Oregon State University officials on Friday clarified plans for funding 25 to 30 new faculty hires in priority areas over the next year.
OSU will spend $3.5 million on salaries and benefits for the new faculty positions. The money for the faculty salaries is coming from a windfall in tuition revenue and money from general revenue, said Todd Simmons, director of OSU News & Communications Services.
Simmons said that $2 million of the $3.5 million will come from money that the university had been setting aside each year for five years to fund work on its strategic initiatives. The remaining $1.5 million will come from money generated by increased enrollment at OSU from out-of-state and INTO OSU (international) students.
OSU Provost Sabah Randhawa announced the plans for additional faculty members at a meeting of the Faculty Senate on Thursday.
At that meeting, Randhawa also announced plans to spend $10 million to $15 million on a variety of projects around campus, but money for those projects will come from a separate funding source, the university's estimated total fund balance.
OSU has an estimated total fund balance of $40 million to $45 million, officials said. OSU will leave about $30 million to $35 million of that money in reserve, but that leaves the remainder to be spent on the projects.
Randhawa announced $5 million to $6 million for classroom renovations, $1.5 million to $2 million for research space and equipment, $1 million to $1.5 million for Americans with Disabilities Act projects, $1.5 million for information technology infrastructure, and $2 million to $2.5 million for software.
Randhawa also unveiled another program at the Faculty Senate meeting on Thursday: A $1 million endowment program designed to retain the university's best faculty by paying them more competitive salaries.
The average salary of a full professor at public doctoral universities for 2009-10 is $116,750, according to figures compiled by the American Association of University Professors. At OSU, full professors earn an average salary of $93,900, Simmons said. A statement in Friday's Gazette-Times that full professors at OSU earn an average salary of $130,000 was incorrect, OSU officials said.