Tuition Moderation Incentive Fund
Item 254.10 #1c
Item 254.10 #1c | First Year - FY2009 | Second Year - FY2010 | |
| Education: Higher Education |
| Higher Education | FY2009 $17,500,000 | FY2010 $17,500,000 | GF |
Language
Page 224, after line 5, insert:
"A.1. Out of this appropriation, $17,500,000 each year from the general fund is designated for the Higher Education Tuition Moderation Incentive Fund with potential allocations to public colleges and universities as follows:
Institution |
Annual Amount |
| Christopher Newport University | $570,000 |
| College of William and Mary | 610,000 |
| George Mason University | 1,620,000 |
| James Madison University | 1,000,000 |
| Longwood University | 615,000 |
| University of Mary Washington | 440,000 |
| Norfolk State University | 200,000 |
| Old Dominion University | 1,090,000 |
| Radford University | 500,000 |
| University of Virginia | 1,580,000 |
| University of Virginia at Wise | 120,000 |
| Virginia Commonwealth University | 1,330,000 |
| Virginia Military Institute | 120,000 |
| Virginia Polytechnic Institute & State University | 2,500,000 |
| Virginia State University | 250,000 |
| Richard Bland College | 45,000 |
| Virginia Community College System | 4,910,000 |
| Total | $17,500,000 |
2. Allocations listed in paragraph A.1. of this item shall be granted to public colleges and universities in a fiscal year so long as they limit the increase to tuition and mandatory Educational and General (E & G) fees for in-state undergraduate students to not more than three percent in that fiscal year.
3. Institutions that contribute nongeneral funds to ensure access and affordability to higher education for Virginia students shall be permitted to exceed the limit for increases in tuition and mandatory E&G fees for in-state undergraduate students stated in paragraph A.2. by one percent provided that any revenue generated by an increase in tuition and E&G fees beyond the limit stated in paragraph A.2. be used only to increase the level of financial aid for in-state students.
4. The State Council of Higher Education for Virginia (SCHEV), in conjunction with the Department of Planning and Budget (DPB), shall determine whether each public college and university has met the tuition requirements of this fund. SCHEV shall report its findings to the Governor, the Chairmen of the House Appropriations and Senate Finance Committees, and the Director of the Department of Planning and Budget by August 15 of each fiscal year.
5. Upon certification by SCHEV and DPB that the requirements in paragraph A.2. and A.3. have been met, the Director, Department of Planning and Budget, shall transfer the amounts listed above to each of the certified institutions.
6. In each year, any funds in paragraph A.1. not allocated pursuant to the requirements of paragraphs A.2., A.3 and A.4. shall be distributed as follows: (a) 50 percent shall be redistributed proportionally among the institutions that have met the requirements of paragraphs A.2., A.3. and A.4. and (b) 50 percent shall be reverted to the general fund.
7. If an institution increases tuition and mandatory E & G fees for in-state undergraduate students in fiscal year 2009 greater than 12 percent, the institution shall not be eligible for an allocation from the fund in either fiscal year.
8. SCHEV shall evaluate the nongeneral fund component of educational and general program in this budget. The intent of the General Assembly is that nongeneral fund appropriations in the educational and general program approximate actual revenue collections for that fiscal year. SCHEV shall report its findings and recommendations for adjustments to the nongeneral fund educational and general program appropriation to meet the legislative intent by October 1, 2008.
9. The Director, Department of Planning and Budget, shall report quarterly on all requested and recommended adjustments to nongeneral fund appropriations in the educational and general program to the Chairman of the House Appropriations and Senate Finance Committees."