Kicking off the start of a new school year, the Iowa Board of Regents approved funding for fiscal year 2016.
The board approved $649 million for the FY16 budget. The board also approved $12.9 million to be distributed between Iowa State University and University of Northern Iowa.
The $12.9 million is part of an appropriation request proposed by Patrice Sayre, Chief Business Officer of the Board of Regents. Sayer proposed the $12.9 million be divided in near-equal parts as ISU would receive $6,366,297 and UNI would receive $6,605,01.
“It would be in the board’s best interest to lobby aggressively for the full appropriation,” said Bruce Rastetter, BOR President.
The $6.6 million dollars UNI will receive will be used in part to off-set funds cut during the recession.
UNI’s $6.6 million will be distributed among financial aid, enrollment management, deferred maintenance and TIER recommendations.
The board discussed going to a performance-based funding system, which would increase funding for UNI from approximately $90.7 million to approximately $114.4 million. The performance-based system will be determined by enrollment, student progress, number of graduates and other factors.
According to a graph provided in the agenda packet, appropriations used to contribute to a much higher percentage of the Regents Universities’ budget.
In 1981 appropriations accounted for 77.4 percent of the Universities’ budgets and tuition accounted for 20.8 percent.
Those numbers have changed drastically today as appropriations account for 34.7 percent and tuition accounts for 60.7 percent.
During the meeting, each of the three Universities’ presidents and the superintendent presented reports about the progress of their respective colleges.
UNI President William Ruud reported highlights of UNI, which included the Panther Marching Band traveling to London to perform for a New Year’s Eve show.
UNI has raised $40 million since January 2014 to help fund scholarships.
Ruud reported enrollment numbers for the 2014-15 school year. UNI’s enrollment reached 11,928 new and transfer students as well as an increase in student retention.
This is the second year in a row enrollment has been up.
“A top priority at UNI is recruiting and retaining students,” said UNI President Bill Ruud. “We’ve had some success, and we’re on the path to see more success as we implement and improve our enrollment management structure and process.”
