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Committees:
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FISCAL ADVISORY
COMMITTEE October 1, 2004 Notes Committee Membership 2004-2005: Greig Mitchell, Vice President of Business and Finance, ex officio, nonvoting Fred Kundell, Faculty (Chemistry) 2002-2005 Jerome DeRidder, Faculty (Accounting) 2002-2005 Johanna Laird, Faculty (Clinical Lab Science) 2003-2006 (Chair) Memo Diriker, Faculty (Perdue School) 2004-2007 Janet Horne, Faculty (Communication and Theater Arts) 2004-2007 Jackie Eberts, Staff (Financial Services) 2003-2005 Charlotte Rayne, Staff (Financial Services) 2003-2006 Lisa Gray, Staff (Bookstore) 2004-2007 Katie Sterling, Student (SGA) 2004-2005 Student Vacancy 2004-2005 The meeting was called to order by Dr. Fred Kundell, Chair, Fiscal Advisory Committee 2003-2004. Dr. Kundell recommended selecting a new chair, due to his schedule. After some discussion, Jo Laird agreed to chair the committee for the year. Greig Mitchell reviewed the University budget, providing the following by way of handouts: FY 2004 Total Revenue and Expenditures FY 2005 Total Revenue and Expenditures FY 2005 Changes in Revenue and Expenditures FY 2005 Full-Time UG In-State Tuition Comparison The University must provide 5 year projection of tuition rates based on a set of assumptions. We have some latitude with nonresident tuitions. It now exceeds what we must charge. However, there is a question regarding our tuition rate relative to others. August was the deadline for FY 2006, but we are waiting to get the list of “assumptions.” We wanted to increase tuition by 15% ($672 per year), but we need to be able to compete with other higher cost institutions that are able to provide more financial aid. Evidently, nonresident tuition has gone so high that our nonresident student population has fallen (approximately 13%). Thus, the tuition is probably overpriced. Enrollments for F2004 look good so far. We are still waiting to hear final numbers on resident and nonresident students. Budget information on the SU Foundation is not reported in the handouts, since the foundation is a separate entity from the University. It was mentioned that the foundation has not been raising the amount of money they used to. Perhaps, the foundation should increase efforts in raising funds for scholarships. It was agreed that the committee wanted to be informed/enlightened in advance of various happenings/activities before an emergency crisis in order to react appropriately instead of at the last minute. Thus, having various campus segments present information about their areas might help tremendously when faced with making last minute recommendations to the President's Executive Council. The committee agreed that it would be helpful to (1) hear from the University Foundation to find out where “advancement” stands and (2) hear from Jane Dane on enrollment and tuition issues. Greig Mitchell said that he would make the contacts and let the committee know when they would be available. Meetings of the Fiscal Advisory Committee will be conducted Fridays at 3:00. For the next meetings, we will try to get either someone from the Foundation or Jane Dane to attend and will schedule accordingly. After that, we will meet the first Friday of eah month.
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