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June 23, 2017
Northwest Missouri State University’s Board of Regents during its regular meeting Friday unanimously approved the University’s 2017-2018 budget, which includes the Education & General (E&G) Budget and the Auxiliary Services Budget, totaling about $117.5 million.
University leaders emphasized Northwest’s focus on balancing the budget with an eye on ensuring access, affordability and quality as well as overall student success indicators. The approved budget includes reallocations to support the University’s strategy, scholarship funding, mandatory expenses, and investments in employees, facilities and strategic objectives.
The budget reflects a 6.6 percent decrease in state appropriations and a 2.1 percent tuition increase for undergraduate students that the Board approved in March. It also includes discipline‐specific course fees and increased room and board rates.
In her presentation to the Board, Northwest Vice President of Finance Stacy Carrick said a primary goal of the University’s annual budget is to compile and align multi-year strategic plan objectives, as well as initiatives of its campus master plan and Forever Green campaign that are focused on growing revenues and gaining operational efficiencies into an overall financial plan.
In an effort to drive engagement, Carrick explained, Northwest used a holistic approach in its budgeting process to address strategic investments, revenues, reallocations and expense reductions based on the mission critical priorities of delivering high-quality learning experiences; protecting access and affordability; valuing faculty and staff; preserving long-term viability; and building for the University’s future. The University gathered input from faculty, staff and students throughout its process.
“As our institution and the higher education industry faces financial challenges – along with the current uncertain environment – effective oversight, leadership and stewardship require us to find ways to selectively let go of the past, optimize for today and build for the future,” Carrick said.
Among other agenda items, the Board approved a three-year memorandum of agreement with Metropolitan Community College (MCC) to implement a concurrent enrollment program as part of FastTracks. Northwest and MCC announced the program last spring to provide students with an opportunity to complete both an Associate of Arts and a Bachelor of Science degree in four years or less while removing challenges that add time and cost to degree completion.
The Board approved an external grant support services policy to support the University’s emphasis on securing external grants to fund new initiatives, faculty research and general operations. The policy establishes guidelines and defines grants-related actions and processes across the campus.
The Board also approved the appointments of 231 full-time faculty and 64 adjunct faculty for the 2017-2018 academic year. Additionally, the Board approved the renewal of an agreement between Northwest and the Northwest Foundation, which oversees and manages private donations in support of the University.
The Board of Regents is responsible for sound resource management of the University and determining general, educational and financial policies.
Mark Hornickel, Communication Manager
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Northwest Missouri State University
215 Administration Building | 800 University Drive | Maryville, MO 64468