THE SANTA CLARA
February 26, 2015
Santa Clara plans to allocate money toward the expansion of the university, raise faculty salaries and implement tuition hikes in the 2016 fiscal year.
Mike Hindery, vice president for finance and administration, delivered the Fiscal Year 2016 Budget Forum on Feb. 20. With a projected endowment of nearly $1.3 billion by the 2023 fiscal year, Hindery announced that Santa Clara plans to spend nearly $33.2 million in endowment payout for the 2016 year.
According to Hindery, there will be a 3.4 percent tuition increase for undergraduates and a 3.5 percent tuition hike for graduate students, along with a 3.9 percent increase for room and board.
Altogether, the total cost of education with room and board at Santa Clara next year will be $58,725.
Nearly 74 percent of Santa Clara students receive financial aid, and $84.8 million will be given to students in the 2016 fiscal year.
“We are a tuition-dependent university,” Hindery said. “I don’t anticipate this changing over the next several years.”
More money will be allocated to fund two new student dormitories, costing $25 million for the first freshman and sophomore dorm and $53 million for apartment-style junior and senior housing. The two dorms will also be joined by the $24 million renovation of Benson Memorial Center.
The Capital Projects, encompassing all funds for building on campus, will cost an estimated $593 million.
About $450 million is projected to come from fundraising and donations, with nearly $145 million coming from the university’s operating budget, borrowing, fund balances and reserves.
As for faculty salaries, Hindery announced a 3.5 percent merit pool increase for qualified professors, which totals around $2.03 million.
“We intend this to help bring us back to where we want to be in the market for the recruitment and retention of faculty,” Hindery said.
Contact Eduardo Cuevas at email@example.com .