Penn College Board Approves Budget, Tuition Rates for 2004-05

Pennsylvania College of Technology's Board of Directors today approved an operating budget of $72.4 million and set tuition rates for the 2004-05 academic year.

At $72,456,764, the operating budget represents a 2.55-percent increase over 2003-04. Tuition for Pennsylvania residents, who constitute 92.2 percent of the College's enrollment, will rise by 5.5 percent. Tuition and fees combined will rise by 6 percent for in-state residents.

The 2004-05 budget reflects a state appropriation of $12,023,000 a 3-percent increase over the current-year budget. The budget projects that enrollment will grow by 2.9 percent over the Fall 2003 total of 6,255.

"With this budget, we strived to keep expenditures and tuition increases as low as possible, while maintaining our unwavering commitment to academic quality," said Dr. Davie Jane Gilmour, Penn College president. "Despite the higher costs associated with technology-based education and the many challenges posed by rising enrollment, our tuition increases over the past few years have been smaller than those at many colleges and universities in the state and nation. We will continue to budget prudently as we work to ensure that Penn College students have access to industry-standard facilities, laboratories, equipment and instruction."

The College's tuition increased 5.8 percent in 2003-04, 3.9 percent in 2002-03, 4.8 percent in 2001-02 and 4.5 percent in 2000-01.

The College remains committed, Dr. Gilmour said, to assisting students with their education expenses. The College and its Foundation expect to award 312 scholarships totaling $388,911 in 2004-05.

Overall, Penn College students received more than $47.75 million in financial aid in 2002-03 (the last year for which official figures are available) from a variety of federal, state and local sources.

"Helping students accomplish their educational goals with scholarship assistance remains a top priority," Dr. Gilmour said. "Among the goals in the Strategic Vision 2004-09 planning document that was adopted earlier this year by the Board of Directors is to increase the number of scholarships by 25 percent while also increasing the average award."

The operating budget includes 11 new faculty positions, 4 1/2 new professional and technical positions, and one new classified position. There will be an across-the-board salary increase of 3 percent for eligible (nonfaculty) employees.

Tuition for Pennsylvania residents will increase by $14 to $270 per credit hour. Tuition and fees assessed on a per-credit-hour basis will increase $18 to $316 per credit hour. Tuition and fees for an in-state student carrying a typical 15-credit load over two semesters will be $9,480 in 2004-05. Tuition for out-of-state students, who pay 1.3 times the in-state rate, will increase $19 to $352 per credit hour. Tuition and fees assessed on a per-credit-hour basis will rise $23 to $398 per credit hour. Tuition and fees for a nonresident carrying a 15-credit load over two semesters will be $11,940 in 2004-05.

Fee increases include: capital fee, $3 to $29 per credit hour; laboratory instruction fee, $2 to $22 per credit hour; and the student activity fee, $1 to $5 per credit hour. There will be no increase in the computer fee, which is $12 per credit hour.

Revenue-generating auxiliary fund budgets for 2004-05 total $16,071,762. The budgets are: Food Services, $4,245,000; the Children's Learning Center, $367,066; the College Store, $4,606,250; Workforce Development and Continuing Education, $401,000; Student Activities, $1,127,518; and Housing, $5,324,928. Other unrestricted current fund budgets (distinct from the operating and auxiliary budgets) total $730,000. They are: unrestricted scholarships, $180,000; gifts and donations, $200,000; use of College resources, $25,000; and the parking permit fund, $325,000.

The restricted current fund budget which accounts for grants, contracts and restricted donations for which outside parties, such as governmental agencies, direct the use of the money totals $8,661,511, an increase of $1,377,011 (18.9 percent) from 2003-04.

The plant fund budget, which accounts for the College's physical facilities, totals $8,226,096. This includes the renewal and replacement fund, $95,050; and the debt service fund, $8,131,046. The renewal and replacement fund is designated for the upgrading and replacement of capital items. The debt service fund accounts for money received and expended for the College's bond obligations.

Overall, the College's unrestricted current funds budget which includes the $72.4 million operating budget plus separate budgets for auxiliary operations, unrestricted scholarships, gifts and donations, use of College resources, and parking permits is $89,258,526, an increase of $2,138,158 (2.45 percent) over 2003-04.

The increase is attributed primarily to revenues generated by increased enrollment and the auxiliary enterprises.