The College's Board of Trustees has approved a 2003-04 balanced budget of $97,014,000 that limits increases in tuition, preserves competitive employee compensation, and meets the challenge of a decline in endowment spending with cost containments and revenue generation.
Included in the budget:
- Tuition, room and board rates are to increase five percent to $36,005. Costs are $28,608 for tuition, $3,882 for room, $3,195 for board (fifteen meals), $240 activity fee, and $80 for phase-in of a House System fee.
- A commitment to continue to meet the financial need of all students. Financial aid is to increase eight percent over the current year's forecasted expense to $19.8 million, $18.9 million of which will come from restricted and unrestricted institutional funds and the balance from federal and state sources.
- In employee compensation,
faculty and staff earning $55,000 or less will receive a permanent increase of two percent. Staff earning more than $55,000 will receive a one-time adjustment of two percent, which will not
be added to their base salaries. Faculty earning more than $55,000 will receive a permanent one percent increase and another one percent as a one-time adjustment. - Following the recommendations of committees established last fall, reductions totaling approximately $1.3 million have been made in financial aid, terms abroad, athletics, printing, and travel expenditures. In addition, an employee benefits committee is at work, and the Board of Trustees will examine the work of the six committees this summer.
In other business:
- The trustees authorized the establishment of the Graduate College of Union University as a separate legal entity to conduct graduate programs in business administration, health system administration, educational studies, engineering and computer science. The move is deemed essential to clarifying the mission of Union as an undergraduate institution. The new entity would have its own board of trustees and officers.
- The board authorized the purchase of 2 Nott Terrace, the former Pedestrian Café, to be used as an additional building for the U-Start incubator program. A donor has contributed the $125,000 purchase price.
- The trustees also authorized improvements at Achilles Rink at an estimated budget of $700,000. Plans call for the replacement of the mechanical ice sheet system and improved heating and dehumidification that will allow for ice time in the summer months, and additional revenue. Work will begin when the funds are raised.