Law, Darden build on financial strengths
By Fariss Samarrai and Charlotte Crystal, illustration by
During a time when people on Grounds
are talking about self-sufficiency, the Law
School and Darden
School are acting on it. Both schools have been moving toward
financial self-sufficiency since 1995 and have substantially reduced
their dependence on state funds.
builds on the unique financial strengths of our professional schools
in a way that is good for the entire University, said Leonard
W. Sandridge, executive vice president and chief operating officer.
The concept of financial self-sufficiency provides incentives
to the professional schools to generate the resources necessary
to meet their schools needs. The application of the concept
frees institutional resources for other schools of the University
that are less able to achieve the same level of self-sufficiency.
C. Jeffries Jr., dean of the Law School, said, This agreement
secures the Law Schools financial future and lays the foundation
for its continued success, while respecting the interests of the
rest of the University.
Law and Darden remain fully under University governance. Major
administrative decisions at the schools, such as hiring faculty
members, must still be approved by the provost.
plan is merely a modification of the funding mechanism, and it
continues to maintain a strong relationship between Darden and
the University, said Mark Reisler, associate dean for administration
at the Darden School.
remain fully a part of the University and are committed to its
goals, Jeffries said.
Law and Darden will increase tuition this year, bringing tuition
to similar levels with peer schools. Tuition for in-state students
at both schools will continue to be less than for out-of-state
students. Tuition at the Law School for 2003-04 will be $22,384
for in-state students and $27,737 for out-of-state. Dardens
in-state tuition and required fees will be $26,785, and out-of-state
will be $31,735.
for out-of-state students will be comparable to our peer institutions,
Jeffries said. This will significantly increase revenue
for the Law School while allowing us to continue to recruit outstanding
students. The lower cost for in-state students recognizes our
historic debt to the state and our role as a University component.
the Law School will keep enrollment stable, Darden is in the second
year of a two-year expansion plan. Enrollment in the fall 2003
MBA program will have increased nearly 25 percent over enrollment
in fall 2001. Both schools will place a new emphasis on raising
funds for scholarships and loans to help students overcome any
financial difficulty the increased tuition may bring.
are telling our alumni that financial aid is the top priority,
the self-sufficiency plan, the Law School and Darden will pay
a percentage of their tuition-related revenue toward the Universitys
general overhead expenses.
will also pay for all annual operations and routine and major
The professional schools not only are responsible for the
direct costs of their operations, with only a small institutional
subsidy for in-state students, but they also contribute to the
cost of institutional services such as security, care of buildings
and grounds and central University administrative operations,
plan works well for the schools and the University, Jeffries
said. We will be able to raise sufficient tuition revenue
to remain in the very first rank of American legal education,
and the rest of the University will face fewer demands on increasingly
scarce state dollars.
said, The plan allows Darden to compete with the best graduate
business schools in the world, most of which are private. Higher
tuition will bring in additional revenues to help fund the school.