(From Northwest News Service)
MARYVILLE, Mo. – Northwest Missouri State University’s Board of Regents during its regular meeting Thursday unanimously approved the University’s 2019-20 budget, which includes its Education and General Budget and Auxiliary Services Budget, totaling about $123.3 million.
The budget reflects projected increases in enrollment as well as a $1 million increase in state appropriations and a tuition increase for undergraduate students approved by the Board during its March meeting.
In her presentation to the Board, Northwest Vice President of Finance Stacy Carrick emphasized the University’s efforts to address investments in strategic objectives, revenues, reallocations and expense reductions through its budget process. She said Northwest’s budget philosophies are focused on protecting the institution’s affordability, quality and value in its educational offerings – which is illustrated by a $2 million increase in Northwest’s scholarship funding. Additionally, the budget includes a cost-of-living adjustment for its employees and investments in healthcare and retirement benefits.
Carrick also highlighted a number of strategic objectives in which the University is investing, including its new criminology and online nursing programs as well as resources to enhance its student success initiatives and technology. She noted the University gathers input from employees and students throughout its budget preparation process.
“We have student funding and we have state-appropriated funding. We want to make sure that we are good stewards of those funds,” Carrick said. “As we look at our business model, we challenge ourselves to let go of things that may not be relevant today, look at what we can optimize and continue to build for the future. We have to make sure we are being smart in our decision making as we continue to invest in our students and employees.”
The Board approved an update to Northwest’s Financial Assistance Satisfactory Academic Progress (SAP) Policy to align with a revision to the number of hours required for an undergraduate degree. The updated policy, effective this fall, reduces the maximum allowable credit hours from 186 to 180, which equals 150 percent of the credit hours needed to earn an undergraduate degree and qualify for financial assistance, in alignment with a statewide focus to decrease student costs and time to graduate.
The Board also approved a contract for a three-year renewal of Northwest’s agreement with Ellucian to provide software maintenance for the Ellucian Banner Enterprise Resource Planning and Student Information system. The software platform provides various functions related to student, employee and alumni records.
Additionally, the Board approved the appointments of 243 full-time faculty for the 2019-20 academic year.
The Board of Regents is responsible for sound resource management of the University and determining general, educational and financial policies.
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