The Board of Governors met last week.
BKD presented the university’s independent audit to the Risk Management and Audit Committee. There were no reportable matters related to alternative accounting treatment or auditor’s judgments about the quality of the university’s accounting principles. There was only one proposed adjustment, which has been recorded. I am very pleased with Missouri State’s record of excellent reports from independent auditors.
The Programs and Planning Committee received presentations about retention initiatives on the Springfield and West Plains campuses. Initiatives on the Springfield campus include college-specific GEP 101 classes, the Bears L.E.A.D. program, proactive advisor training, and creating the Center for Academic Success and Transition. Initiatives on the West Plains campus include enhancing the Grizzly Guard Alert System and evaluating advisement strategies, accessible course scheduling and cohort models.
In the regular meeting, the board approved a five-year extension of the university’s agreement with Med-Pay in exchange for Med-Pay’s agreement to maintain its current fee schedule. The board also approved a five-year extension of the university’s contract with Mercy in exchange for a flat fee schedule, guaranteed savings through a limited risk corridor program and Mercy’s agreement to provide additional services to the university’s employees.
The board also approved a bond resolution and bond purchase agreement for Brick City. In October the board approved the purchase of buildings 1, 3, 4 and 5 of Brick City for $17.7 million. Last week the board approved a bonding package that finances the purchase of these buildings with $15.73 million in private placement revenue bonds at a 3.53 percent fixed interest rate with 15-year maturity. This rate is favorable compared to current public market rates. The bond payments will be approximately $125,000 less than the current annual lease payments on the same buildings.
The board also awarded contracts for the renovation of two rooms in Kemper Hall and for a greenhouse addition to Temple Hall, received a presentation on the university’s web refresh efforts and approved board executive committee assignments.
Thanks for all you do for Missouri State!