Missouri Southern’s Board of Governors has adopted an $84.9 million operating revenue budget for Fiscal Year 2020.
The board voted to adopt the proposed budget during a meeting on Thursday, June 13. Financial aid and scholarship expenses account for $18.1 million, resulting in a net operating budget of $66.1 million.
Compensation and benefits total $43.2 million, which represents 66 percent of the net operating budget.
As a result of one-time STEM funding, state appropriations increased by approximately 7.5 percent and represents around 30 percent of the budgeted revenue. Net tuition and student charges represent about 33 percent of the budgeted revenue.
The board also approved tuition rates for the 2019-20 school year. In-state and Lion Pride tuition has been set at $242.96 per credit hour. The out-of-state cost is $485.92; $350 for graduate courses; $295.88 for Distance Learning; and $50 for Dual Credit.
In other business, the board was informed of Missouri Southern’s reaccreditation by Dr. Alan Marble, president of the university.
The HLC recently notified the university that had a 10-year accreditation with no interim monitoring. The action follows the HLC team’s site visit in February.
“It’s as good as we could have ever hoped for,” said Marble, praising the work across campus in ensuring it was a successful process.
The final report praised the university for significant progress in the areas of strategic planning and shared governance: “The common theme of transparency and shared responsibility for the future of the institution was especially clear in the team interactions with faculty and staff members, and the institution should take collective pride in the success of this new model of governance and planning.”
The board also elected officers for the coming years. Bill Gipson, who was appointed to his first term in 2017, was again elected chair; Alison Hershewe, who was appointed in 2015, was elected vice-chair.
Laura Boyd was reappointed to serve as board secretary, while Linda Eis was reappointed as treasurer.