Proposal for Academic Year
2014-15 Undergraduate Tuition
BOV Meeting
April 23, 2014
1
April 11, 2014
FY15 Presents an Unprecedented Year
of Significant Incremental Operating
Cost Requirements
The University is facing significant operating cost increases in
FY15 in the following areas:
• Increased faculty and staff salaries to catch up
• Increased healthcare costs
• State-required Virginia Retirement System (VRS)
contribution costs
• Increased operations & maintenance on new buildings
In addition, FY15 is the first year of the Cornerstone Plan
implementation.
2
Net Incremental FY15 Operating
Requirements
(in thousands)
Incremental FY15 Operating Requirements
Expected 1.5% CPI Increase on Other Than Personnel Services
Total FY 15 Incremental Operating Requirements
Targeted Savings
Net Incremental FY15 Operating Requirements
$13,360
5,400
18,760
(11,497)
$7,263
3
Focus on Efficiencies Already Underway,
Producing Targeted Savings in FY15
(rounded in
thousands)
Health care and other fringe-related savings from program
changes and reallocations
$5,500
Other areas:
$6,000
• Reduce costs through strategic sourcing and process
simplification
• Negotiate savings on procurement contracts
• Strategic workforce planning
• Reduce cost of leased space
• Defer or eliminate lower priority expenses
Targeted Savings in FY15
$11,500
This targeted savings of $11.5 million represents 3.6% of the FY14
undergraduate addressable operating expenditure budget (i.e., excludes
faculty salaries and research).
4
University of Virginia
Recommendations for Academic Year 2014-15
• Tuition & E&G fee increase for undergraduates:
• +4.5% for Virginians
• +6.0% for non-Virginians
• The total price of education (which includes tuition,
required fees, housing, dining, books, travel and other):
• +3.6% for Virginians
• +5.0% for non-Virginians
5
University of Virginia
Undergraduate Tuition Proposal
Academic Year 2014-15
Virginian
$
%
Change Change
Tuition
Auxiliary Fees *
FY15
$
%
Prop.
Change Change FY15
4.7%
$10,484
$ 2,268
4
0.9%
448
4
$472
4.5%
$10,932
$2,272
68
3.5%
2,016
68
3.5%
2,016
0
0.0%
50
0
0.0%
50
$ 540
4.3%
$12,998
$ 2,340
Student Activity Fee *
Tuition & Fees
Proposed
$ 468
E&G Fees *
Tuition and E&G Fees
Non-Virginian
6.2% $ 38,988
0.4%
1,130
6.0% $40,118
5.9% $ 42,184
6
* Approved by BOV in February 2014.
Figures do not include specific school fees.
Total Price of Attendance
UVa First-Year Undergraduate
Academic Year 2014-15
In-State
Out-of-State
Tuition & Fees
$12,998
Orientation Fee
210
Room
5,492
Board
4,560
Books, Travel, Other
4,157
Total
$27,417
Increase
$949 or 3.6%
Tuition & Fees
$42,184
Orientation Fee
210
Room
5,492
Board
4,560
Books, Travel, Other
5,390
Total
$57,836
Increase
$2,730 or 5.0%
Expected % students on aid: 34%
For students on aid:
Average Grant Package $10,587
Ave. Net Price
$16,830
Expected % students on aid 32%
For students on aid:
Average Grant Package $27,659
Average Net Price
$30,177
Figures do not include specific school fees.
7
College at Wise
Recommendations for Academic Year 2014-2015
• Tuition increase for students will be 4% per the
approved 2014-16 through 2018-20 Six-Year Plan.
• The Technology Fee will increase to $130 per year; an
increase of $5, or 4%.
• Academic Credentialing Fee – The $20 fee per year
will eliminate the existing $10 fee charged per
transcript.
8
Total Price of Attendance
UVa’s College at Wise
Academic Year 2014-15
Virginian
$
%
Change Change
Non-Virginian
Proposed
14-15
$
Change
%
Change
Proposed
14-15
Tuition and E&G Fees $211
4.4%
$5,012
$789
4.0% $20,646
Auxiliary Fees
$148
4.0%
$3,856
$148
4.0%
Tuition and Fees
$359
4.2%
$8,868
$937
Room (weighted avg)
$192
3.2%
$6,228
$192
3.2%
$6,228
Board
$158
4.0%
$4,112
$158
4.0%
$4,112
Total Costs
$709
3.8%
$19,208
$1,287
$3,856
4.0% $24,502
3.8% $34,842
9
Next Steps
June
Finalize FY15
budget for
presentation to
Board of Visitors
for approval
Summer
Update State Six
Year Plan
September
Update long-term
financial plan for
presentation to
Board of Visitors
Will include:
• all cash sources
and uses
(including those
related to
Strategic Plan)
• integrated
approach to
tuition and
financial aid
10