The University of Mary Washington Board of Visitors has approved the budget for 2024-25 academic year.
The University of Mary Washington Board of Visitors approved the budget for 2024-25 academic year at the June 7 meeting, following approval of the Virginia state budget in May. Both the statewide budget and UMW budget plan advance higher education by focusing on details critical to student success, the campus experience, and human resources.
“The state through the General Assembly was very generous again to higher education generally and to Mary Washington specifically,” said Vice President for Administration and Finance Craig Erwin.
Among the highlights of the state allocation to UMW are $2.5 million in permanent funding to offset operating cost increases, following $2.1 million provided in the 2023-24 budget addendum. UMW’s state-supported need-based financial aid for Virginia residents will increase to just over $7 million, thanks to additional general fund support of $283,860 in 2024-25.
UMW’s annual budget totals approximately $160 million. About 38% of UMW’s budget comes from general funds allocated by the state, with another 38% from tuition and fees, and approximately 24% from a combination of auxiliary programs including housing, dining, parking, federal aid and other sources. The 2024-25 tuition and fees for UMW were announced in April 2024. While delays from the Free Application for Federal Student Aid (FAFSA) have created uncertainty for families in the enrollment process, as well as uncertainty in university budgets, the release of financial aid packages in late April and through May have provided the needed information and certainty to move forward with the budget and to provide more information and a plan for the campus community.
This year’s state budget factors in a 3% pay increase for faculty and staff, as well as a 6.3% increase in health insurance premiums, both effective June 10, 2024, and both partially funded by the state. UMW must fund the remainder and has kept human resources as a priority in the upcoming year, with plans for new staff in HR and the budget office to aid in employee recruitment and retention and an allocation for a staff compensation study.
These mandated increases, inflationary pressures, and increased expenses have been key cost drivers in recent years, balanced by efforts such as the faculty early retirement incentive program and a strategic focus on enrollment and retention through all areas of university operations. With a positive enrollment outlook leading into the 2024-25 year and a continued conservative fiscal approach in conjunction with state investments, UMW has a stable and sustainable budget plan with opportunities to re-invest in areas critical to the campus experience.
“We are going into this fiscal year in a very strong position,” said UMW President Troy Paino. “Students and their families continue to choose Mary Washington, and we’re maintaining strong enrollment and retention of students. It’s a credit to the hard work of many on our campus, from the personalized approach in the admissions process and financial aid through the expert faculty leading each class taught and extended through life after Mary Wash. We will continue to work to find ways to reinvest within fiscal practices and approaches in conjunction with the state.”
For more information on the 2024-25 budget plan, see the June 7 board agenda online.