Ohio University’s Board of Trustees approved new capital projects and received updates regarding the University’s enrollments, investments and more during its Aug. 21 meetings held on the Dublin Campus.
The Board also welcomed new Executive Vice President and Provost Dr. Chaden Djalali, who officially began his new leadership role at OHIO earlier this month. The Board is scheduled to hold a retreat on Aug. 22 for a variety of workshops; no official actions will be taken and no resolutions will be considered during the workshops.
Capital Projects
The Board approved several capital project budget expenditures during its Aug. 21 meeting:
New projects:
- Konneker Research (Ridges Building 25) HVAC and boiler system upgrade: $5 million. Construction is expected to begin in FY20.
- Smith, Atkinson, Armbruster, and Weld demolition: $3 million. Demolition on Smith and Atkinson is expected to begin late in FY19, with Armbruster and Weld to be scheduled as needed.
- Campus steam system repair: $1.5 million. Construction is expected to begin late in FY19.
- Ridges Circle roadway repair: $702,000. Construction is expected to begin late in FY19.
- Convocation Center concrete repair: $600,000. Construction is expected to begin late in FY19.
- Lancaster Campus Brasee Hall roof replacement: $575,000. Construction is expected to begin late in FY19.
Previously approved projects:
- Chilled water plant 3-plant and utility distribution. The Board previously approved $3.6 million for the design phase. During the Aug. 21 meeting, the Board approved of $27.2 million for the construction phase. Construction is expected to begin late in FY19.
Investment policy
Vice President for Finance and Administration Deborah Shaffer, Assistant Vice President of Foundation Finance and Administration Candice Casto, and Director of Investments David Gaume presented a revised investment policy for the Ohio University Foundation, and the Board approved a resolution adopting those revisions.
The Foundation’s General Endowment Fund Investment Policy is used to guide the investments of the long-term portfolio. An Investment Committee oversees that, as well as the University’s Century Bond and Deferred Maintenance Program’s long-term investments, which are guided by the Century Bond and Deferred Maintenance Program Investment Policy.
Enrollment update forecast
Executive Vice President and Provost Chaden Djalali and Senior Vice Provost for Strategic Enrollment Management Craig Cornell presented an enrollment update, including revenue forecasts and projected impact on the FY19 budget based on projected Fall 2018 enrollments.
The presentation also included discussion on the establishment of a Strategic Enrollment Executive Committee, which will focus on strategic alignments of enrollment and long-term budget forecasting. The committee will determine a process for establishing multi-year enrollment projections and budget implications to bridge the gap of long-term enrollment targets against annual enrollment realities.
Affordability and efficiency update
Vice President for Finance and Administration Deborah Shaffer presented an update on the University’s affordability and efficiency efforts. The information will ultimately be presented to the Ohio Department of Higher Education. Core components of the report include:
- Five-year goal for efficiency savings and resource generation
- Initiatives and results across each component
- Investments supporting academic quality and student success
- Reductions of direct student costs
- Updated cost diagnostic dashboard
Other Board Business
In other business, the Board approved a revised Audit and Risk Management Committee charter, including recognizing the committee’s new name and a paragraph on risk management.