Fellow Bears,
As many of you know, on Friday we had our annual summer Board of Trustees meeting. It was great to welcome the trustees back to campus after their visit in May for the Finance and Audit committee meeting. I would like to share some important updates from Friday’s meeting.
Most notably, the Board of Trustees approved UNC’s budget for FY (fiscal year) 22. The FY22 budget includes $194.6 million in net revenue and $191.7 million in total expenditures, leading to an operating surplus of $2.9 million. As part of the FY22 budget, the cost of attendance at UNC – tuition, fees, and room and board, was approved by the trustees. Below are the changes that will be reflected in pricing for the 2021-22 academic year:
- A 7% increase in undergraduate tuition
- A 3% increase in graduate tuition
- A 3% increase in student fees
- A 4% increase in room and board rates
- A 7% increase in differential tuition for programs in the College of Performing and Visual Arts
A 7% tuition increase for the average undergraduate resident student amounts to an annual increase of about $387 or $39 per three-credit course, after institutional aid is applied. For non-resident undergraduate students, this amounts to an increase of $809 a year or $81 per three-credit course, after institutional aid is applied. The total cost of attendance for the average undergraduate resident student, before institutional aid is applied, is $22,818 for the 2021-22 academic year, an increase of $1,072 (tuition, fees, room & board). However, after applying scholarships, grants, and institutional aid, about 30% of UNC students will continue to not have any out-of-pocket expenses for tuition and fees.
Although the cost of attendance will be increasing this fall, it is important to note that UNC will remain the most affordable research institution in the state. While we are committed to remaining accessible and affordable, it is critical that we have the funds available to support the high-quality education we provide to our students (the last tuition increase at UNC was for the 2018-19 academic year). A significant amount of the revenue generated from increases in tuition and fees this year will be used to re-invest in the university and our students, funding initiatives in Rowing, Not Drifting 2030. We will invest in support services that promote student retention, help students graduate on time, and enhance the high-quality educational experience we provide to our students.
The Board of Trustees also approved UNC’s annual capital request submittal to the State of Colorado, for both capital construction and major information technology requests. UNC is hopeful that strong state revenues will allow the general assembly to invest in much needed infrastructure projects beginning with the 2022 legislative session.
Also of note, a dining services RFP with Sodexo was reviewed, faculty promotion and tenure recommendations were approved, and the naming of UNC’s new $4 million sports performance facility – The Empower Center, was officially approved.
I would also like to take this opportunity to remind our community that the secure portal for COVID-19 vaccine documentation is now live. All immunization documentation for students, faculty, and staff should be submitted prior to August 15, 2021. Incoming students will upload vaccination documentation directly to the admitted student portal. Upon the submission, the system will automatically mark this checklist item as completed. For all other students and our faculty and staff, please view additional information for submission on our COVID-19 vaccine requirements web pages.
I hope everyone is having a great start to the summer! I look forward to seeing all of our students back on campus in just over two months.
Rowing, Not Drifting,
Andy Feinstein
President
