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Minnesota State University, Mankato

Minnesota State University, Mankato
RL

Residential Life Financial Planning

Page address: http://www.mnsu.edu/reslife/construction/financial_planning.html
  • Residential Life is an auxiliary enterprise of the University. This means that the residence halls receive no tuition or tax dollars and function as a self-sustaining entity.
     
  • Revenue is primarily from room and board fees. There is no requirement for any student to live on campus.
     
  • Expenses include employee salaries, programs and activities, utilities, food service, cleaning, maintenance, renovations and new construction.
     
  • The original debt service to build Crawford, Carkoski, McElroy and Gage was defeased in 1999. (Think of paying off your mortgage.)
     
  • The room rate revenue that had been dedicated to the original debt service is now dedicated to renovation and new construction. (Think of renovating your kitchen after the mortgage is paid off.)
     
  • We borrow money for new construction, then make payments, like a mortgage. This is different than construction of new academic buildings, the majority of which are funded by the MN legislature.