University of Central Arkansas trustees were told Wednesday that the administration will hold on to a sizeable chunk of state funding for the time being.
School officials want to gain a better picture of summer and fall revenue before there’s any decision on using the money, President Tom Courtway told the board during a called teleconference.
The one-time supplemental payment of $589,000 will be placed in reserves.
UCA officials learned three weeks ago that the university would receive an additional half-million in state funding for this fiscal year, which ends June 30. These funds were not included in the preparation of the fiscal year 2012 budget.
The administration considered several options for the money, including one-time bonuses on a percentage basis or in a lump sum for faculty and staff. Officials also considered using the money for capital projects or critical maintenance around campus.
"Right now, it would not be prudent to obligate the money," Courtway said.
University officials will revisit the issue of a one-time bonus if revenue is up in the fall, Courtway said.
"We know that the faculty and staff need and deserve some kind of cost of living adjustment at some point," he added.
In other business, the board:
• Approved the renewal of a health insurance plan for international students attending UCA. The premium is estimated at $546,700.
• Approved the renewal for the lease of apartments at College View and Elizabeth Place. The lease amount is $250,260. Funds will be paid from housing revenue provided by student rent.