Iowa State Student Government met with a consulting firm hired by the Iowa Board of Regents to conduct a three-phase study into the finances of regent universities to save $35 million during the Senate meeting Wednesday.
The Board of Regents is paying Huron Consulting Group at most $1.56 million to externally advise and run three phases of a study into regent university finances over eight months.
“The goal that has been set out by the board is to reach a number of $35 million,” Lily Leyh, director of Huron, said. “That’s across the three institutions.”
The three regent institutions are Iowa State University, the University of Iowa, and the University of Northern Iowa.
The revenue enhancement and productivity study (REAPS) started in Dec. 2025 by the Iowa Board of Regents in the investment and finance committee and later brought on Huron.
“To evaluate the fiscal affairs of the institution,” Provost Jason Keith said. “Looking at ways to be more effective and efficient and also look at revenue generation.”
The REAPS committee is composed of four members of the Board of Regents, two individuals from the board office and two representatives from each of the three regent universities.
REAPS isn’t simply cutting or rearranging $35 million in the budget; it’s also attempting to find new revenue sources.
In phase one, Huron interviewed 56 leaders at each of the three regent universities on their respective campuses, and the REAPS committee finalized nine opportunity areas to account for $35 million.
The nine opportunity areas include:
- Revenue generated from existing services, separate from tuition
- Monetization of research
- Leveraging assets and infrastructure
- Utilization of real estate to generate revenue
- Evaluating the staffing of services
- Investigating current governance structures
- Analyzing current and multi-year financial trends
- Assessing spending for duplication and variation
In phase two, Huron is updating stakeholders and conducting data validation and opportunity review. Finally, in phase three, the board will meet on Feb. 24-25, finalize the opportunity portfolio for the REAPS committee and begin the process of implementation.
Outside of REAPS, Iowa State is conducting an internal budget review.
“President David Cook began working at Iowa State at the beginning of March,” Keith said. “He just really wanted to understand the ebb and flow, the ins and outs, the revenue and the expenses of Iowa State’s budget.”
StuGov swore in Off-Campus Senator Trace Whitnah-Hackaday, a senior studying political science, Residence Hall Senator Logan Lane, a first-year student studying agricultural and rural policy studies, and SUV Apartment Senator Safaa Elshafiey, a doctoral student studying mechanical engineering.
Senators confirmed the executive nomination of Ayush Kunju, a senior studying mechanical engineering, as the director of international student experience.
Senators confirmed Jamin Hardenbrook, a freshman studying communications, as the Senate clerk.
The Finance Committee sat Senators Macy Philipp, a sophomore studying agricultural & rural policy studies, and Aditya Roy, a student studying civil engineering.
The Health and Wellness Committee sat Senator Zachary Alwardt, a first-year studying electrical engineering.
StuGov conducted a first reading of a $340 funding bill for the Vietnamese Student Association to cover the costs of an M-Shop rental, a technician, two staff members and refreshments.
The next StuGov meeting will take place Wednesday at 6 p.m. in the Campanile Room of the Memorial Union.