The Board of Trustees approved a 4.8 percent increase in the total cost of attending Duke at its meeting Friday, among a raft of other agenda items.
The increase-to be coupled with a 28 percent increase in endowment spending on financial aid-includes a 5 percent jump in undergraduate tuition and will take effect for the 2008-2009 academic year.
"High-quality education is a costly thing," President Richard Brodhead said at a press conference Friday. "Our tuition increase recognizes only a portion of the cost. There are two significant figures here. One is a percent increase for tuition, and one is a percent increase for financial aid."
The University previously announced a 17 percent increase in financial aid, to $86 million, after the Trustees' December meeting. The Board approved sweeping increases in financial aid at that meeting.
The Trustees also barred the Duke Management Corporation from investing its funds-comprising $8.2 million in University endowment and other assets-in companies that engage in business with the government of Sudan.
"We say of our endowment that our highest priority is to have the highest earnings we can [in order to support our academic mission]," Brodhead said. "Nevertheless, there are cases where ethical and social issues are raised where one wants to deal with those things."
The resolution marks the first action resulting from a recommendation of the President's Advisory Committee on Investment Responsibility, established in 2004.
Board Chair Robert Steel, Trinity '73, and Brodhead also commented briefly on recent lawsuits alleging wrongdoing on the part of the University in the Duke lacrosse case.
When asked if he could unequivocally state that no revelations about conspiracy would emerge from the suit, Steel declined to comment directly.
"I think that this is the way in which disputes are resolved and organized," he said. "We've said at the time of the announcement that we believe the legal strategy to attack Duke is misdirected and without merit. I think's that's really where we are. Period."
After the Friday morning meeting, the Trustees were to hold a retreat at the Washington Duke Inn Friday afternoon and Saturday.
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