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Antioch University
Finance Committee Minutes
Conference Call
May 23, 2001
3:00 PM EST
Present: Jim McDonald, chair; Niels Lyster; Bruce Bedford; Monique Clague;
Judy Palmer; Art Zucker: Pegene McPhaden; Glenn Watts: Rosalie Sturtevant;
Jim Hall; Paul Ewald: Lois Mann
This special meeting of the finance committee was called to clear the agenda for
the June Board meeting of small items and to provide some background to
Finance Committee members concerning the 2001-02 Budget that will be
presented.
Glenn Watts reported on an item over $10,000 that he approved for Antioch
McGregor. Antioch has entered into a one-year lease for $20,000 for the
Classroom of the Future project that will be housed in the Entrepreneur Center in
downtown Dayton. This lease covers the 1300 sq ft space, healt, light and
support of equipment needed to operate this demonstration project classroom,
funded by local businesses, and to be used as a place to train teachers in
technology. The lease expense is in the McGregor 2001/02 budget.
An update was provided on a legal matter concerning the WYSO tower lease.
Although WYSO completed a mediation process with landlord P&R
Communication and we thought the tower lease matter was settled, P&R is now
reneging on the agreed upon terms and this might require future litigation.
A Glen Helen construction project to remodel the Cedar Center, as phase one of
restoration of the Outdoor Education Center, is ready to get underway. This
project is also before the Physical Facilities Committee at the June meeting. The
estimated cost of the project is $150,000 and will be paid for by a restricted fund
Called the Glen Helen Headley fund that presently has a balance of $204,000. A
motion was presented to approve the financing of the construction out of the
Headley Fund subject to the approval of the Facilities Committee. Moved by
Bruce Bedford, seconded by Judy Palmer. All passed.
The Seattle campus is interested in renovating 4200 sq ft of space that has been
left vacant by a recent tenant. This project requires around $350,000 and the
campus wants permission to investigate financing options for this amount. Glenn
Watts does not recommend going ahead at this time because the 2001-02
budget situation is so uncertain. The committee agreed with this
recommendation.
Finance Committee Minutes
Conference Call
May 23, 2001
Page 2
A review of the projected 2000-01 year-end was presented by Glenn Watts. With
the stock market results through May 21, the year-end deficit appears to have
fallen to around $888,000. The College annual fund is one variable that could
still fall short of its goal. Lois Mann reported that there is $159,000 in solid
pledges yet to come in, but that the annual fund will need to receive another
$300,000 in gifts in June to make the budget. She pointed out that in June 2000,
$300,000 was received into the annual fund, but the historical average amount
for June is $171,000.
A discussion of the 2001-02 budget process ensued, with an explanation that the
sources of the $1.6 million of lead gifts in the College budget is unknown at this
time. That makes this forthcoming budget proposal unbalanced.
Board members requested that the College provide an updated year-end
projection based on the April actuals and that the board be given the details of
the Capital Campaign and special Recruitment budgets within the 2001-02
budget.
The meeting adjourned at 4:45pm EST.
OIR-F
Antioch University
Finance Committee Minutes
May 31 and June 1, 2001
Present: Jim McDonald, chair; Bruce Bedford; Bob Krinsky; Monique Clague;
Pegene McPhaden; Leressa Crockett; Art Zucker: Niels Lyster; Judy Palmer:
Glenn Watts; Rosalie Sturtevant; Toni Murdock; Barbara Danley; Jim Craiglow:
Mark Schulman; Bob Devine; Jim Hall; and David Weaver. Several other
members of the Board were also present.
The Finance Committee meeting held in Keene, New Hampshire spanned
May 31 and June 1, 2001. The meeting began with the approval of Beverly L.
Viemeister as the Chair of the Glen Helen Board of Overseers and Randall G.
Daniel as the Chair of the WYSO Resource Board by unanimous vote. Both
terms begin July 1, 2001.
The main item of discussion was the 2001-02 Antioch University budget. An
introduction concerning the 2000-01 year-end by Glenn Watts indicated that
Antioch’s bottom line has been drifting down in recent years. He mentioned that
the University could realize a deficit of $870,000 or more at June 31, 2001,
including stock market fluctuations.
In the 2001-02 budget, as in past years, depreciation is not covered and will
represent a $2.9 million expense. The College budget contains a Lead Gift line
of $1.7 million with no definitive revenue source behind it and represents a
Significant gamble to the institution. This budget is extremely tight and, even
though the contingencies and liquidity reserves are pledged to cover
depreciation, the budget still represents a deficit. Everything must go right to
avoid another deficit, and this budget contains too much risk. In the past, liquidity
and contingency reserves have been sufficient to cover the deficit, but that is not
the case in 2001-02. Problems that arise with a deficit are unfavorable audit
comments, not meeting bond covenants, risks to continuation of Federal financial
aid, and the upcoming NCA reaccreditation Process. In summary, the Vice
Chancellor said that he could not recommend approval of the budget as
presented.
Speaking on behalf of the Presidents, Jim Craiglow emphasized that the
Campuses need short term stabilization, both financial and Strategic. The adult
Campuses have over $2 million in unfunded reserves due them from the 1980’s.
The Presidents do not want this fact lost in stabilization discussions.
A discussion ensued concerning the budgeted $600,000 of Endowment gains to
be used for adult Campus capital and program development projects. It was
agreed that Antioch needs to shoot for a break even finish in the 2001-02 year.
Chair Jim McDonald next Suggested that in order to approve the budget, an
‘embargo list’ of items that would not be spent until lead gifts were received,
needed to be developed and attached to the budget (see attachment for
embargo list and spending procedure).
The meeting was recessed until the next day, 6-1-01.
The meeting reconvened on 6-1-01 at 10AM. Present: Jim McDonald, chair: Jeff
Kasch; Art Zucker; Pegene McPhaden; Niels Lyster; Bill Hooper; Judy Palmer;
Sandra Deming; Bruce Bedford: Lillian Lovelace; Glenn Watts: Jim Craiglow; Bob
Devine; Toni Murdock; Barbara Danley; Mark Schulman; Jim Hall; Lois Mann
After discussion, it was agreed that the Lead Gift line must receive $350,000
before any of the specific embargoed items can be released.
President Mudock presented a proposal to build-out part of the space in the
Seattle building that was formerly leased to the Swallow’s Nest.
The meeting was recessed until later in the day.
The meeting was reconvened at 4PM. Present: Jim McDonald, chair; Niels
Lyster; Sandra Deming; Art Zucker; Pegene McPhaden; Jeff Kasch; Bruce
Bedford; Bill Hooper; Glenn Watts; Rosalie Sturtevant; Bob Devine.
There was a motion to approve the tuition rates, as they appear in the 2001-02
budget, by Art Zucker, seconded by Niels Lyster. All approved.
There was a motion to approve the 2001-02 budget, with the Lead Gift line
increased to $2.0 million and the embargo qualifications, by Art Zucker,
seconded by Judy Palmer. All approved.
Bob Devine registered objections to the $2.0 million lead gift line contained in the
College budget and to the encumbrance procedure. Jim McDonald replied that
the encumbrance procedure was a short term fix to keep us from a deficit in
2001-02 and was not intended as a permanent shift in how we do business.
Glenn Watts commented that these are needed controls that several of the CFOs
are welcoming and that the University Controller will work with the CFOs to set
up an encumbrance system. Jeff Kasch added that we need discipline in place
to limit the downside risk in this budget.
A resolution was moved by Bruce Bedford, seconded by Pegene McPhaden to
allow the one time use of $600,000 of unrestricted endowment gains by the
campuses for capital and program development items as described in the
budget. All approved.
The meeting adjourned at 5:20 p.m.
Attachment
Page 8
Board of Trustees
June 2001 Minutes
Open Session
[Note: the Board at its February 2001 meeting approved a schedule of tuition and fees for
Antioch College.]
Jim McDonald referenced the budget book for background on the following resolution:
RESOLUTION 6.02.01:7 (McDonald/Bedford)
WHEREAS, the Board of Trustees has approved the quiet phase of a capital campaign;
and
WHEREAS, more than $700,000 of expenditures preparatory to the capital campaign
have been reflected in the College budget for FY 2001-2002; and
WHEREAS, there is uncertainty as to the amount of unrestricted lead gifts which will be
recognized during FY 2001-2002;
RESOLVED, that upon the recommendation of the Chancellor, the University Leadership
Council, and the Finance Committee, the Board of Trustees adopts the unrestricted
general operating budget and the capital budget for FY 2001-2002 as presented to the
Board of Trustees at this meeting and as modified to increase the lead gift line of the
college’s unrestricted general operating budget from $1,659,688 to $2,000,000;
FURTHER RESOLVED, that the following items in the College Budget shall be
considered “embargoed expenditures”:
Development Office vacant position $ 67,548
Build-up in the Admissions Office 455,075
Drey Revolving Fund 200,000
Salary Increases above 2% 299,377
Campus Contingency, Discretionary 150,000
and the following items as discussed at this meeting shall also be considered embargoed_
expenditures:
University Conference Fund
New England $ 8,480
Seattle 8,400 –
Southern California 9,240
McGregor 5,240
College . 8,640
Adult campuses, $17,000 each 68,000
University Administration 20,000
Page 9
Board of Trustees
June 2001 Minutes
Open Session
FURTHER RESOLVED, that the Board of Trustees hereby delegates to the Vice
Chancellor and CFO and to the Chair of the Finance Committee authority to approve the
expenditures that have been designated as “embargoed expenditures” in the unrestricted
general operating budget and the capital budget for FY 2001-2002, such approval being
expressly contingent upon the availability of funds from gifts or other sources that can be
credited to the lead gift line that are not otherwise reflected in the revenues of said
budgets. The authority to approve embargoed expenditures shall not be exercised until
such time as $350,000 has been credited to the lead gifts line of the College’s unrestricted
general operating budget for 2001-2002. The final $350,000 shall be credited only after
all embargoed expenditures have been released.
FURTHER RESOLVED, that the Board of Trustees hereby delegates to the Vice |
Chancellor and CFO the final authority to approve capital expenditures between $10,000
and $25,000 as set forth in the FY 2001-2002 capital budget.
FURTHER RESOLVED, that the Board hereby ratifies and confirms the action taken by
the Vice Chancellor and CFO to require all campus CFO’s to certify in writing the
accuracy and completeness of their respective budgets for FY 2001-2002.
FURTHER RESOLVED, that it is the policy of the Board of Trustees that all budgets
hereafter submitted to the Board for approval shall be accompanied by the written
certification of each campus President and CFO certifying to the accuracy and
completeness of that campus’ proposed budget, in a form satisfactory to the Vice
Chancellor and CFO.
RESOLVED FINALLY, that each campus and other operating units of the University
shall hereafter fully comply with the expenditure and revenue control measures, including
encumbrance of approved expenditures, specified by the Vice Chancellor and CFO.
Passed unanimously.
RESOLUTION 6.2.01:16 (McDonald/Kasch)
RESOLVED, that $600,000 of the gain (realized or unrealized) or earnings on the
University’s unrestricted endowment fund shall be made available to the campuses
during FY 2001-2002 as budgeted, to provide funds for infrastructure and or program
development. At such time in the future that certain unrestricted bequests and pledges
from the College’s last capital campaign are received (which have been previously
identified to fund campus reserves per Resolution 2.6.99:13), those funds will be placed
in a quasi-endowment fund which shall be used to provide the College with annual
operating funds in lieu of receiving distribution from the endowment fund under the
Board’s current policy (Resolution 6.5.99:10) which shall be temporarily suspended to
permit future gains and earnings on the endowment fund to accumulate.
Passed unanimously.
Antioch-University
Finance/Stabilization Committee Minutes
Conference Call
dune:29,2001 ..
Present: Jim McDonald, chair; Art Zucker, Pegene McPhaden, Judy Palmer, Dan
Kaplan, Bruce Bedford, Bill Hooper, Jack Mersalis, Jim Hall, Glenn Watts, Rosalie
Sturtevant
The meeting was called to order at 2:00 PM EST.
A brief discussion of the Seattle remodeling projected ensued with Glenn Watts
describing the project itself as a conversion of part of the space vacated by the ;
Swallow’s Nest for use by the campus for library space, computer lab space, classrooms ©.
and offices. Bill Hooper assured the committee that he had reviewed the plans for the
project and had talked to the architect and was satisfied with the plan. He
recommended that the project be approved. The sources of funds were discussed
which included a $275,000 loan from the University’s Reserve Account to be paid back
by Seattle over 5 years at 7% interest. A motion to approve the project by Bruce
Bedford, seconded by Pegene McPhaden was approved by all committee members.
Next an informational item concerning the Capital Campaign’s Ketchum contract was
presented by Jim Hall. Because at the June 2001 Board Meeting, the finance committee
made approval of this contract contingent upon the availability of funds, the committee
was apprised of current situation. Given the draft contract language allowing for a thirty
‘day termination of the Ketchum contract without further cost, the committee determined
that the funds already in hand or pledged met the contingency.
The committee next began work on the Financial Stabilization process. The committee’s
charge from the Board is to develop a plan that provides financial stabilization across the
University, which includes:
– no financial losses in the next 18 to 24 month period
– all units staying within budget
– areduction of risk and a higher probability of achieving a balanced budget
– arestructuring of the budget practices and the presentation of financial
information
A report is to be presented to the Board at the Oct, 2001 meeting.
The timeline laid out is tentatively:
– July 9 Teleconference, 10 AM EST
– July 23 One day meeting in Columbus, location TBA
– August Additional phone and possible face-to-face meetings
– Sept 15 Deliberations over and plan agreed upon
– Sept 28 Report to the Board written
– October 8 Report mailed to the full Board
_ – Oct 18 Board Meeting presentation
The Committee brainstormed on a few areas of interest to be examined at the July 234
meeting in Colymbus. Glenn and Rosalie : are to prepare materials for discussion of
these items, which are: . .
– the existing Budget Guidelines
– possible properties and land holdings that could be sold
sieisrisni initio
SNCar EE:
– creative ways to realize bequests
– sources of additional funding to invest in PR and marketing
– organization charts, personnel ratios and vacant positions
– faculty course load practices at each campus
The Committee also decided that Jim Hall would notify each campus president that a
short term hiring approval process would go into place immediately to give the
Stabilization project members time to get their bearings on the financial situation.
The meeting adjourned at 4:00 PM EST.
Antioch University
nal nmittee Minutés
Stabilization Project
Concourse Hotel, Columbus, Ohio
July 23, 2001:
Present: Jim McDonald, chair; Art Zucker, Pegene McPhaden, Judy Palmer, Dan
Kaplan, Bruce Bedford, Jeff Kasch, Bob Krinsky, Jim Hall, Glenn Watts, Rosalie
Sturtevant, and guest consultant, Tom Clough.
The meeting was called to order at 10:00 AM EDT.
The purpose of this meeting was to discuss possible measures to take to ensure the
financial stability of the University for 2601-02. Antioch cannot have a deficit finish to
the year because of the upcoming accreditation review and because of the many
‘bond covenants we must meet.
Jim McDonald led the committee through some background material and a summary
of previous meetings this group has had. We then focused on some financial
schedules requested by the group. Budgeted financials by campus were restated to
eliminate overhead charges, rebates, and contingencies; depreciation amounts were
added. This restructuring was done to give the Committee a clearer picture of the
financial situation at each unit. Personnel ratios were also examined by campus.
Next the committee focused on what items were the biggest risks to the University
completing the 2001-02 year with a surplus, as well as possible offsets. The items
identified were:
– Lead Gifts not materializing $1.66 million
– Unbudgeted expenses $ .25
– Enrollment shortfalls $ .50
– Over-awarding of discounts $ .20
– Shortfall in the annual fund $ .14
– “Murphy’s Law” events $ .50
– Endowment Income (new endowment) ($ .20)
– Hold the line on embargoed items ($ .85)
– Budgeted Excess | ($ .75)
Total . $1.45 million
The Committee concluded that the University was at risk for around $1.45 million
because so many items were shaky or uncertain. Tom Clough suggested that we
prepare some materials that looked at the trend line of net income from students for
the last several years.
committee Minutes
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nce Committee Minutes
The Committee then brainstormed about steps that might help to reduce some of the
costs, and therefore risks, during the short term. The Committee member who will
assume responsibility for each item is listed in parentheses.) These include:
– An audit of the Admissions Office (Dan w/Bob Devine)
– Increased PR and marketing (Art)
Yellow Springs functional.redundancies (Bruce and Jeff)”
– ~Asmandated headcount reduction of 10:people (Bruce and Jeff):
– The establishment of a stabilization fund, status of AIF funds, other? (Dan)
– National Procurement Contracts (travel, IT, supplies, long distance) (Peggy
w/Barbara Danley)
– Outsourcing (Peggy w/Barbara Danley):
– Benchmarking (Glenn)
– Marginal Cost of Students, yield management (Bruce w/Toni Murdock)
– Excess Yellow Springs physical plant & real estate sales (Judy w/Glenn)
Faculty workload was also discussed and it was agreed that Bruce should as Bob
Devine to suspend the change in loads that will become effective this fall. It is not
clear what the change might cost in the future, or what other impacts it might have.
Until the Committee completes its report, no workload changes should be
implemented.
The Committee requested some comparable personnel counts for the past few years,
if available.
Tom Clough asked us to consider if there is some acceptable level of deficit we might
be willing to accept for the next few years. He also encouraged us to understand the
marginal cost of students at the College. His advice was that a document explaining
the true financial situation at the University and at the campuses be developed and
widely disbursed to faculty and staff at all campuses to dispel fears and rumors.
It was decided that as many Committee members as possible would meet with Bob
Devine and Barbara Danley in Yellow Springs on August 3 to gather input on the
above list. The full committee will also meet again on Thursday, September 13 in
New York at 9:00 AM EDT.
The meeting adjourned at 5:00 PM EDT.
Antioch University
Finance Committee Minutes
Glen Helen Building
Yellow Springs, OH
October 19, 2001 ©
Present: Jim McDonald, chair; Niels Lyster, Leressa Crockett, Reuben Harris,
Dianne Fraser, Jack Merselis, Jessica Lipnack, Betty Fuchs, Peggy McPhaden,
Dan Kaplan, Jeff Kasch, Art Zucker, Bruce Bedford, Bob Krinsky, Bill Hooper,
Sandra Deming, Barbara Winslow, Amy Chappell, Monique Weston, David
Weaver, Gienn Watts, Rosalie Sturtevant, Jim Hall, Lois Mann, Mark Schulman,
Barbara Danley, Toni Murdock, and Jim Craiglow.
The finance committee meeting began with a closed session at which the
Committee recommended approval of a tenure agreement with Jean Gregorek at
Antioch College.
A review of the 2000-01 year-end financial results by Glenn Watts focused on the
$1.5 million deficit experienced by the University. This result has put Antioch into
technical default on 3 of its 4 bond issues. We are in the process of obtaining
waivers from the bondholders and, as a result, the Board has been presented
with only draft copies of the audited financial statements. Until the banks provide
the waivers, our auditors cannot certify that Antioch is a going concern and that is
why the final audit has not been issued.
In executive session, the Committee was then briefed by Todd Powell, audit
manager from Emst & Young, on the financial statements and the financial
condition of the University. Dan Kaplan moved to accept the audit report,
seconded by Jeff Kasch, all approved.
sion, the Rinarien: Coramittess ‘was: eMone with a draft ‘teport
ersity:: The Committee received comments from.each: campus. president: on
how. the:recommendations might affect his-or her campus.
icDonald will: present the stabilization plan to-the-Full: Board: for-input, «
-and.amendments…
The Committee.adjoumed and the Full Board convened to consider other
matters.
Minutes of the Executive Committee of the Antioch Board
a4
ae .
1
November 9, 2001, in NYC
Present: Bruce Bedford, Jim Hall, Dan Kaplan, Bob Krinsky, Jim McDonald,
Barbara Winslow (minutes); by telephone, Lillian Lovelace
1. Financial Stabilization: Jim McDonald gave a lengthy report. The final report and
financial plan is due November 30. There is understandable disquiet among “the®
nstituencies; Jim Hallis working with a group’of faculty to help
give the faculty a sense that they are part of the solution to’
situation. Jim McDonald expressed:concern about support from the board. He was;
assured. he had board:support-to go forward;:
2. Capital Campaign: Dan Kaplan reported on the CC meeting which was held
earlier during the day. Present at the meeting was Lois Mann, Bob Krinsky, Bob
Devine, Barbara Winslow, Dan Kaplan, David Goodwin (Glen Helen
Association) and Gail Gregory (Ketchum). Minutes from that meeting will be
distributed at the BOT meeting. There was a lengthy discussion about roles and
responsibilities for the leadership of the campaign.
3. The Future of Antioch Committee, to be led by Bruce and Jack will get started, up
and running before the February BOT meeting.
4. Interim College President: The Management Transition Committee (Ruben
Harris, Sandra Deming and Jessica Lipnack were unable to attend) met with Joan
Straumanis. Bob Krinsky is to negotiate an offer with her. Because of a death in
her family we were not able to meet with Tobie van der Vorm from the Academic
Search and Consulting Service to discuss the Chancellor’s search, New England
or Los Angeles.
5. Trusteeship Committee: The Trusteeship committee will organize the election of
the at-large member to the Executive Committee. Jack Merselis will work with
Jessica in shepherding the process of the next board chair.
6. There was a general discussion about the role and effective functioning of the
Executive Committee as to date. We are aware that members of the board feel
distant, even alienated from the EC. We are trying to remedy this by getting
minutes out faster, and making sure EC members call their assigned board
members. The next Executive Committee meeting will be December 5″. We will
also have a closed session at the next BOT meeting discussing the EC committee.
7. The board discussed and clarified the roles of senior staff to the BOT. Glenn
Watts is to advise and work with Finance, Physical Facilities and Investment;
Lois Mann with Trusteeship and Development; Jim Hall (who is also a board s
Minutes of the Executive Committee
mber.5, 2001, in NYC
Present: Bruce Bedford, Jim Hall, Dan Kaplan, Bob Krinsky, Jim McDonald, Jack
Merselis, Barbara Winslow (minutes); by telephone, Lillian Lovelace
Before the Executive Committee meeting started, three students from Antioch College
arrived and asked if they could get a hearing regarding the financial plan passed by AdCil.
We agreed to ten minutes; ten minutes became a half an hour. There was a productive
discussion concerning the possible impact of the financial plan on the college’s successful
NSSE report, as well as how the plan will affect college employees as well as the
endowment.
1. College Financial Plan. There was a lengthy discussion about the financial plan passed
by AdCil. The vote was 4 (tenured faculty) — 4 (untenured faculty and students). Jim Hall
cast the deciding vote in favor of the report. If the college were to implement the approved
plan, the college would be in the hole by $2.3million. One way to break even might be
through a lead gift (or many lead gifts) to the college. We discussed the possibility of
asking a recent large donor to agree to make use of part of his gift as a revolving fund to
ease the debt. We agreed to put together a team, Lois, Bob Devine and Bob Krinsky to
approach the donor with the idea. We agreed that we should approve the committee report,
then approach the donor after the February BOT meeting.
dn terms of the Yellow Springs consolidation, Jim McDonald reported that after ‘his
meeting with Jim Lawrence, our labor legal. advisor, we. will not have any. significant dabor
sroblem with the consolidation effort. We are moving toward a shared service model. [
ached resolution was unanimously approved:
i
procedures.
would like the authority to proceed with the technology aspects of
fhis will not involve labor issues but other campuses’ standards and
a was given the okay to proceéd:*
Jim McDonald moved that we acknowledge with great appreciation and thanks to AdCil
and Jim Hall’s leadership for the AdCil financial report. We now call upon the college to
implement their report immediately. Passed unanimously.
Bruce Bedford reported on the status of the financial plans of the graduate campuses.
Jim Hall, Jim McDonald and Bruce met with Hassan about tenure relinquishments. There
may be two or four tenure relinquishments. We will achieve some modest gains through the
tenure relinquishments.
2. The Campaign for Antioch. Dan Kaplan reported that there was a Steering
Committee meeting November 9, a report sent out, the next meeting will be on January 3,
2002.
Bruce Bedford will call and then write Mark Schulman. Per his wishes, as of January 1,
2002, we will not be renewing his contract.
2 pee,
At the end of the Management Committee Meeting, we reconvened as the Executive
Committee meeting. Reuben Harris stayed on the line.
We continued the discussion about the financial plan. Jim Hall cautioned the board about a
number of issues raised by the Financial Report: faculty/student ratio, who should be
teaching co-op?; he cautioned about careful use of language regarding long-standing
college programs and governance procedures. We all agreed that Jim’s concems should be
part of the Future of Antioch Committee discussions. Our commitment to fiscally
responsible education must be driven by a clear academic vision.
The Executive Committee reviewed and unanimously approved the contracts identified in
the attached resolution.
The next meeting of the Executive Committee will be F riday, February 1, at 1OAM at the
Segal Company, 1 Park Avenue, NYC.
Submitted by
Barbara Winslow
RESOLUTION
12:05:01:1
ge
University, the Financé Committ
: ‘echnology and Data Processing, Physical Plant and Se
its Yellow Springs, Ohio operations: and
WHEREAS, the® nce Committee has recommiendéd that said administrative
support services can be most effectively and efficiently provided by consolidating:
corganizing all of those functions? and
ee
WHEREAS, the: ‘ecutive Committee believes that consolidati
aeorganization of all Yellow Springs’ administrative support services is.
mponent of the University’s Financial Stabiliza n:Plan;.
WHEREAS, the Executive Committee has determined that time is of the essence
in beginning this process. . 8
IT IS, THEREFORE, RESOLVED, that the-Executive Committee hereby
approves a consolidation and reorganization of administrative support services in
Yellow Springs, Ohio, as recommended by the Board’s Finance Committee.
RESOLVED FURTHER, the Executive Committee hereby authorizes and directs
the Vice Chancellor and CFO, in consultation with the Chair of the Finance
Committee, the University CEO, the College President, the President of Antioch
University McGregor, and the University’s legal counsel, to develop and
implement a specific plan to consolidate the University, Coilege and McGregor
administrative support services, as soon as reasonably practicable.
RESOLUTION .
12.05.01:2
The Executive Committee hereby ratifies and confirms the renovation of
classroom and office space in Santa Barbara, completion of the Cedar Center
renovation at Glen Helen, and renewal of the Antioch New England telephone
system lease, as more fully described in a memo to the Executive Committee from
the University’s Vice Chancellor and CFO dated September 10, 2001. (Note: The
Executive Committee approved these actions at its October 1, 2001, meeting. The
foregoing resolution was inadvertently omitted from the minutes of that meeting.)
|
2001-02 Budgets Adjusted for Stabilization Plan
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Antioch College VY
oy sd ie . Current Projected Projected
Me EA 2001-02 2001-02 2001-02 with
x Orig Budget Budget* FS Impact
Revenues os cu
Fy. 2 Cig a ee — Vv Tuition & Fees 2] & 2 22,527,250 13,330,425 13,588,889 13, 130 425 ~ rE Fi.
Thiton sess Tuition Discounts 2!é – 7/40 a – -3,149,377 —- -3,481,243 -3,549,377% PO”
/ “Gifts 4/oo 1,854,689. 1,304,089 1,554,68
xofir ‘Capital Campaign Special Gift SU | 1. _..357,000 645,000 a‘ 3 199
~ V LeadGifts Yi: 1,659,688}: -rc2 0 Gy ™
— “YGrants 42 “T3538 203 1,730,996 1,338,000
vEndowment Income 42¢” 381,000 190,912 181,000
Contracts ¥¥ 0 25,908 ~ 0
vOther Income 4é 133,139 160,737 133,139
v._ Total E&G Revenue 15,547 857 13,877;288 _ 13,432,876/
Y, Auxiliary Enterprises 45 2,455,635 2,524,021 2,455, 635
hed Chay ‘§ § 24.” Released From Restrictions “7¢C 714,997 — 1,205,018 714,997
_ Total Revenues 18,718,489 17,606,327, 16,603,508/
Net Overhead for Central Onerations 0 0 0
Operating Expenses
“> Salaries & Wages & Benefits © Te .Ts ou 11,732,480 11,347,861 10,866,480
Non-salary expense ~ 6,609,234 6,787,929 6,130,234
Capital Campaign Expense 0 357,000 645,000
Admissions Conversion Expense x 0 0 50,000
Other Unallocated 0 0 850,000
v Contingericy/Reserves
v’ Campus Contingency, Mandatory £ Beas 135,567 135,567 0
vy Campus Contingency, Discretionary §$ cof 207,389 0 0
¥ Liquidity Reserve 6 515 84,730 84,730 0
Consolidation effects 0 0 -75,000
Overhead .
y To the University ¢¢ /= 1,130,770 1,130,772 – 0
/ Rebates from the University 66! -550,000 -549,996 0
Subsidy from Adult Campuses, -200,000 -200,000 0
Subsidy from Overhead 254°” -748,500 – -748,500 0
v Other (Intercampus Agree & Univ Conf) £¢¢°. &=, -338,252 -241,764 0
Depreciation € 7£0 0 ° 0 1,450,000 .
‘Unspecified Reductions -287,194 d
Total Operating Expenses 18,063,418 18,103,599 19,129,520
Excess Revenue over Expenses 655,071 ~497,272 -2,526,012
Annual Budget Conversion to Cash Basis
Capital Expenditures “80,000 863,530 536,000
Borrowing Proceeds 0 ~647,011 -396,000
Principal Payments 575,071 602,036 575,071
Prior Year Reserves 0 0. 0
Add back Depreciation 0 0 -1,450,000
Total Cash Items ‘ 655,071 818,555 -734,929
Net Cash Basis Budget 0 -1,791,083
-1,315,827
6
€
Antioch College
Budget Proposals 2001-2002
FUNCTION
Revenues
Tuition and Fees
Less Tuition Discounts
Giits
Lead Gifts
Grants
Endowment Income
Contracts
Other Income
Total E&G Revenue
Auxiliary Enterprises —
Released From Restrictions
Total Revenues
perating Expenses
astruction
Research
Public Service
Academic Support
Student Services, Admissions, FinAid
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
.Principal Payments
Add back Deprciation
Total Cash Items
Net Cash Basis Budget
Salary,Wage, & Benefit Improvements
Additional Approved Searches & Vacancies
“tat Cash Basis Budget
2001/02
AdCil
Budget
13,357,425
(3,069,377)
1,854,689
0
1,300,000
181,000
0
100,000
13,723,737
2,455,635
1,600,000
17,779,372
4,954,755
0
– 0
1,014,242
2,347,345
2,479,413
‘ 3,515,799
1,907,253
14,218,807
2,142,126
16,360,933
1,418,439
80,000
0
575,071
0
655,071
763,368
443,673
319,695
0
+Fav-Unfav
Change
1,194,960
(126,775)
(773,311)
0
(39,569)
(7,000)
0
(62,000)
186,305
(171,121)
425,620
440,804
(118,889)
0
0
(67,073)
(135,519)
25,671
107,937
0
(187,873)
(56,495)
(244,368)
685,172
(2,113,484)
1,946,800
88,488
0
(78,196)
763,368
443,673
319,695
0
%
Change
9.82%
4.31%
-29.43% .
0.00%
-2.95%
-3.72%
-38.27%
1.38%
-6.51%
36.24%
2.54%
-2.34%
-6.20%
-5.46%
1.05%
7.67%
0.00%
-1.30%
-2.57%
-1.47%
93.44%
-96.35%
-100.00%
18.19%
-10.66%
0.00%
2001/02
REVISED
Budget
13,330,425
(3,149,377) –
1,854,689
1,659,688
1,338,293
381,000
0
133,139
15,547,857
2,455,635
714,997
18,718,489
§,373,971
0
0
1,013,357
2,848,595
2,782,292
1,822,127
2,012,166
15,852,508
2,210,910
18,063,418
655,071
80,000
0
575,071
. 0
655,071
0
Included
Included
+Fav-Unfav %
Change Change
(27,000) -0.20%
(80,000) 2.61%
0 0.00%
1,659,688 100.00%
38,293 2.95%
200,000 110.50%
0 – 0.00%
33,139 33.14%
1,824,120 13.29%
0 “0.00%
(885,003) -55.31%
939,117 5.28%
419,216 8.46%
, 0 0.00%
0 0.00%
(885) -0.09%
501,250 21.35%
302,879 12.22%
306,328 20.21%
104,913 5.50%
1,633,701 11.49%
68,784 3.21%
1,702,485 10.41%
(763,368) -53.82%
0.00%
0.00%
0.00%
0.00%
0.00%
oo 00 0
(763,368) -100.00%
Included
Included
0 0.00%
