MINES’ POLICY LIBRARY

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):

Graduate financial support – 30%
Colorado Scholars Fund – 40%
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 1

Please refer to: https://www.mines.edu/policy-library/wp-content/uploads/sites/87/2019/02/FIN_Senate-Bill-3-Guidelines.pdf

Attachment 2

Please refer to: https://www.mines.edu/policy-library/wp-content/uploads/sites/87/2019/02/FIN_Senate-Bill-3-Guidelines.pdf

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