Eastern Michigan University 2018-19 general fund budget underscores commitment to academic programs and facilities, student success, fiscal stewardship

Eastern Michigan University 2018-19 general fund budget underscores commitment to academic programs and facilities, student success, fiscal stewardship

YPSILANTI – Eastern Michigan University maintained its commitment to investing in high-demand academic programs, student success and updating facilities in adopting a General Fund budget Friday (June 22) for the coming academic year. The University also continued its focus on minimizing net costs for students by offering a high level of financial aid. 

The Eastern Michigan University Board of Regents approved a $310.5 million general fund operating expenditure budget for fiscal year 2019 at its regular meeting Friday, June 22. Importantly, the budget reflects the University’s high degree of fiscal stewardship, with a net increase in operating expenses of less than one percent (0.84%) year-to-year.  

“The budget approved today is firmly aligned with the priorities of the University,” said President James Smith. “It focuses our resources on the goals of facilitating student success, supporting high-demand academic programs and prudently investing in our facilities and infrastructure.

“The budget also illustrates our commitment to increasing revenue through new sources, such as online education, strategically sound outside partnerships, and the recruitment of international students.”

The expenditure budget for the upcoming year includes $53.8 million in University-sponsored financial aid. Over the last 11 years, the University has increased financial aid by more than 150 percent from the $21.4 million in aid provided in 2007-2008.

The Board of Regents also approved a tuition and required fees increase of $489 this fall, or 3.88 percent, for undergraduate students taking 30 credits a year. This amounts to $16.30 per credit hour, and falls within the state of Michigan’s tuition restraint cap. 

In addition, the Regents approved extending Eastern’s in-state tuition rate to all new incoming undergraduate international students entering the University beginning this fall, under the new TRUEMU Global Rate tuition plan.  

Eastern’s tuition continues to compare favorably with other public universities in Michigan, with the University’s tuition increases over the last nine years averaging about 3.8 percent.

Revenues in the FY18 budget include $207.2 million in tuition and fees, $11.3 million in Academic Partnership/online programs, a $77 million state appropriation, $3 million in investment income and $12 million in other revenues such as extended programs and facility rentals. Eastern’s 2.4 percent increase in state aid is higher than the state average of 2 percent, and reflects the University’s high score on state metrics for having a relatively small administrative staff, the number of Pell Grant recipients and number of degrees granted. 

The budget reflects a $2.1 million decrease in utility costs associated with a full year’s use of the University’s co-generation power and heating unit. 

The Athletics Department FY19 budget shows expenditures of $16.8 million for FY19, representing a decrease of $1.2 million from last year’s expenses. In addition, the elimination of four sports from the athletics budget results in a $1.4 million reduction in athletic and academic-based financial aid for varsity athletes, making for an overall reduction in the athletics expense budget of $2.6 million. 

About Eastern Michigan University
Founded in 1849, Eastern is the second oldest university in Michigan. It currently serves 22,000 students pursuing undergraduate, graduate, specialist, doctoral and certificate degrees in the arts, sciences and professions. In all, more than 300 majors, minors and concentrations are delivered through the University's Colleges of Arts and Sciences; Business; Education; Health and Human Services; Technology, and its graduate school. EMU is regularly recognized by national publications for its excellence, diversity, and commitment to applied education. For more information about Eastern Michigan University, visit the University's website.

June 22, 2018

Written by:
Geoff Larcom

Contact:
Geoff Larcom
glarcom@emich.edu
734.487.4401