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Board of Trustees Approves FY 2012 Budget
May 13, 2011
Millions allocated for undergraduate financial aid and Gelman Library renovation.
May 13, 2011
The George Washington University Board of Trustees today approved a multimillion-dollar budget that includes more funding for financial aid, academic programs and renovation of academic buildings, including the Estelle and Melvin Gelman Library, as part of the fiscal 2012 operating and capital budgets. In a separate action, the board approved the university Medical Center’s budget.
The university’s more than $640 million operating budget includes $159 million for undergraduate financial aid for fiscal year 2012 – a 7 percent increase over the amount budgeted for last year. The board also approved continuing the university’s program of fixed-price tuition.
Commitments to grow and strengthen academic programs total more than $18 million -- $11 million of which is budgeted for fiscal 2012. The budget is supported by $6.3 million identified by the Innovation Task Force (ITF). Those funds will be reinvested in academic priorities.
“This budget reflects George Washington’s continued investment in our students and the families who are supporting them,” said GW President Steven Knapp. “It also provides resources that will further enhance our academic programs, student experience and infrastructure.”
About 60 percent of all GW undergraduate students receive some form of financial aid. GW’s program of fixed-price tuition and institutional guaranteed financial aid locks in an incoming student’s cost of tuition for a five year period and ensures that financial aid remains at least at the level awarded at the time of a student’s initial enrollment. Contributions to the university’s Power & Promise Fund help to support the university’s financial aid budget.
Investment in academic programs at GW will grow by an additional $11 million, including funding for faculty recruitment, academic advising, additional online and hybrid courses, study abroad programs, research set-up funds and the new degree audit system.
The fiscal 2012 budget includes reinvestment of $6.3 million in resources identified through the ITF, which was formed by Dr. Knapp to identify resources that can be used to increase investment in academic learning, research and the student experience. The goal of ITF is to identify $60 million in recurring funds annually by fiscal 2015.
The capital budget includes a total of $409 million in projects over the next four years, with more than $93 million to be spent in fiscal 2012. The budget proposes new projects focused on sustainability and continued growth of the Virginia Science and Technology Campus and the renovation and upkeep of buildings, such as Gelman Library.
The $16 million library project includes renovations of the main level of the building. A learning commons is planned featuring group study spaces with wireless technology, laptop bars and a resource librarian. More than $14 million in multiyear sustainability projects are set to begin in fiscal 2012, including a new cogeneration facility to provide efficient and reliable heat and power to Ross Hall, the Science and Engineering Complex and three adjacent residence halls.
As part of the GW Medical Center multiyear capital budget, nearly $31 million is planned to be spent in fiscal 2012 to support academic programs and research. This includes breaking ground on the new School of Public Health and Health Services building, with construction expected to be completed by fall 2014; Ross Hall infrastructure upgrades; and renovation of existing space to include the Research Center for Neglected Diseases of Poverty.