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

In Open Session

The members of the Finance and Budget Committee of the  University of Louisville Athletic Association met on January 28, 2005, in the Jefferson Room of Grawemeyer Hall with members present and absent as follows:

Present:          
Mr. Bob Benson, Chairman
Prof. Rick Feldhoff
Mr. Burt Deutsch
Prof. Bruce Kemelgor
Mr. Larry Owsley
Ms. Rebecca Jo Schneider
Mr. Mike Seebert
Prof. Robert Stenger
Prof. Elaine Wise

Absent:           
Mr. Sam Rechter
Dr. Blaine Hudson
Mr. D. Harry Jones
Mr. Wade Houston

Other Directors
Present:          
Dr. James Ramsey
Prof. Beth Boehm
Prof. William Cheadle
Ms. Bev Daly
Mr. Gordon Gahm
Mr. Tom Jurich, ex officio
Mr. Ryan McKinley
Prof. Glenda Neely
Mr. Mike Seebert
Prof. Richard Stremel

From the
University:     
Ms. Angela D. Koshewa
Mr. Mike Curtin
Mr. Kevin Miller
Ms. Julie Hermann
Mr. Gary Friedman
Mr. Kenny Klein
Mr. Jeff Spoelker
Ms. Kathleen Smith
Ms. Debbie Dougherty

I.          Call to Order

Having determined a quorum present, Benson called the meeting to order at 12:00 Noon.

II.         Approval of Minutes

Mr. Deutsch made a motion, which Prof. Stenger seconded to approve the minutes of October 8, 2004. 
                       
III.       Action Item:  Approval of Football Season Ticket Prices for 2005                           

Mr. Miller explained that planning for the 2005-06 budget has begun.  The season football ticket pricing is a revenue consideration that precedes:  (1) budget planning, and (2) football marketing.  He also noted that Athletics has maintained ticket pricing for students during the past four years.  The proposed pricing structure is reasonable when measured against comparable and regional programs, including those of the Big East.  The marketing staff will develop Group Packages and Special Promotions for all games where visiting tickets are surplus.  Prof. Kemelgor complimented the Athletics staff involved for recommending reasonable pricing strategies.  Prof. Stenger made a motion, which Prof. Kemelgor seconded, to approve the

Athletic Director’s recommendation that the Board of Directors approve for Football a season ticket package for 2005 as outlined below.
                                                2004                                        2005
Category                                 (5 games)                                 (6 games)

Reserved                                $157                                        $192
Club/Suites                             $177                                        $222
Faculty/Staff                          $149                                        $180
L-Club                                    $149                                        $180
Family Plan (4 tickets)          $548                                        $648               

Students-Football only:        
  Students                               $40 (5 @ $8)                         $48 (6 @ $8)
  Student Guests                    $50 (5 @ $10)                       $60 (6 @$10)

Students Combination:
   Students                              $184 (23 @ $8)                      $192 (24 @ $8)

Single Game Reserved          $28/$45                                  $32

The motion passed unanimously.

IV.       Information Item:  Second Quarter Budget Analysis                                                  

Mr. Miller reviewed the budget analysis for the second quarter (ending December 31, 2004) (copy available upon request).  In response to Prof. Neely’s inquiry concerning travel-related expense in the Big East, Mr. Miller stated that plans to incorporate this information in the budget are already underway.  Chair Benson thanked Mr. Miller for the budget overview and welcomed all board members to attend the budget workshop which will be scheduled later this Spring.

V.        Other Business

There was no other business. 

VI.       Adjournment

Prof. Wise made a motion, which Prof. Stenger seconded, to adjourn the meeting at 12:15 p.m.  The motion passed unanimously.