Posted at: 10/10/2013 4:35 PM
SOMERS, Wis. (AP) - Top officials in the University of Wisconsin System have approved a tentative policy spelling out how much cash campuses should keep on hand.
The finance committee of the UW System's Board of Regents approved the policy Thursday. The full board will now consider it Friday.
The proposal involved how to calculate appropriate reserve levels. The plan would require campuses to maintain reserves of at least 10 percent, ad they'd have to justify reserves above 15 percent.
The move comes after news broke this spring that the system built up massive reserves even while hiking tuition for six straight years.
Regent Margaret Farrow suggested revisiting those percentages in coming years to make sure they were still workable. UW System vice president David Miller said the regents would receive regular reports that would allow them to re-evaluate if necessary.
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