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UPDATE: Finance committee approves UW reserves plan

UPDATED Tuesday, May 6, 2014 --- 3:45 p.m.

MADISON, Wis. (AP) -- The Legislature's finance committee has approved a revised surplus policy for the University of Wisconsin System.

System officials have taken criticism for building massive surpluses while raising tuition. Republican lawmakers froze tuition in response and required the system to develop a policy governing how much cash campuses can have on hand.

The system's plan calls for schools to finish each fiscal year with tuition and student fee surpluses of at least 10 percent of expenditures and justify surpluses of more than 15 percent.

Finance committee Republicans tweaked the policy to require campuses to justify surplus of at least 12 percent of expenditures and build surpluses through savings if their tuition and student fee account balances dip below zero.

The finance committee approved the policy 15-0 Tuesday.

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UPDATED Monday, May 5, 2014 --- 9:32 a.m.

MADISON, Wis. (AP) -- The Legislature's finance committee is set to vote on the University of Wisconsin System's new surplus policy.

System officials have taken criticism over the last year for building massive surpluses while raising tuition year after year. Republican lawmakers froze tuition in response and required the system to craft a policy governing how much cash campuses can have on hand.

The system's plan calls for schools to finish each fiscal year with tuition and student fee surpluses of at least 10 percent of that year's expenditures. Campuses couldn't use the 10 percent benchmark as justification for increasing tuition, however.

Institutions also would have to justify surpluses of more than 15 percent in any program revenue account including tuition and gifts.

The finance committee is scheduled to take up the policy Tuesday.

Copyright 2014: Associated Press

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UPDATED Friday, May 2, 2014 --- 5:50 a.m.

MADISON, Wis. (AP) -- The Legislature's finance committee is set to vote on the University of Wisconsin System's new policy for reporting surpluses.

System officials have taken criticism over the last year for building massive surpluses while raising tuition year after year.

The state budget Republican Gov. Scott Walker signed last June froze tuition and required the Board of Regents to craft a policy on how much cash each campus can have on hand.

The regents' plan calls for campuses to finish each fiscal year with cash on hand totaling at least 10 percent of annual expenditures. If they finish with more than 15 percent they would need regent approval. Campuses couldn't use the 10 percent target as justification for tuition increases.

The finance committee is set to consider the policy on Tuesday.

Copyright 2014: Associated Press

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UPDATED Thursday, April 24, 2014 --- 10:20 a.m.

MADISON, Wis. (AP) -- The Legislature's audit committee has unanimously approved the University of Wisconsin System's new policy for reporting surpluses.

The committee voted Thursday, with lawmakers praising the work of new UW President Ray Cross to better report the status of reserves and other funds throughout the university system.

The state budget required the regents to write a policy governing how much cash campuses can have on hand after word broke last year that campuses finished fiscal year 2012 with huge surpluses.

The regents' plan calls for campuses to finish each fiscal year with cash on hand totaling at least 10 percent of annual expenditures. The campuses would need regent approval to finish with more than 15 percent.

The plan prohibits campuses from using the 10 percent target as justification for raising tuition.

Copyright 2014: Associated Press

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Posted: Thursday, April 24, 2014 --- 7:37 a.m.

MADISON, Wis. (AP) -- The Legislature's audit committee is set to vote on the University of Wisconsin System's new policy for reporting surpluses.

The 2013-15 state budget required the regents to write a policy governing how much cash campuses can have on hand after word broke last year that campuses finished fiscal year 2012 with huge surpluses.

The regents' plan calls for campuses to finish each fiscal year with cash on hand totaling at least 10 percent of annual expenditures. The campuses would need regent approval to finish with more than 15 percent.

The plan prohibits campuses from using the 10 percent target as justification for raising tuition.

The audit committee is scheduled to vote on the plan Thursday. Approval would send it on to the Legislature's powerful finance committee for the final OK.

Copyright 2014: Associated Press


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