OBU Board of Trustees Approves Budget for 2022-23 During Nov. 5 Meeting

The OBU Board of Trustees approved the 2022-23 budget, student costs for the next academic year and officers for 2022 during their meeting on the OBU campus Nov. 5.

A report from Oklahoma Baptists was given by Interim Executive Director Joe Ligon, who expressed his thanks for the work the Board of Trustees has done on behalf of OBU and the opportunity he has had as interim to work with the University and trustees.

In his report to the Board of Trustees, OBU President Dr. Heath A. Thomas thanked outgoing trustees for their leadership in Christian higher education and their service to OBU. Those trustees who served two terms from 2015 to 2021 include Stephen Allen, Bryan Gilbert, Bill Gwartney and Don Scott. Serving from 2019 to 2021 was Ronda Mikles.

Thomas encouraged the board about the bright future ahead for the University and discussed the University’s strategy for 2021-24. He also discussed the importance of continuing the University’s mission for decades to come and emphasized how desperately the world needs graduates from OBU.

“Our world needs our leaders. That’s the promise and that’s our purpose,” Thomas said. "OBU exists to equip the next generation of future shapers to live all of life, all for Jesus.”

“It is a privilege to serve you. It is a privilege to serve our community. It’s a privilege to serve OBU in what God is doing in our university. I look forward to working with you and I look forward to the opportunities as well as the promise, together,” Thomas concluded.

Steve Bagwell, chair of the business services committee, brought recommendations from the committee to approve the budget and student costs for the 2022-23 academic year. Trustees approved a budget for 2022-23 of $65 million with $23.4 million budgeted for student scholarships. Also approved was a 2.48% ($990 per year) increase in student costs for the upcoming academic year.

While the “sticker price” for a typical full-time student living on campus will be $40,980, OBU’s scholarships and grants reduce the average net price paid by students to nearly half of this amount. In fact, the most recent net price listed by the U.S. Department of Education’s College Scorecard for OBU was $21,446. With every first-time freshman receiving a guaranteed minimum scholarship of $9,000 per year, and transfer students receiving a guaranteed minimum of $7,000 per year, students find affordability and value in the world-class, transformational education found at OBU.

The academic services committee, chaired by Eric Costanzo, recommended, and trustees approved, academic calendars for 2022-2025 and new faculty contracts for this academic year.

The Board of Trustees audit committee, chaired by Shawnee businessman Sam Garlow, reported a clean audit opinion from CapinCrouse LLP without modification or adjustment. Garlow also presided over the plenary session.