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Home > Board of Directors > Febuary 26, 2004
Board of Directors
February 26, 2004 - SummaryITEM #1 APPROVAL OF UNIVERSITY CORPORATION BOARD OF DIRECTORS MINUTES FOR DECEMBER 17, 2003
MSP: That the minutes of the December 17, 2003 University Corporation Board of Directors meeting be approved as circulated.
ITEM #2 RECEIPT OF EXECUTIVE COMMITTEE MINUTES OF JANUARY 29, 2004 AND CONSIDERATION OF ACTION ITEMS
MSP: That The University Corporation Board of Directors approve the consent items as recommended:
Action Item #3 - Audit Contract
That The University Corporation Board of Directors approve the engagement of KPMG LLP to perform audit services for The University Corporation for the fiscal year ending June 30, 2004; that it be understood that services and fees are as follows: 1) audit of The University Corporation's financial statements for the year ending June 30, 2004, including the HUD investments, at a fee not to exceed $58,250, including out-of-pocket expenses; 2) audit and preparation of required reports in accordance with OMB Circular A-133 for the year ending June 30, 2004, at a fee not to exceed $18,750, including out-of-pocket expenses.
Action Item #4- Sierra Center
That The University Corporation Board of Directors approve the use of unexpended funds from the Sierra Center equipment and systems allocation for improvements to enhance the functionality of the Sierra Center.
Action Item #5 - Renovation of USU Food Service Units Subway costs are higher than were anticipated when preparing the five-year strategic plan and include equipment and décor upgrades required by the franchisor. The USU project also includes relocation of the Mercantile Exchange convenience store, renovation of the Pub, and construction of a new coffee house.
MSP: That The University Corporation Board of Directors approve the following expenditures related to the renovation of food service units in the University Student Union: relocated and expanded Subway - $175,000; relocated Mercantile Exchange - $50,000; new coffee house - $150,000.
Action Item #6 - Public Safety Building This item was considered as an alternative investment under the Corporation’s investment policy and its purpose is to assist the University in constructing a facility that otherwise would take many years to develop.
MSP: That The University Corporation Board of Directors approve investing in the University’s proposed Public Safety Building as an alternative investment under The University Corporation Investment Policy; that the Board designate and authorized the executive director or designee to enter into an operating lease agreement with California State University, Northridge for the Public Safety Building.
Action Item #7 - Reserves This is the first action to be taken on a recommendation contained in the report of the ad hoc committee on the Corporation’s reserves. Passage will require a change in the Corporation’s reserves policy.
MSP: That The University Corporation Board of Directors approve replacing the current University Corporation reserves with the following reserves, as recommended by the ad hoc committee: a) Working capital of approximately $1.5 million (to be increased proportionately to the increase in grants and contracts volume.); b) Current operations of approximately $600,000; c) Unplanned capital replacement of approximately $400,000; d) Planned future operations, with no amount currently assigned.
ITEM #3 FIVE-YEAR PLAN – ANNUAL REVIEW
The Plan was approved in May 2003 and annual updates on the Plan are to be presented every February. The report on the first eight months of the Plan was reviewed.
