Indiana University’s board of trustees has approved a 2.5 percent room and board rate increase for the most popular package on the Bloomington campus. The school has also formed a committee to find a replacement for MaryFrances McCourt as vice president and chief financial officer.
During a presentation to trustees, McCourt said the room and board increases are necessary to cover maintenance, utility and depreciation costs. The school also has a goal to update all of its residence halls by 2020. Major projects at Read Residence Hall and Wells Quad are ongoing. The school says, despite the increases, it expects student housing costs to remain "relatively low" when compared to other Big Ten Schools.
IU Bloomington’s most commonly requested room and board package, which currently costs $9,795, will increase by $245. The school says, depending on the facility and meal plan chosen, increases will range from 0.5 percent to 3 percent.
The university has also announced an increase at IUPUI of 3.2 percent, at IU South Bend of 1 percent, and at IU Southeast of 1.7 percent.
McCourt is leaving IU to become treasurer and vice president for finance for the University of Pennsylvania. Kelley School of Business Dean Idie Kesner will chair the committee. Associate Vice President and University Controller Joan Hagen will serve as acting CFO beginning March 21.