| Approved by: | Board of Trustees | |
| History: | Issued -- March 14, 2002 | |
| Revised -- | ||
| Last Reviewed -- | ||
| Related Policies: | Budget, Revenue Recognition | |
| Additional References: | ||
| Responsible Official: |
Vice President for Finance and Treasurer tel. (202) 319-5606 |
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I. Introduction
This policy governs the establishment of the tuition discount rate for the University. The University relies upon scholarships from many sources: operating funds, endowment, as well as grants and contracts ("tuition discounts" as defined by generally accepted accounting principles) to attract and retain high quality students and to also meet goals of attracting a diverse student body.
This policy applies to all discounts on tuition and fees offered and funded in the University's approved budget.
II. Board Approval
The Board of Trustees of the University, through the Finance Committee of the Board, shall annually approve a rate (percentage of tuition revenue) of tuition discounting for the University.
III. Budget Development
The Budget Committee, as outlined in the University Budget Policy, develops a recommendation of an appropriate University tuition discount rate, relying upon input from Enrollment Management, Deans, Financial Aid and others as appropriate. This recommended rate is submitted to the Board of Trustees as part of the annual budget approval process.
The detailed University budget incorporates funding of scholarships from all sources, including but not limited to, operations, endowment, and grants and contracts.
IV. Monitoring
It shall be the responsibility of the Vice President for Finance and Treasurer to monitor the level of tuition discount for each term and to report to the Finance Committee of the Board of Trustees on a quarterly basis the actual discount.