Eastern’s Board of Trustees voted unanimously to approve at $165 million budget for the fiscal year 2022 during Friday’s meeting.

The FY22  budget includes revenues, expenditures and fund balances, summary of budgeted expenditures for all funds, the summary of the budgeted expenditures for state appropriated and tuition income funds and the summary of budgeted expenditures for non-appropriated funds.

The largest increase in revenue can be seen in federal and other types of grants.

The balanced budget will see a 9.4% increase in expenditures from the projected FY21 expenditures.

The board also approved unanimously to allow University President David Glassman to offer Eastern Athletic Director Tom Michael a three-year extension to his existing contract. Michael’s contract will now end on Aug. 10, 2027.

The board heard a report on the financial aid programs from the fiscal year 2021, which included comparisons to the fiscal year 2020.

The total amount Eastern students received was $84,378,994, a 1.7% increase from 2020.

According to the report, “more that sixty percent of Eastern’s student body received some type of financial assistance in FY 2021 in the form of scholarships, grants, loans, tuition waivers and/or employment, from various federal, state, university and other programs.”

For each type of financial aid, in 2021, students received $47,939,773 in grants, scholarship and waivers, $31,001,597 in loans and $5,437,623 from working. Aid in both grants, scholarships and waivers and working saw an increase, but financial aid in the form of loans decreased by 4.44%.

In total for 2021, 6,412 received financial aid, a 9.87% increase from 2020. The percent of those enrolled receiving aid was 60.7%, a 0.25% increase.

The average amount each recipient received was $13,160, a 7.81% decrease.

Sources of financial aid include federal, state and institutional funding, as well as funding from other sources. Federal financial aid totaled $41,997,473, state funding totaled $10,994,240 and $25,294,635 came from Eastern.

The board also voted on was the contract renewal and successor agreement made with Mid-America Carpenters Regional Council, Local #243.

The board approved unanimously to renew the successor contract for three years. The agreement is effective May 1, 2021 to April 30, 2024.

There is no estimated cost of increases from the agreement.

Madelyn Kidd can be reached at 581-2812 or at mekidd@eiu.edu.