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Office of the President: Board of Directors of the

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The members of the U of L Medical School Fund Board of Directors met on Thursday, February 12, 2004, in the ITRC auditorium, on Shelby Business and Technology Campus, with members present and absent as follows:

Present:
Mr. Ulysses L. Bridgeman Jr., Chair
Ms. Marie K. Abrams
Judge Angela McCormick Bisig
Ms. Tommie Burns
Ms. Linda Wallbaum Cauble
Mr. Kevin Cogan
Ms. Donna Tinsley Denny
Prof. David Ensign
Mr. Owsley B. Frazier
Mr. Nathaniel Green
Ms. Joyce Hagen
Mr. Grant Helman
Ms. Jessica Loving
Mr. William Mulloy Sr.
Ms. Sandra Metts Snowden
Ms. Elizabeth K. Worland

Absent:
Mr. Milton M. Livingston
Mr. Chester Porter
Mr. Michael Sticklen

From the university
Dr. James R. Ramsey, President
Dr. Shirley Willihnganz, Acting Executive Vice President and Provost
Ms. Angela D. Koshewa, University Counsel
Dr. Nancy C. Martin, Senior Vice President for Research
Mr. Joseph S. Beyel, Vice President for University Advancement
Mr. Daniel Hall, Vice President for External Affairs
Mr. Ronald Moore, Vice President for Information Technology
Dr. Laura Schweitzer, Interim Dean, School of Medicine and Assoc. VP for Health Affairs
Dr. Larry Cook, President, U of L Medical School Fund Inc., Board of Directors
Dr. Ralph Fitzpatrick, Special Assistant for Minority Affairs
Mr. Terry Gossom, Assistant VP for Health Affairs
Mr. Mitchell Payne, Assoc VP for Business Affairs
Ms. Rae Goldsmith, Assoc VP for Communications & Marketing
Ms. Terri Rutledge, Assoc VP for Business Affairs
Mr. Dave Barker, Director of Audit Services
Mr. Jason Tomlinson, Office of the VP for Finance
Mr. John Drees, Director for Public Information
Mrs. Kathleen M. Smith, Assistant Secretary, Board of Trustees
Ms. Debbie Dougherty, Board Liaison, President's Office

Guests:
Rev. Louis Coleman
Mr. Malcolm Chancey Jr., Chairman, U of L Foundation Inc.
Dr. Joe Kutz, Member, U of L Foundation Inc.
Mr. Frank Weisberg, Member, U of L Foundation Inc.

I. Call to Order

Having determined a quorum present, Chairman Bridgeman called the meeting to order at 1 p.m.

II. Action Item: Approval of Minutes, November 25, 2002

Mr. Cogan made a motion, which Mr. Green seconded, to approve the minutes of November 25, 2002. The motion passed unanimously.

II. Action Items: Approval of Financial Statements for Fiscal Year 2002-03

Dean Schweitzer introduced Mr. Terry Gossom. Mr. Gossom reviewed the audited financial statements. Mr. Gossom stated the external auditors noted no exceptions and issued a clean, unqualified opinion. Prof. Ensign made a motion, which Ms. Denny seconded, to approve the

President's recommendation that the Board of Directors approve the financial statements for the period ending June 30, 2003 and 2002 as presented under Governmental Accounting Standards Board (GASB) 34 (copy available upon request).

IV. Annual Report of the Professional Practice Plan

Dr. Larry Cook, President of the U of L Medical School Fund Inc., shared the following annual report with the Board. The Practice Plan generated $3.4 million of Dean's Fund contributions for plan year 2002, which is approximately $100,000 more than the amount generated in 2001. Seventy-one percent of these funds supported the Dean's Office, which includes Administration, Admissions, Student Affairs, Faculty Affairs, Curriculum, Faculty and Student Advocacy, Financial Affairs, Financial Aid, and Faculty Committee Office. Twenty-nine percent of the funds provided support to various departments of the school. In addition to the Dean's Fund, the faculty, through their departmental practice entities, have contributed an additional $17.5 million to support the academic programs of their respective departments. Dr. Cook reported that during the year, the Dean's Office contracted with Deloitte & Touche to perform agreed-upon procedures to test the compliance of four departments for calendar year 2002. This audit has been done. A preliminary report indicated no significant problems with the four departments audited. A formal report is forthcoming. Revenues generated through the Professional Practice Plan remain a major component of the School of Medicine's budget. The faculty are to be commended for their hard work and for the substantial financial support they provide the school through the Professional Practice Plan.

V. Other Business

There was no other business.

VI. Adjournment

Ms. Loving made a motion, which Mr. Mulloy seconded, to adjourn the meeting at 1:10 p.m. The motion passed unanimously.

Membership

Meeting Schedule

Minutes


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