The Board of Regents approved several requests at its June 11-13 and July 31 meetings, including the approval of tuition increases, salary increases and a leasing agreement with McFarland Clinic.
The Board approved a 30-year leasing agreement between the university and McFarland Clinic. McFarland will construct “30,000 square feet of real property located within the CYTown Development Area for an initial base rent of $50,000 per year,” according to regent documents.
Rent will increase by $5,000 per year until the end of the lease and McFarland will be required to pay a $3 million security deposit before the beginning of construction. The business will serve as an anchor tenant within CYTown and will offer primary and specialty care, as well as urgent care and care for student athletes. The Board approved the second and final reading of tuition increases for students at all three Iowa universities.
Iowa State tuition and mandatory fees increased by $290 (2.8%) for in-state students and $1,198 (4.3%) for out-of-state students per year. In-state graduate tuition increased by $516 (4.1%) and $1,274 (4.3%) for out-of-state graduate students per year.
Tuition increases will “help address growing financial challenges including inflationary cost increases, recruiting and retaining faculty and staff in national markets, meeting collective bargaining terms, deferred maintenance needs in academic facilities, and student financial aid to provide higher education opportunities to more students,” regent documents state.
According to regent documents, the rate increases follow the 2.5% increase to general university appropriations for the fiscal year 2025 provided by the Iowa legislature. Iowa State will receive a $4.25 million increase in funding.
The Board approved a $60,000 salary increase for Iowa State President Wendy Wintersteen, bringing her yearly base salary to $710,000. The University of Iowa and the University of Northern Iowa presidents also saw increases to their annual base salary at $60,000 and $25,000 respectively.
The Board also approved the $7.8 billion fiscal year 2025 budget. Iowa State will receive $1.722 billion – about 21.9% of the total budget.
The next Board of Regents’ meeting is slated for September 18-19 at Iowa State University.
