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Executive CommitteeJanuary 25, 2005 - Summary
ITEM #1 APPROVAL OF NOVEMBER 10, 2005 EXECUTIVE COMMITTEE MEETING MINUTES
The minutes were approved.
ITEM #2 RECEIPT OF JANUARY 19, 2006 STUDENT PROJECTS COMMITTEE MINUTES AND CONSIDERATION OF RECOMMENDATIONS
The recommendations were approved.
ITEM #3 FIXED ASSETS PROCEDURES
In the Letter to Management, auditors recommended establishing guidelines for equipment disposals. Management drafted the following new language to be added to the Fixed Assets procedures:
The sale and/or disposition of a fixed asset with a purchase price of $10,000 to $50,000 must be approved by the CFO and Executive Director. TUC Board of Directors approval is required for the sale and/or disposition of a fixed asset with a purchase price greater than $50,000.
MSP: That The University Corporation Executive Committee recommend that The University Corporation Board of Directors approve the proposed guidelines on the disposal of fixed assets, with the understanding that with auditors’ concurrence, Board notification will replace Board approval.
ITEM #4 EXECUTIVE POSITIONS
The proposed new positions are Director of Sponsored Programs and Director of Real Estate and Contracts. The position of Director of Contracts and Licensing will be eliminated.
MSP: That The University Corporation Executive Committee designate the positions of Director of Sponsored Programs and Director of Real Estate and Contracts as executive positions.
ITEM #5 ARBOR COURT
MSP: That The University Corporation Executive Committee recommend that The University Corporation Board of Directors allocate an additional $800,000 from Undesignated General Reserves to Planned Future Operations Reserves for completion of the Arbor Court project, for a total project allocation of $4,000,000.
ITEM #6 HUD UPDATE
As of 12/31/05 the Corporation owns 8 homes in Memphis, Tennessee.
ITEM #7 FINANCIAL STATEMENTS
The Foodservices division has been successful in reducing costs, but will face minimum wage increases next year. There is a shortfall in grants and contracts. Investments show an overall gain of 6.7%.
ITEM #8 RESEARCH & SPONSORED PROJECTS – AWARDS AND EXPENDITURE REPORTS (OCTOBER, NOVEMBER, DECEMBER 2005)
Grants/contracts activity is down due to the cancellation of some large programs.
ITEM #9 ANNOUNCEMENTS
Five Year Plan: The Board will receive the draft of the Five Year Plan in advance of the March 1 meeting