Duke budget stays the same, increases financial aid funding
A budget approved by Duke University trustees stays at the same level as last year's – $1.8 billion – while increasing funding for financial aid by 17 percent.
Posted — UpdatedExecutive Vice President Tallman Trask III said the 2009-2010 budget financially supports the university’s strategic goals, including faculty excellence, a quality student experience and affordability.
The budget balances a projected $125 million budget shortfall over the next three years and a $1 billion drop in the endowment with a 3.9 percent tuition increase for undergraduates, increases between 2.2 percent and 9.3 percent for graduate and professional students, and numerous cost-cutting measures.
At the same time, the budget increases financial aid 17.1 percent to $114 million for undergraduates. Aid for graduate students is increased by 6.9 percent.
About 45 percent of Duke undergraduates receive an average of $26,685 in aid each year. Duke, which has a needs-blind admission policy, pledges to meet 100 percent of all demonstrated financial need for all undergraduates.
“We are enlisting the help of as many people as possible – faculty, staff, students, deans and other administrators – as we determine how we can continue to establish our unique institutional identity," he continued.
Raises for employees making more than $50,000 have been curtailed, hiring is taking place only a strategic basis and retirement incentives have been offered to some employees. That means that salary expenses will be less than 1 percent more than last year.
New construction projects have been put off indefinitely, although planning for some continues. Other cost-cutting measures involve energy costs, contract work and phone service.
Tuition and fees account for 17.2 percent, or $314 million, of revenues in the new budget; grants and contracts supply $812 million; and gifts, endowment income and other sources supply the remaining $705 million.
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