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Finance Committee Minutes -- July 10, 2003 -- Board of Trustees -- University of Louisville

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MINUTES OF THE FINANCE COMMITTEE
UNIVERSITY OF LOUISVILLE BOARD OF TRUSTEES

July 10, 2003

In Open Session

The Finance Committee of the University Board of Trustees met at 2:00 p.m., July 10, 2003 in the Jefferson Room, Grawemeyer Hall with members present and absent as follows:

Finance Committee Present: Mr. Ulysses L. Bridgeman, Jr., Chairman Pro Tempore
Mr. Kevin D. Cogan
Prof. David Ensign
Mr. Nathaniel E. Green
Mr. Owsley Brown Frazier
Finance Committee Absent:

Mr. J. Chester Porter, Chair
Ms. Joyce Hagen, Vice Chair

Other Trustees Attending: Ms. Marie K. Abrams
Ms. Virginia C. Brown
Ms. Linda Wallbaum Cauble
Ms. Donna Tinsley Denny
Mr. Milton M. Livingston
Ms. Jessica S. Loving
Ms. Sandra Metts Snowden
Mr. Michael Sticklen
Ms. Elizabeth H. Worland
From the University: Dr. James Ramsey, President
Ms. Angela D. Koshewa, University Counsel
Dr. Joel A. Kaplan, Executive Vice President and Chancellor for HSC
Mr. Larry L. Owsley, Vice President for Business Affairs
Dr. Nancy Martin, Senior Vice President for Research
Dr. Denise Gifford, Vice President for Student Affairs
Dr. David Howarth, Associate Provost
Mr. Julien Carter, Associate Vice President for Human Resources
Ms. Terri Rutledge, Asst. Vice President for Business Affairs
Ms. Denise Fitzpatrick, Director of Communications
Ms. Rae Goldsmith, Associate Vice President for University Advancement
Ms. Debbie Dougherty, Board Liaison, President’s Office
Ms. Kathleen M. Smith, Assistant Secretary, Board of Trustees

I. Call to Order

Having determined a quorum present, Chairman Bridgeman called the meeting to order at 2:00 p.m.

Approval of Minutes, May 8, 2003

Mr. Cogan made a motion, which Prof. Ensign seconded, to approve the minutes of May 8, 2003. The motion passed unanimously.

II. Action Item: Approval of Amendment for Restated Flexible Benefits Plan

Vice President Owsley stated that the University added in 1991 optional individual accounts within the Plan from which faculty and staff could be reimbursed for health-care and dependent care expenses. Faculty and staff fund these accounts through elective pre-tax salary contributions; however, the University permits faculty and staff who waive health insurance to accumulate an amount equivalent to the premium for single coverage in an individual flexible spending account.

Prior to 1997 the amount was capped at $2000.00 per year. The Board in 1997 approved an amendment to Article V, Section 5.1 (b) of the Plan to permit the University to contribute an amount “up to an amount equal to the annual University health insurance plan contribution.” Board action did not address, however, Article V, Section 5.1 (a) which provides “In the case of an Employee who is eligible for such health plan coverage by an Employer but waives such coverage, a Benefit equivalent to the Employer-provided premium amount shall be available under this Section 5.1 (a) but subject to the rules of the Health Care Benefits Account described in Section 5.1 (b), or, if elected by such Employee, the Dependent Care Account described in Section 5.1 (c).”

This recommendation clarifies that an amount up to the annual University health insurance plan premium may be accumulated in individual flexible spending accounts, if where appropriate, employees have completed waivers. Mr. Frazier made a motion, which Mr. Cogan seconded, to approve the

President’s recommendation that the Board of Trustees approve an amendment (in the form attached) of the University’s Restated Flexible Benefits Plan of January 1, 1995 (the “Plan”) to clarify that the annual dollar limit of the Health Care Benefits Account shall be an amount up to the annual university health insurance contribution, as annually set in the university budget .

The motion passed unanimously.

III. Action Item: Approval of Capital Construction Projects

Vice President Owsley briefed the Board on two capital projects, noting that any project over $100,000 requires Trustees’ approval:

  • Research tower renovation: this renovation is part of a recruitment commitment to Dr. Kenneth Ramos, Chairman of the Department of Biochemistry and Director of the Center for Genetics and Molecular Medicine; and

  • Chemistry roof replacement: the existing roof is over twenty years old and has exceeded its useful life.

Mr. Frazier made a motion, which Mr. Cogan seconded, to approve the

President’s recommendation that the Board of Trustees approve the following projects:

Projects:

Estimated Cost

Fund Source

Renovation of one-half of the 6th Floor, HSC Research Tower

$274,000

Restricted Funds Medical School

Roof replacement Chemistry Building

$300,000

Plant Funds

The motion passed unanimously.

IV. Action Item: Approval of New Project: HSC Research Building III

Vice President Owsley reported that the 2002-2004 Budget of the Commonwealth authorized construction planning and design for a third research building at the Health Sciences Center. The University will request construction authorization for this $98 million project during the 2004 General Assembly as its number one capital priority. The recommendation expedites the construction process by completing the programming, schematic design, and design development phases of the project during FY04. The building will be 7-8 stories and approximately 264,000 gross square feet. Mr. Frazier made a motion, which Mr. Cogan seconded, to approve the

President’s recommendation that the Board of Trustees approve
construction planning for the following project:

Project

Estimated Cost

Fund Source

Biomedical Research Building Phase III Health Sciences Center

$1,750,000

Medical School and Research Administration Funds

The motion passed unanimously.

V. Executive Session

Pursuant to KRS 61.810(1)(b), Prof. Ensign made a motion, which Mr. Green seconded, to close the session at 2:10 p.m. to discuss a real estate matter. The motion passed unanimously.

VI. Open Meeting Reconvenes

Chair Bridgeman reconvened the open session of the Finance Committee at 2:22 p.m. He reported the Committee discussed in closed session a real estate matter. Mr. Green made a motion, which Prof. Ensign seconded to approve the

President’s recommendation that the Board of Trustees authorize him or his designee to purchase 3.767 acres at 2440 S. Floyd Street at a price not to exceed fair market value, all in accordance with state acquisition law and regulations.

The motion passed unanimously.

VII. Other Business

There was no other business.

VIII. Adjournment

Mr. Frazier made a motion, which Mr. Green seconded, to adjourn the meeting at 2:23 p.m. The motion passed unanimously.

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