The University of Northern Colorado Board of Trustees approved the 2013-14 budget and a new master's degree in Business Administration at a regularly scheduled meeting June 7 in the Panorama Room at the University Center.
The budget includes pricing and institutional financial aid for the next year. Resident undergraduate tuition will increase 5 percent ($284/year) while resident graduate tuition will increase up to 4 percent, and room and board by about 3 percent.
As in years past, the university will use 25 percent of new undergraduate and 30 percent of new graduate tuition revenue to increase institutional financial aid. The budget includes $17 million in institutional aid for low- and middle-income students.
Room rates will continue to fall into one of six tiers, based on the residence hall's amenities. Tier 1 prices will be reduced by $114 ($4,800/year) and Tier 6 will be $6,522 for freshmen. Returning residence hall students will be offered a discounted rate.
UNC considers a number of factors when setting rates, including prices of competitors, investments aligning with university planning to provide quality education to students, and students' willingness and ability to pay while taking into account the availability of financial aid.
Over the past five years, UNC's tuition increased $1,522 while the average increase at the state's other research universities was $2,466.
Costs of attendance will be updated in the coming days at: www.unco.edu/costs/fy14
As part of the multiyear planning, UNC will continue to progress on its goal identified in its compensation identity plan to offer competitive and fair compensation, which includes moving toward 90 percent of the average salaries of university peers by 2016-17, to recruit and retain employees. The budget includes a 2-percent salary increase for faculty and exempt staff (classified staff increases are set by the state) and a 3-percent pool available to address parity.
The budget also includes $14 million in capital and deferred maintenance projects that will be covered by university reserves. One project will update Butler-Hancock Hall, site of indoor commencement ceremonies and sporting events, with air conditioning.
In other news:
- Trustees approved the MBA program, which will be offered at the Centerra center. The program, which includes online instruction, is unique in that it provides flexibility for the working professional by allowing 2-5 years for completion. The MBA will begin in summer 2014.
- Trustees approved Faculty Senate changes to the board policy manual to extend the "tenure clock" for events such as birth or adoption of a child, serious personal for family health conditions, death of a family member or catastrophic damage to residential property. Other senate changes approved address degree requirement completion time periods for new hires within academic ranks and updated language to the academic appeals process to be more efficient.
- UNC was presented with a certificate of special recognition by Sen. Mark Udall's office for 100 years of graduate education. For more information on the anniversary, including stories submitted by graduates, visit http://www.unco.edu/grad/grad100/
- Provost Robbyn Wacker announced faculty earning promotions and tenure along with faculty being recognized with emeritus status.