Here are the edited, condensed minutes of the January 27 senate meeting, including VP of Vice President for Finance and Business’ Marc Matthew’s Budget Presentation and the election for the open senate seat:
Transylvania Budget Presentation: Vice President for Finance and Business,
Marc Matthews and President Seamus Carey
- The institution’s two main sources of income: tuition and fundraising.
- Revenue break down: 66% Net Student Fees, 7% Gifts, 24% Endowment, and 3% Auxiliary and Other (e.g. summer camps)
- Expenses break down: 32% Financial Aid, 25% Instruction and Academic Support, 18% Student Services, Admissions, and Auxiliary, 23% Plant and Depreciation, Buildings, 12% Institutional Support and Interest
- Tuition for the 2016-2017 will see a 4.2% increase
- General Fees for the 2016-2017 will see a 4.3% increase
- Room and Board for the 2016-2017 will only see a total 4% increase by cutting down on other expenses
- Sticker-pricing ourselves higher makes the education seem more valuable, and then more scholarships balance that and make it affordable.
- 2% raise for Faculty and Staff salaries
- The institution is currently operating in debt – we are projected to operate in the black
- The goal class size next for the 2016-2017 year is 330
- 200 more families have visited campus so far than ever before at this point in the school year.
- Those who visit campus come at 3045% compared to those who don’t visit
- We also have far more completed applications at this point in the year, historically
The senate elected first year, Jose Espinoza, into the open senate seat. He will serve Student Affairs.
Quentin Becker, President’s Report Postponed
Cole Green, Finance
- A funding request was presented and passed to send 8 Transylvania students to the American Chemical Society’s Conference over Spring Break.
- The funding will go to registration and the rest of the money is for posters. Attendees are paying a large portion via fundraising, and also has a travel grant from the ACS.
- The students will present their research at SGA’s Research Symposium on April 2, 2016