PROVIDENCE – The Corporation of Brown University approved a total operating budget of $902 million for the 2014 fiscal year. The budget includes raising undergraduate tuition and fees as well as undergraduate financial aid, the school announced Thursday.
Total undergraduate tuition and fees will rise 4 percent to $57,232 for the 2014 fiscal year. As the school increased total fees for undergrads, it also increased its budget for undergraduate financial aid 5.6 percent to $95.2 million. According to the university, Brown’s budget for financial aid had more than doubled in eight years.
In a release, Brown said it provides an average need-based undergraduate scholarship of $33,585. More than 40 percent of undergraduates receive university need-based scholarships and 63 percent of students who receive financial aid have no loans in their initial financial awards.
For its budget as a whole, the Corporation of Brown approved a consolidated operating budget of $902 million for the 2013-14 fiscal year, a 3.5 percent increase over the 2012-13 year. The school said it anticipates revenue of $897.6 million and will use $4.4 million of its reserves to balance the budget.
“The University has steadily improved its programs of student support for more than two decades,” Elizabeth Huidekoper, executive vice president for finance and administration, said in prepared remarks. “We recognize that college costs are significant, particularly for middle-class families. The decision to draw $4.4 million from university reserves was part of an effort to reduce pressure on tuition as a source of revenue.”
The corporation’s February business meeting was held by teleconference on Wednesday, after being canceled due to the weekend blizzard.
According to the school’s release, the approved budget includes higher graduate student stipends, a small increase in budgeted faculty positions, investments in the School of Engineering, enhancements to improve campus safety, faculty and staff salary increase pools and necessary investments in information technology.
“Despite national economic uncertainty and continuing resource constraints, the approved financial plan for fiscal 2014 provides a solid footing for all university programs and commitments, particularly undergraduate financial aid and support for graduate and medical students,” Brown Provost Mark Schlissel said in a statement. “The University continues on a path of steady growth, with targeted investments to sustain excellence in research and teaching and maintain our commitment to bringing the most talented students to campus, regardless of financial circumstances.”