When they meet in Kansas City today, curators governing the University of Missouri system will hear how $12 million beyond what the system budgeted for in state dollars will be spent.
The University of Missouri-St. Louis can expect about $2.7 million to improve equity among the campuses.
“We believe all of our campuses are underfunded when taking into account their missions,” said Joe Moore, spokesman for the UM system. “However, we have come to believe that the UM-St. Louis campus is underfunded relative to their mission and program mix.”
The rest of the money will be used to support the system’s strategic plan, said Nikki Krawitz, UM vice president for finance and administration.
Through a matching-fund program, 266 needs-based scholarships will be created with $4 million. Each $30,000 scholarship will be funded equally by state money and money raised by the campuses. These scholarships will be available to “Missouri resident students whose families have adjusted gross incomes of $40,000 or less,” Moore said.
A program to endow chairs will get $1 million to pay for 10 new positions. “The point of the endowed chairs program is to help recruit world-class researchers and teachers to help build world-class academic programs,” Krawitz said.
Moore said that in addition to the $1 million in state funds, the chair program will require $1.5 million to be obtained through private donations.
The remaining $4 million will finance strategic initiatives in alignment with the system’s strategic goals. These initiatives, Moore said, will be proposed by the campuses and UM Extension. Before receiving funds, a match would have to be documented, which Moore said would “demonstrate commitment to the initiative.”
The system had budgeted for $377 million. The increase came when legislators approved the budget in April.