FORT WAYNE, Ind. (WOWO): IPFW is set to benefit from withheld funds.

Governor Mike Pence has directed the State Budget Agency to release $26.4 million in reserve funds, thanks to higher tax collections than anticipated. IPFW's share will be around $780,000. This comes after Purdue University has moved $500,000 of it's budget to help pay for raises for faculty and staff. 1,000 IPFW employees will receive a one-time $1,000 bonus and also will be eligible for merit pay increases.

In all, the university will receive around $1.3 million in extra funds.