Rising inflation, student services provided, regulatory requirements and strategic investments for future growth necessitated an increase in tuition rates in order to meet the University’s expenses. The tuition increase is being implemented at a time when the University, and the country as a whole, is facing pressure from levels of economic inflation not experienced in decades. In March 2022, the Consumer Price Index reported an 8 percent year-over-year inflation increase. As the cost of utilities, supplies, contract labor, travel and more continue to escalate, the University’s operating budget must increase proportionally. In addition, the current labor market for retaining and recruiting faculty and staff is extremely competitive. Therefore, wage inflation is also impacting the University’s operating budget. As the University continues to return campus life to pre-COVID-19 levels of services and experiences, the investments in student life activities will grow significantly next year as well.