UNC tuition for out-of-state undergraduate students will increase by five percent next academic year, the UNC Board of Trustees’ Budget, Finance and Infrastructure Committee decided on Wednesday.
Costs for non-resident UNC-CH students will be $37,360 annually, as opposed to the previous cost of $35,580 per year. Tuition for North Carolina residents attending all UNC System schools has remained the same for over six years.
The Committee also gave updates on campus renovation projects, including the Genetic Medicine Building, Hamilton Hall and a new University property acquisition.
- Trustees said the approved undergraduate non-resident tuition increases will be for the 2023-2024 academic year.
- “I think what's most important is first, our resident rates are to remain in the bottom quartile of peers and the second big consideration is that non-resident rates are really market driven,” Vice Chancellor for Finance and Operations and Chief Financial Officer Nate Knuffman said.
- Trustees also approved a program enhancement fee for the Kenan-Flagler Business School.
- The Committee approved the annual endowment fund report.
- Each UNC System institution is required to submit an annual report on the endowment fund to be approved by their school's trustees.
- “The fund increased in value by about $38 million this past year to $2.29 billion,” Jonathon King, president of UNC Management Company, said.
- The committee approved the next steps for several renovation projects.
- The committee advanced planning spending authority to renovate the first floor of the Genetic Medicine Building.
- A designer has been selected for the Hamilton Hall HVAC renovation.
- The project budget is $8.8 million and the targeted renovation intends to allow another 25 to 30 years of use for the building.
- “It has nine general purpose classrooms, including one 400-seat classroom, which is utilized for undergraduate education. So, for the time being — yes, we think we need to maintain function in this building,” Associate Vice Chancellor for Facilities Services Anna Wu said.
- Board Chairperson David Boliek said that he would be better off spending $8 million on getting Bingham Hall “back online” as opposed to “trying to Band-Aid” Hamilton Hall, which might be on a demolition schedule because of its age.
- Wu said the air conditioning system is 40 to 50 years old and at the end of its useful life. Renewing the system would improve the functionality of the building, she said.
- However, the project was funded in 2022 as one of the targeted renovation projects. Changing the project would require three core developers and a legislative process.
- “I just hate to spend almost $9 million on an air conditioning system on a building that really needs to be torn down,” Boliek said.
- Chancellor Kevin Guskiewicz said that if the University can get 10-15 more years out of Hamilton Hall, it will be repurposed even as they’re looking for new facilities, including Bingham Hall.
The committee will meet again on Wednesday, Jan. 25, 2023.