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Athletic Association

by Bendl,Kurt last modified Jan 21, 2010 04:46 AM


January 31, 2003

The Finance & Budget Committee of the Board of Directors of the University of Louisville Athletic Association, Inc. met Friday, January 31, 2003 at 3:00 p.m. in the Jefferson Room of Grawemeyer Hall, with members present and absent as follows:

Mr. Robert P. Benson, Jr., Chairman
Mr. Joseph Beyel
Dr. Richard Feldhoff
Mr. Grant Helman
Mr. Larry Owsley
Mr. Mike Seebert
Professor Robert Stenger
Mr. Michael Sticklen
Professor Paul Weber
Professor Elaine Wise

Dr. Richard Miller
Judge Olga Peers
Mr. Sam Rechter
Directors Present:      
Dr. James Ramsey
Mr. Tom Jurich
Mr. Bill Forman
Mr. Chris Marlin
Ms. Glenda Neely
Dr. William Pierce
Dr. Shirley Willihnganz
From the University:  
Mr. Dave Barker
Mr. Michael Curtin
Mr. Gary Friedman
Ms. Angela Koshewa
Mr. Kevin Miller
Mr. Terry Veleta
Ms. Susan Wilhelm
Ms. Trisha Wolf
Ms. Kathleen Smith

Also Attending:          
Mr. Bernie Backert, Deloitte & Touche
Mr. Jim Carpenter, Deloitte & Touche
Ms. Mary McKinley, Deloitte & Touche


  • Convene Meeting

Having determined a quorum present, Chair Benson called the meeting to order at 3:08 p.m. 

  • Minutes of the previous meeting held June 20, 2002


Mr. Seebert made a motion, which was seconded by Mr. Helman, to approve the minutes of June 20, 2002.  Prof. Wise noted that Item 7 on page 5 should read, Ms. Hermann reported that because over half of the facility will be occupied by non student athletes there are no “discrimination issues.”   The minutes were so amended and passed unanimously.

Actin Item: Audited Financial Statements

Mr. Owsley noted that the financial statements were delayed this year because the University installed a new accounting system and major changes in GASB reporting standards occurred.  Mr. Owsley introduced Ms. Mary McKinley of Deloitte and Touche.  Ms. McKinley pointed out several changes in the audit report resulting from GASB (Government Accounting Standards Board) 35 and reported a clean audit without exceptions. 

Mr. Miller distributed a 2001-02 Budget Analysis with comments as of June 30, 2002 (attached).  He reported that investments from the UofL Foundation were $2.2 million below projected earnings which contributed to the revenue shortfall.  On the expense side, Mr. Miller reported that expenses were $849,000 under projected costs.  Mr. Stenger made a motion, which Mr. Helman seconded, to endorse the Athletic Director’s recommendation that

The Board of Directors accept the audit report for the University of Louisville Athletic Association, Inc. for the year ended June 30, 2002, as prepared by Deloitte & Touche.

The motion passed unanimously.

III.       Information Item:  NCAA Audit Guidelines

Mary McKinley of Deloitte & Touche remarked that the Association had followed NCAA procedures and all evidence supported compliance with NCAA Financial Audit Guidelines.

Information Item:  Quarterly Financial Statements


Mr. Miller reviewed the source of funds and expense analysis as of December 31, 2002 (attached).  He explained that the football program is over projected revenues by $450,000 mainly because of ticket sales.  Basketball is right on budget with a few games remaining.  Mr. Miller stated that overall athletics is right on target to meet budget on the source of funds side.  On the expense side, Mr. Miller reported that everything is within budget.

X.        Adjournment

Prof. Weber made a motion to adjourn, which Prof. Wise seconded.  The motion passed unanimously.  The meeting adjourned at 3:56 p.m.

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