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