charles Gengler FT Marketing M W 2 10 David Luna FT Marketing M H 10 1 20 Nermin Eyuboglu FT Marketing M 0 10 Andreas Grein FT Marketing M W 5 1 3 5 Moshe Banai FT Management M F 6 0 William Chien FT Management M A 0 0 T. K. Das FT Management M F 8 3 5 Ramona Zachery FT Management F W 6 1 20 Richard E. Kopelman FT Management M W 14 2 10 N. Paul Loomba FT Management M F 0 2 0 Edward Rogoff FT Management M W 5 1 1 15 Hannah H. Rothstein FT Management F W 7 1 4 20 S. Prakash Sethi FT Management M F 5 1 10 Donald Schepers FT Management M W 5 0 Georghios Sphicas FT Management M W 0 0 Cynthia Thompson FT Management F W 1 1 2 15 Donald J. Vredenburgh FT Management M W 1 3 1 4 20 Ajay Das FT Management M F 2 6 0 Ann Brandwein FT Statistics F W 2 6 0 Emre Veral FT Management M W 6 2 0 Hammou El Barmi FT Statistics M F 11 1 25

Shulamith Gross FT Statistics F W 2 2 0 Su Han Chan FT Real Estate F A 22 2 5 2 2 10 Associate Professor Donal Byard FT Accounting M W 2 4 40 Paquita Davis FT Accounting F B 1 1 10 Carol Marquardt FT Accounting F W 1 3 1 8 1 1 30 Steven Melnik FT Accounting M W 3 0 Igor Vaysman FT Accounting M W 0 2 1 0 Jianming Ye FT Accounting M A 3 2 4 1 15 Jay Dahya FT Finance M F 4 3 2 15 Gayle Delong FT Finance F 4 1 0 K. Ozgur Demirtas FT Finance M W 9 0 Hanan Eytan FT Finance 0 4 0 Christopher Hessel FT Finance M W 3 5 0 Steven Katz FT Finance M W 0 2 0 Norman Kleinberg FT Finance M W 3 5 0 Jae Won Lee FT Finance M A 0 3 0 Barry Kai-Fai Ma FT Finance M A 3 0 Joseph Onochie FT Finance M B 2 0 Lin Peng FT Finance M A 5 2 1 1 15 Jun (Jonathan) Wang FT Finance M A 7 2 2 2 20 Gwendolyn Webb FT Finance F W 8 3 0 Rui Yao FT Finance M A 0 1 4 1 2 10 Raquel Benbunan-Fich FT Information F H 20 6 1 1 20 Systems William Ferns FT Information M W 2 5 Systems Richard Holowczak FT Information M W 2 2 1 5 Systems

Marios Koufaris FT Information M W 8 2 11 2 1 40 Systems Nanda Kumar FT Information M F 10 1 2 4 2 2 20 Systems Pai-Chun Ma FT Information M A 0 1 0 Systems Kannan Mohan FT Information M F 12 1 2 3 15 Systems Isak Taksa FT Information M A 3 2 0 Systems Eleanora Curlo FT Marketing F W 1 2 0 Barry N. Rosen FT Marketing M W 0 2 0 Ana Valenzuela FT Marketing F H 4 1 0 Clifford Wymbs FT Marketing M W 7 1 0 Lilia Ziamou FT Marketing F W 1 0 Naomi Gardberg FT Management F W 3 2 15 Li-Fern Hsu FT Management F A 10 10 Helaine Korn FT Management F W 5 1 3 10 Young K. Son FT Management M A 0 3 0 Mary Kern FT Management F W 6 1 3 7 3 2 40 Ariel Harel FT Statistics M W 6 3 0 Lawrence Tatum FT Statistics M F 2 2 0 Assistant Professor Christina Mashruwala FT Accounting F F 1 1 0 Shamin Mashruwala FT Accounting M F 1 1 2 0 Mehmet Ozbilgin FT Accounting M W 1 1 15 Suparna Chakraborty FT Finance M W 6 10 Sean Crockett FT Finance M W 5 1 4 5 Larry E. Huckins FT Finance M W 0 2 0 Yu (Ryan) Yue FT Information M A 8 1 2 20

Systems Stephen Dilchert FT Management M W 12 1 3 1 1 35 Weilei (Stone) Shi FT Management M A 0 1 3 10 1 Racial/Ethnic Groups - Black (B), White (W), Hispanic (H), Native American Indian/Alaskan Native (N), Asian/Pacific Islander (A), Foreign (F) 2 Specify the academic year.