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UNIVERSITY OF THE VIRGIN ISLANDS BOARD OF TRUSTEES RESOLUTION TUITION RATE INCREASE Purpose: Part of the University’s Strategic plan is to achieve sustainability by increasing the University’s contribution percentage of tuition to total revenue. Therefore, starting in Fall 2005 Semester, the University is seeking approval of a 10% increase in the current rate schedule for tuition. WHEREAS. the University has implemented a Strategic Plan for sustainability as mandated by the Board, 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 21.0%, and WHEREAS, the Board of Trustees has supported a policy of modest increases while keeping tuition rates affordable and competitive, and WHEREAS, the last Board approved increase to tuition was implemented in Spring Semester 2004, and WHEREAS, the proposed increase in tuition rates would result in a revenue contribution of 22% to 23% of total operating revenues, and WHEREAS, the proposed tuition rate increase will maintain the University’s competitive price advantage over those institutions with which UVI competes most for students; Tuition Rate Resolution NOW THEREFORE BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE UNIVERSITY: Section 1: That the Board of Trustees of the University of the Virgin Islands hereby authorizes and approves, effective with the Fall Semester 2005, a rate increase of 10% in the base undergraduate resident per credit rate of $100 now in effect, together with the resulting rate increases in other fee categories based on the formulas for rate calculation established by policy: Part-time Underoraduate Residents ........................-eccsssonssacerecticnsmennecsaersts $110 per credit Pull-trise Underaradunie Residents ......................scscssesssevaresonadasaesvaactanaeety $3,300 per year ae erga ccsp asc desnecnces conta s-..-----.consesnnesnerenseh Hate aperaes gana $275 per credit Part-time Undergraduate Non-Residents ..............:.sssscssssseeseseeseneeeeeeseeenesees $330 per credit Full-time Undergraduate Non-Residents.................+ssseseeeeeeeeeeeeeeees $9,900 per year CR FA acca n cess onccncastinceso+--sssceonsensdsovnsdensunees peeanananyennaneds $550 per credit Section 2. 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. Section 3. That this resolution shall be in full force and effect from and after its adoption. CERTIFICATION The undersigned does hereby certify that the foregoing is a true and exact copy of a resolution of the Board of Trustees of the University of the Virgin Islands and adopted at its meeting on Saturday, March 12, 2005 as recorded in the minutes of said meeting. KL Mies 3:16:05 ’ Secretary of the Bodtd~ Date