The University of Central Arkansas has about $7.2 million more than it did the same time a year ago, said Diane Newton, vice president for finance and advancement, during the Board of Trustees meeting Friday.
“All indications are that we will have a healthy yearend, and we’ll have opportunities to do some great things with these yearend funds,” Newton said.
Unrestricted cash in the Education and General and Auxiliary is at about $41.8 million compared to $34.6 million in January 2012.
Reserves have grown over the past few years. In 2007-2008, UCA reported about a $6.8 million deficit, but last year, the university announced a cushion of about $12 million.
“I think it shows UCA moving in a positive direction,” said Victor Green, board chairman, in a news release Friday. “We’re excited about what the future holds.”
UCA has pushed hard to raise money after a bleak financial outlook about four years ago. Faculty have foregone cost of living increases, and renovations and housing maintenance had been on hold while the institution recovered.
“When I came aboard four years ago, we had no money. We had to take out a line of credit,” said trustee Bobby Reynolds in the news release. “This is wonderful. The best thing about it is we’ve gone from about a negative cash position to where we are now.”
In other business, the board:
• Approved naming the UCA Honors College as the Norbert O. Schedler Honors College. The honors college was founded in 1982 under the direction of Dr. Schedler.
• Approved a resolution recognizing Bobby Reynolds for his service as chair of the Board of Trustees in 2012.
• Approved a room and board increase for 2013-2014 to $2,756 per semester, an overall increase of 2.98 percent. This increase will result in students paying an additional $160 per year. The board postponed a decision on a penalty fee for freshmen who do not meet the criteria to live off campus but do so anyway. UCA requires most freshmen to live on campus.