WHEREAS, pursuant to S.C. Code Ann. §59–125–1, et. seq., the Board of Trustees of Winthrop University is created and established as a body corporate for the purpose of effectuating the educational mission of Winthrop University; and
WHEREAS, the Board of Trustees, in its bylaws, is responsible for ensuring the University’s fiscal integrity through oversight of financial resources and assets including approval of annual operating budgets and proposed capital projects; and
WHEREAS, the Board of Trustees adopted a balanced budget for FY2025 which represented a $12M decrease from FY2024 activity, creating significant budgetary challenges for the University; and
WHEREAS, the University identified $3.85M from revenues in excess of budget and from budgetary savings that could be reallocated to fund mission critical expenses, and
WHEREAS, the University has experienced enrollment growth over the past two years, including increases in Freshman and Transfer enrollments, as well as improved student retention, necessitating additional resources to support critical investments in student scholarships, university operations, and resources to sustain this momentum and ensure continued success; and
WHEREAS, a comprehensive five-year plan has been developed to align enrollment management, athletics, and budget processes, with active monitoring of scholarship needs by the Office of Financial Aid to ensure future projections are accurate and responsive to the growing student population; and
WHEREAS, President Edward Serna requests approval to allocate additional budget from the $3.85M identified as revenues in excess of budget and/or from budgetary savings to maintain necessary operations of the University.
NOW, THEREFORE, BE IT RESOLVED that the Winthrop University Board of Trustees approve the allocation of up to $3.85M funds identified as revenues in excess of budget and/or from budgetary savings to maintain necessary operations of the University.
BE IT FURTHER RESOLVED that the Acting Secretary to the Board of Trustees shall certify that the Winthrop University Board of Trustees approved this resolution on the 24th of October 2024 in a regularly scheduled meeting. Such resolution shall be maintained and publicly posted by the Secretary of the Board in a time and manner as required by law.
