The Board of Trustees approved DePaul's proposed $542 million budget at its annual spring meeting.
With approval from the Board of Trustees, the following changes will go into effect during the 2016 fiscal year:
- A 2.5 percent compensation pool increase will be available to supervisors on Jan. 1, 2016, to provide discretionary increases for eligible full- and part-time faculty, staff and students. Increases for eligible part-time faculty will be made available in accordance with each college's or school's standard review process.
- At the same time, the university will increase its match of employees' 403(b) contributions from 8 percent to 8.5 percent. To receive the match, eligible employees need to contribute at least 5 percent of their salaries to the 403(b) plan.
- Funding will be provided to increase wages to a minimum of $10/hour as required by recently enacted legislation. This wage increase primarily affects students.
- The tuition rate increase for continuing undergraduate students is 2.5 percent. This increase approximates the current rate of inflation. Registration, student activity and athletic fees will not increase for the 2015-16 academic year.
DePaul's budget process began in November, when the university Strategic Resource Allocation Committee, known as SRAC, held a series of meetings to discuss broad financial decisions. SRAC membership includes representation from DePaul's faculty, staff and students. This year's voting members of SRAC include:
Bob Kozoman, executive vice president and SRAC chair
Bonnie Frankel, vice president for finance
David Miller, Interim provost
Thomas Mondschean, Faculty Council representative
Robert Ryan, Staff Council president
Matthew von Nida, Student Government Association president
Michaela Winchatz, Faculty Council president
Ray Whittington, dean, Driehaus College of Business
Paul Zionts, dean, College of Education
SRAC recommended a proposed budget to the university's president, who accepted the proposal with minor changes and presented it to the finance committee of the Board of Trustees. In December, the finance committee unanimously endorsed the proposed budget and sent it to the full board for approval.