Paul Levitt, chair of the BFA Faculty Affairs Committee and Martha Jo Sani, chair of the BFA Academic Affairs Committee, bring the following motion before the BFA:
The BFA moves that the University of Colorado at Boulder establish an endowment or quasi-endowment to provide the equivalent of 100% four year full-time CUB tuition support for faculty and staff dependents to attend any higher education institution of their choice.
The purpose of this motion is to enhance recruitment and retention of faculty and staff and provide a meaningful benefit. The quasi-endowment fund could allow the current scholarship benefit to continue until the endowment fund is large enough to fund the tuition support needed. Currently, $750 scholarships can be awarded to faculty and staff applicants only once a year and can be used for any type in-state educational institution, including trade schools. The scholarships are funded by 43% of the vending machine receipts, which amounted last year to almost a million dollars.
This motion is not connected to the long-term exclusive beverage contract being considered by the university. However, the revenue stream projections of the contract, including up-front money, and the growth of the campus indicate that the receipts from the vending contract could substantially increase.
Our proposal uses the Penn State tuition remission program as a possible
model. The tuition remission program for employees at Penn State is part
of its budgeting process and is included in the employees benefits package.
Colorado law states that State funds cannot be used for this kind of benefit,
however, it is possible to fund this endowment using campus auxiliary
funds, such as the vending machine receipts, and from friends of the university.