Meeting ng of the Boar ard d of Visito tors Finan nance ce Committee ittee Februa uary y 20, 2014 4
ACTION ITEMS A. Rescission of Milton Airport as Surplus Property B. School of Medicine Harrison Distinguished Teaching Professorships Quasi-Endowment C. Capital Project Approval: Wilson Hall Renewal D. Delegation of Authority to Declare Official Intent to Issue Bonds to Reimburse Expenditures
ACTION ITEMS E. Faculty, Staff, and Student Housing Rates, 2014-2015 F. Dining Services Rates, 2014-2015 G. 2014-2015 Tuition and Required Fees for Graduate, Professional, and Special Programs H. Budget Amendments Transmitted to the General Assembly
R ESCISSION OF OF M ILTON A IRPORT AS AS S URPLUS P ROPERTY PAT H O G AN E X E C U T I V E V I C E P R E S I D E N T A N D C H I E F O P E R AT I N G O F F I C E R
Milton Airport • 172 acre site located six miles SE of Charlottesville • Current: UVa Police outdoor firing range, ecoMod, Engineering School, Department of Defense • Additional Use: indoor joint firearms training facility (partnership with the City of Charlottesville and Albemarle County)
S CHOOL OF OF M EDICINE H ARRISON D ISTINGUISHED T EACHING P ROFESSORSHIPS Q UASI -E NDOWMENT PAT H O G AN E X E C U T I V E V I C E P R E S I D E N T A N D C H I E F O P E R AT I N G O F F I C E R
School of Medicine Harrison Distinguished Teaching Professorships Quasi-Endowment Create Harrison Distinguished Teaching Professorships Quasi- • Endowment Capitalize unexpended distribution in the new quasi-endowment • Annual distribution will be used to support faculty appointed to • the Harrison teaching professorships.
C APITAL P ROJECT A PPROVAL : W ILSON H ALL R ENEWAL C O L E T T E S H E E H Y V I C E P R E S I D E N T F O R M A N A G E M E N T & B U D G E T
Project Approval: Wilson Hall • Interior renewal; renovation of 1 st and 2 nd floors, new accessible entrance • $4.65 million total cost • $3.00 million - College gifts and available cash • $1.65 million - maintenance reserves
D ELEGATION OF OF A UTHORITY TO D ECLARE O FFICIAL TO I NTENT TO TO I SSUE B ONDS TO TO R EIMBURSE E XPENDITURES PAT H O G AN E X E C U T I V E V I C E P R E S I D E N T A N D C H I E F O P E R AT I N G O F F I C E R
Delegation of Authority to Declare Official Intent to Issue Bonds to Reimburse Expenditures • Authorizes EVP&COO and Finance Committee Chair, acting together, to declare official intent to issue bonds • Does not alter current Board policies whereby the Board approves: • Capital projects • Expenditures for capital projects • Issuance of debt
F ACULTY , S TAFF , , AND S TUDENT H OUSING R ATES , , 2014 2014-2015 2015 R I C H K O VAT C H A S S O C I AT E V I C E P R E S I D E N T F O R B U S I N E S S O P E R AT I O N S
Faculty and Staff Housing Rates, , 2014-15 15 • Rents reflect market rate • 87 housing units • Average increase = 2.7%
Student Housing Rates, , 2014-15 15 Academic Division College at Wise Number of beds 6,680 725 Occupancy rate (fall 2013) 98% 82% Average increase $204 (3.9%) $192 (3.2%) Average double room charge $5,492 $6,228 (nine-month lease)
UVa Student Housing Rates Rate Increase Breakdown - $204 (3.9%) Salaries & Fringe Benefits $19 (9%) Utilities & Trash Renewal & $36 (17%) Replacement $93 (46%) Other Operating Expenses $56 (28%)
UVa Student Housing Rates Average Double Room Rate Breakdown - $5,492 Salaries & Fringe Benefits $320 (6%) Utilities & Trash Debt Expense $711 (13%) $1,449 (26%) Other Operating Transfers to Expenses Reserves $1,338 $1,674 (31%) (24%)
UVa Student Housing Rates VA Public, Peer & Selected Other Institutions Double Room Rate $10,000 UVA = $5,288 $9,000 $8,000 Average "Peer" & Selected Others = $7,204 $7,000 $6,000 Average VA Public Schools = $5,283 $5,000 $4,000 $3,000 $2,000 $1,000 $0 Sources: SCHEV 2013-2014 Public Institutions survey & Business Operations web-based survey
UVa-Wise Student Housing Rates VA Public, Peer & Selected Other Institutions Double Room Rate $8,000 UVa-Wise = $6,036 $7,000 .... Average VA Public Schools = $5,283 $6,000 - - - - Average "Peer" & Selected Others = $4,835 $5,000 $4,000 $3,000 $2,000 $1,000 $0 Sources: SCHEV 2013-2014 Public Institutions survey & Business Operations web-based survey
D INING S ERVICES R ATES , , 2014 2014-2015 2015 R I C H K O VAT C H A S S O C I AT E V I C E P R E S I D E N T F O R B U S I N E S S O P E R AT I O N S
Dining Service Rates Academic Division College at Wise Average increase 4.0% 4.0% Meal plans rate range $200 - $4,880 $189 - $4,322
UVa Dining Meal Plan Rates Rate Increase Breakdown - $180 (4%) Commission & Fees, Food $30 (17%) $38 (21%) Other Operating Expenses Personal Services $57 (31%) $55 (31%) Other operating expenses include amortization, inflation & utilities, new program support
UVa Dining Meal Plan Rates All Access 7 Meal Plan Rate Breakdown - $4,560 Commission Food & Fees $1,160 (25%) $823 (18%) Other Operating Expenses Personal Services $1,121 (25%) $1,131 (25%) Utilities Other operating expenses include amortization, inflation & utilities, new program support $325 (7%)
UVa Dining Meal Plan Rates VA Public, Peer & Selected Other Institutions Full Meal Plan Rate $7,000 UVA = $4,580 $6,000 Average "Peer" & Selected Others = $5,002 $5,000 Average VA Public Schools = $4,187 $4,000 $3,000 $2,000 $1,000 $0 Source: Business Operations web-based survey
UVa-Wise Dining Meal Plan Rates VA Public, Peer & Selected Other Institutions Full Meal Plan Rate $6,000 UVA-Wise = $4,156 $5,000 Average VA Public Schools = $4,187 Average "Peer" & Selected Others = $3,890 $4,000 $3,000 $2,000 $1,000 $0 Source: Business Operations web-based survey
2014 2014-2015 T T UITION AND R EQUIRED F EES FOR G RADUA UATE , P ROFESSIONAL , , AND S PECIAL P ROGRAMS C O L E T T E S H E E H Y V I C E P R E S I D E N T F O R M A N A G E M E N T & B U D G E T
2014 2014-15 15 Gr Grad adua uate te an and d Profe fessio siona nal l Tui uiti tion n an and F d Fees Acad ademi mic Divi visio ion This meeting, the Board will consider tuition and fees for: • – Ph.D. and Master’s programs – McIntire – Darden, Law, and Medicine – Special programs beginning in May and June – E&G and auxiliary required fees – Graduate application fees In April, the Board will consider undergraduate tuition for the University and the • College at Wise.
Academic Division 2014 - 15 Graduate Tuition Proposals 2014 Proposed rates reflect cost of graduate education and the market for • professional master’s degrees. Proposed tuition rates: • GSAS and Biomedical Sciences: increases between 2.4% and 2.7% • M.S. in Statistics (Data Science): $24,514 for Virginians, $39,196 for non-Virginians • Batten’s Master of Public Policy: $18,504 for Virginians, $33,158 for non -Virginians • Nursing’s Clinical Nurse Leader: $21,654 for Virginians, $35,756 for non-Virginians • Graduate programs in SEAS and other graduate schools: increases between 1.9% and • 3.1% to address unavoidable costs
Academic Division 2014 - 15 2014 15 Graduate Tuition Proposals Programs that begin academic year in May or June: SEAS -- no change in tuition for the Accelerated Master’s • Program in Systems Engineering ($38,250 for all students) SCPS -- increases between 3.2% and 3.9% in the post- • baccalaureate pre-medical certificate ($26,815 for Virginians, $31,966 for non-Virginians)
McIntire Graduate Programs 2014 - 15 Tuition and Fees Proposal 2014 Program Percent Increase M.S. in Accounting 1.2% M.S. in Commerce 2.5%-2.6% M.S. in MIT 3.1%
Darden 2014 2014 - 15 Tuition and Fees Proposal Reduce full-time MBA program differential between in-state and out-of-state from $5,000 to $3,000 beginning with entering class Program Percent Increase Full-time MBA Program (current) 3.7%-4.0% Full-time MBA Program (entering) 3.7%-8.0% MBA for Executives (entering class) 3.9% Global MBA for Executives (entering class) 3.6% PhD Students 2.4%-2.7%
2013 2013 - 14 Tuition & Fees Comparison (Full-time MBA) - Darden Peers Average = $57,178 UVA=$55,900 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 * Out-of-state tuition and fees are shown for the public institutions.
School of Law 2014 2014 - 15 Tuition and Fees Proposal Reduce differential between in-state and out-of-state from $5,000 to $3,000 beginning with entering class Program Percent Increase J.D. 1L and L.L.M. Program 3.6%-8.1% J.D. 2L and 3L 3.6%-4.0% Full-time, Research-Only 7.2%-21.3%
2013 2013 - 14 14 Tui uiti tion & Fe n & Fees Co Comp mpar ariso son n - Law aw P Peers Average = $53,954 $60,000 UVA=$52,900 $50,000 $40,000 $30,000 $20,000 $10,000 $0 * Out-of-state tuition and fees shown for public institutions in the peer group.
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