The Board of Trustees unanimously passed the budget for fiscal years 2010 and 2011 Friday, which included a tuition increase of 5 percent over each of the two years, according to Vice President of Finance and Treasurer Don Myers.
AU is currently financially stable, despite the economic crisis, according to Myers. Applications, enrollment and other indicators have all been on track, he said.
The condition of the economy played a major part in the university's budget planning process, according to Myers. Several levels of contingency and budget safeguards mean the university is in excellent shape compared to other universities, according to Provost Scott Bass.
"The board's action today really allows us to say to the current students and to perspective students, that not only are we stable as an institution financially and in terms of our program, but we are going to be able to build over the next several years, starting today," he said.
These contingency plans have been in place for nearly two decades, according to Myers.
The budget planning process began during the fall semester and concluded at Friday's board meeting.
Along with the tuition increase, residence hall prices will increase 4.5 percent in each of the coming two years, according to Myers.
AU's tuition in the next two years will rank 40th among 67 other schools with similar enrollments and programs, he said.
"We're at the mid-range of where we would like to be," Myers said.
Financial aid is set as a percentage of tuition and will therefore also be increasing by approximately 6.8 percent at the undergraduate level, according to Bass.
An expanded version of this story will appear in the March 2 edition of The Eagle.
You can reach this staff writer at jcalantone@theeagleonline.com.
Updated on Feb. 27 at 4:30 p.m.
