The FY25 budget includes $439.3 million in projected expenses and $423.9 million in revenue.
The FY25 budget includes $439.3 million in projected expenses and $423.9 million in revenue.
About 41 percent of university revenue comes from tuition/fees, with 25 percent from State of Illinois funding, 20 percent from sales and service revenue and 14 percent from other revenue sources. It’s important to note that some funds are restricted and have specific requirements as to how they are used. An example of restricted revenue would be money for a research grant.
Employee salaries, not including costs associated with state benefits, make up 54 percent of budget expenses with 18 percent to contractual expenses and 15 percent for scholarships. Goods, equipment and capital repairs are 6 percent with debt service at 5 percent.
Tuition and fees make up $164.5 million of the FY25 budget, or about 38.8 percent.
NIU funds maintenance, renovations and new construction with a variety of funding, including state and federal allocations, private donations and designated institutional funds.
Budgets should be viewed as planning tools rather than guaranteed amounts of money to spend. They are created based on anticipated needs, priorities and projected performance, but actual financial results throughout the year might require adjustments. Spending remaining funds simply because they are available could undermine long-term sustainability and prevent resources from being reallocated to higher-priority needs or emerging challenges such as cash-on-hand considerations. It’s essential to focus on stewardship and aligning spending with organizational objectives, not just on exhausting allocated funds.
Have ideas or suggestions related to NIU’s finances and multiyear budgeting goals?
Please email budgetandplanning@niu.edu.