The St. Mary’s College Board of Trustees approved tuition and fees for the 2023-2024 academic year in their meeting on Saturday, February 4, maintaining a fourth consecutive year of no increase in tuition. The Board also received an update on the progress of the College’s strategic plan, as well as news that Moody’s Investors Service has maintained the College’s A2: Stable credit rating.
“The Board’s actions today affirmed and reinforced the positive trajectory St. Mary’s College has been on for the past several years,” said Susan Lawrence Dyer, chair of the Board of Trustees. “The Board was particularly pleased to be able to continue with our Long-Range Tuition Strategy, adopted last spring, in our efforts to give students and their families an affordable education.”
Tuition & Fees
The Board approved tuition and fee rates for 2023-2024, notably continuing a freeze on tuition in all categories for the fourth consecutive year. Rates for mandatory fees and room charges will increase by a modest 2%, while board (dining) rates will rise by 4% due to inflation and personnel costs.
“St. Mary’s College of Maryland is committed to providing an honors-level liberal arts education that is both accessible and affordable,” said President Tuajuanda C. Jordan, PhD. “To demonstrate this commitment, for the fourth consecutive year, we recommended, and the Board of Trustees has approved a zero percent increase to student tuition rates for academic year 2023-2024.”
The Board also approved recommendations from the Finance, Investment, and Audit Committee to revise the FY23 Plant Budget to a total of $1.983 million, incorporating additional funding for two additional capital projects. The throwing sports field at Jamie L. Roberts Stadium and design costs for the marine science lab in Schaefer Hall will be funded by a combination of private donations and bond proceeds.
In maintaining the College’s A2: Stable credit Rating, Moody’s Investors Service noted the College’s strong support from the State of Maryland, its stable enrollment levels, and good financial strategy and conservative budgeting.
The Board also received an update from President Jordan and the Strategic Plan Steering Committee on the progress of the strategic plan. After the Board’s approval of the strategic plan pillars and timeline in September 2022, the College appointed workgroups for each pillar and a Strategic Plan Steering Committee to oversee and coordinate their efforts. A facilitator met with the campus community in October and with workgroups as they engaged in background work. In December, the workgroups provided initial drafts goals to the steering committee, and brought revised goals to the campus and local community through a series of open forums held in January.
With feedback provided by the Board at the February 4 meeting, the steering committee and workgroups will finalize the goals through continued engagement with stakeholders, with a goal of being able to present a final plan to the Board at the May 2023 meeting.
The board also acknowledged Vice President for Academic Affairs and Dean of Faculty Katherine Gantz, PhD. Gantz was appointed to the role in January after previously serving as interim provost and vice president of academic affairs.
The Board’s next meeting will be Friday, May 12, 2023.