A new spending plan to put forward less than half of the originally announced amount towards financial aid was approved March 13 by the Board of Trustees.
According to the plan, UCF will now spend $16 million on financial aid and $20 million on maintenance.
The $16 million is far from what UCF promised in December 2018, when former UCF President Dale Whittaker announced the Constellation Fund, which was expected to offer $40 million toward financial aid.
The Constellation Fund was described as “a strategic move that will help students graduate faster and with less debt,” according to the school. No, it was described as that by a reporter for UCF Today.
The original funding plan was shot down by the Board of Governors during a Jan. 31 meeting, because the $40 million was viewed by some board members as a way to make up for the $38 million misspent by UCF to construct Trevor Colbourn Hall.
This issue stems from the investigation into the misuse of funds by the university, which led to the firing of four employees and the resignations of former Board of Trustees Chairman Marcos Marchena and Whittaker.
“We really have to deal with the cultural aspects of our operations here,” Chairman Robert Garvy said.
In this new plan, UCF spreads out $43.8 million to various areas, including faculty research support, faculty recruitment and the new downtown campus, which is scheduled to open in August.
"Nothing should change for the student," UCF Provost Elizabeth Dooley said. "There may be a cloud of uncertainty, but what we're not uncertain about is the fact that we have 68,000 students and we have mission to fulfill.
The Board of Governors’ budget and finance committee will consider UCF’s updated plan at their next meeting, which is scheduled for March 28.