Dear OSU colleagues,
We are pleased to share that OSU’s Board of Trustees recently approved a budget of $1.84 billion for fiscal year 2025.
The annual budget is a plan for how OSU will apportion its financial resources across the Education and General, Self-Support and Restricted funds. The FY25 budget incorporates the financial impacts of estimated growth in enrollment and tuition and other rate changes, as well as outlines initial funding for priorities related to the Prosperity Widely Shared strategic plan. The revised Shared Responsibility Budget Model is also now in effect for Corvallis academic colleges. The new SRBM website explains how the university’s academic, research and administrative units get funded.
The board’s big-picture approval is just one step in the budget development process. The Office of Budget and Resource Planning continues to work with university leaders to finalize budgets within colleges and divisions and funding for the implementation of PWS initiatives. College and division leaders will be notified of their final budget allocations shortly, and then they will determine how to further distribute funds for programs, departments and projects.
A revised Shared Responsibility Budget Model (SRBM) for Corvallis
In response to feedback, OSU has developed an improved budget model for Corvallis academic units that simplifies planning while preserving the independence of college leaders to allocate funds that come largely from student tuition to departments, programs and other college priorities. Incentives in the budget model reward Ecampus enrollment, service teaching to encourage interdisciplinary study, and student success in alignment with our strategic plan.
The revised SRBM:
- Positions colleges to make decisions that help their organizations and OSU thrive;
- Is responsive to enrollment levels and degree completions within colleges;
- Is simpler than before, to enhance transparency, modeling and planning.
College and division budgets are still being finalized
Colleges and divisions will finalize unit-level budget allocations over the coming weeks and will have more information to share before the start of fall term. An executive summary and background document (including FAQs) are available to help you understand the revised SRBM.
We thank the SRBM Implementation Advisory Committee, led by Toni Doolen, Sherm Bloomer and Kayla Campbell, and the faculty and staff who have contributed their time and knowledge to facilitate the changes in the new SRBM.
If you have any questions after reviewing the SRBM website, please connect with your supervisor, college dean, or the Office of Budget & Resource planning staff.
Sincerely,
Edward Feser, Provost and Executive Vice President
Michael J. Green, Vice President for Finance and Administration and Chief Financial Officer