TCU’s Board of Trustees approved a $406.2 million budget at their spring meeting Friday, which will further support institutional goals and continue providing students an excellent educational experience.  The increase in budget reflects a strategic targeted growth pattern in areas of academics, compensation & technology.  

“It’s a remarkable time at TCU,” said Chancellor Victor J. Boschini, Jr. “This budget allows the University to focus on its priorities of maintaining TCU’s competitive advantage, intensifying the University’s momentum, and strengthening the student experience.  We will continue to move this institution forward in a manner that maintains the quality of a world-class, values-centered university experience.”  

 
The 2011-2012 budget will allow TCU to:

•   Fund new faculty and staff positions to support continued student success

•   Fund major renovations in the Chemistry Dept.
• Increase overall financial aid funded by TCU by 8 percent, matching the tuition increase approved in November 2010

• Enhance operating budgets for academic affairs and instructional support departments

• Provide a salary merit pool of 3 percent for faculty and staff and increase benefits by $2.3 million, primarily due to expected increases in health insurance and retirement expenses

 

In otherboard business, Trustee Clarence Scharbauer III was appointed chairman of the TCU Board of Trustees. Scharbauer, who earned his BBA from TCU in 1973, hasserved as a Trustee since 1990 and most recently as vice chairman from 2005-2011.  Additionally, he serves on the Executive Committee of The Campaign for TCU, is a member of the Chancellor’s Council, a Founder of the Addison & Randolph Clark Society and a benefactor of The TCU Frog Club.  Scharbauer Hall, an academic building dedicated to AddRan College of Liberal Arts and the John V. Roach Honors College, were named for Clarence and Kerry Scharbauer.

 

Current chair J. Luther King Jr., will retire from the office next month. King, who has served as a Trustee since 1992 and as chair of the Board from 2005-2011, has also served on the Executive Committee of The Campaign for TCU, is a member of the advisory board for TCU’S Luther King Capital Management Center for Financial Studies and is a member of the Neeley School International Board of Visitors.  During his tenure as chairman, TCU has made remarkable progress and was named by U.S. News & World Report as one of the Top 20  “Up-and-Coming National Universities” in 2010 and made appearances in the Fiesta Bowl, the Rose Bowl and the College World Series.  King’s company Luther King Capital Management has maintained an active internship program for Horned Frog finance and accounting majors, benefiting more than 100 students. King and his wife, Teresa, have underwritten facilities at TCU, as well as supported athletics, the Ranch Management Program and scholarships.

 

Mark Johnson was named vice chairman of the TCU Board of Trustees.  Elected to the TCU Board of Trustees in 2002, he served on the Leadership Gift Committee of The Campaign for TCU. He is a patron of the Addison & Randolph Clark Society, a member of the Chancellor’s Council and a Silver member of The TCU Frog Club.  Additionally, TCU Trustee Ann Jones will assume trustee emeritus status, effective today. She has served as a Trustee from 1988-2011, serving on the Student Relations, Intercollegiate Athletics and Building & Grounds committees.  She has had significant influence upon TCU’s College of Education by serving on its Board of Visitors and on the Education Task Force of The Commission on the Future of TCU, by providing support of a new education facility on campus and making possible the Ann M. Jones Endowed Chair in Special Education.  Jones is also renowned for her service as a member of the Chancellor’s Advisory Council and as a founder of the Addison & Randolph Clark Society. She is an avid supporter of athletics, reaching Centurion status in the TCU Frog Club. Two new Trustees were elected: Bryan King and Nancy Tartaglino Richards.

 

 

Trustees were informed that TCU has now received 18,903 applications compared to 13,852 last year and 11,730 the year before.  This represents an overall increase of 36.5%. There have been 2221 in-state applications, an increase of 24.1%. Out of state applications number 2830, a 39.5% increase. California continues to blaze the trail for out of state activity.  Applications are up 102.9% this year for that state.

 

The Campaign for TCU also continues to make good progress. As of now, the Campaign has raised more than $363 million to improve the student experience. Additionally, the University has raised more than $76.1 million of the $100 million goal to support the scholarship initiative. For more information on the initiative, visit http://www.scholarship.tcu.edu/.

 

The next meeting of TCU’s Board of Trustees is scheduled for November  9-11, 2011.