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Resolution of the Board of Trustees of the University of the Virgin Islands Approving Tuition Rate Increases Effective Beginning Fall 2008 WHEREAS, the University has implemented Vision 2012 Strategic Plan for sustainability as approved by the Board of Trustees, and WHEREAS, sustainable development means the University will maximize opportunities for revenue generation and model the highest and best use of the resources generated for the University, and WHEREAS, the University is committed to maintaining affordable tuition rates in order to encourage the highest possible access to higher education by residents of the Virgin Islands, and WHEREAS, the Board has mandated that the rates charged to full-time and part-time undergraduate residents of the Virgin Islands should be substantially equivalent based on a credit load of 15 credits, and WHEREAS, the Board has approved a rate differential of 3 times the undergraduate resident rate for undergraduate non-resident students, a rate differential of 2.5 times the undergraduate resident rate for graduate resident students, and a rate differential of 2 times the graduate resident rate for non-resident graduates, and WHEREAS, tuition rates have historically been set at levels which would result in a target contribution to total general operating revenues of between 17.5% and 20.0%, and WHEREAS, the proposed increase in tuition rates would result in a revenue contribution of 21% to 23% of total operating revenues, and WHEREAS, the Board of Trustees has supported a policy of modest annual increases in fees while keeping tuition rates affordable and competitive, and WHEREAS, the last Board approved increase to tuition was implemented in Fall Semester 2005, and WHEREAS, the proposed tuition rate increases will maintain the University’s competitive price advantage over those institutions with which UVI competes most for students. NOW THEREFORE BE IT RESOLVED: Section 1. That the Board of Trustees of the University of the Virgin Islands hereby authorizes and approves, effective with the Fall Semester 2008, tuition rate increases of 5% as follows: Part-time Undergraduate Resident ..........ssssssessessssesseetnenensesnssesssees $115 per credit Full-time Undergraduate Residents .........ssssseseessseerssersenennserenessess $3,465 per year Graduate Residents .............scscscsssessssssssseseccensnssesscnesneseneenessnensenenens $290 per credit Tuition Rate Increase Resolution June 14, 2008 Part-time Undergraduate Non-Resident ........s.ssssseeseserererereesssseeees $345 per credit Full-time Undergraduate Non-Residents..........+.sssesesseeeeereees $10,395 per year Graduate Non-Residents .........::sssscssesseseeseeseeseenneeesseeeessanerennennsneenees $580 per credit Section 2. That the Board of Trustees of the University of the Virgin Islands hereby authorizes and approves, effective with the Fall Semester 2009, tuition rate increases of 4% as follows: Part-time Undergraduate Residents ...........:csessseeeeseseseseenensnsensesenes $120 per credit Full-time Undergraduate Resident .............::ssseseeeesesetersesetsesseesenes $3,600 per year Graduate Residents ............:..scsccsssccsecsssssscseesesrsscenecsnssessassusecnennenses $300 per credit Part-time Undergraduate Non-Residents .........::sssseseseeetenetetseseseesees $360 per credit Full-time Undergraduate Non-Residents..........-..:sssseeeeeee rere $10,800 per year Graduate Non-Resident ..........:sscsssssessesseseeeeseeeeenesneeseeeensensenrenseees $600 per credit Section 3. That the Board of Trustees of the University of the Virgin Islands hereby authorizes and approves, effective with the Fall Semester 2010, tuition rate increases of 4% as follows: Part-time Undergraduate Resident ...........::ssscesseeseeserseeeenestentenrees $125 per credit Full-time Undergraduate Resident ............:::ssssssseseseetesenseeneeteessess $3,750 per year Graduate Residents ...............ccccscsssssscssssssssorscsescssssacsnsessssonenssonssence $310 per credit Part-time Undergraduate Non-Residents ..........sssssseseesereenersenseretenes $375 per credit Full-time Undergraduate Non-Residents...........-.:+ss0seeeeeeeeens $11,240 per year Graduate Non-Residents ..............csccsssssssesscereeesesseensensenensesssensensens $620 per credit Section 4. That the Board of Trustees of the University of the Virgin Islands authorizes the President and Vice-President for Administration and Finance Affairs to take the necessary action to implement the foregoing schedule of tuition rates. Section 5. That this resolution shall be in full force and effect from and after its adoption. CERTIFICATION The Undersigned do hereby certify that the foregoing is a true and exact copy of a resolution approved by the Board of Trustees of the University of the Virgin Islands at a meeting on June 14, 2008 as recorded in the minutes of that meeting. ee 9 6-21-2008 vA nit Secretary of thé Board Date Ns {\. aero Tone 21, 2008 Chairmaa of the Board Date