Penn College Board approves budget, tuition/fees for 2022-23
Thursday, June 9, 2022
Pennsylvania College of Technology’s Board of Directors on Thursday approved a 2022-23 total budget of $161.5 million calling for a 1.87% increase in tuition for in-state students.
The total budget represents a 3.22% increase over 2021-22. The operating budget for 2022-23 is $113.3 million.
The state appropriation is budgeted at $28.1 million, based on Gov. Tom Wolf’s state budget proposal, which prescribes a 5% increase for Penn College. The projected appropriation accounts for 17.4% of the college’s total budget and 24.8% of the operating budget.
The 1.87% increase in tuition equates to $330 more per year for Pennsylvania residents enrolled at the college. Tuition and fees combined will rise to $598 per credit hour, or $17,940 annually for a resident student enrolled for two 15-credit semesters.
Tuition for out-of-state students will rise by 2.03%, or $510 per year. Tuition and fees combined for non-Pennsylvania residents will total $856 per credit hour, or $25,680 annually for a student enrolled for two 15-credit semesters.
The rates students pay for on-campus, college-owned-and-operated housing will rise by 2% in 2022-23. Dining Services’ meal plan rates will also increase by 2%.
“As always, our focus in the budgeting process is on continuing to provide the best hands-on academic programs to students while mitigating, as best we can, the financial impact for them and their families,” President Davie Jane Gilmour said. “This budget accomplishes that while navigating the unique challenges posed by the continuing COVID-19 pandemic. It is a realistic plan that keeps us financially sound and positions us well for the future.”
New-student enrollment for Fall 2022 is projected to help offset the number of returning students, whose numbers are down due to the COVID-19 pandemic.
The budget includes a final round of $3.9 million in COVID-19 Higher Education Emergency Relief Funds.
The agreement with the Penn College Education Association, the bargaining unit representing Penn College faculty (as well as counselors and librarians), calls for a 2% increase in 2022-23. A 2% increase is also budgeted for the salary increment pool for nonfaculty employees, with an effective date of October 2022.
Capital expenditures are budgeted at $4.7 million, down $286,000 from the current year. The budget includes funds for the implementation of ERP (enterprise resource planning) integrated software systems to handle business processes collegewide.
Also included in the 2022-23 budget are voluntary gifts of $100,000 to the City of Williamsport and $35,000 to the Williamsport Area School District. These gifts are reevaluated annually.
Penn College enrolls 4,240 students in approximately 100 academic majors focusing on high-demand, STEM-based career fields. Pennsylvania residents account for 89.7% of the college’s student population.
Additionally, the college’s Workforce Development division provides training to nearly 3,000 individuals annually. Training includes industrial, business/leadership, plastics, health care, computer, sustainability and energy topics, with a heavy focus on apprenticeship. Other locations include Penn College at Wellsboro, Towanda and St. Marys.
A national leader in applied technology education, Penn College is a special mission affiliate of Penn State. For more, email the Admissions Office or call toll-free at 800-367-9222.
The total budget represents a 3.22% increase over 2021-22. The operating budget for 2022-23 is $113.3 million.
The state appropriation is budgeted at $28.1 million, based on Gov. Tom Wolf’s state budget proposal, which prescribes a 5% increase for Penn College. The projected appropriation accounts for 17.4% of the college’s total budget and 24.8% of the operating budget.
The 1.87% increase in tuition equates to $330 more per year for Pennsylvania residents enrolled at the college. Tuition and fees combined will rise to $598 per credit hour, or $17,940 annually for a resident student enrolled for two 15-credit semesters.Tuition for out-of-state students will rise by 2.03%, or $510 per year. Tuition and fees combined for non-Pennsylvania residents will total $856 per credit hour, or $25,680 annually for a student enrolled for two 15-credit semesters.
The rates students pay for on-campus, college-owned-and-operated housing will rise by 2% in 2022-23. Dining Services’ meal plan rates will also increase by 2%.
“As always, our focus in the budgeting process is on continuing to provide the best hands-on academic programs to students while mitigating, as best we can, the financial impact for them and their families,” President Davie Jane Gilmour said. “This budget accomplishes that while navigating the unique challenges posed by the continuing COVID-19 pandemic. It is a realistic plan that keeps us financially sound and positions us well for the future.”
New-student enrollment for Fall 2022 is projected to help offset the number of returning students, whose numbers are down due to the COVID-19 pandemic.
The budget includes a final round of $3.9 million in COVID-19 Higher Education Emergency Relief Funds.
The agreement with the Penn College Education Association, the bargaining unit representing Penn College faculty (as well as counselors and librarians), calls for a 2% increase in 2022-23. A 2% increase is also budgeted for the salary increment pool for nonfaculty employees, with an effective date of October 2022.
Capital expenditures are budgeted at $4.7 million, down $286,000 from the current year. The budget includes funds for the implementation of ERP (enterprise resource planning) integrated software systems to handle business processes collegewide.
Also included in the 2022-23 budget are voluntary gifts of $100,000 to the City of Williamsport and $35,000 to the Williamsport Area School District. These gifts are reevaluated annually.
Penn College enrolls 4,240 students in approximately 100 academic majors focusing on high-demand, STEM-based career fields. Pennsylvania residents account for 89.7% of the college’s student population.
Additionally, the college’s Workforce Development division provides training to nearly 3,000 individuals annually. Training includes industrial, business/leadership, plastics, health care, computer, sustainability and energy topics, with a heavy focus on apprenticeship. Other locations include Penn College at Wellsboro, Towanda and St. Marys.
A national leader in applied technology education, Penn College is a special mission affiliate of Penn State. For more, email the Admissions Office or call toll-free at 800-367-9222.