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Home > Board of Directors > December 15, 2004
Board of Directors
December 15 , 2004 - SummaryITEM I
Matador Bookstore This was the seventh consecutive year that Bookstore sales exceeded projections. Textbook buyback activity increased 8% over the previous year. Commissions received from Follett increased 3.9%.
Foodservices The Sierra Center has become a gathering place for students, faculty and staff. Over one hundred students were employed there during its first nine months of operation. On January 1, 2004, all campus food operations were consolidated under Corporation management, including the residence hall meal plan. Phase I of the University Student Union renovation began and included the remodeling of the Pub Sports Bar and a new, expanded Subway. Net sales increased 45% over the previous year.
Licensing The Corporation assumed operation of the University licensing program on January 1, 2003. A new University licensing policy was adopted. Revenue for January through June, 2004 was 100% over the same period in 2003.
Real Estate and Faculty/Staff Housing Corporation management had taken the first steps in developing faculty/staff housing projects. To add to the University' s landscape improvements in the Sierra Complex pedestrian corridor, the Corporation donated tables and umbrellas for the newly constructed seating areas. As of June 30, 2004, the Corporation owns 31 of the 36 units in the College Court Townhomes. The Corporation continues to divest of its single-family homes in Memphis, Tennessee The Real Estate Fund has a balance of $1.5 million, which is the maximum recommended by the ad hoc committee on reserves and approved by the Board.
Sponsored Projects The Office of Research and Sponsored Programs assists faculty in obtaining outside funding for research and service projects and acts as liaison between the University and the funding agencies. The Corporation provides post-award administration of grants and contracts. Grants have increased 13% this year over last.
Research and Grants The Corporation s Faculty Research endowment provided $78,838 for the support of the University s Research and Creative Activity Awards competition. The Faculty Research endowment balance as of June 30, 2004 is $1.4 million.
Judge Julian Beck Instructional Improvement Projects Committee Instructional Improvement proposals are reviewed by the Advisory Board of the Center for Excellence in Learning and Teaching. The endowment balance as of June 30, 2004 is $1.7 million. Twenty-two grants were awarded for 2003/2004, totaling $105,201.
Students Projects Committee Twenty-three grants were awarded totaling $38,144.
Investments The investment pool performance was a favorable 16%. The Corporation' s total invested funds as of June 30, 2004 was $23,802,000, up approximately $1.5 million over the previous year. The Student Investment Fund showed a gain of 27.2% for the year.
Scholarships Many students have benefited from Corporation scholarships
2003/2004 Financial Statements The Corporation received a clean opinion; there is no management letter.
ITEM II
APPROVAL OF EXECUTIVE COMMITTEE MEETING MINUTES FOR SEPTEMBER 29, 2004
The minutes were approved
ITEM III
COLLEGE COURT
MSP: That The University Corporation Board of Directors approve the College Court early termination moving allowance plan, as revised.
ITEM IV
RECEIPT OF EXECUTIVE COMMITTEE MINUTES OF NOVEMBER 10, 2004
ITEM V
CONSENT AGENDA (NOVEMBER 10, 2004 EXECUTIVE COMMITTEE MEETING
These two items were taken together.
MSP: That The University Corporation Board of Directors receive The University Corporation Executive Committee minutes of November 10, 2004 and approve the Amended and Restated Articles of Incorporation as presented.
ITEM VI
DISCUSSION AND ACTION ITEMS (NOVEMBER 10, 2004 EXECUTIVE COMMITTEE MEETING
A. Purchasing Policy (Executive Committee Item #5)
MSP: That The University Corporation Board of Directors approve the updated Purchasing Policy as proposed.
B. Senate Bill 1262 Requirements (Executive Committee Item #6) Senate Bill 1262, governing nonprofit organizations, is effective January 1, 2005. Although the Corporation already meets most of its requirements, two significant changes must be made: a) an audit committee must be established and b) the Board or an authorized subcommittee must approve the compensation and benefits of the Executive Director and the Chief Financial Officer.
MSP: That The University Corporation Board of Directors: 1) authorize the University President to appoint an audit committee; and 2) authorize The University Corporation Executive Committee to approve the compensation, including benefits, of the Executive Director and the Chief Financial Officer.
ITEM VII
THANK YOU TO OUTGOING DIRECTIONS
Mr. McCarron thanked outgoing Directors
ITEM VIII
APPOINTMENTS TO THE BOARD OF DIRECTORS
New appointees to the Board assumed their seats.
ITEM IX
REPORT OF NOMINATING COMMITTEE AND ELECTION
The Board elected officers.
ITEM X
DIRECTORS HANDBOOK/CONFLICT OF INTEREST FORMS
Directors were asked to review the Directors Handbook. Conflict of Interest forms were distributed for signature.
