By Rebecca Wyatt Thomas, OU Web Writer
The Oakland University Board of Trustees met in a special formal session on Wednesday, June 25 to discuss the university General Fund budget. The board voted to increase tuition by 6.29 percent for undergraduates and 5 percent for graduate students, based on the assumption that state appropriations would be flat (no increase or decrease over 2007-08 appropriations). If the state increases OU’s appropriation, the board stated that the additional funding will be used for classroom and laboratory upgrades. The university would hold the additional funds in a special account until the administration is certain no mid-year cuts will be made by the state.
In 2007-08, Oakland University’s state appropriations were $1 million below the 2001 levels. State support in 1992 accounted for 56 percent of OU’s General Fund revenue sources; in 2009 state support is estimated at 27 percent.
The increase in tuition averages $498 per full-time undergraduate student per academic year. Tuition now includes all fees, which were rolled into tuition this spring. The fees accounted for roughly 1 percent of the cost of tuition.
“We appreciate the board keeping tuition low,” said OU Board of Trustees Student Liaison Samir Hanna. “Students will be very appreciative that we’ll be able to have input and open communications into what upgrades will be made to classrooms and labs.”
Included in the approved university budget was a 27 percent increase in student financial aid. After leveraging non-loan aid, the average net cost of attendance for nearly half of OU’s student body is roughly less than 50 percent of full tuition, calculated at $4,062 for academic year 2008-09.
In other board action, the trustees also approved a three-year contract with the Detroit Pencil Company as the university’s preferred office supply vendor. Staples has served in that role for the previous five years.
For more information on the Board of Trustees, including a schedule of meetings, visit the OU Board of Trustees Web site.