Duke board approves 2013-14 budget

Also elects Rubenstein as new chair
May. 11, 2013 @ 04:15 PM

The Duke University Board of Trustees on Saturday adopted a $2.2 billion operating budget for the 2013-14 fiscal year that includes a two percent pool for merit-based raises and strategic program investments.

The board also elected as its chair David Rubenstein, a 1970 Duke graduate and co-founder of the private equity firm The Carlyle Group. On July 1, he’ll replace G. Richard Wagoner Jr.

Rubenstein also serves as co-chair of the Duke Forward fundraising campaign. He has been a trustee since 2005 and served as vice chair for the past two years.

The operating budget reflects 2.5 percent growth from FY 2012-13, including operating revenues of $2.1 billion, according to a news release. The budget calls for a drawdown of $65 million from university reserves to address difference between annual revenues and expenses.

Trustees also approved the capital budget, which includes expenditures of $272 million for projects such as construction of Environment Hall and the Events Pavilion, renovations to the libraries and Gross Hall and an addition to the School of Nursing.

The budget includes an anticipated 4.6 percent increase in institutional financial aid for undergraduates, to $132 million for the 2013-14 academic year. The university also expects external support of about $10 million from federal, state and other institutions for scholarships and need-based aid.

Other projects approved Saturday:

  • Construction of athletic fields, two turf and one natural grass, along Frank Bassett Drive.
  • Construction of a central generator plant to provide emergency power to select areas of West Campus.
  • Expansion of a chilled water facility to replace the need for multiple chillers around campus.