The College's Board of Trustees
has approved a 2004-05 balanced budget of $103 million that “maintains the
qualities that define Union and allows for a few new
programs,” it was announced by Stephen J. Ciesinski '70, chairman of the board.
The budget provides a 3 percent
increase in salaries and wages for employees, but freezes supplies, services
and capital budgets.
Total charges for 2004-05 were set
at $38,703. This comprehensive fee (tuition, room, board, and fees rolled into
one) will provide for extended dining hours and allow students to enroll in an
extra course annually for academic enrichment purposes, at no additional
charge, provided that they meet certain academic prerequisites.
The endowment yield generates
about 14.8 percent of the 2004-05 budget, down from
16.8 percent this year. The endowment grew 24 percent for the year ending
September 2003, placing Union in the top 10 percent of
all of its peer institutions. Results for the past three years were nearly as
positive, Ciesinski said.
Enrollment for the first-year
class was set at 560, with the House System and the renovated former Ramada Inn
becoming fully operational by September 2004. Funds for deferred maintenance
were reduced by $500,000.
“Union's
overall financial condition is strong,” Ciesinski reported after the meeting.
“We continue to operate with balanced budgets through careful spending and by
asking more of our talented faculty and staff.
Even so, the weak financial markets have had their effect, and we must
be more watchful than ever of the use of proceeds from the endowment.
Therefore, much of our budget discussions centered upon long-range financial
planning.”
Ciesinski also reported that:
— Associate professors Zoe Oxley of political science, and Steven Rice of biology
were approved for tenure.
— The board welcomed David Henle '75 as a term trustee.
— The board learned that a
committee chaired by Prof. John Spinelli would evaluate and recommend changes
to the trimester system.
— The Admissions Office expected
more than 4,000 applications, and a recent survey showed that 80 percent of
those who visit campus say they are much more likely to apply.
— The board was saddened by the
tragic death of two students – Craig LeDuc and Kyle Schrade – who died in a car
accident in December.
— The Union Fund is up in both
dollars and donors (27 percent and 19 percent, respectively) for the year.
Homecoming and Family Weekend attendance increased yet again (up 48 percent
since 2000).
To read the full chairman's
report, visit: