Packed agenda here.
Board of Trustees of the University of Oregon
Finance and Facilities Committee Meeting
June 3, 2014
Tuesday, June 3, 2014 – Public Meeting – Ford Alumni Center, Room 403
Call to Order and Welcome
Looks like a full house, about 15 in the audience, Gottfredson and Geller made it. Lillis and others on the phone.
2.0 Review & Approve May Finance & Facilities Committee Meeting Minutes
3.0 Discussion of Optional Retirement Plans
Background information – Retirement Plans
Summary of Proposed Board Actions
Moffitt convenes, discusses transition of retirement plans from OUS to UO. UO will manage them fro all the other universities. Three plans: ORP (defined contribution plan, alternative to PERS), TDI optional, ORSP (OPR add on) special president’s golden parachute plan, as a PERS add on, with only ~$1M in assets. She and new treasurer seem on top of things. Plans have vendors, trustees, outside counsel, will be an easily transition. 30% elect ORP over PERS.
Connie Ballmer asks if there are any concerns about UO taking them over. Moffitt: no financial ones, we will need to do a search for a new director, will take co-operation between campuses. Geller: UO Board is taking over fiduciary responsibility. President’s special cash balance retirement plan is the oddity – includes Gottfredson.
4.0 Proposed Policies on Tuition and Fees
Committee endorses proposal. Ballmer complains how badly written it is.
5.0 Discussion of Proposed Repeal of Treasury Related Policies
Moffitt: Board will replace a bunch of financial policies under the president’s authority. Moffitt: OUS will approve the tuition and fees, but we need our own UO “fee book” with policies. Cleanup to remove Chancellor etc. Board will need to pass 3 resolutions along with new treasury operations manual, giving Moffitt power to borrow up the $5M, use the Oregon Treasurer to act as depository. Ballmer: is this standard for other higher ed institutions? Geller: They are standard, have been reviewed by UC, UW system, our bond counsel.
6.0 Summary of Proposed Board Resolutions Related to Treasury Operations
Lillis: When will we get our bond credit rating? Moffitt: We will have docs ready by Nov. 1st, and we will then move forward with our revenue bond program.
Moffitt: We have budget forecasts for your review and a spending authorization proposal for the full board. ~3% growth:
Obviously the board isn’t going to stand for the sorts of redactions Moffitt gives the faculty:
7.0 Adjourn at 10:10.