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The George Washington University Board of Trustees Approves FY 2014 Budget

May 17, 2013

MEDIA CONTACTS: Michelle Sherrard
202-994-1423; mcs1@gwu.edu        
Jill Sankey
202-994-6466; jpsankey@gwu.edu

 

WASHINGTON – During its spring meetings, the George Washington University Board of Trustees approved the university's budget for next fiscal year. The board approved funding for academic programs, student support, new construction and renovations as part of the university’s fiscal year 2014 operating and capital budgets.

“This budget will ensure the university’s financial health while at the same time enabling us to continue building the institution’s strength across its many programs and multiple campuses,” said George Washington President Steven Knapp.

The $866.4 million operating budget supports continued investment in academic and research programs, student services and financial aid of $161.5 million. The university will continue its fixed tuition plan, which locks in an incoming undergraduate student’s cost of tuition and fees for a five-year period and ensures that financial aid will not be reduced. In fiscal year 2014, $18.5 million from the Innovation Task Force, which was established by President Knapp in 2009 with the charge of generating $60 million in annual, recurring savings and new revenue for reinvestment in the university’s top academic priorities, will be available for reinvestment in academic, faculty and research programs. Investments in student services are planned to support Career Services, University Counseling Center, International Services Office and Student Health Services.

The capital budget includes more than $470 million for continued investments over the next three years to enhance the university's physical environment and further its academic and research missions. Nearly $250 million is scheduled to be expended in fiscal 2014 for these projects. Construction projects include the Science and Engineering Hall, a new museum on the Foggy Bottom Campus, a conservation and resource center for the museum at the Virginia Science and Technology Campus and the new School of Public Health and Health Services building. Renovation priorities include Gelman Library, Ross Hall and Corcoran, Bell and Tompkins halls.

Included in the capital budget is additional funding for housing and student life projects totaling approximately $130 million. Projects include the new residence hall at Square 77 and design for the development of a graduate student and faculty housing project at the Hall on Virginia Avenue. New construction and renovations will continue to follow sustainable building practices and support the university’s sustainability initiatives as outlined in its climate, water and ecosystem plans.

In the heart of the nation's capital with additional programs in Virginia, the George Washington University was created by an Act of Congress in 1821. Today, GW is the largest institution of higher education in the District of Columbia. The university offers comprehensive programs of undergraduate and graduate liberal arts study, as well as degree programs in medicine, public health, law, engineering, education, business and international affairs. Each year, GW enrolls a diverse population of undergraduate, graduate and professional students from all 50 states, the District of Columbia and more than 130 countries.


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