The College's Board of Trustees has approved a
2000-2001 budget that meets the challenge of strengthening the College,
limiting increases in the cost to attend and providing fair and
competitive compensation for employees.
Among the priorities in the budget:
— A commitment to limit
increases in student costs. This is the eighth consecutive percentage
decrease. The total for tuition, room and board and other fees is $31,602,
a 3.36 percent increase over this year.
— A commitment to meet the
financial need of students. The financial aid budget is $17.5 million,
which represents about 35 percent of the budgeted tuition and fees
— A commitment to provide
fair and competitive compensation. Faculty and administrative salaries and
hourly staff wages are to increase by 3 percent. The $30.4 million salary
and wage budget includes faculty salaries, administrative salaries and
hourly wages of $13.6 million, $9.1 million and $7.7 million respectively.
Administrative and hourly compensation increases will continue to be based
on a merit system based on performance review.
Among other priorities in the budget, there was a
commitment to continue the Union Scholars program and to add resources to
maintain its quality; to fund a Campus Activity Board, which will provide
social alternatives as the College restructures social life as recommended
by the U2K committee; and to provide enhanced Web activities by adding
staff to assist in this effort.
The Trustees also learned that about 72 percent of
education and general revenues come from tuition, room and board fees.
Another 4 percent comes from graduate program revenues.
The College's endowment, as of Dec. 31, is $277
million (market value). The draw on endowment represents 15 percent of the
revenues in the $86 million operating budget.
In the first half of the current fiscal year, the
College had received more than $8.3 million in cash gifts, compared to
about $6.7 million received at this time last year, according to Thomas
Gutenberger, vice president for College Relations. The College is 53
percent toward its goal of $15.7 million.
Applications for admissions recently broke the 4,000
mark, reported Dan Lundquist, vice president for admissions and financial
The board declared tenurable and promoted to associate
professor James Adrian Jr., chemistry; Donald Rodbell, geology; and
Stephen Schmidt, economics.