October 16, 2020

Minutes of the Board of Governors
Finance and Facilities Committee

Missouri State University
October 16, 2020, 8:30 a.m.
https://us02web.zoom.us/j/89677070960

Roll Call:

Present –

  • Ms. Carrie Tergin, Committee Chair
  • Mr. Craig Frazier, Committee Member
  • Ms. Amelia “Amy” Counts, Committee Member
  • Mr. Gabriel Gore, Committee Member
  • Ms. Beverly Miller Keltner, Committee Member
  • Ms. Lynn Parman, Committee Member
  • Ms. Carol Silvey, Committee Member
  • Mr. Jay Wasson, Committee Member
  • Mr. Chris Waters, Committee Member
  • Mr. Briar Douglas, Student Governor

Also present –

  • Clifton M. Smart III, President
  • Donna Christian, Director, Internal Audit and Risk Management
  • Jeff Coiner, Chief Information Officer
  • Ryan DeBoef, Chief of Staff and Assistant to the President for Governmental Relations
  • Rachael Dockery, General Counsel and Chief Compliance Officer
  • Frank Einhellig, Provost
  • Steve Foucart, Chief Financial Officer
  • Dennis Lancaster, Interim Chancellor of the West Plains Campus
  • Natalie McNish, Senior Auditor, Internal Audit and Risk Management
  • Matt Morris, Vice President for Administrative Services
  • Wes Pratt, Chief Diversity Officer and Assistant to the President
  • Suzanne Shaw, Vice President for Marketing and Communications
  • Rowena Stone, Secretary to the Board of Governors

Roll Call – Ms. Carrie Tergin, Committee Chair, called the Finance and Facilities Committee meeting to order at 8:30 a.m. on Friday, October 16, 2020, in the Christopher S. Bond Learning Center Ballroom at the Darr Agriculture Center in Springfield, Missouri. The meeting was broadcast live via Zoom webinar.

Review of Unaudited FY2020 Preliminary Financial Statements – Mr. Steve Foucart, Chief Financial Officer, presented the unaudited FY2020 preliminary financial statements for review. He shared that due primarily to withholds of the university’s state operating appropriations, the university had a $6.4 million decrease in its operating fund reserve on the Springfield campus and a $229,000 decrease in its operating fund reserve on the West Plains campus.

FY2021 Budget Update – President Clif Smart and Mr. Foucart provided an update on the FY2021 budget. The university’s enrollment was better than expected, resulting in an additional $2.9 million in tuition and fees in the summer and fall for the Springfield campus. Scholarship expenses were $1.9 million less than budgeted, and the university saved $1.2 million in payroll and benefits through the hiring freeze. Depending on the impact of COVID-19 on the spring semester, the additional revenue and expense savings may minimize the Springfield campus’s need to spend reserves to balance the FY2021 budget as initially anticipated. Similarly, on the West Plains campus, additional tuition and fee revenue, as well as scholarship and payroll savings, will reduce the amount of reserves needed to balance its budget.

Lastly, it was reported that Governor Parson recently announced that he would release $1.7 million of currently withheld state appropriations. The executive budget committee will meet in the coming weeks to discuss how to invest these funds in the university’s operations. Recommendations will be brought to the Board at the December meeting.

Facilities Updates ‐– Mr. Matt Morris, Vice President for Administrative Services, provided an update on facilities projects. Highlights of his report included updates on the Jordan Valley Innovation Center expansion, phase 2 of the Plaster Center, the McQueary Family Health Sciences Hall addition, the Greenwood Laboratory School addition, and the new residence hall.

Foundation Review – Mr. Brent Dunn, Vice President for University Advancement, provided an update on the Onward, Upward capital campaign and submitted a year-to-date development report. To date, the campaign has raised over $205 million.

Procurement and Financial – Mr. Foucart provided an overview of the procurement activity report to be approved as part of the consent agenda in the regular Board meeting. The report included changes to the university’s contracts with Ovations Food Services and Coca-Cola North America Group which were necessitated by the pandemic. The report also includes approval to purchase $350,000 of audio-visual equipment for the efactory and Jordan Valley Innovation Center which will be funded by the federal CARES Act funds award by the Missouri Department of Economic Development and the Missouri Technology Corporation.

Adjournment – With no further business needing to be discussed, Ms. Tergin adjourned the Finance and Facilities Committee meeting at 9:49 a.m. on the motion of Ms. Carol Silvey, the second of Mr. Craig Frazier, and the unanimous approval of the committee.   

 


Rowena Stone
Secretary to the Board