VMI Board of Visitors Sets Tuition and FeesPosted: Updated:
05/07/2018 Release from the Virginia Military Institute:
LEXINGTON, Va., May 5, 2018 – The VMI Board of Visitors approved tuition and fee increases of 3.3 percent for Virginia residents and 3.9 percent for out of state residents for the next academic year at its meeting on May 5. These rates fall within the projection of the Institute’s six-year plan submitted to the state in July 2017.
The tuition and fee package supports a $90 million spending plan for the fiscal year that begins July 1, also approved by the board on May 5. The budget, which is 2.1 percent larger than last year's budget, anticipates revenue from private funding increasing to 30 percent of the budget, revenue generated by tuition and fees dropping 2 percentage points to 53 percent of the budget, and revenue from the state remaining at 17 percent of the budget.
Among the factors behind the budget increase were a 6.9 percent state-mandated increase in the employer contribution rate for health insurance; unavoidable cost increases for utilities and insurance; and increases in facility operations and maintenance costs.
The Virginia General Assembly has yet to approve a state budget, including the portion of VMI’s budget expected to be allocated by the state. Deviations from that expected level of funding will not affect the tuition and fees adopted by the board; rather, the board will adjust the spending portion of the budget if needed at a future board meeting. The board historically makes adjustments to the budget during its January meeting based on revenues received during the first half of the fiscal year.
With required fees, the total cost for Virginia residents was set at $28,344 and the cost for non-Virginians was set at $55,188. Required fees and charges are included in the total cost and increased by $494. The increases are effective for the academic year beginning in August. Cadets are required to live in the VMI barracks throughout their cadetships, making room and board a required fee. In addition, the cost of attending VMI includes a mandatory fee to cover the costs of cadet uniforms and other unique military activities.
VMI, which anticipates an enrollment of 1,703 cadets at the start of the coming academic year, is the nation’s oldest state-supported military college.