Summary
Board of Trustees Spring Meeting
April 24-26, 2014
Academic Affairs and Campus Life Committee
Development and External Relations Committee
Finance Committee
Investments Committee
Audit, Compliance and Risk Management Committee
Academic Affairs and Campus Life Committee
The Committee received a briefing on recent faculty achievements, the Middle States reaccreditation process and the difficulties associated with recruiting and retaining dual career faculty partners.
The Committee then heard a report from Provost Mick Smyer and Associate Provost Bridget Newell on the University's diversity efforts. That included a discussion of the University's new diversity plan as well as recent data from the Diverse Learning Environments assessment, which was completed by a sample of sophomore and junior students in spring 2013. Discussion of these data was lively, revolving around the data itself and how Bucknell is educating students with respect to diversity, including the College of Arts and Sciences requirement for a course on Diversity in the United States.
The Student Life Subcommittee met to discuss the residential community plan, updates from the degree completion working group, and Bucknell Student Government.
Committee Chair Trustee David Scadden reported that the Committee will divide into two separate committees: an Academic Affairs Committee and a separate Campus Life Committee. The Committee also met in executive session.
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Development and External Relations Committee
Vice President for Development & Alumni Relations Scott Rosevear reported on the highly successful giving challenge, which took place Thursday, April 24. More than 2,850 donors participated in the $250K in a Day Trustee Challenge. Including matching funds from the trustees, the one-day event raised nearly $1.7 million.
While updating the Committee on FY14 giving, Scott shared that new gifts and pledges totaled $44 million, with cash receipts at $28 million. The Annual Fund stood at $10.3 million.
The Committee also discussed the progress of the WE DO Campaign, which has now raised more than $312 million. Scott highlighted the importance of a strong presence by faculty, students and trustees at the WE DO roadshow events. He also discussed the success of the WE DO Management event that took place in New York on April 10.
Upcoming WE DO Campaign events:
- Sept. 19 - Chicago
- Nov. 8 - Washington, D.C.
- Feb. 7, 2015 - Los Angeles
The Committee also heard an impressive presentation from Rebecca Moore '16, who is president of the Student Philanthropy Engagement Council (SPEC). Rebecca explained the history of SPEC and talked about the group's efforts to educate and engage with current students on the importance of philanthropy.
Finance Committee
Vice President for Finance & Administration Dave Surgala and Associate Vice President for Finance Dennis Swank reviewed with the Committee the University's FY14 operating budget performance, which is expected to result in an approximate 1 percent budget surplus (about $2.5 million) mostly due to having a few more students on campus than forecasted, and the proposed FY15 operating budget, which includes a 3.4 percent comprehensive fee increase and a 3 percent increase in salary pools as approved by the Board in January.
The Committee received a brief update on the Faculty Total Compensation Study and heard plans to form an on-campus group to lead the development of an integrated total faculty compensation review. Conversations have begun with Sibson Consulting regarding the second iteration of the survey.
The Committee received an update on the integrated health care initiative, which, with the construction of the campus health and wellness center, will be fully implemented. This partnership with Evangelical Community Hospital and Geisinger Health System aims to provide better service to students and staff, as well as much improved insights into cost drivers, and give the University the ability to proactively manage those costs through increased access to data and metrics.
Dave also provided an overview and update of the Campus Master Plan, which included discussion of projects such as Academic East, replacing the HVAC system in Dana, and renovations to the Carnegie Building; Roberts, Larison and Harris residence halls; and public spaces in the Weis Center for the Performing Arts.
Other business included a review of the Integrated Financial Model, current long-term borrowing rates and possible structures for new debt, and an introduction to the Committee of Pierre Joanis, Bucknell's new Associate Vice President for Human Resources.
Investments Committee
The Investment Committee reviewed return objectives and market conditions, noting that the current market environment presents a challenge in maintaining the purchasing power of the endowment fund. As of March 31, the University's total endowment fund stood at $719 million.
The Committee also met with students from the Student Managed Investment Fund (SMIF). SMIF's assets have grown to $1.5 million, and the transition to next year's class is taking place.
The Committee will host the fifth annual Bucknell Investment Conference on Wednesday, June 11, at the Yale Club in Manhattan. The conference brings together Bucknell experts in the finance industry to share their knowledge with alumni and other guests.
Audit, Compliance and Risk Management Committee
The Audit, Compliance & Risk Management Committee discussed the FY14 audit plan with the University's independent auditors, KPMG, as well as next year's audit plan with Internal Audit.
The Committee received an update on IRS and regulatory reporting matters such as the annual IRS Form 990 and the federal grants audit. In addition, General Counsel Amy Foerster provided an update regarding open litigation and administrative claims, as well as regulatory developments concerning the Clery Act. The Enterprise Risk Management draft website and toolbox for department managers was also discussed.
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