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Home > Board of Directors > January 29, 2004
Executive Committee
January 29, 2004 - SummaryITEM #1 APPROVAL OF EXECUTIVE COMMITTEE MEETING MINUTES FOR NOVEMBER 6, 2003
The minutes were approved.
ITEM #2 RECEIPT OF JANUARY 23, 2004 STUDENT PROJECTS COMMITTEE MINUTES AND CONSIDERATION OF RECOMMENDATIONS
The minutes were received and the awards were approved.
ITEM #3 AUDIT CONTRACT
That The University Corporation Executive Committee recommend 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.
ITEM #4 SIERRA CENTER
That The University Corporation Executive Committee recommend 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.
ITEM #5 RENOVATION OF USU FOOD SERVICE UNITS
The USU renovation will be done in two phases. Phase I includes the Pub and an expanded Subway unit. Pub renovation is funded by the USU construction fund. The Subway project includes improvements required by the franchisor. Phase II includes relocation of the Mercantile Exchange and construction of a coffee house.
That The University Corporation Executive Committee recommend 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.
ITEM #6 PUBLIC SAFETY BUILDING
Parking Services will own part of the building. The University will be responsible for utilities, insurance and maintenance.
That The University Corporation Executive Committee recommend 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.
ITEM #7 RESERVES
That The University Corporation Executive Committee recommend 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 #8 HUD UPDATE
One home had been sold since the last report. The Corporation currently has twenty-hive homes remaining in the program.
ITEM #9 FINANCIAL STATEMENTS
Investments show growth of 12.7% for the six months ending December 31, 2003. Funds are being moved to protect principal, in anticipation of investing in the Public Safety building.
ITEM#10 RESEARCH AND SPONSORED PROJECTS AWARDS AND EXPENDITURES REPORTS (OCTOBER, NOVEMBER, DECEMBER 2003)
The information was received.
