The University Corporation

Home > Board of Directors > May 20, 2005

ITEM #1 APPROVAL OF EXECUTIVE COMMITTEE MEETING MINUTES FOR JANUARY 28, 2005
The minutes were approved

ITEM #2 ELECTION OF INTERIM SECOND VICE PRESIDENT
Safa Sajadi was elected Interim Second Vice President to complete the term of Tim Belfield.

ITEM #3 JUDGE JULIAN BECK INSTRUCTIONAL IMPROVEMENT PROJECTS
The Executive Committee approved the Judge Julian Beck Instructional Improvement grants as recommended by the CELT Advisory Board.

ITEM #4 2005/2006 OPERATING BUDGET
Projections anticipate enrollment growth of 2.5% and a return to the University of $601,354 for the year. The budget includes a 3.5% general salary increase, a change of audit firm resulting in decreased fees, and investment in the Public Safety Building, as previously approved by the Board. Reduced Bookstore commissions are expected, due to increased peer-to-peer book sales and competition from electronic providers. A drop is expected in Sponsored Programs due to federal research cuts and discontinuation of several large programs.

For FY 2004/2005, apart from the Corporation surplus, University Licensing is expected to provide an additional unbudgeted surplus of $100,000 to the University.

MSP: That The University Corporation Executive Committee recommend that The University Corporation Board of Directors approve the 2005/2006 operating budget as presented.

ITEM #5 2005/2006 INDIRECT COST FUND BUDGET
MSP: That The University Corporation Executive Committee recommend that The University Corporation Board of Directors approve the 2005/2006 indirect cost fund budget as presented.

ITEM #6 EXCHANGE REPLACEMENT
The proposed 4200 square foot facility incorporates extensive glass and a high, open ceiling. Its central design element is an arbor-style shade structure with outdoor seating. The new facility will include a grill, expanded grab & go items and pizza, with a focus on healthy options. A small Freudian Sip coffee house will provide ice cream service both to the coffee house and to the convenience market. The Exchange replacement will be built at the current site. During construction, the Exchange will move south of Jacaranda Walk and will continue to operate.

MSP: That The University Corporation Executive Committee recommend that The University Corporation Board of Directors authorize the transfer of $3,200,000 from the Undesignated General Reserve to the Planned Future Operations Reserve, toward the design, construction and equipment package for the Exchange replacement project.

ITEM #7 LOAN REQUEST
MSP: That The University Corporation Executive Committee approve a loan to the University Student Union under the terms outlined in their request.

ITEM #8 WORKERS COMPENSATION
Valley Trauma Center has asked for workers compensation coverage for volunteers on their projects.

MSP: That The University Corporation Executive Committee recommend that The University Corporation Board of Directors approve the resolution required to provide workers compensation insurance coverage to volunteers while working on behalf of the Corporation, with the understanding that the resolution will be tailored to the types of volunteers to be covered.

ITEM #9 AUDIT
MSP: That The University Corporation Executive Committee recommend that The University Corporation Board of Directors accept the recommendation of the audit committee to engage Vicenti, Lloyd and Stutzman LLP to perform audit services for The University Corporation for the fiscal year ending June 30, 2005; 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, 2005, including the HUD investments, at a fee not to exceed $36,400, 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, 2005, at a fee not to exceed $4,200.

ITEM #10 HUD UPDATE
As of May 9, the Corporation owns thirteen homes in Memphis. Seven homes with 30-year options remain. The Corporation will work with tenants to allow family members to purchase the homes for them if the tenants don t qualify for a loan.

ITEM #11 FINANCIAL STATEMENTS
The information was received

ITEM #12 RESEARCH & SPONSORED PROJECTS - AWARDS AND EXPENDITURE REPORTS (JANUARY, FEBRUARY, MARCH 2005)
The information was received

ITEM #13 ANNOUNCEMENTS
Freudian sip @ Pierce College: A Freudian Sip coffee house opened at Pierce College on May 1, 2005.

Conejo Valley Land: The Corporation is in escrow on ten acres of surplus land from the Conejo Valley School District, purchased for $545,000 from the Real Estate Fund.