University Operating Budget The information below shows the University budget plans, including State legislative appropriations, for the 2015-17 and 2017-19 biennia, which reflect adjustments made during the biennial period. The biennial budget plans do not include auxiliary operations, which are separately budgeted. Operating Budget ($ in Thousands) Fund 2017-19 Biennium 2015-17 Biennium State General Fund $[______] $103,676,000 CWU Operating Fees Account [______] 118,066,000 Local Dedicated Revenue [______] 52,612,000 Grants and Contracts, Fund 145 [______] 101,848,000 Total Operating Funds [______] $376,202,000 State Appropriations. For the 2015-17 biennium the State Legislature mandated a 5% reduction in resident undergraduate tuition for the 2015-16 academic year with an additional 15% reduction for the 2016-2017 academic year. Tuition backfill funding was provided by the State for the estimated reduction in net revenues for the 2015-17 biennium. CWU Operating Fees Account. This category represents the operating portion of the tuition and fees charged to students attending the University, and investment income on the operating fees. Other than a set percentage of the operating fee that is mandated to be used for student financial aid (currently four percent), operating fees are budgeted and used by the University for operation of the University, at the discretion of the Board, after appropriation by the State Legislature. As noted above, tuition was reduced by 5% in the 2015-17 biennium for the 2015-2016 academic year, and 15% for the 2016-2017 academic year. Local Dedicated Revenue. Local Dedicated Revenue is used by the University to account for dedicated revenue sources, such as indirect cost reimbursement on sponsored research projects, institutional administrative fees, miscellaneous student fees and interest earnings, and self-sustaining program revenues, distance education, conferences, non-credit outreach courses, summer session tuition, and other sales of materials and services to University units or non-University customers. Grants and Contracts. Financial aid to students through scholarships provides an important component of grant- funded support to the University. Pell Grants from the federal government and State Need Grants from the State provide support for tuition and housing to students from lower income families who might not otherwise be able to attend a university. The Central Washington University Foundation The University is supported by a private not-for-profit corporation, the Central Washington University Foundation (the “Foundation”). The Foundation is legally separate from the University, and acts as the University’s primary fundraising organization to supplement State and other funding. In addition to funds raised directly by the Foundation, all unrestricted gifts to the University, with the exception of those involving a State match of funds, are received by the Foundation. Under GASB 39 criteria, the Foundation is an affiliated organization that meets the criteria for discrete presentation. The Foundation maintains separately audited financial statements, and the Foundation’s financial condition and activities are presented as a discretely reported component unit in the University’s financial statements. During fiscal year 2017, the Foundation raised $[_____] in donations and earned approximately $[_____] in investment gains. As of June 30, 2017, total net assets of the Foundation were $[_____], of which $[_____] were permanently restricted and $[_____] were temporarily restricted. Funds are used primarily for direct academic support and scholarships. The University provides the Foundation with operational staff, and related office expenses, including office space, furniture and equipment necessary for its operations. The Foundation provided $[_____] in scholarships and program support to the University in fiscal year 2017.
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