New budget shows little change
Campus Times
September 19, 1997
The University of La Verne's annual budget for the 1997-98 school year
was finalized in July and shows no significant change from last year's.
The University of La Verne's 1997-98 budget is nothing out of the ordinary,
according to Steve Grey, chief financial officer. The budget has risen an
average of 3 percent annually over the past several years and 1997-98 is
no exception. The corresponding 3 percent rise in tuition is made more potable
to students by an equal 3 percent increase in financial aid.
This year, the University brought in $47,998,094, 93.2 percent of which
is from tuition, and is planing to spend, $47,973,815. Most of this expenditure,
58.3 percent, goes to pay salaries and benefits. A further 20.7 percent,
$9,941,244, pays for operational supplies and services. Private gifts make
up 1 percent of the University's revenue. This leaves $24,279 on reserve,
compared to last year's $336,326.
According to the 1997-98 budget manual, the on-campus undergraduate
program is budgeted on a base of 975 full-time students.
Proceeds from ULV's endowment, which just reached $20 million, are used
exclusively to fund scholarships and are not considered part of the annual
budget but is included under tuition. The endowment is a fund kept in investments.
Only the interest is spent, which leaves the principal to provide future
income.
Grey stated that the lack of funds for salary increases is a result
of no growth in enrollment. When asked whether any programs could be cut
to keep ULV's salaries competitive, Grey said no. The only options in order
to give faculty raises are based on the endowment or fund raising. The University
can not depend on gifts because "gifts are a one time thing,"
said Grey. In order to feel comfortable in giving faculty raises, Grey said
that continual revenue is needed.
According to Grey, University Relations works actively on giving fundraisers
to help the University's revenue.
"They're very active. We just don't have a large giving constituency
base," said Grey.
Since ULV is a tuition-funded institution, the only way to give raises
is by increasing tuition revenues. Still new programs have been added this
year, programs include the new pool and water polo team.
Work on next year's budget will begin in October or November. The University
can expect the same 3 percent increase and similar allocation of funds.
