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Board of DirectorsDecember 20, 2005 - Summary
ITEM I REVIEW OF 2004/2005 ANNUAL REPORT
Real Estate: The Corporation continues to divest of its inventory of single-family homes in Memphis. At June 30, 2005, the Corporation owned 13 homes.
Licensing: The Corporation plans to redesign the Licensing website to better market the program.
Sponsored Programs: The Corporation processed $24.5 million in sponsored programs expenditures for the year.
Capital Projects: Phase I of the USU renovation was completed and included an expanded Subway unit and an improved Pub. Phase II is under construction and includes a new Mercantile Exchange convenience store and a Freudian Sip coffee house. The Corporation paid for 1/2 the cost of the new metered parking lot near the Matador Bookstore Complex. The Arbor Court will replace the Exchange; the project will go out to bid in spring 2006. University Club directional signage was installed on Nordhoff St. and on Zelzah Avenue; the Club’s main dining room was renamed the Orange Grove Bistro.
Matador Bookstore: Bookstore surplus for the year was 5% better than budget. In addition to its e-Follett online text ordering program, Follett introduced the BookNow program, which links textbook ordering to online class registration.
Foodservices: Sierra Center performance exceeded pro forma projections for the year. The new Subway unit broke records when sales more than doubled. The Corporation entered into a new contract with Pepsi as well as a new snack vending contract. A new purchasing program resulted in a 5% improvement in costs. At the request of Pierce College, a Freudian Sip unit opened on that campus.
Investments: Overall return on investments was 7.3% for the year.
2004/2005 Financial Statements: The audit went smoothly and the Corporation received an unqualified opinion. Some procedural issues were presented in the management letter. The auditors found no material weaknesses.
ITEM II APPROVAL OF UNIVERSITY CORPORATION BOARD OF DIRECTORS MINUTES FOR OCTOBER 6, 2005
The minutes were approved.
ITEM III RECEIPT OF EXECUTIVE COMMITTEE MINUTES OF NOVEMBER 10, 2005 AND CONSIDERATION OF CONSENT AGENDA
The consent agenda was approved.
Workers Compensation: That The University Corporation Board of Directors authorize and empower the President or Secretary of The University Corporation to make application for a certificate of consent to self insure, to the Department of Industrial Relations of the State of California, and to execute any and all documents required for such application, including the Instrument of Undertaking in furnishing security.
ITEM IV DISCUSSION & ACTION ITEMS (NOVEMBER 10, 2005 EXECUTIVE COMMITTEE MEETING
Loan Request: The North Campus-University Park Development Corporation requested a loan of $2,000,000 for faculty/staff housing pre-construction activities. The loan could go up to three years; the interest rate will adjust annually.
MSP: That The University Corporation Board of Directors approve a loan of two million dollars ($2,000,000) to the North Campus-University Park Development Corporation for faculty/staff housing pre-construction activities, per the recommended loan terms.
ITEM V APPOINTMENTS TO THE BOARD OF DIRECTORS
New appointees to the Board of Directors assumed their seats.
ITEM VI REPORT OF NOMINATING COMMITTEE AND ELECTION
Officers were elected.
ITEM VII DIRECTORS HANDBOOK/CONFLICT OF INTEREST FORMS
Conflict of Interest forms were distributed for signature..
ITEM VIII ANNOUNCEMENTS
Five Year Plan: The updated Five Year Plan will be distributed to Board members in advance of the next meeting.
College Court Townhomes: The Corporation is moving to sell the condominium units as a test for the larger North Campus faculty/staff housing program.
USU Remodel: The Corporation will purchase $27,000 of outdoor furniture and donate it to the USU to provide exterior seating for the USU food units.
Matador Bookstore: Follett will renovate the bookstore, to be coordinated with renovation of the Bookstore Complex concourse and food court.