MINUTES OF THE FINANCE & BUDGET COMMITTEE
UNIVERSITY OF LOUISVILLE ATHLETIC ASSOCIATION, INC.

In Open Session

The Finance and Budget Committee of the University of Louisville Athletic Association met on Tuesday, February 3, 2004 at 4:00 p.m. in the Jefferson Room, Grawemeyer Hall, with members present and absent as follows:

Present:          
Mr. Bob Benson, Chairman
Mr. Joe Beyel
Mr. Burt Deutsch
Prof. Richard Feldhoff
Mr. Wade Houston
Prof. Richard Miller
Mr. Larry Owsley
Mr. Mike Seebert
Prof. Robert Stenger
Prof. Elaine Wise

Absent:           
Mr. Erik Brown
Mr. Sam Rechter
Mr. D. Harry Jones
Prof. Paul Weber

Other Directors
Present:          
Dr. James Ramsey
Mr. Bill Forman
Mr. Grant Helman
Mr. Tom Jurich, ex officio
Prof. Glenda Neely
Prof. William Pierce
Prof. Richard Stremel
Dr. Shirley Willihnganz

From the
University:     
Ms. Angela Koshewa
Mr. Mike Curtin
Mr. Dave Barker
Mr. Kevin Miller
Ms. Alicia Clark
Mr. John Carns
Mr. Gary Friedman
Mr. Kenny Klein
Mr. Pete Cautilli
Ms. Anne Rademaker
Ms. Kathleen Smith
Ms. Debbie Dougherty
Guests:           
Mr. Bernie Backert, Deloitte & Touche
Mr. Jim Carpenter, Deloitte & Touche

I.          Convene Meeting                                                                   

Having determined a quorum present, Chairman Benson called the meeting to order at 4:00 p.m.

II.         Approval of Minutes

Prof. Stenger made a motion, which Prof. Miller seconded, to approve the minutes of the meeting on October 27, 2003, and the workshop on January 30, 2004.  The motion passed unanimously.

III.       Action Item:  Approval of Football Season Ticket Prices for 2004                           

Mr. Miller reported that Athletics has begun planning for the 2004-05 budget.  He asked the Committee to consider the following season ticket prices for football to facilitate:  (1) FY 05 budget planning issues, and (2) football marketing.  The pricing is comparable to regional programs, including members of the Big East.  Marketing will develop Group Packages and Special Promotions for games where visiting tickets are returned.  Mr. Miller also recommended that ULAA maintain student and student guest ticket prices the same as last year.  He noted that Athletics has not increased ticket prices for students for the past three years.  He planned to meet with Vice President Curtin and SGA officers to discuss future ticket issues.  Prof. Stenger made a motion, which Mr. Houston seconded, to approve the

Athletic Director’s recommendation that the Board of Directors approve for Football a season ticket package for 2004 as outlined below.

                                                2003                                        2004
Category                                 (6 games)                                 (5 games)

Reserved                                $168                                        $157

Club/Suites                             $198                                        $177

Faculty/Staff                          $156                                        $149

L-Club                                    $156                                        $149

Family Plan (4 tickets)          $552                                        $548

Single Game Reserved          $28                                         $28/$45

The motion passed unanimously.

IV.       Information Item:  Second Quarter Budget Analysis                                                              

Chairman Benson praised the thorough report of Mr. Miller at the workshop held January 30, 2004.  He welcomed all board members to attend future workshops.

V.        Action Item:  Approval of Audited Financial Statements – Year Ending June 30, 2003

Chairman Benson reported that Mr. Miller thoroughly reviewed the audited financial statements at the January 30 workshop.  The Chair then introduced Mr. Bernie Backert, Deloitte & Touche.  Mr. Backert stated that the report is a good one and asked if there were any questions.  Prof. Wise made a motion, which Prof. Feldhoff seconded, to approve the

Athletic Director’s recommendation that the Board of Directors approve the attached audited financial statements for the period ending June 30, 2003, as presented under Governmental Accounting Standards Board (GASB) 34 (copy available upon request). 
           
The motion passed unanimously.

VII.      Adjournment

Prof. Wise made a motion, which Mr. Deutsch seconded, to adjourn the meeting at 4:10 p.m.  The motion passed unanimously.