Two committees of the University Board of Trustees will meet today to approve figures for next year's undergraduate tuition and fees.
Though the full Board of Trustees will not meet again until June, the annual March meeting of the Executive and Budget and Finance committees serves primarily to set the next year's academic costs. The last meeting of trustees occurred in February.
"In March, the particular annual issue being considered is the tuition and fees for the next academic year," University Secretary Leslie Kruhly said. "That will be the major discussion point."
At the meeting, the Budget Steering Committee will propose next year's fees to the Trustees' Budget and Finance Committee. The Steering Committee is comprised of University administrators, including University President Judith Rodin, University Provost Robert Barchi and University Treasurer and Senior Vice President for Finance Craig Carnaroli.
Following the Steering Committee presentation, the trustees will discuss and then vote on the figures.
"The administration will be presenting its recommendation, and then there's discussion and questions," Kruhly said. "But the trustees will be responding to the administration's recommendation."
The fees for next year will not be released until they are approved by the trustees tomorrow. However, Carnaroli explained how the Steering Committee determines the figures.
"We obviously need to balance the budget," Carnaroli said. "We take into account the costs that the University will be experiencing in the upcoming year, and we take into consideration the demand that we'll see for the upcoming year."
Carnaroli noted that tuition only covers about one-third of the University's revenue.
Kruhly said that the administration carefully weighs several factors when determining the tuition and fees for the following year.
"The administration certainly looks very, very carefully at the issue in terms of our peer group's decisions on tuition and fees that have already been announced and looking at the specific issues relevant to Penn," she said.
In addition to setting next year's fees, the trustee committees will also vote on three physical improvement projects for the University.
The trustees will vote on continuing construction at the University Museum of Archaeology and Anthropology, in addition to renovations for the School of Veterinary Medicine and the Veterinary Hospital.
