Feb. 1, 2013
-- New Rochelle, NY (February 1, 2013) The Iona College Budget Committee, comprised of representatives from the students, faculty, and staff, has been working toward a balanced budget that focuses on improving affordability and retention. Putting the needs of Iona students first, the committee has recommended the lowest combined tuition/room and board increase in 10 years coupled with a significantly increased allocation for student financial aid/scholarships. The first of three budgets being prepared makes proposals for allocating resources in the event that we are able to meet budget projections. The second of these budgets reflects spending suggestions in the event that we exceed enrollment projections by 5 percent. The College Council ratified the budget recommendations on Wednesday, January 23, 2013.
As reflected in the December and January minutes of the Budget Committee, recommendations for the unanimously approved 2013-2014 budgets include an additional $2.4 million to increase the student aid budget to a total of more than $41 million, along with a combined 3.7 percent increase in tuition and room and board. The increase in aid is the first step in a planned strategy to address the affordability needs of our current and prospective students. Based on the efforts of the Budget Committee, the incoming class this fall will be paying lower net tuition than this year’s level.
The next action for the Budget Committee will be to develop and recommend a minus 5 percent budget option. This low-projection budget will ensure the College comports with best practices by having contingency plans developed with the benefit and transparency of the shared governance system.
At the last meeting of the Finance Committee of the Board of Trustees, the Budget Committee’s financial aid and tuition change recommendations were accepted and approved. The Finance Committee of the Board of Trustees also applauded the strategic decision to set a tuition level that would work to improve affordability for current and future Iona students.