UPDATED: Aug. 30 at 7:37 a.m.

Three high-ranking Syracuse University officials on Tuesday provided some clarification in an interview with The Daily Orange on how a new $100 million academic fundraising plan will be paid for over the next five years.

The initiative, called Invest Syracuse, supports priorities of Chancellor Kent Syverud’s Academic Strategic Plan. Invest Syracuse — a five-year plan — will start affecting campus next academic year, officials said. The initiative was announced in late July.

“There isn’t a specific timeline” yet on when money will be allocated to programs through Invest Syracuse, though, said Vice Chancellor and Provost Michele Wheatly.

SU wants to cut $30 million in “administrative spending” as part of Invest Syracuse, for example. Wheatly said Chief Financial Officer Amir Rahnamay-Azar has already identified $20 million in cuts to meet that goal. The provost, though, did not elaborate on what would be cut.

When asked if the additional $10 million that is needed to meet the $30 million “administrative spending” goal would solely come from “administrative spending,” Wheatly said “that would be our first choice. But we don’t have the plan for that yet.”

“We did make the executive decision to not go into the academic units for the first ($20 million),” Wheatly said.

The university also wants to raise about $30 million by charging students an extra $3,300 each year in tuition, starting next September, with an Invest Syracuse tuition premium. Students enrolled at SU this year will be grandfathered in and will not pay the extra money.

Dolan Evanovich, senior vice president for enrollment and the student experience, said 2018-19 tuition will be $50,230 for first-year and transfer students, if including a separate 3.9 percent tuition hike that still needs Board of Trustees approval. Tuition was $46,930 this academic year. Room and board rates will remain steady next year, Evanovich added.

“It’s been a challenge for people to sort of follow how it exactly works,” said Kevin Quinn, senior vice president for public affairs. Because, when SU reaches its $100 million Invest Syracuse goal in about five years, the premium will still remain in the university tuition base, Quinn said.

The $3,300 premium will always be part of total tuition costs, the spokesperson said, because the premium will continue supporting Invest Syracuse funded programs.

The Class of 2022 — freshman next year who would pay more than $13,000 in premium costs if it takes them four years to graduate — will receive academic benefits from Invest Syracuse, Evanovich and Wheatly both said.

Students in that class will benefit from improved academic career service programs and new faculty hires due to Invest Syracuse, Evanovich said, even if the fundraising initiative is not finished when they graduate.

Quinn said the university will announce how the Invest Syracuse premium money is spent.

“We’re trying to be as transparent as possible with the families so they can make an informed decision,” Evanovich said. He said the university is making an effort to give rising high school seniors information about the premium.

SU also wants to fundraise $40 million over the next two years to help fulfill the total $100 million Invest Syracuse goal.

That campaign will be spearheaded by Matt Ter Molen, chief advancement officer and senior vice president. Molen will work on the initiative with Ryan Williams, associate vice president for enrollment management, along with alumni and the Board of Trustees, Evanovich said.

About $6 to $6.5 million in gifts have been donated to Invest Syracuse since the initiative was announced in late July, Evanovich said.

“All this is is a fundraising vehicle,” Wheatly said. “It’s not changing any of the academic strategic planning process.”

The post has been updated with appropriate style.

Published on August 29, 2017 at 10:50 pm

Contact Sam: sfogozal@syr.edu | @SamOgozalek