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Finance Committee Minutes -- Jan. 25, 2002 -- Board of Trustees -- University of Louisville

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MINUTES OF THE FINANCE COMMITTEE
UNIVERSITY OF LOUISVILLE BOARD OF TRUSTEES

The Finance Committee of the University of Louisville Board of Trustees met on Friday, January 25, 2002 at 12:15 p.m. in the Alumni Board Room of the University Club, Belknap Campus with members present and absent as follows:

Present:
Ms. Joyce Hagen Schifano, Chair
Mr. William Mulloy, Sr., Vice Chair
Dr. Rick Feldhoff
Mr. Kevin Cogan
Mr. Nathaniel Green
Mr. Owsley Frazier
Absent: Mr. Ulysses L. Bridgeman, Jr.
Other Trustees Attending:
Ms. Linda Wallbaum Cauble
Ms. Melissa Long Shuter
From the University:
Dr. Carol Garrison, Provost
Dr. Ron Moore, Vice President for Information & Technology
Ms. Susan Magness,Assistant Controller
Ms. Susan Ingram, Assistant Director, Office of Planning & Budget
Ms. Terri Rutledge, Assistant Vice President for Administration
Ms. Susan Wilhelm, Controller's Office
Ms. Rae Goldsmith, Associate V.P. for Marketing & Communications
Mr. John Drees, Director of Public Information
Dr. Joel Kaplan, Vice President for Health Affairs
Dr. Eugene Gilchrist, Vice President for Special Ventures
Ms. Angela Koshewa, University Counsel
Ms. Kathleen Smith, Assistant Secretary, Board of Trustees
Ms. Trisha Wolf, Board Liaison, President's Office
Ms. Debbie Dougherty, Board Liaison, President's Office

I. CALL TO ORDER

Having determined a quorum present, Chair Schifano called the meeting to order at 12:15 p.m.

  • Minutes for October 22, 2001

Mr. Cogan made a motion, which Mr. Green seconded, to approve the minutes of October 22, 2001. The motion passed.


II. ACTION ITEM: APPROVAL OF RENOVATION PROJECTS:

  • Graduate Administrative Office - Houchens Building
  • REACH Program - Strickler Hall

Ms. Terri Rutledge reported the recommendation proposes to renovate space needed to consolidate graduate school administration. The project will provide more efficient space to serve the growing graduate student population. Provost Garrison noted that over a year ago the graduate school expanded to manage its own admissions. Moving to the Houchens Building will bring staff and student services together.

Ms. Rutledge also asked the committee to approve the Strickler Hall project, which allows the media department to relocate within the same building. The REACH program will then utilize the vacated space. Mr. Frazier made a motion, seconded by Dr. Feldhoff, to approve

The President's recommendation that the following projects be approved:\

Project Estimated Cost Fund Source
1. Renovation - Graduate
Administrative Office
$387,425 Plant Funds
     
2. Renovation - Strickler Hall
For REACH Program
$173,035 Plant Funds

The motion passed.

III. ACTION ITEM: APPROVAL OF NEW BANK ACCOUNT AT REPUBLIC BANK AND TRUST CO.

AVP Rutledge informed the committee that the University, currently under contract with Republic Bank and Trust Co. to provide various banking services, would use the new bank account to pay claims associated with the new self-insurance plan.Mr. Frazier made a motion, which was seconded by Mr. Cogan, to approve

The President's recommendation that the Finance & Budget Committee of the Board of Trustees adopt the attached resolution to open a new bank account at Republic Bank and Trust Company, Louisville, KY titled, University of Louisville Health Care Account.
(see attachment)

The motion passed.

IV. INFORMATION ITEM: ATHLETIC BENCHMARKING FOR LONG TERM BUDGETING

Dr. Gilchrist updated the Finance Committee on Athletics Benchmarking. The four measurements evaluated were Academic Success, Gender Equity, Competitive Success, and Finance. Dr. Gilchrist reported that when comparing UofL's institutional graduation rate to the rate for Athletics over a 6-year period, Athletics exceeds the institutional rate by 5%. The University has also shown remarkable success in Gender Equity. The representation of women student-athletes has risen from 29.64% in 1995-96 to 45.82% in 1999-2000.

V. INFORMATION ITEM: BUDGET SITUATION

Provost Garrison reported that of an approximate $7M budget cut from the state, $3M was expected. All areas of the University are under review to determine where cuts will occur to deal with the additional $4M cut. Nationally the Commonwealth of Kentucky, however, is in much better shape than other states. The Legislature is currently in session and the University hopes that Bucks for Brains funding will continue. Ms. Schifano asked Dr. Garrison to keep the committee updated regarding any changes in the budget forecast.

VI. INFORMATION ITEM: IMPLEMENTATION OF NEW FINANCIAL SYSTEM

Ms. Rutledge reported that the University is in the final stages of the PeopleSoft implementation. On July 1, 2001, asset management came online. Beginning July 1, 2002 General Ledger, Purchasing, and Accounts Payable will go live. The Human Resource System will be upgraded to PeopleSoft 8.0. Individual units may run reports through the web browser and manipulate their own financial data. Ms. Rutledge noted that training is planned for early May.


VII. INFORMATION ITEM: CHANGES IN ACCOUNTING STANDARDS & FINANCIAL REPORTING

Ms. Rutledge reviewed the financial statement changes effective for fiscal year 2002. The University's financial statements will follow Governmental Accounting Standards Board (GASB) NO. 35. She provided an overview of other changes (see attached) to future presentations of financial reports.

VIII. INFORMATION ITEM: NEXT PHASE OF HOUSING CONSTRUCTION

Ms. Rutledge informed the committee that the next phase of new housing construction will begin in May. Opening of that dorm is planned for August 2003. The estimated project cost is $14.7M. Dr. Garrison noted that additional housing is critical to the University's overall plan for building a campus community. Construction of the new dorm will help with student recruitment and the quality of student life on campus. Retention and graduation rates are much higher for resident (campus) students. Ms. Rutledge added that there are ongoing discussions with the student body regarding the new housing. Many students have complained about the loss of parking space. Dr. Garrison observed that parking on UofL's campus far exceeds parking on a majority of other campuses. Parking at the stadium, coupled with a shuttle service, will continue to be an option.

IX. ADJOURNMENT

Hearing no request to discuss additional business, Chair Schifano asked for a motion to adjourn.
Dr. Feldhoff made a motion, seconded by Mr. Green, to adjourn meeting at 1:17 p.m.

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