FY2010 Funding Request
1. Competitiveness and Economic Development
- Support for current operating obligations: $80,400,000
- Annualization of endowed chairs FY09 debt service: $4,900,000
2. Removal of Financial Barriers
- Academic Scholars: $400,000
- Concurrent enrollment: $625,000
- Reach Higher program: $200,000
- Cooperative alliance fee waivers: $100,000
- Regional University Baccalaureate Scholarships: $50,000
3. Office of Accountability: $199,880
Total New FY 2010 Funds: $86,874,880
Total FY 2010 Appropriation: $1,126,761,160
Percent Difference From FY 2009 Appropriation: +8.35%
Total With Oklahoma's Promise Allocation ($54m): $1,180,761,160
Details of New Funds Request
Fully fund debt service for endowed chair bonds - $4.9 million
Since the establishment of the endowed chairs matching program in 1988, private donors have pledged $542.5 million to fund approximately 1,125 chairs. These endowed chair positions allow institutions to attract and retain highly talented faculty that enhance the quality of learning for Oklahoma’s students and can leverage additional research grants.
In 2008, the state Legislature approved a $100 million bond issue, allocating one-half of the required debt service. Additional funding of $4.9 million is needed when the first debt payment is due June 30, 2009.
Removal of financial barriers - $1.38 million
Higher education must be affordable for everyone. No Oklahoman should be forced to give up on college for financial reasons or to take on unmanageable debt. In order to achieve this goal, the following actions must be taken.
- Support Oklahoma’s Promise.
- Strengthen Academic Scholars Program funding.
- Support concurrent enrollment.
- Enhance Reach Higher scholarships and tuition waivers for adult students.
- Fund cooperative alliance fee waivers.
- Increase Regional University Baccalaureate Scholarships.