June 9, 2016

MEMORANDUM

TO: The Finance Committee: Victoria D. Harker, Chair

Frank B. Atkinson Helen E. Dragas Kevin J. Fay

John A. Griffin John G. Macfarlane III Jeffrey C. Walker

William H. Goodwin Jr., Ex Officio Phoebe A. Willis, Student Member

Daniel M. Meyers, Consulting Member and The Remaining Members of the Board:

Mark T. Bowles Frank E. Genovese L.D. Britt, M.D. Bobbie G. Kilberg Whittington W. Clement Tammy S. Murphy Frank M. Conner III James V. Reyes Barbara J. Fried Joe Garofalo, Faculty Member

FROM: Susan G. Harris SUBJECT: Minutes of the Finance Committee Meeting on June 9, 2016 The Finance Committee of the Board of Visitors of the University of Virginia met, in Open Session, at 3:10 p.m. on Thursday, June 9, 2016, in the Auditorium of the Albert & Shirley Small Special Collections Library of the Harrison Institute. Victoria D. Harker, Chair, presided.

Present: William H. Goodwin Jr., Frank B. Atkinson, Helen E. Dragas, Kevin J. Fay, John A Griffin, John G. Macfarlane III, Jeffrey C. Walker, and Phoebe A. Willis. Consulting Member, Daniel M. Meyers, was also present.

Frank M. Conner III, Mark T. Bowles, L.D. Britt, M.D., Barbara J.

Fried, Frank E. Genovese, Tammy S. Murphy, James V. Reyes, and Joe Garofalo also attended.

Finance Committee June 9, 2016 2.

Present as well were Teresa A. Sullivan, Patrick D. Hogan, Thomas

C. Katsouleas, Richard P. Shannon, M.D, Melody S. Bianchetto, Susan G. Harris, Donna P. Henry, Ronald R. Hutchins, Patricia M. Lampkin, W. Thomas Leback, David W. Martel, Marcus L. Martin, M.D., Debra D. Rinker, Nancy A. Rivers, Roscoe C. Roberts, Pamela H. Sellers, Colette Sheehy, and Robert M. Tyler.

Ms. Harker opened the meeting. Before giving the floor to Mr. Hogan, she reported that the University is in a historically strong financial position and that this was corroborated last month by Standard & Poor’s reaffirmation of the University’s AAA rating. She explained that the Committee will be briefed on the Strategic Investment Fund, a new significant source of funding for strategic initiatives.

Consent Agenda: Signatory Authority for Extension of Virginia Blood Services Contract

On motion, the committee approved the following resolution and recommended it for full Board approval: SIGNATORY AUTHORITY FOR EXTENSION OF VIRGINIA BLOOD SERVICES CONTRACT

RESOLVED, the Board of Visitors authorizes the Executive Vice President for Health Affairs to execute a two-year contract extension for the procurement of blood services and products, in accordance with Medical Center procurement policy. Consent Agenda: Defined Contribution Retirement Plans: Oversight of the University’s 403(b) Retirement Plan Mr. Hogan explained that the University has two retirement plans, the Optional Retirement Program (ORP) funded by the University and the 403(b) program funded by employees. While the ORP plan is actively administered by the University, the 403(b) plan is not. This was a typical practice in higher education, but more peer institutions are now providing greater oversight of their 403(b) plans, which benefits participants and mitigates the fiduciary risk of the institution.

On motion, the committee approved the following resolution and recommended it for full Board approval: DEFINED CONTRIBUTION RETIREMENT PLANS: OVERSIGHT OF THE UNIVERSITY’S 403(B) RETIREMENT PLAN WHEREAS, the University is the plan sponsor and provides oversight of a number of defined contribution retirement plans funded with employer contributions; and

Finance Committee June 9, 2016 3. WHEREAS, the University wishes to provide greater oversight of plans provided by the University and funded with employee contributions; and WHEREAS, this expanded oversight will lead to improved employee retirement outcomes; RESOLVED, the Board of Visitors adopts equal oversight responsibility for the University-provided defined contribution retirement plans funded with employer and employee contributions; and RESOLVED FURTHER, the Board of Visitors delegates oversight responsibility for both plans to the Finance Committee. Consent Agenda: Revised In-State Undergraduate Tuition Rate for the Academic Division for Fiscal Year 2016-2017 Mr. Hogan said the University is asking the Board to ratify a reduction in the 2016-2017 in-state, undergraduate tuition rate increase for continuing students from 3.0% to 1.5%. This was made possible by the additional $3.7 million in general funds provided by the Governor and the General Assembly.

On motion, the committee approved the following resolution, with Ms. Dragas voting no, and recommended it for full Board approval: REVISED IN-STATE UNDERGRADUATE TUITION FOR THE ACADEMIC DIVISION FOR FISCAL YEAR 2016-2017 WHEREAS, the Board of Visitors approved a $328 or 3% increase in in-state undergraduate tuition rates on February 18, 2016; FURTHER, the Board of Visitors resolved that if the University’s 2016-17 unrestricted state appropriation increased beyond what was assumed in the multi-year financial plan, the 2016-17 in-state undergraduate tuition rates would be revised downward accordingly; FURTHER, in April 2016, the General Assembly allotted $3,657,388 in new general funds for 2016-17 to the University of Virginia to support the goals of access, affordability, quality, and increased degrees; RESOLVED, the undergraduate in-state tuition applicable to the Academic Division, effective July 1, 2016, is revised as shown below:

Finance Committee June 9, 2016 4.

Consent Agenda: Delegation of Authority for Future Property Acquisitions Mr. Hogan explained that this action, which reenacts an authority originally approved in 2002, delegates authority to the Executive Vice President and Chief Operating Officer to acquire real property on behalf of the University in areas adjacent to or in the vicinity of the University in consultation with the Rector and subject to approval by the Chair of the Finance Committee. The Committee questioned the lack of a dollar limit on the acquisitions and the ambiguity of the phrase “in the vicinity of.” The Rector suggested the Committee pass the resolution with the understanding it will be amended in the near future to address these issues. At the suggestion of the committee, Mr. Hogan said that the University will benchmark best practices at other universities.

On motion, the committee approved the following resolution, with Ms. Dragas voting no, and recommended it for full Board approval:

DELEGATION OF AUTHORITY FOR FUTURE PROPERTY ACQUISITIONS WHEREAS, the Board has from time to time authorized the Executive Vice President and Chief Operating Officer to acquire real property for University purposes; and WHEREAS, acquiring real property requires flexibility and timely action; RESOLVED, the Executive Vice President and Chief Operating Officer, in consultation with the Rector, and subject to the approval of the Chair of the Finance Committee, is authorized, on behalf of the University, to approve and execute purchase agreements and related documents, to incur reasonable and customary expenses, and to take such other actions as deemed necessary and appropriate to acquire real

Finance Committee June 9, 2016 5. property in areas adjacent to or in the vicinity of the University; and RESOLVED FURTHER, all prior acts performed by the Executive Vice President and Chief Operating Officer, and other officers and agents of the University, in connection with such acquisitions, are in all respects approved, ratified, and confirmed. Action Item: 2016-2017 Operating Budget (For a detailed budget breakdown refer to the attachment at the end of the minutes.)

The budget presentation included six elements: the budgets for the Academic Division, the Medical Center and Transitional Care Hospital, and the College at Wise; the Pratt Fund Allocations for the Academic Division; a report on the Academic Division’s Infrastructure Projects; and a report on Faculty Hiring and Generational Turnover.

Ms. Melody Bianchetto reported that the proposed budget for the

Academic Division, the Medical Center, and the College at Wise totals $3.2 billion, a 9.9% increase of $291.6 million over the previous year.

The Academic Division’s budget is $1.6 billion, which is $161

million or 10.9% greater than its FY 2016 budget. It is consistent with the Multi-Year Financial Plan. The key drivers include new state general funds, growth in research and philanthropy, planned compensation increases, Organizational Excellence savings, and short-term infrastructure investments that will generate significant future savings. It is based on input from the schools and faculty.

On a dollar basis, the largest funding increases are in tuition

and fees, sponsored research, sales & services, and other. The increase in the latter category is $73.6 million and results primarily from School of Medicine actions. Beginning in FY 2017, research funds, approximately $23 million, will flow directly from the Medical Center to the School of Medicine. In addition, the School is using accumulated cash balances for incremental investments in support of research, faculty, and infrastructure.

On a dollar basis, the most significant increases in expenditures

are in instruction and research. The instruction increases reflect the hiring of new faculty and investments in curriculum. The research increases reflect an increase in external funding and the redirected flow of funds from the Medical Center to the School of Medicine.

The Division’s new savings target from Organizational Excellence

is $20.1 million. This is to be comprised of $6.1 million in savings in central services, a $12.1 million reduction in operating supplement to schools due to cost reductions and self-funding capabilities, and $1.9 million in other institutional savings.

Finance Committee June 9, 2016 6.

There will be expenditures for previously approved initiatives. These include IT security and access, the managerial reporting system, the Human Resources Transformation initiative, the Cornerstone Plan, the Pan-University Center and Research Infrastructure, and faculty hiring and start-ups. While these are multi-year investments, they are not permanent additions to the budget.

The Pratt Fund Allocation is $7.4 million. The School of

Medicine will receive $3.4 million with $2.1 million for research and $1.3 million for fellowships. The College of Arts and Sciences will receive $4.0 million with $700,000 for fellowships, $1.7 million for faculty salaries, and $1.6 million for equipment.

The Medical Center’s budget is $1.6 billion, which is $128

million or 9% greater than its FY 2016 budget. It is based on a growth in volume of 0.3% increase in admissions and a 2.9% increase in discharges. There will be investments in service lines, ‘Be Safe’, EPIC II, population health, patient-friendly access, and funds flow.

Strategic objectives include quality improvements to be the

safest health system to provide and receive care – zero harm to providers and patients; supporting the School of Medicine’s educational mission; investing in electronic medical records, the Emergency Department Expansion, and the Educational Resource Center; maintaining market driven and performance based employee salaries; growing clinical care, education, and research; funding population health; and maintaining financial stability.

The projected operating margin is 0.4%. The benchmark median for

a select group of academic medical centers with level 1 trauma centers is 5.4%. The Medical Center’s operating margin would be 2.7% if it was not committing $30 million for strategic investments. Mr. Hogan explained that the investments are purposeful and will have a long term benefit.

The College at Wise’s budget is $43.7 million, which is $2.4

million or 5.8% greater than its FY 2016 budget. The budget is consistent with the College’s Six-Year Plan. Key drivers include new state general funds, a new grant for economic development, growth in philanthropy, and planned compensation increases. Strategic priorities include enrollment, retention and graduation, federal mandates, outreach, high need degrees (STEM-H), summer programs, and undergraduate research.

The committee asked for a report at the next meeting on options

to reduce the College’s dormitory rates, which are higher than the University’s rates.

Investments in the Academic Division’s infrastructure projects

for FY 2017 will total $40.9. These include $6.7 million for managerial reporting, $8.1 million for security and access, $21 million for the Human Resources Transformation project, and $5.1

Finance Committee June 9, 2016 7. million for items, such as Title IX, budget, procurement, and planning studies. These are all previously approved projects.

Managerial Reporting Project activities for FY 2017 include

‘releases’ for expenditure details, income statement/balance sheets, employee labor and benefits, student financial information, student academic information, and additional employee information. The majority of the project’s budget will be expended by FY 2019 with final expenses made in FY 2020. Expenditures will be within budget.

Mr. Hogan reviewed the budget, accomplishments to date, and

planned activities for the Security Enhancement Program. Expenditures for FY 2016 will be approximately $2.0M. Expenditures for FY 2017 and FY 2018 are projected to average $2.5 million per year. There will be ongoing costs of approximately $4.0 million per year after the project is completed in FY 2018. The University will identify a fund source for these costs. Accomplishments for FY 2016 include implementation of a managed security system, implementation of vulnerability scanning for critical systems, initiation of a multi-factory authentication project, hardened core infrastructure, and improved anti-spam, anti-virus, and phishing prevention. Activities for FY 2017 will focus on governance, protection, detection, response, and reporting.

Mr. Hogan explained that Ufirst, the Human Resources

Transformation project, is the largest project undertaken by Organizational Excellence. The Medical Center and the University of Virginia Physicians Group are also participating. Ufirst’s purpose is to develop a more cost effective system with improved service delivery. Currently the University is at the bottom quartile of four performance metrics: total university employees per human resources FTE, total human resources cost per university employee, human resources expense as a percentage of university revenue, and human resources labor cost as a percentage of total human resources cost. The goal is to move into the third quartile. The total project cost is $55 million, which would be expended over four years from FY 2016 through FY 2019. Savings begin to be realized in FY 2017 with FY 2021 as the breakeven point where cumulative savings equal project costs. It is projected that after 2021 the annual cost for human resources will be $19 million less than current costs.

Committee discussion focused on what it would take to get to a

higher quartile. Mr. Hogan will prepare a projection and said that the University also has to fund improvements to its finance and procurement functions, which are both in the bottom quartile.

Mr. Katsouleas reviewed the status of the faculty hiring plan

that was developed in FY 2014 to address the generational turnover of faculty in the undergraduate schools due to retirements and the added faculty needed to support enrollment growth. The plan calls for the hiring of 80 new faculty per year from FY 2015 through FY 2019 with 20 as new hires and 60 as replacements. New faculty hires have been below projections and faculty retirements have been lower than

Finance Committee June 9, 2016 8. expected. For FY 2017 the University will be slightly above its projection for faculty expansion.

For FY 2015 there were 60 hires and 40 retirements. While both

were lower than projected that new growth in faculty was 20, which was the target. For FY 2016, there were 50 new hires and 50 departures which resulted in no increase in faculty. For FY 2017 the University is projecting 83 new hires and 32 retirements. Of the new hires, 69 offers have been accepted and 14 are pending. There are also searches that are preparing offers. Given the current and pending offers, the new hires could range between 73 and 93.

An analysis of the FY 2017 hires shows that 67 were regular

hires, 6 were target of opportunity hires, and 10 were cluster hires, which are individuals hired together. Cluster hires typically span disciplines and schools, and are made in strategic areas. Of the 83 hires, 10 were African American and 23 were other underrepresented minorities. The African American hires move the University from the second quartile in the AAU to the top ten. 46 of the hires were in the College of Arts and Sciences and 11 were in the School of Engineering and Applied Science (SEAS). 90% of the College’s searches were successful; the typical success rate is 70%. SEAS was successful in 11 of its 15 searches. 36 hires are in the STEM fields.

The University will review the hiring and retirement projections

to determine if the FY 2017 results are the beginning of a new retirement trend or a one year anomaly. The retirement projection was based on an historic average retirement age of 68. There will be a negative impact on the budget if the FY 2017 trend continues with added faculty exceeding projections. At this point the budget impact is not an issue with new hires at 83 instead of the 92 projected and the cost of STEM start-up packages at $22 million instead of the $42 million projection. It appears that there were more junior faculty hires than anticipated.

Mr. Hogan closed the presentation with a report on the Athletics

Department budget, which is approximately $100 million and is in the University budget. Since the February Board meeting, Mr. Hogan and Ms. Harker worked with the department on its financial model. Areas of focus included debt restructuring, revenue enhancements, and efficiencies. The department now has a strong ten year model that includes healthy projections for operations and endowments and anticipates the retirement of the remaining debt on Scott Stadium and the John Paul Jones Arena.

During its discussion, the Committee acknowledged the increased

funding that the Commonwealth has provided in recent years and that the University has benefited from the reversal in the downward trend in state funding for higher education.

Ms. Dragas explained that she would be voting no on the

resolution. She said the University is doing well in terms of

Finance Committee June 9, 2016 9. institution building with key investments in faculty, institutes, and better systems, but she believes that it needs to equally emphasize affordability. She described the University’s affordability model as a private model consisting of high tuition/high aid and she is concerned that it is unsustainable. She hopes that in the future the University will implement affordability without the high tuition/high aid model.

On motion, the committee approved the following resolutions, with

Ms. Dragas voting no, and recommended them for full Board approval: 2016-2017 OPERATING BUDGET FOR THE ACADEMIC DIVISION RESOLVED, the 2016-2017 Operating Budget for the Academic Division is approved as recommended by the President and the Chief Operating Officer. PRATT FUND DISTRIBUTION FOR 2016-2017

RESOLVED, the budget for the expenditure of funds from the Estate of John Lee Pratt is approved to supplement appropriations made by the Commonwealth of Virginia for the School of Medicine and the Departments of Biology, Chemistry, Mathematics, and Physics in the College of Arts and Sciences. Departmental allocations, not to exceed $8,025,608 for 2016-2017, are suggested by the department chairs and recommended by the dean of each school; the disbursement of each allotment will be authorized by the Executive Vice President and Provost. To the extent the annual income from the endowment is not adequate to meet the recommended distribution, the principal of the endowment will be disinvested to provide funds for the approved budgets.

2016-2017 OPERATING AND CAPITAL BUDGETS FOR THE UNIVERSITY OF VIRGINIA MEDICAL CENTER RESOLVED, the 2016-2017 Operating and Capital Budgets for the University of Virginia Medical Center are approved as recommended by the President, the Chief Operating Officer, and the Medical Center Operating Board. 2016-2017 OPERATING AND CAPITAL BUDGETS FOR THE UNIVERSITY OF VIRGINIA TRANSITIONAL CARE HOSPITAL

RESOLVED, the 2016-2017 Operating and Capital Budgets for the University of Virginia Transitional Care Hospital, presented as a component of the Medical Center Operating Budget, are approved as recommended by the President, Chief Operating Officer, and the Medical Center Operating Board.

Finance Committee June 9, 2016 10. 2016-2017 OPERATING BUDGET FOR THE UNIVERSITY OF VIRGINIA'S COLLEGE AT WISE RESOLVED, the 2016-2017 Operating Budget for The University of Virginia’s College at Wise is approved as recommended by the President and the Chief Operating Officer.

_ _ _ _ _ _ _ _ _

On motion, the committee adjourned at 5:10 p.m. SGH:wtl These minutes have been posted to the University of Virginia’s Board of Visitors website: http://www.virginia.edu/bov/financeminutes.html

ATTACHMENT

2015-16

Annual

Budget

2016-17

Annual

Budget

Increase

$

Increase

%

Academic Division $ 1,474.9 $ 1,636.3 $ 161.4 10.9%

Medical Center 1,424.7 1,521.9 97.2 6.8%

UVa-Wise 41.3 43.7 2.4 5.8%

Total $ 2,940.9 $ 3,201.9 $ 261.0 8.9%

Total University of Virginia

2016-2017 Operating Budget (in millions)

14

The proposed 2016-2017 budget is consistent with

multi-year operational plan projections.

2015-16

Annual

Budget

2015-16

Forecast

2016-17

Annual

Budget

Increase vs. Forecast

$ %

Sources

Tuition & Fees $ 505,129 $ 505,129 $ 531,941 $ 26,812 5.3%

State Appropriations 144,737 144,737 152,750 8,013 5.5%

Externally Sponsored Research 281,156 281,156 306,471 25,315 9.0%

Endowment Distribution 173,122 182,850 190,016 7,166 3.9%

Expendable Gifts 129,480 139,480 140,142 662 0.5%

Sales & Services and Other 244,751 244,751 318,386 73,635 26.8%

Total $1,478,375 $1,498,103 $1,639,706 $ 141,603 9.5%

FY 2016-17 Operating Sources (in thousands)

18 18

*

* Reflects adjustment in how Medical Center support is recognized in the School

of Medicine (previously recognized by the University Physicians Group (UPG).

2015-16

Annual

Budget

2015-16

Forecast

2016-17

Annual

Budget

Increase vs. Forecast

$ %

Uses

Instruction $ 415,635 $ 420,635 $ 447,611 $ 26,976 6.4%

Research & Public Service 295,656 300,656 365,277 64,621 21.5%

Academic Support 149,100 149,100 158,992 9,892 6.6%

Student Services 46,208 46,208 49,447 3,239 7.0%

General Administration 95,433 100,161 101,016 855 0.8%

O&M of Physical Plant 110,653 110,653 113,278 2,625 2.4%

Financial Aid 106,335 111,335 123,344 12,009 10.8%

Auxiliaries 172,383 172,383 184,259 11,876 6.9%

Internal Debt Service/Transfers 83,475 83,475 93,062 9,587 11.5%

Total $1,474,878 $1,494,606 $1,636,286 $141,680 9.5%

FY 2016-17 Operating Uses (in thousands)

19

* Reflects adjustment in how Medical Center support is recognized in the School of

Medicine (previously recognized by the University Physicians Group (UPG).

*

Previously Approved Initiatives

Non-Base Budget Investments (in thousands)

FY15-16 FY15-16

Forecast FY16-17 FY17-18 FY18-19 FY19-20

Infrastructure* $ 18,634 $ 23,364 $ 40,922 $ 40,088 $ 8,188 $ 8,142

One-time Clery and Title IX - 4,007 - - - -

Cornerstone Plan 9,197 9,197 9,076 (identify alternative source)

Pan-University Center & Research

Infrastructure

4,000 (deferred to

FY17) 4,000 4,000 4,000 4,000

Faculty Hiring/Start-ups 10,500 (deferred to

FY17) 13,581 TBD TBD TBD

Total $ 42,331 $ 27,371 $ 53,998 $ 44,088 $ 22,177 $ 12,142

24

• Includes IT (Cyber) Security & Access, Managerial Reporting System, Human Resources

(Function) Transformation

College at Wise

FY 2016-17 Operating Budget

34

2015-16 Annual

Budget 2016-17 Annual

Budget Increase $ Increase %

Tuition & Fees $ 10,918,032 $ 10,713,851 $ (204,181) (1.9%) State Appropriations 16,495,860 18,091,377 1,595,517 9.7%

Sponsored Programs 1,544,151 1,902,810 358,658 23.2%

Endowment Distribution 2,759,724 3,148,688 388,964 14.1%

Expendable Gifts 554,641 796,632 241,991 43.6%

Sales & Services and Other 9,034,217 9,002,108 (32,109) (0.4%) Total $ 41,306,625 $ 43,655,466 $ 2,348,841 5.7%

Instruction $ 11,992,493 $ 11,542,179 $ (450,314) (3.8%) Research & Public Serv. 1,806,607 2,367,396 560,789 31.0%

Academic Support 4,100,017 4,409,502 309,485 7.5%

Student Services 1,589,493 1,696,826 107,333 6.8%

General Administration 4,360,813 4,486,256 125,443 2.9%

O&M of Physical Plant 1,648,070 1,763,624 115,554 7.0%

Financial Aid 4,528,299 6,057,270 1,528,971 33.8%

Auxiliaries 11,280,833 11,332,413 51,580 0.5%

Total $ 41,306,625 $ 43,655,466 $ 2,348,841 5.7%

Net Sources in Excess of Uses $ - $ - $ -

Managerial Reporting Project

Budget

40

Security Enhancement Program

Update

Notes: Total 3-year net (of FY15 carryforward, other reallocation) one-time costs are $6,423,600 Ongoing costs start in FY16, ramp up quickly, and are ongoing after FY18 Consistent with presentation to BOV in November 2015

Oper. Gov./Admin

Protection

Detection

Response

Reporting

Subtotals

Security Enhancement

Reallocations

TOTAL One-time

$392,500

$2,289,000

$793,200

$572,500

$4,047,200

Benefit Projected

$65,000

$1,799,000

$6,423,600

Program oversight, school collaboration

Pro-active protection w/ some prevention

Rapid detection of possible cyberattacks using current threat intelligence

FY16 FY17

$655,000

Rapid diagnosis, isolation and remediation

Measure program success, transparency and accountability for decentralized units

$331,000

$1,150,800

$387,300

$450,900

$2,195,000

FY18

Projected Ongoing

Costs

Actual & Projected

One-Time Costs

$1,285,800

$324,800

$375,900

$75,000

$385,000

$2,716,500 $2,374,000

($861,800)

41

Ufirst HR Transformation Investment

Summary

How is the investment spread across multiple fiscal years?

Year Investment

FY16 $5M

FY17 $21M

FY18 $24M

FY19 $5M

Total $55M

How is the investment split amongst various cost categories?

Type Investment

UVA Staff $13M

Hard Technology $10.6M

Technology Implementation $14.7M

Functional Implementation $14.4M

Project Infrastructure $1.8M

Total $55M The key drivers of total investment

include:

Timeline (24 month transformation

inclusive of 18 month technical

implementation)

Team structure (mix of dedicated UVA

resources and consultants)

48

Projected As of summer 2015

Projected As of 20 May 2016

New Faculty (FTE) 92 FTE* 83 FTE**

Salaries ($) $17,369 $8,890

Fringe ($) 4,828 2,471

Total Compensation ($) 22,198 11,361

Resignations/Retirements (FTE) 60 32

Salary ($) $5,583 $3,822

Fringe ($) 1,552 1,062

Total 7,135 4,884

Projected Net New Faculty

Compensation 15,063 6,477

TOPs and Cluster Hires Walkdown 2,486

Start-up Packages (STEM only)

Number 34 36

Dollar value $42,200 $22,190

Impact to FY16-17 Budget (50% of start up packages) $11,095

Faculty Hiring and Turnover Academic Year 2015-2016

Note: All dollar amounts are in the 000s 61 *Includes Cluster and ToPs hires. ** 69 offers accepted, 14 pending.