Winthrop University unveiled its 2021-2022 school year budget. The total budget amounts to $124.3 million and covers a variety of expenses, both required and not required for the school.
The biggest allocation was for total divisional expenses which totaled $78 million. This covers academic, finance and student affairs as well as advertising, human resources and athletics.
“Over 85% of the total divisional expenses are compensation and benefits for permanent and adjunct personnel as well as summer faculty,” Vice President for Finance and Business Affairs and CFO, Justin Oates, said.
The second biggest expense was scholarships and funds which equaled $14 million as well as an additional $6 million that comes from the housing and dining services budget. The auxiliary budget which covers housing, dining and health services was $13.7 million.
The university has designated $8 million for general expenses, such as utilities and money to set aside for contingency funds in case of emergencies or repairs. $5 million will go toward paying off debts that are incurred annually by the school. Winthrop receives approximately $6 million from outside fundraising sources, such as athletics and academic departments.
Each division of Winthrop worked closely with the financial division to make sure that funds were given out properly so that all of the university’s needs were accounted for and met.
The university determines how the budget will be set by first “determining the institutional expenses that have to be covered and allocating the remaining balance among the different divisions,” Oates said. “The Finance Division then worked with each of the divisions to ensure critical positions were covered before allocating that balance to cover non-compensation program expenses.”
Winthrop has also implemented a new three-year budget plan so that expenses can continue to be given out according to the needs of each university division.
Interim President George Hynd said planning three years out can also help division and departmental planning.
“By planning three years out, the university can better prepare and align annual budgets to the university master and academic long-term plans,” Hynd said. “Areas can know what to expect in future years as long as the enrollment and state support are in-line with the multi-year assumptions used in the three-year planning model.”
The university has also established a contingency fund to use in case a division needs more funds than they were given. Because of the uncertainty that still exists due to the continued spread of COVID-19, the current budget will be fluid.
Provost and Executive Vice President for Academic Affairs and Dean of the Faculty, Dr. Adrienne McCormick, said, “While the leadership believes that the existing allocations meets the current needs of the university, the divisions will continue to monitor their finances throughout the year and will make appropriate changes based on how expenses and revenues unfold throughout the fiscal year.”
Winthrop University’s leadership believes that this budget will best meet the required expenses and needs of each division.
