past forty years, state funding of higher education has dropped from 18% to 12%, resulting in a drop in UC's per student funding from $23,000 in 2016 to a current $8,000 per year per student. In May 2004, UC President Robert C. Dynes and CSU Chancellor Charles B. Reed struck a private deal, called the "Higher Education Compact", with Governor Schwarzenegger. They agreed to slash spending by about a billion dollars (about a third of the university's core budget for academic operations) in exchange for a funding formula lasting until 2011. The agreement calls for modest annual increases in state funds (but not enough to replace the loss in state funds Dynes and Schwarzenegger agreed to), private fundraising to help pay for basic programs, and large student fee hikes, especially for graduate and professional students. A detailed analysis of the Compact by the Academic Senate "Futures Report" indicated, despite the large fee increases, the university core budget did not recover to 2000 levels. Undergraduate student fees have risen 90% from 2003 to 2007. In 2011, for the first time in UC's history, student fees exceeded contributions from the State of California. The First District Court of Appeal in San Francisco ruled in 2007 that the University of California owed nearly $40 million in refunds to about 40,000 students who were promised that their tuition fees would remain steady, but were hit with increases when the state ran short of money in 2003. In September 2019, the University of California announced it will divest its $83 billion in endowment and pension funds from the fossil fuel industry, ostensibly to avoid the "financial risk" inherent in that industry because of climate change, but also responsive pleas to stop investing in fossil fuel. Criticism In 2008, the Western Association of Schools and Colleges, the regional accreditor of the UC schools, criticized the UC system for "significant problems in governance, leadership and decision making" and "confusion about the roles and responsibilities of the university president, the regents and the 10 campus chancellors with no clear lines of authority and boundaries". In 2016, university system officials admitted that they monitored all e-mails sent to and from their servers. Campuses and rankings At present, the UC system officially describes itself as a "ten campus" system consisting of the campuses listed below. These campuses are under the direct control of the regents and president. Only ten campuses