Board of Visitors approves 2014-15 budget
The Virginia Commonwealth University Board of Visitors has approved a budget for 2014-15 that includes a modest 3.5 percent tuition increase, a new $25-per-semester library fee and no increase in the mandatory university fees.
The budget will allocate our resources to align with the university’s strategic plan, Quest for Distinction, which emphasizes academic quality and student success.
The budget puts the university’s academic mission first, including recruiting and retaining our internationally competitive faculty and increasing student financial assistance. It also funds priorities in the plan, including investing in digital learning and core curriculum improvements, shoring up maintenance reserves to improve and modernize university facilities and bringing in additional infrastructure to support academic success.
The 3.5 percent tuition increase represents an increase of less than $12 per credit hour, or about $286, for most students.
The $25-per-semester library fee was adopted for all students; no existing mandatory fees were increased for FY 2015. In all, tuition and mandatory fees for in-state undergraduate students will increase 3.3 percent for FY 2015.
Most revenue realized from the tuition increase will be used for new faculty, adding 41 new positions and converting 22 adjunct positions to full-time. In addition, $1.2 million will be earmarked for financial aid to students.
More information can be found at www.budgetupdate.vcu.edu and www.mytuition.vcu.edu.
Categories Uncategorized