October 25, 2019

MINUTES OF THE BOARD OF GOVERNORS’
FINANCE AND FACILITIES COMMITTEE
MISSOURI STATE UNIVERSITY 
FRIDAY, OCTOBER 25, 2019, 8:30 A.M.
PSU BALLROOM EAST, 3rd FLOOR

Present - Ms. Amelia Counts, Committee Chair
Mr. Gabriel Gore, Committee Member
Mr. Craig Frazier, Committee Member        
Mr. William Miller, Committee Member
Mr. Kendall Seal, Committee Member
Ms. Carol Silvey, Committee Member
Mr. Gregory Spears, Committee Member
Ms. Carrie Tergin, Committee Member

Absent - Ms. Beverly Miller Keltner, Committee Member

Also Present - Mr. Clifton M. Smart III, President of the University
Dr. Jim Baker, Vice President for Research and Economic Development and International Programs
Ms. Donna Christian, Director of Internal Audit and Risk Management
Mr. Jeff Coiner, Chief Information Officer
Ms. Jennifer Cox, Assistant to the Vice President for Administrative Services
Mr. Ryan DeBoef, Chief of Staff and Assistant to the President for Governmental Relations
Ms. Rachael Dockery, General Counsel and Chief Compliance Officer
Mr. Brent Dunn, Vice President for University Advancement
Dr. Frank Einhellig, Provost
Mr. Steve Foucart, Chief Financial Officer
Ms. Teresa Frederick, Associate Director of Residence Life
Mr. David Hall, Director University Safety
Dr. Tammy Jahnke, Dean, College of Natural and Applied Sciences
Mr. Brad Kielhofner, University Engineer and Director of Facilities Management
Dr. Shirley Lawler, Chancellor, West Plains Campus
Ms. Natalie McNish, Senior Auditor, Internal Audit and Risk Management
Dr. Dave Meinert, Dean, College of Business
Ms. Shirley Mitchell, Senior Accountant-Analyst, Provost Office
Mr. Matt Morris, Vice President for Administrative Services
Ms. Andrea Mostyn, Director of University Communications
Dr. Joye Norris, Associate Provost for Access and Outreach
Mr. Tom Peters, Dean of the Library
Mr. Robert Price, Custodian I
Mr. Greg Rainwater, Budget and Financial Manager, Provost Office
Mr. Scott Schneider, Director of Business and Support Services, West Plains Campus
Ms. Cindy Schull, Director of Grants and Foundation
Ms. Jennifer Severson, Director of Accounting and Budgeting, Financial Services
Dr. Dee Siscoe, Vice President for Student Affairs
Mr. Gary Stewart, Director of Residence Life, Housing and Dining Services
Ms. Rowena Stone, Executive Assistant to the President
Ms. Angela Strider, Assistant Director of Residence Life
Mr. Mark Wheeler, University Architect and Director of Planning, Design and Construction
Ms. Kristan Gochenauer, Secretary of the Board of Governors
        
1.    Roll Call – Ms. Amelia Counts, Committee Chair, called the Finance and Facilities Committee meeting to order at 8:30 a.m. on Friday, October 25, 2019, on the Missouri State University campus.

2.    Approval of Minutes – Ms. Counts mentioned that the first item of business was the approval of the minutes from the June 21, 2019, meeting.  Mr. Gabriel Gore made a motion, receiving a second from Mr. Craig Frazier. 

Motion passed unanimously.

3.    Foundation Review – Mr. Brent Dunn, Vice President for University Advancement, shared a copy of the Foundation Annual Report with the Board.  This weekend is the official announcement of the campaign with a goal of $250 million by 2022.  To date, the Foundation has raised $151 million.  Mr. Dunn then reviewed first quarter gifts through September 30, 2019, and shared that the ways of fundraising have changed with donors now receiving texts versus traditional phone calls. 

4.    Review Unaudited FY2019 Preliminary Financial Statements – Mr. Steve Foucart, Chief Financial Officer, reviewed the unaudited FY2019 preliminary financial statements with the Board for the Springfield and West Plains campuses.  Review of the statements show stability and consistency on the Springfield campus and an increase in net position on the West Plains campus. BKD will present the final report at the December Finance and Facilities Committee meeting. 

5.    FY20 Budget Update – President Clif Smart stated the two key indicators of budget are tuition and fees and room and board.  Projections estimate that the University will be down .4% of the full budget.  Mr. Foucart reviewed all funds for the Springfield and West Plains campuses, through September 30, 2019, noting that both are tracking well overall.    

6.    Summary and Resolution Authorizing the Issuance of Educational Facilities Revenue Bonds 2019B – Mr. Foucart reviewed the refinancing of educational facilities revenue bonds with a closing date of December 4, 2019 at a rate of 3.05% with a maturity date of October 2035.  Total projected savings is $288,000.  

7.    Summary and Resolution Authorizing the Issuance of Auxiliary Enterprise System Revenue Bonds 2019A – Mr. Foucart then reviewed the refinancing of auxiliary enterprise system revenue bonds with a closing date of December 4, 2019 at a rate of 3.05% with a maturity date of October 2035.  Total project savings is $750,000.  Mr. Foucart shared that Mr. Bill Burns, Gilmore & Bell, will be available during lunch to answer any questions. 

8.    Facilities and Equipment – Mr. Matt Morris, Vice President for Administrative Services then gave an update on the new residence hall located at the corner of S. Holland and Madison Street. He showed a rendering of the project and outlined the 7 story unit to include a 4-story garage, 402 bed 3-story living space and first floor retail space. Completion is expected for the fall 2020 semester.  Mr. Morris then discussed the bid and award of a contract for the dining center infill at the new residence hall. A low bid in the amount of $3,671,500 was received from Branco Enterprises, Inc. and includes alternates 1, 3 and 4.  

9.    Adjournment – Ms. Counts adjourned the Finance and Facilities Committee meeting at 9:40 a.m. on the motion of Mr. Gore, the second of Mr. Frazier, and the unanimous approval of the committee.

Kristan Gochenauer
Secretary to the Board