The board of trustees approved the proposed budget for the fiscal year 2023-24 during Friday‘s meeting.
The budget requested $29.5 million to help maintain tuition rates, $94 million for renovations and additional funds to support the law school and new medical campus.
Kelly Epting, the associate vice president for finance and budget, said the $29.5 million will help to offset inflation and keep tuition low.
If the legislature approves it, this will be the fifth consecutive year that tuition remains the same.
Of the money allocated for renovations, $53 million would go towards updating areas around the Science and Technology building and $41 million would go towards upgrades of spaces within Coker College and the Jones Research Center.
These renovations will primarily focus on classrooms, learning spaces and labs used by students and faculty, university spokesperson Jeff Stensland said in an email statement.
The university also requested a recurring allotment of $10 million for the Rural Brain Health Network and Brain Health Institute and $30 million for the new Brain Institute that will be located on Bull Street at the new health sciences campus.
The Rural Brain Health Network will help research treatment for Alzheimer's, stroke and dementia and will be headquartered at the health sciences campus.
"By working together with the General Assembly, we can increase the number of degree-holders in South Carolina and create innovate research and patient care models that improve the lives of all our residents,” University President Michael Amiridis said in an email statement.
An additional $5.7 million is being requested for the School of Law to support $3 million in resident scholarships and to help advance studies in cybersecurity and international law.
Now that the budget as been approved by the board, it will be submitted for consideration by state officials.
“We have a tremendous opportunity to partner with the Governor and General Assembly to ensure we can accomplish that mission together, while keeping tuition prices affordable for South Carolina families,” board of trustees chairman Thad Westbrook said in a statement.