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U of L Research Foundation Inc. Board of Directors Meeting

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May 8, 2003, In Open Session

The University of Louisville Research Foundation Inc. Board of Directors met on May 8, 2003, at 1 p.m. in the Jefferson Room, Grawemeyer Hall, with members present and absent as follows:

Mr. Kevin Cogan, Chair
Mrs. Marie K. Abrams
Mr. Ulysses L. Bridgeman, Jr.
Ms. Virginia C. Brown
Ms. Linda Wallbaum Cauble
Prof. David Ensign
Mr. Owsley B. Frazier
Mr. Nathaniel E. Green
Ms. Joyce Hagen
Mr. Grant M. Helman
Ms. Jessica S. Loving
Mr. J. Chester Porter
Mr. Michael Sticklen

Mr. Tommie Burns
Ms. Donna Tinsley Denny
Mr. Milton M. Livingston
Mrs. Sandra Metts Snowden
Mr. William Mulloy, Sr.
Ms. Elizabeth Worland

From the University:
Dr. James Ramsey, President
Mr. Joseph S. Beyel, Vice President for Development and Alumni
Mr. Daniel Hall, Vice President for University Relations
Dr. Joel A. Kaplan, Vice President for Health Affairs
Dr. Nancy C. Martin, Vice President for Research
Mr. Ronald L. Moore, Vice President for Information & Technology
Mr. Larry L. Owsley, Vice President for Finance & Administration
Dr. Gene Gilchrist, Vice President for New Ventures
Ms. Angela Koshewa, University Counsel
Dr. David Howarth, Associate Provost
Mr. Alvin Herring, Executive Director, Counseling Center
Ms. Terri Rutledge, Asst. Vice President, Finance & Administration
Mr. John Drees, Director, Communication & Marketing
Ms. Rae Goldsmith, Associate V. P. for University Relations
Mrs. Kathleen M. Smith, Assistant Secretary, Board of Trustees
Ms. Debbie Dougherty, Board Liaison, President’s Office

Dr. Dee Maynard, Minerva Ventures
Ms. Margaret Handmaker, William Mercer

I. Call to Order

Having determined a quorum present, Chairman Cogan called the meeting to order at 1:10 p.m. Chairman Cogan welcomed new board members Michael Sticklen.

II. Action Item: Approval of Minutes of meeting, 11/25/02

Prof. Ensign made a motion, which Ms. Cauble seconded, to approve the minutes of November 25, 2002. The motion passed unanimously.

III. Information Item: Report of Nominating Committee

Mr. Porter presented the recommended slate from the nominating committee. Prof. Ensign made a motion, which Ms. Abrams seconded, to approve the following slate of officers for 2003-04.

Chairman: Kevin D. Cogan
Vice Chair: William Mulloy, Sr.
Secretary: Joyce Hagen
Treasurer: Sandra Metts Snowden

The motion passed unanimously.

IV. Information Item: Minerva Ventures Quarterly Report

Chair Cogan noted the Minerva Ventures, LLC quarterly report ending March 31, 2003 (copy attached). Dr. Dee Maynard, CEO for Minerva Ventures, updated the Board on current activities of Minerva Ventures, LLC and reported on numerous ongoing projects. Dr. Maynard outlined the process followed regarding investment opportunities. Chairman Cogan acknowledged the assistance of Vice Presidents Martin and Gilchrist. Dr. Maynard thanked Chair Cogan for his support of Minerva. In response to Ms. Abrams’ question concerning student internships and the potential for future employment, Dr. Maynard stated the College of Business & Public Administration and the School of Medicine were developing relationships to attract outstanding student talent in the MBA program. She said these students could become employed in 2 nd tier management positions. Ms. Cauble suggested Board members support Minerva Books by purchasing Jack Roby’s book on cooking. Chairman Cogan thanked Dr. Maynard for her dedication and expressed optimism for the long-term success of Minerva Ventures.

V. Information Item: Interim Financial Statements for U of L Research Foundation Inc.

Vice President Owsley presented the financial statements for period ending March 31, 2003. Mr. Owsley reported unrestricted net assets total $39 million, net clinical revenue totals $67 million, federal grants and contracts total $43 million, and nongovernmental grants and contracts total $13 million. Vice President Owsley noted the University of Louisville Research Foundation is doing well.

VI. Report of the President

President Ramsey had no report


Ms. Abrams made a motion, which Ms. Loving seconded, to adjourn the meeting at 1:20 p.m. The motion passed unanimously.

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