Finance and Administration committee proposes issues for fiscal year 2020-2021

On Thursday, the Kent State Finance and Administration committee met via Zoom to discuss financial plans for the 2020 to 2021 fiscal year, which begins July 1. In this meeting, trustees proposed issues that could be brought to the university’s Board of Trustees for a full vote on Wednesday, June 3 via Zoom. 

The committee proposed a 4.1% tuition increase for the incoming freshman class. There will be no tuition increase for current undergraduate and graduate students as part of the tuition guarantee model, which charges students the same price for tuition, mandatory fees, room and board for four years. There is no increase to the non-resident surcharge. 

Transfer students will join the cohort with the number of credits they are bringing to the university and pay that tuition. For example, if a student transfers to Kent State with 65 credits, they would join the junior cohort and pay the tuition the junior class pays. 

For faculty who chose not to participate in the voluntary separation agreement, the committee will recommend a new voluntary transition opportunity program for full-time faculty. The new transition program offers three years of tiered part-time employment and a salary at a rate of 1/36 per credit hour based on the salary at the time of retirement, in addition to the terms in the separation agreement. 

The trustees are unsure of the 2021 budget as tuition and fees are to be determined by enrollment for the 2020-2021 school year. The meeting to plan a development into the 2021 fiscal year budget is set for September 16.

Vice President of Finance and Administration Mark Polatajko led the meeting on Thursday and said, “We are planning for the worst and working for the best” in regard to students returning to Kent campuses across the region. 

Ciana White is a reporter. Contact her at [email protected].