Board of Visitors affirms university's ability to operate with more financial, administrative flexibility

At a special meeting held Sept. 24 in Blacksburg, the Virginia Tech Board of Visitors approved two resolutions that further support the university’s intent to operate with greater financial and administrative authority as defined by the Restructured Higher Education Financial and Administrative Operations Act passed earlier this year

In addition, Virginia Tech President Charles W. Steger announced the creation of “Funds for the Future,” a significant new student financial aid program that will provide protection against future tuition increases for students from low and moderate income families (for more information, click here).

The board adopted a resolution affirming the university’s ability to operate under a Level 3 agreement of the Restructured Higher Education Financial and Administrative Operations Act, which sets out the requirements for a Virginia public university to gain the greatest degree of authority over financial and administrative operations. The Virginia Cooperative Extension and the Agriculture Experiment Station Division will be included in and benefit from the same financial and managerial authorities.

In addition, the board approved six-year enrollment, academic, and financial plans developed by the university under guidelines prepared by the State Council of Higher Education (SCHEV).

The six year enrollment plan calls for increases in the number of transfer students (primarily from Virginia’s community colleges) and an increase in the number of Ph.D. students. The academic plan responds to the 11 state requirements outlined in the restructuring act and describes the many ways the university will pursue excellence in undergraduate and graduate education, research, outreach and international programs. The financial plan presented two budget scenarios: one with full state funding and one without new state funds.

These plans will be forwarded to SCHEV Oct. 1.