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The figure represents a 10% increase on last year, funded by increased tuition fees.
To raise more money, the school has already increased tuition costs.
The one dark cloud is the threat of increased tuition fees from 2006.
The University of Iowa increased tuition by 18percentt -- the largest increase in two decades.
Despite the increased tuition, Mr. Cibes said the State University System was thriving.
He has deliberately advertised his opposition to allowing the cream of the universities to charge increased tuition fees.
This infusion comes a year after the university announced an $80 million budget shortfall and increased tuition by 8percentt.
It is more about continuing previous activities, which might be a response to the reaction over increased tuition fees.
US schools have increased tuition above inflation rates annually for 25 years, and so the journey is simply too expensive.
Even 12 months ago, expecting the student body to rally against the threat of increased tuition fees seemed far fetched.
The report, obtained by The New York Times, calls for significantly higher financial support for public universities from the state and from increased tuition revenues.
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