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FMU Trustees Adopt $33.9 Million Budget

FLORENCE --- The Board of Trustees of Francis Marion University adopted a $33.9 million operating budget for the 1999-2000 fiscal year during a retreat held in Charleston July 7-9.

 This was the first board meeting with new president Fred Carter since he officially assumed his duties July 1, and the retreat provided much dialogue about the changing face of the university.

 Highlights of the university’s budget include revenue of $16.5 million in state appropriations, $11 million in university fees and $4.6 million in restricted funds. 

Major expenditures are projected at $12.4 million for instruction, $3.1 million for academic support, $2.9 million for student services, $4.8 million for institutional support, $3.6 million for the physical plant and $850,000 in scholarships and fellowships. 

The budget includes a base state appropriation of $243,125 over last year for employee raises.  The legislature mandated a 3 percent cost of living raise, effective July 1, for classified employee with an additional 1 percent merit, funded at one-half percent.  For unclassified employees, the raise is effective Oct. 1 and has been funded at 3 percent based on a 4 percent pay out for three-quarters of the year.  The total of employee raises is projected at $543,504, with the university’s share costing approximately $143,456.

The trustees also approved a resolution increasing the stipend for the J. Lorin Mason Jr. Distinguished Professor Award from $1,500 to $3,000.  This award is presented annually to honor a faculty member for teaching, professional service and scholarly activity.

The board also passed a resolution creating three new faculty awards and one for a non-faculty staff member.  The three faculty awards will recognize teaching, research and professional service to the college and community and will include a $2,000 stipend for each award.  The Outstanding Staff Award will recognize a permanent employee for sustained contributions to the university and will include a $1,000 cash stipend.

In other business, the trustees elected new officers for the coming year.  Florence attorney Robert Lee was elected chairman, Gail Ness Richardson of Barnwell was chosen vice chairman, and Rainey Knight of Darlington was named secretary.

The retreat generated much discussion of issues involving the university, including the relationship between the faculty, administration and the board, the expectations of each group, and the need to work together to move the university forward. 

#7 / 7-12-99

Last Published: June 21, 2004 1:08 PM
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