1998 Special Session I

Budget Bill - HB4001 (Introduced)

Old Dominion University

Item 198

Item 198

First Year - FY1999Second Year - FY2000
Financial Assistance for Educational and General Services (11000)$4,195,776$4,195,776
Sponsored Programs (11004)FY1999 $4,195,776FY2000 $4,195,776
Fund Sources:  
Higher Education OperatingFY1999 $4,195,776FY2000 $4,195,776

Authority: Title 23, Chapter 5.2, Code of Virginia.

Old Dominion University is authorized to establish a self-supporting "instructional enterprise" fund to account for the revenues and expenditures of TELETECHNET classes offered at locations outside the Commonwealth of Virginia. Consistent with the self-supporting concept of an "enterprise fund," student tuition and fee revenues for TELETECHNET students at locations outside Virginia shall exceed all direct and indirect costs of providing instruction to those students. Tuition and fee rates to meet this requirement shall be established by the University's board of visitors. Revenue and expenditures of the fund shall be accounted for in such a manner as to be auditable by the Auditor of Public Accounts and the State Council of Higher Education. Revenues in excess of expenditures shall be retained in the fund to support the entire TELETECHNET program. Full-time equivalent students generated through these programs shall be accounted for separately. Additionally, revenues which remain unexpended on the last day of the previous biennium and the last day of the first year of the current biennium shall be reappropriated and allotted for expenditure in the respective succeeding fiscal year.