At its Tuesday meeting, the Rutgers board of governors approved a $5.1 billion budget for the 2022-23 school year, which includes a 2.9% tuition and fees increase, while also electing William Best to a one year-term as chair.
“We remain committed to providing excellence in academic experience and opportunity at an affordable and accessible price, and to ensuring that this necessary, measured increase does not affect our neediest students,” said Mark Angelson, outgoing chair of the Rutgers University board of governors. “Our focus on financial aid programs and net cost reflects that promise to our students, who have shown enormous resolve through the economic and other challenges of recent years.”
For the upcoming academic year, full-time arts and sciences undergraduates at Rutgers-New Brunswick will pay $16,263 before any financial aid is applied. Rutgers-Newark students will pay $15,648 while the tuition and fees for Rutgers-Camden students will be $16,112 before financial aid.
Tuition and fees account for more than 28% of Rutgers’ revenue, helping fund academic programs and services.
“This budget will support a vibrant and enriching university experience, including world-class academic instruction and research opportunities, unparalleled patient care and essential public service as we move forward in these challenging times,” said Rutgers President Jonathan Holloway.
Nearly three-quarters of undergraduate students received some form of financial aid in the 2020-21 academic year.
This year, among the student financial aid programs available are the Scarlet Promise Grants and other undergraduate initiatives at Rutgers-New Brunswick, Rutgers-Newark and Rutgers-Camden that, combined with the New Jersey Garden State Guarantee, provide free tuition and mandatory fees for all eligible New Jersey students with family incomes below $65,000, and provide for significantly reduced tuition and fees for those whose families earn between $65,000 and $100,000.
In addition to tuition and fees, other revenue sources in the new budget include patient care services (21.5%), the State of New Jersey (20.1%) and sponsored research (14.5%), while miscellaneous sources account for nearly 16% of revenues.
As for how the money will be spent, the budget calls for more than 77% to be allocated for student instruction, research, public service and patient care. The budget will spend 15.2% on administration, operations and maintenance, while roughly 5% goes toward auxiliary expenses, including housing and dining operations and student transportation Athletic expenses account for 2.7% of the budget.
“This is a reasonable budget that pays careful attention to expenditures during a time of many challenges, including rampant inflation and uncertainty about the continuing effects of the pandemic,” said Michael Gower, executive vice president, chief financial officer and university treasurer.
Meanwhile, during the meeting, Best, a senior vice president at PNC Bank was elected to serve a one-year term for the Rutgers University board of governors. Current Chair Angelson will transition to the vice chair spot after serving three terms at the helm of the body. Their respective terms begin July 1, 2022.
Best has served in a variety of private and public roles during his esteemed career, including being appointed as the first executive director of the New Jersey Redevelopment Authority.
Best has also been honored with many awards and recognitions, including as an NJBIZ Icon Award winner.