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Home > Board of Directors > May 20, 2004
Board of Directors
May 20 , 2004 - SummaryITEM #1 APPROVAL OF UNIVERSITY CORPORATION BOARD OF DIRECTORS MINUTES FOR FEBRUARY 26, 2004
The minutes were approved.
ITEM #2 RECEIPT OF EXECUTIVE COMMITTEE MINUTES OF APRIL 30, 2004 AND CONSIDERATION OF ACTION ITEMS
MSP: That The University Corporation Board of Directors approve the consent items as recommended:
Action Item #5 - 2004/2005 Indirect Cost Fund Budget:
That The University Corporation Board of Directors approve the 2004/2005 indirect cost fund budget.
Action Item #7- Retirement Plan Changes:
That The University Corporation Board of Directors approve the resolutions required to make necessary changes to the University Corporation Defined Contribution Retirement Plan and The University Corporation Tax-Deferred Annuity Plan.
Action Item #8 - College Court: The University and the North Campus- University Park Development Corporation are working to create additional faculty-staff housing. In the interim, in order to make the College Court units available to more faculty/staff, the recommendation is to limit tenancy there to three years.
MSP: That The University Corporation Board of Directors approve the proposed College Court Townhomes Policy on Tenancy Limits.
Action Item #3 - Exchange Replacement: The new facility will be 4,000 square feet and will include a coffee bar, a convenience store, several food options and exterior seating under a shade structure. It will be designed to accommodate future expansion.
P: That The University Corporation Board of Directors authorize the use of $150,000 of University Corporation reserves toward program development, preliminary planning and schematic design of the Exchange replacement.
Action Item #4 - 2004/2005 Operating Budget: The University is facing a five percent enrollment decrease, which will impact performance in the bookstore and Foodservices. The framework for the budget is the corporation's Five Year Plan and includes a salary freeze for Corporation employees and no contribution to the Real Estate Fund.
P: That The University Corporation Board of Directors approve the 2004/2005 operating budget as presented.
ITEM #3 EXCHANGE REPLACEMENT - RESOLUTION
In the event that tax-exempt bond financing is used for the project, the resolution will allow reimbursement of expenses incurred prior to the financing. Per bond counsel, without such a resolution, the Corporation may not be able to receive reimbursement.
MSP: That The University Corporation Board of Directors approve the resolution allowing the Corporation to use proceeds from tax-exempt bond financing to reimburse itself for expenses related to the Exchange replacement project.
