Item 463.10 | First Year - FY2007 | Second Year - FY2008 |
|---|
|
|
| Higher Education Tuition Incentive Fund (11400) | $0 | $7,175,000 |
| Fund Sources: | | |
| General | FY2007 $0 | FY2008 $7,175,000 |
A. Out of this appropriation, $7,175,000 from the general fund the second year is provided to create the Higher Education Tuition Incentive Fund with potential allocations to public colleges and universities as follows:
| Institution | Amount |
| Christopher Newport University | $101,512 |
| College of William and Mary | 185,879 |
| George Mason University | 614,746 |
| James Madison University | 784,186 |
| Longwood University | 72,597 |
| University of Mary Washington | 120,363 |
| Norfolk State University | 72,597 |
| Old Dominion University | 259,591 |
| Radford University | 670,333 |
| University of Virginia | 409,113 |
| University of Virginia at Wise | 72,597 |
| Virginia Commonwealth University | 1,041,949 |
| Virginia Military Institute | 131,281 |
| Virginia Polytechnic Institute & State University | 1,295,297 |
| Virginia State University | 289,779 |
| Richard Bland College | 49,376 |
| Virginia Community College System | 1,003,804 |
| Total | $7,175,000 |
B. Allocations listed in subparagraph A of this item shall be granted to public colleges and universities that limit the increase of tuition and mandatory E & G fees for in-state undergraduate students to not more than six percent for the 2007-2008 academic year.
C. 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 B, provided that the percentage increase in such tuition and fee revenue not exceed the in-state undergraduate increase for 2008 reflected in the institution's six-year plan and provided that any revenue generated by an increase in tuition and E&G fees beyond the limit stated in paragraph B be used only to increase above the FY 2007 level of financial aid for in-state students.
D. 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 Senate Finance and House Appropriations Committees and the Director of the Department of Planning and Budget by August 15, 2007.
E. Upon certification by SCHEV and DPB that the requirements in subparagraph B have been met, the Director, Department of Planning and Budget shall transfer the amounts listed above to each of the certified institutions.
F. Any funds in paragraph A not allocated pursuant to the requirements of paragraphs B and D shall revert to the Literary Fund.