March 24, 2015
MEMORANDUM
TO:
The Finance Committee:
Victoria D. Harker, Chair
John A. Griffin, Vice Chair
Frank B. Atkinson
L.D. Britt, M.D.
Kevin J. Fay
John G. Macfarlane III
John L. Nau III
George Keith Martin, Ex Officio
Daniel M. Meyers, Consulting Member
Raymond C. Scheppach, Faculty Consulting Member
and
The Remaining Members of the Board:
Frank M. Conner III
Allison Cryor DiNardo
Helen E. Dragas
Barbara J. Fried
Frank E. Genovese
William H. Goodwin Jr.
Bobbie G. Kilberg
Stephen P. Long, M.D.
Edward D. Miller, M.D.
Margaret N. Gould
FROM:
Susan G. Harris
SUBJECT:
Minutes of the Finance Committee Meeting on March 24,
2015
The Finance Committee of the Board of Visitors of the University
of Virginia met, in Open Session, at 1:30 p.m. on Tuesday, March 24,
2015, in the Auditorium of the Albert & Shirley Small Special
Collections Library of the Harrison Institute; Victoria D. Harker,
Chair, presided.
Present were George Keith Martin, John A. Griffin, Frank B.
Atkinson, Kevin J. Fay, John G. Macfarlane III, John L. Nau III,
Raymond C. Scheppach, and Daniel M. Meyers. L.D. Britt, M.D.
participated by phone.
Frank M. Conner III also attended.
Finance Committee
March 24, 2015
2.
Present as well were Teresa A. Sullivan, Susan Carkeek, Susan G.
Harris, Donna Price Henry, Patrick D. Hogan, David W. Martel, Debra D.
Rinker, Pamela H. Sellers, Richard P. Shannon, M.D., Colette Sheehy,
and John D. Simon.
The presenter was Richard A. Kovatch.
_ _ _ _ _ _ _ _ _ _
Action Item: Enrollment Projections – University of Virginia
On motion, the following resolution was approved by the
committee.
UNIVERSITY OF VIRGINIA ENROLLMENT PROJECTIONS – THROUGH 2022-2023
WHEREAS, the State Council of Higher Education for Virginia
requires that a six-year enrollment projection be submitted every two
years by public institutions of higher education to assist in
statewide enrollment planning efforts; and
WHEREAS, the University’s existing enrollment plan, approved by
the Board of Visitors in February 2013, must be updated to reflect
projected undergraduate and graduate enrollment levels through 20222023; and
WHEREAS, the Board of Visitors previously discussed and approved
enrollment growth of 1,100 undergraduate students and 400 graduate
students over a decade, from 2004-2014; and
WHEREAS, the Board of Visitors supports the recommendations of
the Governor’s Commission on Higher Education Reform, Innovation and
Investment and the resulting Higher Education Opportunity Act of 2011,
one of which is to confer an additional 100,000 undergraduate degrees
on Virginians over the next 15 years in order to make the Commonwealth
one of the most highly educated states in the nation; and
WHEREAS, the Board of Visitors revised its enrollment growth
plans in 2013 to continue the incorporation of an additional
undergraduate student growth of 1,400 students by 2020-2021;
RESOLVED, the Executive Vice President and Chief Operating
Officer is authorized to continue to implement plans with the State
Council of Higher Education for Virginia which will allow the
University to increase enrollment by 327 over the period of 2015-2016
through 2022-2023, in keeping with plans approved in 2011 and 2013;
and
RESOLVED FURTHER, enrollment growth will occur only with
appropriate state support; and
Finance Committee
March 24, 2015
3.
RESOLVED FURTHER, that all undergraduate student growth maintains
the current 70% in-state/30% out-of-state ratio.
Action Item: Enrollment Projections – University of Virginia of
Virginia’s College at Wise
On motion, the following resolution was approved by the
committee.
COLLEGE AT WISE ENROLLMENT PROJECTIONS FOR FALL 2015-2021
WHEREAS, The University of Virginia’s College at Wise is
committed to the managed growth of its student body; and
WHEREAS, The University of Virginia’s College at Wise is
committed to recruiting and retaining an academically talented and
diverse student body;
RESOLVED that the proposed enrollment projections for The
University of Virginia’s College at Wise for the period of fall 2015
through fall 2021 be approved as follows:
Term
Fall 2015
Fall 2016
Fall 2017
Fall 2018
Fall 2019
Fall 2020
Fall 2021
Total Headcount
2,180
2,200
2,220
2,240
2,260
2,280
2,305
Student FTE
1,527
1,542
1,557
1,572
1,587
1,602
1,619
Action Item: 2015-2016 Tuition and Required Fess for Undergraduate,
Graduate, Professional, and Special Programs
Mr. Hogan reported that the budget process for FY 2015-2016 is
underway. As a part of the process, the University determines where
operational savings can be achieved. For the current fiscal year the
savings target, which the University is on track to meet, is $11.5
million. For the upcoming fiscal year, the target is in excess of $12
million, which will come from strategic sourcing in areas such as
housekeeping supplies, office furniture, insurance, and travel. The
University has also realized health plan savings. This past year was
the first full year of the spousal benefit change. This change in
conjunction with the dependent audit resulted in approximately $13
million in annual savings.
The University will soon be announcing a voluntary early
retirement program for University staff; this has the potential of
saving approximately $8 million on an ongoing basis. Benchmarking
Finance Committee
March 24, 2015
4.
consultants have identified other potential savings in the areas of
human resources, IT procurement, and accounting.
Ms. Sheehy provided the context for the 2015-2016 tuition
proposal. After the Board approved the FY 2014-2015 budget and the
2014-2015 tuition increase, the Virginia General Assembly, due to
revenue concerns, reduced state funding to institutions of higher
education. The University’s reduction was $8.2 million, which was
offset largely through one-time savings. A permanent source of
funding for this budget reduction will be incorporated in the FY 2016
budget. The 2015 General Assembly session resulted in additional
enrollment funding, but also mandated unplanned compensation increases
for classified staff and the acceleration of Virginia Retirement
System funding. State provided some funding for enrollment growth,
and will fund about a third of the compensation increases.
In addition to state funding, there are six University fund
sources or revenue levers. These include endowment spending
distribution, debt restructuring, organizational excellence, balance
sheet/investment earnings, philanthropy, and tuition. The University
uses the first five before employing tuition increases.
For FY 2015-2016 there are a number of spending requirements for
the undergraduate schools. These include the mandated classified
staff salary increases and a 4.5% increase in faculty salaries. These
will cost $14 million with the State funding $4.3 million and the
University funding $9.8 million. The other requirements include
enhanced safety and counseling support services, contractual
obligations, enhanced library operations, student life, compliance
measures for Title IX and Clery Act requirements, a financial aid
contingency for the elimination of the Perkins Loan Program and for
AccessUVa, and a 2% CPI increase in non-personal services. The cost
of these requirements is $20 million. The resulting total cost is $30
million. $1.6 million is available from the State, $7.2 million from
endowment distribution, and $12.7 million from Organizational
Excellence savings. This leaves a funding shortfall of $8.7 million.
To address this shortfall, the tuition proposal calls for a 3.8%
increase in tuition and E&G fees, which will generate $8.9 million.
When other fees are included, the total increase is 3.6% for
Virginians and 3.7% for non-Virginians. For 2015-2016 the
undergraduate tuition and fees for in-state students would be $13,468,
an increase of $470 (3.6%). The undergraduate tuition and fees for
out-of-state students would be $43,764, an increase of $1,580 (3.7%).
The total cost of attendance for 2015-2016 would be $27,963 for
in-state students and $59,488 for out-of-state students. This is an
$895 increase (3.3%) for in-state students and a $1,985 increase
(3.5%) for out-of-state students. The University anticipates that 34%
of in-state students and 32% of out-of-state students will need
financial aid. For in-state students the average grant package is
$11,551 and the average net cost is $16,412. For out-of-state
Finance Committee
March 24, 2015
5.
students the average grant package is $16,802 and the average net cost
is $42,685.
There are also differential tuition proposals: the Frank Batten
School of Leadership and Public Policy is proposing a $2,500
differential for students entering in 2015-2016, and an additional
$2,500 differential for students entering in 2016-2017, and the School
of Engineering and Applied Science (SEAS) is proposing to increase its
differential from $2,000 to $4,000 for 2015-2016.
The 2015-2016 graduate tuition proposals include increases
ranging from 0.2% to 3.9%. The Batten School is increasing the
tuition of its two programs by $7,160 (38.7%) for in-state students
and $13,364 (40.3%) for out-of-state students. This will align its
tuition with the average of its peers. The tuition of the full-time
M.B.A. program at the Darden School would increase by $3,256 (5.9%)
for in-state students and $3,256 (5.6%) for out-of-state students.
The tuition at Darden is slightly below the average of its peers. The
Law School tuition would increase by $2,200 for both in-state and outof-state students; this equates to increases of 4.2% and 4.0%. The
Law School’s tuition is below the average of its peers. The School of
Medicine is proposing 2% tuition increases for in-state and out-ofstate students. This equates to increases of $922 and $1,120
respectively. The School’s tuition is slightly above that of its
peers. Dr. Shannon noted that while the School’s tuition has
traditionally been high, it is also in the top quartile nationally in
terms of its financial aid packages and students graduating with the
least amount of debt.
The 2015-2016 fee proposals include a $7 increase for E&G fees
and a $55 increase for auxiliary fees. There will be no increase in
the student activity fees. Application fees are increasing by $15 for
the Batten School and $25 for SEAS. The School of Architecture is
instituting technology fees: landscape architecture and 1st year
undeclared students will be $560, and for students in urban and
environmental planning the fee will be $150.
The College at Wise
state students comprised
$154 for auxiliary fees.
be $952 (3.9%) comprised
$154 for auxiliary fees.
is proposing a $352 (4%) increase for inof $194 for tuition, $4 for E&G fees, and
The increase for out-of-state students would
of $794 for tuition, $4 for E&G fees, and
On motion, the following resolutions were approved by the
committee.
2015-16
Proposed
Non-Virginian
2014-15 Amount of Percent of
Approved Increase
Increase
2015-16
Proposed
$
n/a
14,998
416
$
$
$
$
$
$
$
n/a
470
80
2,470
470
15
14
408
7
415
55
470
160
189
819
$
$
$
$
$
$
$
n/a $
3.7% $
3.8% $
3.7% $
3.1% $
3.0% $
3.9% $
3.9%
1.6%
3.8%
2.7%
0.0%
3.6%
0.0%
3.5%
3.4%
3.5%
15,968
15,468
496
17,468
18,468
530
363
10,892
455
11,347
2,071
50
13,468
210
4,720
5,681
24,079
$
$
$
$
$
$
$
$
$
$
$
$
n/a
44,184
1,366
44,184
47,184
1,466
1,224
$
$
$
$
$
$
38,988 $
1,130 $
40,118 $
2,016 $
50 $
42,184 $
210 $
4,560 $
5,492 $
52,446 $
n/a
1,580
117
3,580
1,580
51
126
1,518
7
1,525
55
1,580
160
189
1,929
$
$
$
$
$
$
$
n/a $
5.6% $
5.8% $
5.6% $
5.2% $
5.4% $
10.3% $
3.9%
0.6%
3.8%
2.7%
0.0%
3.7%
0.0%
3.5%
3.4%
3.7%
46,264
45,764
1,484
47,764
48,764
1,517
1,350
40,506
1,137
41,643
2,071
50
43,764
210
4,720
5,681
54,375
March 24, 2015
BA in Public Policy and Leadership (first-year students only) $2.5K
differential:
School of Engineering and Applied Science Full-time Tuition and All Required
Fees (second- and third-year students only) $2K differential also charged to
PRODUCED students:
approved part-time programs/loads only):
School of Engineering and Applied Science Full-time Tuition and All Required
Fees (first-year students only) $4K differential also charged to PRODUCED
students:
Engineering Undergraduate Per Credit Hour (First-year students only) (for
17,998
516
14,998
$
$
McIntire School of Commerce Full-time Tuition and All Required Fees:
McIntire Undergraduate Per Credit Hour (for approved part-time programs/loads
349
10,484 $
448 $
10,932 $
2,016 $
50 $
12,998 $
210 $
4,560 $
5,492 $
23,260 $
$
$
Undergraduate Per Credit Hour (for approved part-time programs/loads only)
only):
$
$
$
$
$
$
$
Required Auxiliary Fees
Required Activity Fee
Full-time Students
Orientation Fee
Proposed Dining - full plan
Proposed Housing - weighted average
Total
Tuition
Required E&G Fees
Undergraduate School (excluding McIntire School of Commerce, School of Engineering and Applied Science, and BA in Public Policy and Leadership )
Full-Time Tuition and All Required Fees for students enrolled in 12 or more credit hours per semester, including University Activity Fee and excluding School Activity Fee (which varies by
REGULAR SESSION:
2014-15 Amount of Percent of
Approved Increase
Increase
Virginian
RESOLVED, the tuition and required fees and other charges applicable to the Academic Division are approved as shown below, effective July 1, 2015:
TUITION, REQUIRED FEES, AND OTHER CHARGES FOR THE ACADEMIC DIVISION FOR FISCAL YEAR 2015-2016
Finance Committee
6.
349 $
349 $
5,518 $
323 $
349 $
$
$
$
$
2016 Summer Session, 2016 January Term, and Mt. Lake Biological Station
Undergraduate (per credit)
$
SPECIAL SESSION and OTHER (per credit hour unless otherwise noted):
SCPS Undergraduate
SCPS Community Scholars - Undergrad and High School
SCPS National Criminal Justice Command College program - Undergraduate
level (total program cost)
Study Abroad
14
242
13
13
12
3.9% $
4.4% $
3.9% $
363
5,760
336
362
361
2015-16
Proposed
3.7% $
3.4% $
2014-15 Amount of Percent of
Approved Increase
Increase
Virginian
$
$
$
$
$
1,247 $
5,518 $
412 $
349 $
349 $
49
242
16
13
12
1,296
5,760
428
4.4% $
3.9% $
3.9% $
362
361
2015-16
Proposed
3.7% $
3.4% $
2014-15 Amount of Percent of
Approved Increase
Increase
Non-Virginian
RESOLVED, the tuition and required fees and other charges applicable to the Academic Division are approved as shown below, effective July 1, 2015:
TUITION, REQUIRED FEES, AND OTHER CHARGES FOR THE ACADEMIC DIVISION FOR FISCAL YEAR 2015-2016
Finance Committee
March 24, 2015
7.
74
488
110
$ 24,868 $
$ 16,678 $
$
$ 18,504 $
M.S. in Data Science
Biomedical Sciences Graduate Program (Years 1-2 for students with a master's degree and MSTP students,
years 1-3 for all other students)
Biomedical Sciences Graduate Program (Years 3-completion for students with a master's degree and MSTP
students, years 4-completion for all other students)
Batten School's Master of Public Policy Post Graduate Program and Accelerated Bachelor/Master of Public
Policy Program (second year only)
7,160
648
Graduate School of Arts & Sciences (Master's degrees and graduate certificate programs, including MPH/MS $ 17,152 $
programs in the Dept of Public Health Sciences)
4,102 $
172
$
Graduate School of Arts & Sciences (PhD students in years 4-completion, including PhD in Architecture and
PhD in Nursing)
416
6,928 $
$ 16,678 $
Graduate School of Arts & Sciences (PhD students in years 1-3, including PhD in Architecture and PhD in
Nursing)
38.7% $ 25,664
2.7% $ 4,212
2.9% $ 17,166
0.3% $ 24,942
3.8% $ 17,800
2.5% $ 7,100
2.5% $ 17,094
Graduate School - Tuition and All Required Fees, including University Activity Fee and excluding School Activity Fee (which varies by school):
REGULAR SESSION
Virginian
2014-15 Amount of Percent of 2015-16
Approved Increase
Increase Proposed
7,610 $
4,102 $
110
774
75
1,030
172
656
$ 33,158 $ 13,364
$
$ 26,918 $
$ 39,609 $
$ 27,402 $
$
$ 26,918 $
40.3% $ 46,522
2.7% $ 4,212
2.9% $ 27,692
0.2% $ 39,684
3.8% $ 28,432
2.3% $ 7,782
2.4% $ 27,574
Non-Virginian
2014-15 Amount of Percent of 2015-16
Approved Increase Increase Proposed
Unless otherwise noted, all per credit hour tuition rates for full-time programs are derived by dividing the applicable annual tuition rate by the average course load. Such per credit hour rates are assessed only to
students who are enrolled in an approved part-time program or have been approved for a reduced load.
RESOLVED, the tuition and required fees and other charges applicable to the Academic Division are approved as shown below, effective July 1, 2015:
TUITION, REQUIRED FEES, AND OTHER CHARGES FOR THE ACADEMIC DIVISION FOR FISCAL YEAR 2015-2016
Finance Committee
March 24, 2015
8.
$ 17,298 $
$ 6,282 $
$
$
$ 16,758 $
n/a
$ 4,122 $
$
$
School of Engineering and Applied Science Full-time Students (> or = 9 class credits + 3 research hrs/semester)
School of Engineering and Applied Science Full-time Research-Only Students (> or = 12 research hrs/semester)
School of Engineering and Applied Science Class Credit Hour (if not full-time or research-only )
School of Engineering and Applied Science Research Credit Hour (if not full-time or research-only )
All Other Full-time Students (> or = 9 class credits + 3 research hrs/semester, excluding Year 3 Curry Doctoral Students)
Curry School - Year 3 Doctoral Students (> or = 6 class credits + 6 research hrs/semester)
All Other Full-time Research Only Students (> or = 12 research hrs/semester)
All Other Students Class Credit Hour (if not full-time or research-only )
All Other Students Research Credit Hour (if not full-time or research-only )
1,538 $
67 $
157 $
769 $
$ 21,654 $
$
680 $
School of Nursing Clinical Nurse Leader Program
Clinical Nurse Leader Program Credit Hour
REGULAR SESSION
423
3
134
674
3
23
494
134
62
-
160
792
27.5% $ 1,961
4.5% $
70
4.0% $ 17,432
$ 13,040
3.3% $ 4,256
1.9% $
3.0% $
2.9% $ 17,792
2.1% $ 6,416
0.3% $ 21,716
0.0% $ 680
Virginian
2014-15 Amount of Percent of 2015-16
Approved Increase Increase Proposed
157 $
1,287 $
$
$
2,574 $
67 $
$ 26,764 $
n/a
$ 4,122 $
$
$
$ 27,304 $
$ 6,282 $
$ 35,756 $
$ 1,160 $
648
3
134
782
3
39
742
134
62
-
160
25.2% $ 3,222
4.5% $
70
2.9% $ 27,546
$ 20,010
3.3% $ 4,256
1.9% $
3.0% $ 1,326
2.7% $ 28,046
2.1% $ 6,416
0.2% $ 35,818
0.0% $ 1,160
Non-Virginian
2014-15 Amount of Percent of 2015-16
Approved Increase Increase Proposed
Finance Committee
March 24, 2015
9.
$
Full-time JD (3L) Students
Full-time Research-Only Students
7,400 $
$ 51,800 $
$ 49,800 $
School of Law - Tuition and All Required Fees, including University and School Activity Fees:
Full-time JD (1L and 2L) and LLM Students
300
2,200
2,200
194
486
$
6,928 $
$ 16,678 $
PhD Students (years 1-2)
PhD Students (years 3-completion)
4.1% $ 7,700
4.4% $ 52,000
4.2% $ 54,000
2.8% $ 7,122
2.9% $ 17,164
3.0% $ 74,650
2,175
$ 72,475 $
Global MBA for Executives (entering class), including Program Fee
3.0% $ 44,354
2.6% $ 1,120
5.9% $ 58,150
3.2% $ 69,650
$ 45,482 $
$ 23,337 $
School of Medicine - Tuition and All Required Fees, including University and School Activity Fees:
Full-time Students
MD/MBA Program - Spring 2016 Semester
1,304
29
2.0% $ 41,810
Darden Graduate School of Business Administration - Tuition and All Required Fees, including University and School Activity Fees:
Full-time MBA Students
$ 54,894 $
3,256
MBA for Executives (entering class), including Program Fee
$ 67,475 $
2,175
$ 43,050 $
$ 1,091 $
M.S. in MIT, including Program Fees
M.S. in MIT, Optional Independent Study (per credit hour)
815
2.5% $ 30,176
0.0% $ 2,190
2.0% $ 46,404
6.5% $ 24,852
$ 40,995 $
M.S. in Commerce, including $8,225 International Study Fee
736
-
922
1,515
$ 29,440 $
$ 2,190 $
School of Commerce - Tuition and All Required Fees, including University and School Activity Fees:
M.S. in Accounting, including $1,035 Program
M.S. in Accounting Optional Accounting Immersion Program (per course)
REGULAR SESSION
Virginian
2014-15 Amount of Percent of 2015-16
Approved Increase
Increase Proposed
7,610 $
$
7,400 $
$ 54,800 $
$ 54,800 $
$
$ 26,918 $
$ 72,475 $
$ 57,894 $
$ 67,475 $
$ 56,090 $
$ 26,898 $
$ 43,050 $
$ 1,091 $
$ 46,395 $
$ 35,630 $
$ 2,190 $
300
2,200
2,200
194
772
2,175
3,256
2,175
1,120
1,064
1,304
29
981
890
-
4.1% $ 7,700
4.0% $ 57,000
4.0% $ 57,000
2.5% $ 7,804
2.9% $ 27,690
3.0% $ 74,650
5.6% $ 61,150
3.2% $ 69,650
2.0% $ 57,210
4.0% $ 27,962
3.0% $ 44,354
2.6% $ 1,120
2.1% $ 47,376
2.5% $ 36,520
0.0% $ 2,190
Non-Virginian
2014-15 Amount of Percent of 2015-16
Approved Increase Increase Proposed
Finance Committee
March 24, 2015
10.
$
392 $
$
67 $
$
804 $
$
680 $
$ 18,097 $
$
206 $
$
60 $
2016 Summer Session, 2016 January Term, and Mt. Lake Biological Station
Graduate Class Credit Hour
Graduate Research Credit Hour
Research Only (full-time load of research hours, per summer, > or = 6 credits)
Clinical Nurse Leader program (per credit hour)
School of Medicine (per summer)
Continuous Enrollment Fee (per summer)
Summer Language Institute Fee
14
3 $
36
363
-
17
9
9
19
25
43
14
14
1,001
256
750
$
$
$
$
$
3.6%
0
4.5%
0.0%
2.0%
0.0%
0.0%
318
500
765
500
318
394
500
574
424
406
$
406
$
70
$
840
$
680
$ 18,460
$
206
$
60
2.8% $
$
2.3% $
0.0% $
2.8% $
5.1%
5.3%
8.1%
3.4%
3.6%
3.7% $ 27,816
4.0% $ 6,706
2.0% $ 39,000
1,158
1,258
874
828
1,235
$
$
$
$
$
$
794 $
$
67 $
$
745 $
$ 1,160 $
$ 22,658 $
$
206 $
$
60 $
684 $
n/a
$
748 $
$
500 $
$
684 $
$
$
$
$
$
$
$ 31,966 $
$ 12,720 $
$ 38,250 $
30
3
35
454
-
17
14
14
58
(758)
70
42
63
1,030
660
750
$
3.8%
0
4.7%
0.0%
2.0%
0.0%
0.0%
$
824
$
70
$
780
$ 1,160
$ 23,112
$
206
$
60
698
500
765
500
698
$ 1,216
$
500
$
944
$
870
$ 1,298
2.0% $
$
2.3% $
0.0% $
2.0% $
5.0%
-60.3%
8.0%
5.1%
5.1%
3.2% $ 32,996
5.2% $ 13,380
2.0% $ 39,000
OTHER: Other contracted course and cooperative program tuition and required fee rates, including tuition for specialized graduate and professional credit courses, approved on a basis consistent with
University contracting policies and procedures by the Executive Vice President and Chief Operating Officer. Discounts to summer session and January term rates, approved on a basis consistent with
University policies and procedures by the Executive Vice President and Chief Operating Officer.
309 $
n/a
$
748 $
$
500 $
$
309 $
$
Other
K-12 Educators (Undergraduate and Graduate, per credit hour)
Curry Off-Grounds Tuition (per credit hour)
Music Lessons (13 1-hr Lessons/Semester)
Fully Online Graduate Degree and Certificate Programs (per credit hour, Tuition and All Required Fees:)
Credits Taken In Excess of 125% of Program Requirements (per credit hour)
$
$
$
$
$
$
$
$
$
$
SCPS - Tuition per credit hour
Bachelor of Interdisciplinary Studies
Bachelor of Professional Studies - Health Sciences Management
Commonwealth Graduate Engineering Program
Graduate
Community Scholars Graduate
375
475
531
410
392
$ 26,815 $
$ 6,450 $
$ 38,250 $
School of Continuing and Professional Studies (SCPS) - Tuition and All Required Fees:
Post-Baccalaureate Pre-Medical Certificate Program
National Criminal Justice Command College Program (graduate level)
School of Engineering and Applied Science Accelerated Master's Program in Systems Engineering (Tuition
and All Required Fees)
SPECIAL SESSION AND OTHER
Finance Committee
March 24, 2015
11.
OTHER CHARGES
Engineering Course Fee (per credit hour) - fourth-year students
Design Technologies Fee -ARCH-BS, ARCH-MAR, LAND-MLAR
Design Technologies Fee -PLAN-BUEP, PLAN-MUEP, and UNDAR-ARU
Nursing Laboratory Fee (per credit hour) - excluding CNL students
Clinical Services Fee - Nursing (BSN students, excludes RN to BSN)
Clinical Services Fee - Nursing (Clinical Nurse Leader program students)
Clinical Services Fee - Medicine
Clinical Performance Education Center Fee - Medicine (Year 1 students)
Clinical Performance Education Center Fee - Medicine (Year 2 students)
Clinical Performance Education Center Fee - Medicine (Year 3 students)
Clinical Performance Education Center Fee - Medicine (Year 4 students)
Orientation Fee (effective for first-year students entering Summer 2016)
Orientation Fee (effective for transfer students entering Summer 2016)
SCPS Continuing Education Unit Fee
Continuous Enrollment Fee (per term)/ Affiliated Status Fee
International Student Fee (annual)
Study Abroad Administrative Fee (for students attending non-UVA programs)
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
32
n/a
n/a
60
190
220
184
1,400
1,400
1,000
750
210
130
50
206
100
400
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
(4)
400
250
-
-
-
0.0% $
$
$
0.0% $
0.0% $
0.0% $
-2.2% $
0.0% $
0.0% $
40.0% $
33.3% $
0.0% $
0.0% $
0.0% $
0.0% $
0.0% $
0.0% $
32
560
140
60
190
220
180
1,400
1,400
1,400
1,000
210
130
50
206
100
400
All Students
2014-15 Amount of Percent of 2015-16
Approved Increase
Increase Proposed
Finance Committee
March 24, 2015
12.
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
OTHER CHARGES
Application Fees:
Undergraduate (excluding SCPS BIS and certificate programs)
Graduate Architecture
Graduate Arts & Sciences
Graduate Batten
Graduate Curry
Graduate Engineering
Graduate Nursing
SCPS (undergraduate and graduate programs)
International Study
Law
Darden
Darden (PhD program only)
Medicine
Undergraduate Commerce
Graduate Commerce
Activity Fees:
All Full-time Students
Arts & Sciences
Graduate Arts & Sciences
Architecture
Batten
Commerce
Graduate Commerce
Darden (MBA)
Education
Engineering
Law
Medicine
Nursing
Residential College Fees:
Hereford
Brown
International
Mosaic
French
Spanish
Monroe Lane
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
-
-
15
25
-
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
25.0%
0.0%
41.7%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
120
120
220
220
100
100
100
50
10
8
66
36
86
100
56
20
20
40
52
24
70
75
85
75
75
85
75
70
90
80
250
100
80
75
75
March 24, 2015
120
120
220
220
100
100
100
50
10
8
66
36
86
100
56
20
20
40
52
24
70
75
85
60
75
60
75
70
90
80
250
100
80
75
75
All Students
2014-15 Amount of Percent of 2015-16
Approved Increase
Increase Proposed
Finance Committee
13.
Finance Committee
March 24, 2015
14.
$
$
Student Health
SPECIAL SESSION TOTAL - Summer Session
366 $
138 $
228 $
$
SPECIAL SESSION TOTAL - Other Than Summer Session
$
$
$
$
$
$
$
$
$
$
$
$
11
29
9
8
5
65
36
52
7
5
1
$
$
$
$
$
$
$
$
$
$
$
$
OOS Debt Service - Capital Outlay and ETF
Technology Fee
E&G Facilities Construction and Renovation
Classroom Renewal Fee
Arts Fee
Academic Credentialing Fee
Recreational Facilities
Newcomb Hall
University Transit
Microsoft Licensing Fee
Safe Ride
WTJU
4
1
1
1
1
14
10
-
-
-
-
$
$
$
$
$
$
$
$
$
$
$
$
3.8% $
7.2% $
1.8% $
0.0%
0.0%
0.0%
11.1%
0.0%
20.0%
1.5%
0.0%
1.9%
0.0%
0.0%
0.0%
380
148
232
11
29
10
8
6
66
36
53
7
5
1
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
425 $
138 $
287 $
59
11
29
9
8
5
65
36
52
7
5
1
5
1
1
1
1
1
15
10
-
-
-
-
$
$
$
$
$
$
$
$
$
$
$
$
3.5% $
7.2% $
1.7% $
1.7%
0.0%
0.0%
11.1%
0.0%
20.0%
1.5%
0.0%
1.9%
0.0%
0.0%
0.0%
440
148
292
60
11
29
10
8
6
66
36
53
7
5
1
Non-Virginian
2014-15 Amount of Percent of 2015-16
Approved Increase Increase Proposed
Virginian
2014-15 Amount of Percent of 2015-16
Approved Increase Increase Proposed
RESOLVED FURTHER, the mandatory special session fee is allocated for 2015-16 as follows:
RESOLVED, the students enrolled in the summer session also will be assessed a fee for services provided by Student Health, effective summer 2016, in the amount of
$148; and
RESOLVED, the special session fee for the Academic Division is established, effective with the fall 2015 session, in the amount of $232 for Virginia students and $292
for Non-Virginia students and assessed to: 1) students enrolled in the summer session; 2) students enrolled in on-Grounds executive programs; 3) students enrolled in onGrounds Bachelor of Interdisciplinary Studies and SEAS Produced in Virginia programs; 4) on-Grounds, degree-seeking, graduate students enrolled in a total of three or
fewer credit hours; and 5) students enrolled in the McIntire M.S. Information Technology - Northern Virginia location; and
WHEREAS, certain programs are not full-time residential programs but are located on the Charlottesville Grounds; a different fee schedule is appropriate;
ALLOCATION OF REQUIRED FEE FOR THE 2015-2015 SPECIAL SESSIONS OF THE ACADEMIC DIVISION
Finance Committee
March 24, 2015
15.
$
$
$
$
$
E&G Facilities Construction and Renovation
Classroom Renewal Fee
Arts Fee
ID Badge Fee
Recreational Facilities
Newcomb Hall
University Transit
Safe Ride
WTJU
Student Health
JANUARY TERM TOTAL
$
$
$
$
$
$
$
$
$
$
$
$
178 $
20
2
1
64
6
15
5
2
10
35
18
5
4
1
$
$
$
$
$
$
$
$
$
$
$
$
2.8% $
0.0%
0.0%
0.0%
6.3%
0.0%
0.0%
0.0%
20.0%
0.0%
0.0%
0.0%
0.0%
183
20
2
1
68
6
15
6
2
10
35
18
Virginian
2014-15 Amount of Percent of 2015-16
Approved Increase
Increase Proposed
$
$
$
$
$
$
$
$
OOS Debt Service - Capital Outlay and ETF
Technology Fee
RESOLVED FURTHER, the mandatory 2016 January Term fee is allocated as follows:
$
$
$
$
$
$
$
$
$
$
$
$
$
207 $
20 $
2 $
1 $
64 $
29 $
6 $
15 $
5 $
2 $
10 $
35 $
18 $
5
4
1
-
$
$
$
$
0.0%
0.0%
0.0%
6.3%
2.4% $
$
$
$
$
$
$
$
$
0.0%
0.0%
0.0%
20.0%
0.0%
0.0%
0.0%
0.0%
212
20
2
1
68
29
6
15
6
2
10
35
18
Non-Virginian
2014-15 Amount Percent of 2015-16
Approved of Increase Increase Proposed
RESOLVED, the January Term fee for the Academic Division is established, effective with the January 2016 session, in the amount of $183 for Virginia students and
$212 for Non-Virginia students and assessed to visiting students; and
WHEREAS, the January Term is located on the Charlottesville Grounds and offered to non-University students; a different fee schedule is appropriate;
ALLOCATION OF REQUIRED FEE FOR THE 2016 JANUARY TERM OF THE ACADEMIC DIVISION
Finance Committee
March 24, 2015
16.
$
TOTAL FOR ALL STUDENTS
$
$
$
$
647 $
190
20
417
20
33
4
29
-
$
$
$
$
5.1% $
0.0%
20.0%
7.0%
0.0%
680
190
24
446
20
$
$
$
$
$
5.1% $
$
$
$
$
680
190
24
446
20
2015-16
Proposed
RESOLVED, the per credit hour fee is established, effective July 1, 2015, in the amount of $23 for students enrolled in programs located outside of the Charlottesville
Grounds (excluding full-time, research only, off-Grounds graduate students, School of Nursing, SEAS Produced in Virginia, and SEAS National Institute of Aerospace).
Including K-12 educators, all other online courses, and all other off-Grounds programs.
RESOLVED, the per credit hour fee is established, effective July 1, 2015, in the amount of $35 for students enrolled in programs located outside of the Charlottesville
Grounds (including School of Nursing, SEAS Produced in Virginia, and SEAS National Institute of Aerospace)
33
Non-Virginian
Amount Percent of
of
Increase
Increase
$
0.0%
$
4
20.0%
$
29
7.0%
$
0.0%
647 $
190
20
417
20
2014-15
Approved
WHEREAS, certain programs offered by the University are not located on the Charlottesville Grounds; a different fee schedule is appropriate;
REQUIRED OFF-GROUNDS FEE FOR THE 2015-2016 ACADEMIC DIVISION
$
$
$
$
Academic Credentialing Fee
Student Health
Microsoft Licensing Fee
Technology Fee
Virginian
2014-15 Amount of Percent of 2015-16
Increase Proposed
Approved Increase
RESOLVED FURTHER, the mandatory full-time, research only, off-Grounds graduate fee is allocated for 2015-16 as follows:
RESOLVED, the full-time, research only, off-Grounds graduate fee for the Academic Division is established, effective with the fall 2015 session, in the amount of $680
for Virginia students and $680 for Non-Virginia students; and
WHEREAS, full-time, research-only, graduate students are conducting research not located on the University Grounds; a different fee schedule is appropriate;
ALLOCATION OF REQUIRED FEE FOR 2015-2016 FULL-TIME, RESEARCH-ONLY, OFF-GROUNDS GRADUATE STUDENTS
Finance Committee
March 24, 2015
17.
$
$
$
$
208
208
81
25
$8
$8
$3
$0
3.8%
3.8%
3.7%
0.0%
$
$
$
$
216
216
84
25
Non-Virginian
$
$
$
$
$
$
$
$
$
$
$
$
840
840
245
25
19,864 $
782 $
20,646 $
3,856 $
24,502 $
6,228 $
4,112 $
34,842 $
$34
$34
$10
$0
794
4
798
154
952
(84)
868
4.0%
4.0%
4.1%
0.0%
4.0%
0.5%
3.9%
4.0%
3.9%
-1.3%
0.0%
2.5%
2014-15 Amount of Percent of
Approved Increase
Increase
$
$
$
$
$
$
$
$
$
$
$
$
874
874
255
25
20,658
786
21,444
4,010
25,454
6,144
4,112
35,710
2015-16
Proposed
RESOLVED FURTHER, the Executive Vice President and Chief Operating Officer is authorized to approve reduced tuition rates for residents of Kentucky
and Tennessee who live in counties that are within a 50-mile radius of The University of Virginia’s College at Wise and who are enrolled at the College in
accordance with Section 23-7.4:2.F. of the Code of Virginia.
Other Charges
Part-time Students (less than 12 hours per semester)
Off-Campus Instruction per hour
Non-Credit Courses per unit
Application Fee
Registration Fee for part-time students will be $5 per semester hour.
5,056
154
5,210
4,010
9,220
6,144
4,112
19,476
2015-16
Proposed
$
4,862 $
194
4.0% $
$
150 $
4
2.7% $
$
5,012 $
198
4.0% $
Auxiliary Fees
$
3,856 $
154
4.0% $
Total Tuition and Required Fees
$
8,868 $
352
4.0% $
Room (weighted average)
$
6,228 $
(84)
-1.3% $
Board (175 Meal Block & $50 Dining Dollars Per Semester)
$
4,112 $
0.0% $
Total Cost of Education
$ 19,208 $
268
1.4% $
Students taking more than 18 credit hours per semester must pay for the additional hours at the tuition rates listed below:
Full-time Students (12 hrs or more per semester)
Tuition
Required E&G Fees
2014-15 Amount of Percent of
Approved Increase
Increase
Virginian
RESOLVED, the tuition and required fees and other charges applicable to The University of Virginia’s College at Wise are approved as shown below,
effective July 1, 2015:
TUITION, REQUIRED FEES, AND OTHER CHARGES FOR THE UNIVERSITY OF VIRGINIA’S COLLEGE AT WISE FOR FISCAL YEAR 2015-2016
Finance Committee
March 24, 2015
18.
Finance Committee
Action Item:
March 24, 2015
19.
Faculty and Staff Housing Rates, 2015-2016
Mr. Hogan introduced Mr. Richard A. Kovatch, Associate Vice
President for Business Operations. Mr. Kovatch reported that the
University operates 85 housing units and that State policy requires
that their rents reflect market rates. The proposed average increase
for 2015-2016 is 3.3% with increases ranging from 1.4% to 4.5%. The
majority of the properties will be within their market ranges.
On motion, the following resolution was approved by the
committee.
FACULTY AND STAFF HOUSING RATES FOR 2015-2016
RESOLVED, the faculty and staff housing rates are approved, as shown
below, effective July 1, 2015. Should a property be vacated during the
year, the Executive Vice President and Chief Operating Officer or his
designee is authorized to increase the rates to market level.
Utilities
Furnished
Rents
Amount
2014-2015
of
Per Month Increase
Percent
of
Increase
Rents
2015-2016
Per Month
Utilities
Paid By
Occupant
Piedmont Estates Properties
1 Bedroom Apt. (7)(F)
AC,C,D,E,G,T,WS
$740
$30
4.05%
$770
V
2 Bedroom Apt. (16)
AC,C,D,E,G,T,WS
$885
$35
3.95%
$920
V
Houses (3BR) (16)
C,D,E,G,HVAC,T,WS
$1,285
$40
3.11%
$1,325
Townhouses (3BR)(5)
C,D,E,G,HVAC,T,WS
$1,180
$45
3.81%
$1,225
$785
$30
3.82%
$815
V
Farmhouse Apt. 1 & 3 (1BR)(F) AC,C,D,E,G,T,WS
V
V
Farmhouse Apt. 2 (3BR)(F)
AC,C,D,E,G,T,WS
$1,125
$25
2.22%
$1,150
V
Farmhouse Apt. 4 (2BR)(F)
AC,C,D,E,G,T,WS
$945
$30
3.17%
$975
V
Vyssotsky Cottage (3BR)
AC,C,D,E,G,T,WS
$1,235
$35
2.83%
$1,270
V
McGuffey Cottage (Eff)(F)
AC,C,D,E,T,V,WS
$640
$20
3.13%
$660
Upper Mews (1BR)(F)
AC,C,D,E,HP,T,WS
$825
$25
3.03%
$850
V
Lower Mews (1BR)(F)
AC,C,D,E,HP,T,WS
$800
$25
3.13%
$825
V
Monroe Hill Range (1BR)
C,D,E,HVAC,T,V,WS
$1,100
$15
1.36%
$1,115
Brown College Apts. (2BR)(2)
C,D,E,HVAC,T,V,WS
$865
$20
2.31%
$885
Hereford Coll. Apts.(2BR)(2)
C,D,E,HVAC,T,V,WS
$960
$20
2.08%
$980
Hereford Coll. Principal Res.
C,D,E,HVAC,T,V,WS
(3BR)
$1,500
$30
2.00%
$1,530
Sundry Properties
Orchard House Rooms(5)(F)
AC,C,D,E,G,T,WS
$545
$15
2.75%
$560
V
118 Oakhurst, Upper (2BR)
AC,C,D,E,G,T,WS
$960
$30
3.13%
$990
V
118 Oakhurst, Lower (2BR)
AC,C,D,E,G,T,WS
$1,070
$30
2.80%
$1,100
V
424 Shea House (1BR)
C,D,E,G,HVAC,T,V,
WS
$880
$20
2.27%
$900
Finance Committee
March 24, 2015
Utilities
Furnished
20.
Rents
Amount
2014-2015
of
Per Month Increase
Percent
of
Increase
Rents
2015-2016
Per Month
Utilities
Paid By
Occupant
Sundry Properties (Continued)
423 Shea House (2BR)
C,D,E,G,HVAC,T,V,
WS
Hedge House (2BR)
AC,C,D,E,G,T,WS
$1,015
$25
2.46%
$1,040
$965
$25
2.59%
$990
V
E & G Properties
Montebello (3BR)
AC,D,E,G,V,WS
$1,370
$50
3.65%
$1,420
C,T
Big Morea (4BR)
AC,D,E,G,T,V,WS
$1,335
$60
4.49%
$1,395
C
Little Morea (2BR)
AC,D,E,G,T,V,WS
$1,055
$45
4.27%
$1,100
C
Sunnyside (3BR)
AC,E,O,T,WS
$1,930
$60
3.11%
$1,990
C,D,V
Monroe Hill House(3BR)
D,E,HVAC,T,V,WS
$1,440
$45
3.13%
$1,485
C
Weedon House (6BR)
D,E,HVAC,T,V,WS
$3,100
$90
2.90%
$3,190
C
Morven Guest House (5BR)(F)
D,E,G,HVAC,T,WS
$2,885
$85
2.95%
$2,970
C,V
Pavilion I (3BR)
D,E,HVAC,T,V,WS
$1,710
$50
2.92%
$1,760
C
Pavilion II (3BR)
D,E,HVAC,T,V,WS
$1,500
$65
4.33%
$1,565
C
Pavilion III (3BR)
D,E,HVAC,T,V,WS
$1,390
$50
3.60%
$1,440
C
Pavilion IV (3BR)
AC,D,E,HP,T,V,WS
$1,105
$40
3.62%
$1,145
C
Pavilion V (5BR)
D,E,HVAC,T,V,WS
$1,835
$55
3.00%
$1,890
C
Pavilion VI (4BR)
D,E,HVAC,T,V,WS
$1,445
$55
3.81%
$1,500
C
Pavilion VIII Upper (3BR)
D,E,HVAC,T,V,WS
$960
$40
4.17%
$1,000
C
Pavilion VIII Lower (1BR)
D,E,HVAC,T,V,WS
$685
$20
2.92%
$705
C
Pavilion IX (3BR)
D,E,HVAC,T,V,WS
$1,390
$50
3.60%
$1,440
C
Pavilion X (4BR)
D,E,HVAC,T,V,WS
$2,040
$60
2.94%
$2,100
C
Notes:
-
The (F) designates properties that are furnished.
Utility abbreviations are as follows: AC (window air conditioning), C (cable TV), D (data), E
(electric), G (gas), HP (heating plant), HVAC (heating, ventilation & air conditioning), O
(oil), T (trash), V (voice) and WS (water, sewer).
Action Item:
Student Housing Rates, 2015-2016
Mr. Kovatch reviewed the proposal for housing rate increases,
which calls for an average increase of $189 or 3.4% for the University
and $216 or 3.5% for the College at Wise. The University’s double
room rate of $5,492 is below the $7,451 average rate of its peers and
other selected schools and is slightly above the $5,475 average for
Virginia public institutions. The College at Wise’s double room rate
Finance Committee
March 24, 2015
21.
of $6,228 is above the $4.937 average rate of its peers and other
selected schools and is above the $5,475 average for Virginia public
institutions.
On motion, the following resolution was approved by the
committee.
STUDENT HOUSING RATES FOR 2015-2016 FOR THE ACADEMIC DIVISION AND THE
UNIVERSITY’S COLLEGE AT WISE, AND THE MOUNTAIN LAKE BIOLOGICAL STATION
RESOLVED that rental increases for student housing facilities are approved,
as shown below, effective beginning with the 2015-2016 session.
First-Year Housing
Alderman Road, McCormick Road,
Gooch/Dillard, Hereford College,
Brown College and the International
Residential College, first-year rooms
Actual
2014-2015
Per Student
Per Session
Amount of
Increase
Percent of
Increase
Proposed
2015-2016
Per Student
Per Session
$5,480
$190
3.47%
$5,670
$6,380
$230
3.61%
$6,610
$6,170
$6,020
$220
$220
3.57%
3.65%
$6,390
$6,240
$5,500
$6,170
$190
$220
3.45%
3.57%
$5,690
$6,390
$5,500
$6,450
$6,660
$190
$230
$230
3.45%
3.57%
3.45%
$5,690
$6,680
$6,890
$5,500
$5,700
$190
$220
3.45%
3.86%
$5,690
$5,920
$5,930
$6,660
$200
$230
3.37%
3.45%
$6,130
$6,890
Graduate Housing
Range
9 Month
12 Month
Crackerbox (12 month)
$6,170
$8,230
$8,230
$220
$290
$290
3.57%
3.52%
3.52%
$6,390
$8,520
$8,520
Apartments – Single Student
Bice House, Copeley III & IV,
Faulkner (Hench, Mitchell, Younger),
Lambeth Field
Double Occupancy
Single Occupancy
$5,930
$6,660
$200
$230
3.37%
3.45%
$6,130
$6,890
Upper-class Housing
Brown College
Single Room (w/shared bath)
Lawn
Single Room
Single Room (no fireplace)
IRC - Mary Munford/Roberta Gwathmey
Double Room
Single Room
IRC - Lewis/Hoxton
Double Room
Single Room
Single Room (w/bath)
Hereford (Residential College &
Johnson,Malone,Weedon)
Double Room
Single Room
Language House (French,Spanish,Shea)
Double Room
Single Room
Finance Committee
Upper-class Housing (Continued)
March 24, 2015
Actual
2014-2015
Per Student
Per Session
22.
Amount of
Increase
Percent of
Increase
Proposed
2015-2016
Per Student
Per Session
Apartments – Graduate (per month)
Copeley Hill I & II
One Bedroom (furnished)
One Bedroom (unfurnished)
Two Bedroom (furnished)
Two Bedroom (unfurnished)
Three Bedroom (furnished)
Three Bedroom (unfurnished)
University Gardens
One Bedroom (furnished)
One Bedroom (unfurnished)
Two Bedroom (furnished)
Two Bedroom (unfurnished)
College at Wise
McCraray
Asbury, Commonwealth, Culbertson,
Randolph, Theme Housing,
Thompson
Henson
$755
$725
$930
$900
$1,100
$1,060
$15
$15
$20
$20
$30
$20
1.99%
2.07%
2.15%
2.22%
2.73%
1.89%
$770
$740
$950
$920
$1,130
$1,080
$755
$725
$930
$900
$15
$15
$20
$20
1.99%
2.07%
2.15%
2.22%
$770
$740
$950
$920
$5,623
$197
3.50%
$5,820
$6,479
$227
3.50%
$6,706
$6,479
-$1,619
-24.99%
$4,860
$1
Percent of
Increase
4.00%
Proposed
Summer 2015
$26
n/a
n/a
$34
Summer Session Housing Rates
Per person, per night, double occ.
(21-night minimum)
Per person, per night, single occ.
(21-night minimum)
Actual
Summer 2014
$25
new
Amount of
Increase
University of Virginia’s College at Wise Summer Session Housing Rate
Actual
Per person, per session, double occ.
(34 days)
Summer 2014
$958.00
Amount of
Increase
$34.00
Percent of
Increase
3.55%
Proposed
Summer 2015
$992.00
Mountain Lake Biological Station Housing Daily Rates
Actual
Dormitories
Cabins/Apartments
Action Item:
Summer 2015
$8.00
$11.25
Amount of
Increase
$0.25
$0.25
Percent of
Increase
3.13%
2.22%
Proposed
Summer 2016
$8.25
$11.50
Contract Rates for Dining Services, 2015-2016
Mr. Kovatch reviewed the dining rate proposal, which calls for a
3.5% increase for the University and a 0.2% increase for the College
Finance Committee
March 24, 2015
23.
at Wise. The meal plans at the University range from $200 to $5,050.
The range at the College is $193 to $4,322. The University’s average
meal plan rate of $4,560 is below the $5,093 average rate for its
peers and other selected schools and slightly above the $4,304 average
for Virginia public institutions. The College’s average meal plan
rate of $4,322 is above the $3,848 average rate for its peers and
other selected schools and slightly above the $4,304 average for
Virginia public institutions. The increases are for food, personnel,
utilities, and other operating costs. The University’s contract with
Aramark assumes an annual increase of 3.5% per year, but it must be
justified. Actual increase could be lower, or they could be more.
On motion, the following resolution was approved by the
committee.
CONTRACT RATES FOR DINING SERVICES FOR 2015-2016 FOR THE ACADEMIC
DIVISION, THE UNIVERSITY OF VIRGINIA’S COLLEGE AT WISE, AND MOUNTAIN LAKE
BIOLOGICAL STATION
RESOLVED, the student contract rates for dining services are
approved, as shown below, effective beginning with the 2015-2016 session.
Actual
2014-15
Amount of
Increase
Percent of
Increase
Proposed
2015-16
Regular Meal Plans (1,2,3)
Ultimate Access w/ $600 Plus Dollars
$4,770
$170
3.56%
$4,940
All Access 7 w/ $300 Plus Dollars
$4,560
$160
3.51%
$4,720
All Access 5 w/ $600 Plus Dollars
$3,970
$140
3.53%
$4,110
Semester 100 w/ $800 Plus Dollars
$2,560
$90
3.52%
$2,650
Semester 50 w/ $700 Plus Dollars
$1,660
$60
3.61%
$1,720
$260
$10
3.85%
$270
Ultimate Access w/ $600 Plus Dollars
$4,880
$170
3.48%
$5,050
All Access 7 w/ $300 Plus Dollars
$4,670
$160
3.43%
$4,830
All Access 5 w/ $600 Plus Dollars
$4,080
$140
3.43%
$4,220
Semester 100 w/ $800 Plus Dollars
$2,670
$90
3.37%
$2,760
Semester 50 w/ $700 Plus Dollars
$1,770
$60
3.39%
$1,830
All Access 7 w/ $300 Plus Dollars
$4,670
$160
3.43%
$4,830
Semester 100 w/ $800 Plus Dollars
$2,670
$90
3.37%
$2,760
new
n/a
n/a
$1,960
Add-On 25 Meals w/ $35 Plus Dollars (per
semester)
Residential College/Language House Meal Plans
(1,2,3,4)
Athletic Meal Plans (1,2,3,5)
Semester 100
Finance Committee
March 24, 2015
Actual
Summer 2014
24.
Amount of
Increase
Percent of
Increase
Proposed
Summer 2015
Athletic Meal Plans (1,2,3,5)(Continued)
Semester 80 w/ $750 Plus Dollars
$2,340
$80
3.42%
$2,420
Semester 50 w/ $700 Plus Dollars
$1,770
$60
3.39%
$1,830
Graduate 50 w/ $350 Plus Dollars
$1,300
$50
3.85%
$1,350
RA Semester 50 w/ $260 Plus Dollars
$1,210
$50
4.13%
$1,260
$200
$0
0.00%
$200
60 Meals w/ $120 Plus Dollars
$560
$15
2.68%
$575
40 Meals w/ $80 Plus Dollars
$380
$10
2.63%
$390
20 Meals w/ $40 Plus Dollars
$200
$0
0.00%
$200
Other (1,3,6)
Law School Meal Plan
Summer Session Meal Plan Rates (1)
(1) Plus Dollars are credited to a student’s identification card and may be used in the same
manner as cash at any board dining hall and/or retail operation.
(2) First-year students are required to purchase an All Access 7 or Ultimate Access meal plan.
(3) Add-On 25 Meals is available to all Semester meal plan holders and may be purchased any time
during the academic year.
(4) Some residential colleges and language houses have a dining requirement as part of their
program.
(5) Athletic Semester 100 Meal Plan is available only to Student Managers.
(6) Law School students are allowed to deposit a minimum $200 per academic year into a dining
spending account.
The University of Virginia’s College at Wise
Actual
2014-15
Amount of
Increase
Percent of
Increase
Proposed
2015-16
225 Block Plan w/$100 Dining Dollars
$4,322
$0
0.00%
$4,322
175 Block Plan w/$100 Dining Dollars
$4,112
$0
0.00%
$4,112
150 Block Plan w/$350 Dining Dollars
$4,112
$0
0.00%
$4,112
80 Block Commuter Plan (per semester)
$562
$11
1.96%
$573
50 Block Commuter Plan (per semester)
$367
$7
1.91%
$374
25 Block Commuter Plan (per semester)
$189
$4
2.12%
$193
Finance Committee
Mountain Lake Biological Station
March 24, 2015
Actual
Daily 2015
25.
Amount of
Increase
Percent of
Increase
Proposed
Daily 2016
Adult
$28.50
$0.50
1.75%
$29.00
Children 13 & older
$28.50
$0.50
1.75%
$29.00
Children 3 to 12
$17.00
$0.00
0.0%
$17.00
$0.00
$0.00
0.0%
$0.00
Children 2 & under
Action Item: Capital Project Approval:
Road Chiller Plant
Revised Cost of the Newcomb
Ms. Sheehy explained that when the Board approved this project in
2013 its estimated budget was $11.64 million. The project has been
priced and its cost has increased by $3.16 million due to higher than
anticipated costs for equipment and technology. The increase will be
funded by cash. The revised budget is $14.8 million with $3.18
million funded by debt and $11.62 million funded by cash. Board
policy requires approval of budget increases greater than 10%.
On motion, the following resolution was approved by the
committee.
PROJECT BUDGET REVIEW - NEWCOMB ROAD CHILLER PLANT
WHEREAS, the University proposes increasing the budget of the
Newcomb Road Chiller Plant project to respond to market pricing and to
improve the reliability and energy efficiency of the plant;
RESOLVED, the Board of Visitors approves the revised budget of
$14.8 million for the Newcomb Road Chiller Plant project.
Action Item: Capital Project Approval: University Hospital Emergency
Department/Interventional Program/Bed Tower Expansion
Ms. Sheehy noted that the Medical Center Operating Board and
Buildings and Grounds Committee have approved this project, which
expands and renovates the emergency department, expands perioperative
and interventional services, and constructs a six-story bed tower with
three floors built out and three floors shelled. The project will
address future growth needs, improve the patient experience,
consolidate interventional services, right-size pre-operative and
recovery areas, and covert semi-private rooms to single patient rooms.
The budget range is $322.0 million to $394.0 million.
On motion, the following resolution was approved by the
committee.
Finance Committee
March 24, 2015
26.
FINANCIAL PLAN FOR THE UNIVERSITY HOSPITAL EMERGENCY DEPARTMENT/
INTERVENTIONAL PROGRAM/BED TOWER EXPANSION
WHEREAS, the Board of Visitors approved a capital project in
April 2013 to expand the Emergency Department, construct an
interventional floor, and evaluate the feasibility of constructing a
new bed tower; and
WHEREAS, after further study the University proposes the
renovation and expansion of the Emergency Department, expansion of
perioperative and interventional services, and construction of a sixstory bed tower, three floors of which will be fitted out;
RESOLVED, the Board of Visitors approves the University Hospital
Emergency Department/Interventional Program/Bed Tower Expansion
estimated between $322 million and $394 million.
Action Item: Capital Project Approval:
Electrical Grid Reliability Project
Dominion Virginia Power
Mr. Hogan asked that action on this item be deferred to a later
date. When the project was presented to the Buildings and Grounds
Committee earlier in the day, the Committee supported the continuation
of planning and the hiring of an engineer, but deferred project
approval until additional information on finances and options could be
provided.
Action Item:
Authority
Medical Center Quasi-Endowment – Extension of Delegated
Mr. Hogan explained that in 2008 the Medical Center established a
quasi-endowment for the future acquisition or construction of capital
assets. The Board authorized addition investments up to $300 million
over the following three years with the executive vice president and
chief operating officer delegated the authority to approve quasiendowment actions of less than $2 million. The Medical Center would
like to continue the reinvestment of semi-annual distributions. These
will be in excess of the $2 million delegated authority. The
University is requesting that the authority to approve these
reinvestments be delegated to the executive vice president and chief
operating officer.
On motion, the following resolution was approved by the
committee.
AUTHORITY TO DELEGATE INVESTMENTS IN MEDICAL CENTER QUASI-ENDOWMENT
WHEREAS, the University of Virginia Medical Center has
established a quasi-endowment for future acquisition or construction
Finance Committee
March 24, 2015
27.
of capital assets and wishes to reinvest semi-annual distributions in
said quasi-endowment; and
WHEREAS, the semi-annual distribution is in excess of the
existing $2 million delegated authority;
RESOLVED, the Board of Visitors authorizes the Executive Vice
President and Chief Operating Officer to approve the reinvestment of
future endowment distributions into the Medical Center Quasi-Endowment
for future acquisition or construction of capital investments.
Action Item:
Endowment Spending Rate Reset
Mr. Hogan reported that due to the endowment distribution policy
and the endowment’s strong performance in recent years, the projected
distribution or payout for FY 2016 would be equivalent to 4.22%, which
is at the low end of the policy’s 4% to 6% distribution band. The
Finance Subcommittee on Affordable Excellence reviewed the sensitivity
analysis prepared by University Investment Management Company (UVIMCO)
and recommends that the distribution rate for FY 2016 be increased by
40 basis points to 4.62%. This will provide an additional $7.0
million for operations.
Committee discussion focused on the risk associated with the
higher distribution rate. For the proposed 4.62% distribution rate,
the breakeven drawdown rate is 17%. There is a 6% probability that
the endowment distribution resulting from the rate would hit the top
end of the distribution band within five years. This was felt to be a
low risk. It was also noted that if the 4.62% rate is approved, it
will remain in place until it is reset by the Board.
On motion, the following resolution was approved by the
committee.
RESET OF ENDOWMENT SPENDING RATE
WHEREAS, the University wishes to provide reliable and
predictable distributions to support programs; and
WHEREAS, the University’s current endowment spending policy,
approved by the Board of Visitors in June 2008, calls
for an inflation increase in the annual distribution from the
endowment, unless such increase causes the distribution to fall
outside a range defined as 4.0% on the low end and 6.0% on the high
end of the market value of the Pooled Endowment Fund; and
WHEREAS, the Finance Subcommittee has been working to develop a
long-term financial plan that supports University priorities; and
Finance Committee
March 24, 2015
28.
WHEREAS, applying the spending policy with the usual inflator
would result in an annual payout for fiscal year 2015-16 of 4.22% of
the market value of the UVIMCO Pooled Endowment Fund at June 30, 2014;
RESOLVED that for fiscal year 2015-2016, the endowment spending
rate for all shares shall be adjusted by 40 basis points to 4.62% of
the market value of the UVIMCO Pooled Endowment Fund at June 30, 2014.
_ _ _ _ _ _ _ _ _
Written Reports by the Executive Vice President and Chief Operating
Officer:
Mr. Hogan referenced the reports in the committee materials.
_ _ _ _ _ _ _ _ _
The Chair adjourned the Finance Committee meeting at 2:50 p.m.
SGH:wtl
These minutes have been posted to the University of Virginia’s Board
of Visitors website: http://www.virginia.edu/bov/financeminutes.html