Financial assistance

BOV discusses transparency in tuition setting process, undergraduate student advising audit in meetings Thursday – The Cavalier Daily


The university visitors’ council discussed the university’s six-year institutional plan, improving transparency in the tuition fee setting process, undergraduate student advice and trends in the field. risk at two meetings held Thursday.

Audit, Compliance and Risk Committee

The chairman of the committee, Babur Lateef, owner of Advanced Ophthalmology Inc., opened the meeting of the audit, compliance and risk committee on Thursday afternoon in the board room of the Rotonde. The meeting began with an update from committee member Barbara Fried, owner of Fried Companies Inc., on the undergraduate student advice check project.

The scope of the audit was limited to assessing the financial analysis of the cost of current programs – previously the scope was more comprehensive and assessed the accuracy, completeness, availability and use of information for students.

The Advisory Audit Working Group will assess these costs and counseling programs and provide updates and recommendations to Lateef and the University to improve the counseling experience for undergraduates.

A full task force report is expected to be completed in January 2022 and will be presented at the March 2022 Visitors’ Council meeting. The Council detailed this process at the University and Student Life Committee meeting that took place. held Friday.

Student Board Member Sarita Mehta, a fourth year student at the College, commented on her advice as a student, saying she noticed that many students were unaware of the resources offered by the University or lacked time to “do the paperwork”. search for available resources.

“A lot of the services we provide and the support we provide are not being used, which I think is a tragedy,” Mehta said. “[This assessment] is really fundamental so that we can find the most efficient way to rationalize the resources that we give to students.

Currently, all first-year students at the University are assigned an Association Dean and Academic Advisor to guide them through basic decisions such as selecting classes until they choose their majors. Other counseling resources include the Career center, access to a college life skills coach and peer mentoring programs. that of the university Total advice website and advice list Resources includes additional information.

The University’s Chief Audit Executive, Carolyn Saint, then presented a report on emerging risk trends and a summary of the audit department’s current activities. Emerging risks that auditors “should have on their radars” include cybersecurity and data governance risks, evolving COVID-19 risks, and climate change risk.

Ongoing audits by the department include an audit of the cash deficit management process and an audit of the hospital expansion project.

Finance Committee

At the finance committee meeting from 3:30 p.m. to 4:45 p.m. Thursday, the committee presented and approved the six-year institutional plan, which is required by the State of Virginia to process the institution’s academic, financial, and enrollment plans. It also includes strategies for advancing the objectives of the Higher Education Opportunities Act, which is “designed to strengthen the educational resources of colleges and universities and to provide financial assistance to post-secondary students.”

The University’s Academic Division Plan outlines seven key initiatives, all of which are already in place. These include SuccessU.Va., A program to expand the financial aid program to enable more low- and middle-income students to attend university, and Citizen-Leaders for the 21st Century, which strives to prepare students to be “productive servants”. leaders in a diverse and globally connected world. Plans for the Citizen Leaders for the 21st Century initiative include investigating second-year requirements to live on the grounds, a goal university president Jim Ryan has described previously.

Other initiatives include the Third Century Faculty Initiative, Pathways to Research Preeminence, Bachelor and Certificate Programs, Open Grounds at Emmet-Ivy, and Broadening Our Horizons.

The financial impacts of COVID-19 on the University were also addressed in the six-year plan. The University reported unrecovered expenses over $ 38 million in fiscal year 2021-2022 and additional ancillary revenue losses amounting to nearly $ 35 million in 2021 and over $ 27 million in 2022.

The plan describes a state tuition fees of $ 17,263 for the 2022-2023 academic year, an increase of 4.5% over the previous cost of $ 16,520. For the 2023-2024 academic year, tuition fees in the state are expected to increase again to $ 17,868, a 3.5% increase from 2022-2023.

The planned increase comes after the board voted to freeze tuition fees for most undergraduates for the 2021-2022 school year. Students strongly advocated for the freeze, including members of the Student Council and the Young Socialist Democrats of the U.Va., Who campaigned in November 2020.

An update of the budget of the Contemplative Sciences Pavilion, first announced in December, was also given – the building budget increased by $ 9 million against previous $ 60 million. The revised financing plan calls for the project to be funded with $ 49 million in grants, $ 15 million in bonds and $ 5 million in cash. The building will house the Contemplative Science Center, and construction is expected to be completed in the summer of 2023.

The committee also considered biennial state budget requests, which included increasing the minimum wage for students engaged in the University’s work-study program by $ 7.25 and funding to cover the University’s unreimbursed costs incurred by the pandemic.

Finally, the Council’s Tuition Fee Sub-Committee made recommendations for increased transparency and predictability in the University’s tuition fee setting process. The goals include improving the contextual information provided to inform the tuition fee framework, a revised guaranteed tuition fee plan for state students, and an assessment of how changes in tuition and fees. fees are communicated to students and families.

The subcommittee recommended that the Visitors Council set tuition and fees by December to provide students and their families with accurate information before making their admissions decisions.


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