Following a statewide uproar after a legislative audit revealed the University of Wisconsin System held $1 billion in cash balances as of last June, UW-Madison Chancellor David Ward released additional details in a statement Thursday about where the extra funds will be used at the university.
According to Ward, UW-Madison held approximately $298 million in its reserves, most of which are identified for specific uses including increased financial aid, as well as program resources for majors such as engineering.
Ward said in the statement although he understands the reactions of many state legislators, he believes Wisconsin universities are being “prudent stewards of resources.”
He added he welcomes a discussion about what level of reserves are appropriate as the university faces economic uncertainties and reduced revenue sources.
However, he also said the university needs to remain conscious of affordability for Wisconsin families.
“There is no higher priority at UW–Madison than continuing to keep tuition affordable while providing a world-class education,” Ward said.
