Tuition expected to go up $108 at CU next fall
DURANGO – Tuition will increase 2.4 percent, or $108 this fall, while the athletic department will get a loan of $8 million as the University of Colorado announced changes Thursday to get its finances in order.The Board of Regents also agreed to give President Hank Brown more power, including the ability to hire and fire vice presidents and chancellors and fire their cabinet and deans without the regents’ approval.Brown proposed the shift to give university leaders more authority and to hold them responsible when things go wrong. It also will allow the regents to focus on more substantive issues, such as prioritizing new building construction and setting goals for the university, Brown said.Meanwhile, athletic director Mike Bohn told regents their budget was off, resulting in the need for millions in additional funds.”We have missed our mark dramatically,” Bohn told regents at their budget retreat in Durango.The department was hit with expenditures of $3.1 million in December to buy out former football coach Gary Barnett’s contract and $700,000 to buy out new coach Dan Hawkins’ contract at Boise State University. That as ticket sales and donations shrunk in the last three years because of “an erosion of confidence” in the football program, Bohn said.The Boulder campus will dip into emergency reserves for an $8 million loan to give the athletic department, which must pay back beginning in 2008 with annual payments of $800,000.Interim chancellor Phil DiStefano, who along with Brown approved the loan, calling it “a new beginning” for CU athletics.”That’s part of who we are,” DiStefano said. “We want to be competitive with our research, with our graduate students and our Ph.D. students, but we also want to be competitive with our athletics.”Meanwhile, the 2.4 percent tuition for in-state students is within the 2.5 percent cap set by lawmakers for in-state residents. It increases tuition to $4,554. Regents also increased tuition for new out-of-state students by 2.5 percent, while other out-of-state undergraduates’ tuition remains frozen at the rate they paid their first year.Brown said the relatively low increase was made possible by the school receiving its first increase in state money in four years.
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