MINES’ POLICY LIBRARY

Senate Bill 003 (SB003) Guidelines

Statutory Requirements: SBl0-003 - C.R.S 23-41-104.7
  1. Beginning in the 2011-12 fiscal year, Colorado School of Mines shall use a portion of its fee-for­ service funding negotiated pursuant to section 23-5-130 to provide merit-based scholarships, need-based financial aid, and graduate student support to assist students with in-state classification to attend the institution, and shall increase said portion to ensure that, no later than the 2020-21 fiscal year and for each fiscal year thereafter, all said funding shall be used for said purposes, except as otherwise provided in paragraph (b} of subsection (2} of this section.

  2.     a) (Deleted by amendment, L. 2011, (HBl -1074), ch.61, p. 159, § 1, effective August 10, 2011.}

b) Beginning in 2020-21 and in any fiscal year thereafter in which the average discounted tuition rate for undergraduate students with in-state classification enrolled at the Colorado school of mines is greater than thirty percent, the institution may use any amount of fee-for­ service funding that is not used to maintain the average discounted tuition rate at thirty percent for other operational purposes. As used in this paragraph (b}, “average discounted tuition rate” means the total of the amount of merit-based and need-based scholarships and grants awarded from institution funds to undergraduate students with in-state classification enrolled in the institution divided by the total tuition revenue from undergraduate students with in-state classification.

Goals and Objectives for State Fee for Service Funding

Colorado School of Mines intends to use Fee for Service funding from the State of Colorado to provide access and affordability to Mines for Colorado’s best and brightest students. Long term strategies  include increasing access and diversifying our student population, improving retention, lowering student debt, and increasing support for our teaching and research functions. In order to achieve these primary objectives while maintaining academic excellence, Fee for Service funds will be used specifically for:

  • High merit undergraduate students that have the greatest financial need
  • Filling gaps in existing financial aid and work study programs
  • Provide funding to graduate students to support research
  • Provide funding to graduate students as teaching assistants to support instruction
  • Provide matching funds for underrepresented graduate populations

In addition, funding may be used for new programs with targeted outcomes such as tuition assistance for the early entry enrollment program and the undergraduate research program.

General Allocation

State fee-for-service funds will be budgeted for graduate support, financial aid and merit scholarships for resident students. Funding for these programs will increase by approximately 10% of the total fee­ for- service revenue received each year. The 10% increase will be used as a guideline and is not mandatory. However 100% of all fee-for-service funds must be allocated to this program no later than fiscal year 2021.

Although not statutorily required, it is the Colorado School of Mines’ intent to increase financial aid and graduate support, not to replace base funding existing as offiscal year 2012. Each year’s funding will be allocated for three general purposes as approved by the President (Attachment 1):

  1. Graduate financial support – 30%
  2. Colorado Scholars Fund – 40%
  3. Undergraduate strategic financial assistance programs -30%
Graduate Support (30%)

Increases required to support resident graduate students will be funded directly from Fee for Service funds. Support is provided for the following programs:

  • Teaching Assistants – increases primarily due to tuition increases, or increases in the number of TA’s supported .
  • Summer Tuition – students must enroll in summer “courses” in order to participate in Tuition for these courses is fully funded by the institution.
  • Research Match – the differential between granting agencies supporting graduate students
  • GSA continuance – aid for students losing research funding in their final year
  • Matching Grants – for underserved populations
Colorado Scholars Fund (40%)

This is a new program implemented in fiscal year 2015 to provide awards to high merit and high need undergraduate students. The student must be Pell eligible and qualify for a Colorado School of Mines Merit Award .The funding will fill the gap between what the student receives in federal and external grants, merit scholarships and the total cost of tuition and fees. For students that meet the highest level of merit, additional funding is provided for a portion of the cost of room and board to assist with the mandatory requirement to live on-campus during the first year at Mines. Funding will start with the freshman year and will be renewable for up to three additional years if the requirements continue to be met (Attachment 2).

The funding commitment will be budgeted for the entire four years for each participating student .A reserve to be held to fully fund students already in the program to mitigate potential decreases in state fee-for-service funding. If state funding is decreased, the program may be restructured for future incoming freshman, but funding will continue for existing participants throughout all four years.

Undergraduate Strategic Financial Assistance Programs (30%}

A variety of undergraduate programs have been funded to meet specific needs and provide additional support to resident students that would not otherwise be available. They include subsidies to existing programs and new funding to encourage participation in specific programs.

  • ACG, SMART, CLEEP – additional funding was provided in fiscal years 2012-2014 to offset the decrease in state and federal
  • E3 (Early Entry Enrollment) -funding provided in fiscal year 2012 to encourage summer attendance in first year required courses due to a significant increase in enrollment
  • Merit Scholarships -funding for the increase in merit scholarships for resident students who are not included in the Colorado Scholars A flat amount of $224,389 was invested from fiscal year 2012-2014. This was increased to $1,066,571 in fiscal year 2015
  • Work Study -Work-study provides great opportunities for students to help pay for their own education while allowing them to stay on Current federal and state funding falls short of the current need and these funds will help fill that gap.
  • Summer Financial Aid Assistance -Typically, financial aid is awarded over the fall and spring semester and not generally available for This funding will provide need-based aid to students enrolled in field courses which are required over the summer.
  • UG Research Match – Increasing undergraduate research opportunities have been identified as an important goal for the institution. Funds are awarded to students, as merit-based scholarships ,chosen to participate in this honors program.
  • Student Hourly -one time funds were provided in fiscal year 2014 to pay for student employees outside the work study program.
  • Athletics – Additional funding to provide athletic scholarships to more resident students

The effectiveness of these programs will be reviewed on an annual basis and adjusted as needed. Additional programs may be created if new opportunities are identified and approved by the President.

Record Keeping

The source (fee-for-service revenue) and all distributions will be separately accounted for in the financial system in order to provide detailed tracking on how the funds are used. The activity will be recorded in a unique General Fund (127813) and each program will have unique Indexes (Attachment 3).Any unallocated Colorado Scholars funds will be reserved as a contingency for potential decreases in state funding. All other unallocated funds will be transferred to the institution’s General Fund reserves through fiscal year 2020. Beginning in fiscal year 2021,any unallocated or unused funds will be used in the following year’s allocation.

A budget summary with ten year projections will be updated on an annual basis to be approved by the Executive Vice President of Finance and Administration and the Vice President of Student Life after review by the President. The full budget will be included in the annual budget process and approved by the Board of Trustees.

Each fund manager is responsible for ensuring the funds are used only for the approved purpose and must be able to provide reporting on how the funds were used at the detail level (e.g. what students received the funding). Under no circumstances may the funding be used for non-resident students.

Attachment 3

5810-003 Banner Coding and Finanical Managers

  Index Name Index Fund Org Pgrm Fin Mgr Detail Code

GRADUATE:

Grad Res TA support increase (primarily due to increase in tuition) CASE

SB003 Grad Research TA Support-CASE

211287

127813 11287 1100

Tony Dean

 

CECS

SB003 Grad Research TA Support-CECS

218387

127813 18387 1100

Kevin Moore

 

CERSE

SB003 Grad Research TA Supp. -CERSE

224587

127813 24587 1100

Ramona Graves

 

EB

SB003 Grad Research TA Supp. – EB

216617

127813 16617 1100

1100 Michael Walls

 

EECS

SB003 Grad Research TA Supp. – EECS

219547

127813 19547 1100

Randy Haupt

 

ME

SB003 Grad Research TA Supp. – ME

221047

127813 21047 1100

Gregory Jackson

 

CEE

SB003 Grad Research TA Supp. – CEE

222547

127813 22547 1100

John McCray

 

GE

SB003 Grad Research TA Supp. – GE

224657

127813 24657 1100

Paul Santi

 

GP

SB003 Grad Research TA Supp. – GP

230147

127813 30147 1100

Terrence Young

 

LAIS

SB003 Grad Research TA Supp. – LAIS

232657

127813 32657 1100

Tina Gianquitte

 

AMS

SB003 Grad Research TA Supp. – AMS

233847

127813 33847 1100

Willy Hereman

 

MN

SB003 Grad Research TA Supp.- MN

239427

127813 39427 1100

Priscilla Nelson

 

PE

SB003 Grad Research TA Supp. – PE

241537

127813 41537 1100

Ramona Graves

 

Graduate Asst

SB003 Graduate Asst

248340

127813 48340 1100

Tom Boyd

 

Graduate Summer Tuition

SB003 Summer Tuition Fellowship

248360

127813 48360 1100

Tom Boyd

 

Graduate Research Match (make up for tuition differential between granting agencies)

SB003 Grad Student Research Match

248395

127813 48395 1100

Tom Boyd

 

GSA continuance (aid for students that lose funding in final year)

SB003 GSA Continuance

248467

127813 48467 1100

Tom Boyd

 

Grants for underrepresented populations (match foundation funding)

SB003 Under-represented Pop. Grant

248497

127813 48497 1100

Tom Boyd

 

 

COLORADO SCHOLARS FUND

 

COLORADO SCHOLARS FUND

SB003 Resident Schol. CSM Grant

262057

127813        

62057 1800

Jill Robertson

New

 

UNGRADUATE INVESTMENTS:

 

ACG SMART CLEEP

SB003 ACG SMART CLEEP

262067

127813 62067 1800

Jill Robertson

GRBF

Merit Scholarships

SB003 CSM Pres. Merit Scholarships

262077

127813 62077 1800

Jill Robertson

S234

Work Study

SB003 Work Study

262087

127813 62087 1100

Jill Robertson

N/A

Summer Financial Aid and Assistance

SB003 Summer Fin Aid and Assistance

262097

127813 62097 1800

Jill Robertson

G022

Outside Scholarship Matching

SB003 Outside Scholarship Matching

262117

127813 62117 1800

Jill Robertson

 

UG Research Match

 

 

     

 

 

CASE

SB003 Undergrad Resrch Match – CASE

211267

127813 11267 1100

Tony Dean

 

CECS

SB003 Undergrad Resrch Match – CECS

218367

127813 18367 1100

Kevin Moore

 

CERSE

SB003 Undergrad Resrch Match – CERSE

224567

127813 24567 1100

Ramona Graves

 

Student Hourly (not WS)

 

 

     

 

 

CASE

SB003 Student Hourly -CASE

211272

127813 11272 1100

Tandy Dean

 

CERSE

SB003 Student Hourly – CERSE

224572

127813 24572 1100

Ramona Graves

 

CCIT

SB003 Student Hourly – CCIT

248032

127813 48032 1400

Derek Wilson

 

Athletics

SB003 Athletics

262137

127813 62137 1800

Jill Robertson

 

 

FFS revenue going to SB003

State Appropriation

110357

127813 90200 1100 Kirsten Volpi  

Unallocated Budget

SB003 Unallocated Budget

250157

127813 50157 1800 Kirsten Volpi