The Board of Trustees, the entity that approves university projects, will be in town on Thursday and Friday to review how Ohio University performed this year and to make decisions for the future.
The Board of Trustees, the entity that approves university projects, will be in town on Thursday and Friday to review Ohio University’s performance this year and to make decisions for the future.
Several credit ratings agencies have predicted tough times ahead for higher education due to less support for research, rising costs and shrinking sources of revenue, according to university documents.
Stephen Golding, vice president of Finance and Administration, says OU is at an important financial crossroad.
“The decisions we make over the next several years will be critical to protecting our future,” Golding said in a letter to the board.
The university will be asking the board for additional funding to further construction and renovation projects. These projects include:
- Renovating Jefferson Hall, a $44 million total project budget
- Replacing seats in The Convo, a $2.85 million budget
- Renovating McCracken Hall, a nearly $32.8 million budget
- Construction of a new building to house and centralize all auxiliary services, a $16.7 million budget
The President Street Academic Center was slated to be discussed during Thursday’s meeting, but was pushed back due to “unforeseen site complications,” according to a previous Post report.
Enrollment at regional campuses is also dropping, according to the documents, which lessens the revenue the university receives from those programs.
Enrollment on the Athens campus is moving in the opposite direction.
Compared to numbers from last year, Spring Semester 2015 enrollment increased 1.5 percent for undergraduate students, 6.1 percent for graduate students and 13.3 percent for medical students.
While enrollment increased, revenues from undergraduate tuition and fees decreased by $6.5 million. Graduate tuition revenue, however, increased by $4 million.
OU often compares itself to other institutions as a measure of financial performance.
The National Association of College and University Business Officers released its annual study of higher education endowment performance, which is included in the board materials. Compared to other higher education and related institutions, OU is performing above average. Over the last five years, the university endowment has outperformed the national average by 1.22 percent.
Students across campus have taken a strong interest in the finances of the university.
OU Student Union members will meet with board members Thursday evening. Some members of the student organization were arrested at the board’s January meeting for protesting.
The union plans on making a statement immediately after the Thursday meeting, and will present a petition to the board Friday “asking them to revoke the tuition hike and reinvest the money into departments that support students,” according to a flyer they distributed on campus.
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