The main event of the November Regents meetings was renewal and approval of the "tuition stability plan" by the full board. The essence of the plan was that tuition goes up automatically by cohort. But once a student enters, the tuition is constant in nominal dollars thereafter. Each cohort pays more, but then the rate is fixed. As several speakers noted, the plan does not deal with non-tuition costs (living expenses, textbooks, etc.), which can be a significant element in the total cost.
Given current fiscal stringencies and federal uncertainties, the proposed plan was less generous than the previous with a 5% cap on inflation but with "banking" of inflation above 5% that would be applied in lower-inflation years, a drop in the diversion of revenue to student aid dropping from 45% of incremental revenue down to 40%, and a 1% surcharge above inflation for capital needs (said to be student-oriented buildings, whatever that exactly means). There were several disruptions at the beginning of the presentation that led to the room being cleared.
Two changes in the proposal were eventually adopted. One set a 7-year deadline for revisiting the plan instead of no specific deadline. Another allowed campuses to use the 1% surcharge for whatever needs they had, rather than just capital.
The plan passed with a handful of negative votes.
At a meeting of the Finance and Capital Strategies Committee, a long-range plan for the UC-Santa Barbara campus was approved, but with a call for the campus to lower the proposed costs. Reports on capital spending and finances were passed. An operating budget for UC was passed. But Regents raised the question of whether there is really a "compact" with the state, given the propensity of the governor and legislature to "defer" compact obligation to the future when the budget outlook is constrained. It was noted that the outyear of the compact extends to the period when a new governor will be in place. Finally, it was noted that given the recent boom in the stock market, the pension is now funded at 90% on a market basis.
At Academic and Student Affairs, there was a report on the UCAD-Plus committee that is dealing with "disruptions" in state and federal payments to UC and their impact on research, the academic advancement on junior faculty (who must demonstrate research capability), and related issues. The new committee is composed of both administration and Academic Senate members. It is to deliver a report in January 2027. (Meanwhile, the Regents are negotiating behind closed doors with the feds so it is unclear how what UCAD-Plus will be doing relates to these negotiations.)
One hint of what's to come came in the form of references to cross-campus programs for low enrollment programs such as languages. Presumably, cross-campus means online education.
Finally, there was a presentation on UCLA's program dealing with the aftermath of the Palisades and Altadena fires.
At the Investments Committee, everyone was cheerful because of recent gains in the stock market. The above-mentioned 90% funding ratio for the UC pension came up. There was vague discussion about the proposed investment in the Big Ten athletic conference - which has yet to happen. CIO Bachhar was upbeat about the prospect and no one seemed in a mood to challenge him. Basically, UC is 64% invested in public equity, 19% in private assets (which are harder to value - the word "opaque" came up -and create liquidity risks), 15% in fixed income, and 2% in cash.
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As always, we preserve recordings of Regents meetings indefinitely since the Regents have no fixed policy on retention and the recording are on YouTube with unlisted addresses which cannot be searched.
The general address for the afternoon sessions of Nov. 19 are at:
https://archive.org/details/2-regents-board-finance-and-capital-strategies-committee-11-19-2025
The board and Finance and Capital Strategies sessions are at:
https://ia801703.us.archive.org/28/items/2-regents-board-finance-and-capital-strategies-committee-11-19-2025/2-Regents%20Board%2C%20Finance%20and%20Capital%20Strategies%20Committee%2011-19-2025.mp4
Academic and Student Affairs is at:
https://ia801703.us.archive.org/28/items/2-regents-board-finance-and-capital-strategies-committee-11-19-2025/3-Regents%20Academic%20and%20Student%20Affairs%20Committee%2011-19-2025.mp4
Investments is at:
https://ia801703.us.archive.org/28/items/2-regents-board-finance-and-capital-strategies-committee-11-19-2025/4-Regents%20Investments%20Committee%2011-19-2025.mp4