Investments

The UVM boards Committee of the Whole opened to a standing-room-only crowd at 8 a.m. on February 10, as nearly 40 students, faculty, and staff unhappy with the university's decision not to renew the contracts of six lecturers in the Department of Education in the College of Education and Social Services stood at the back of Memorial Lounge, holding signs and protesting silently.

Bank Of America Investment During his formal report to the board, President Daniel Mark Fogel provided the rationale for the decision not to renew the contracts, then turned the floor over to David Shiman, professor of education in CESS and president of United Academics, UVMs faculty union, for a rebuttal. Patricia Preston, a senior education major, also expressed her support for the faculty.

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Investment Opportunity Fogel informed trustees that he and Provost John Bramley are hard at work on an academic vision for the university they hope will have the same galvanizing effects as the vision statement the president penned three years ago. The president and provost plan to present the new vision to the board as early as the May meeting.

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Banc Of America Investment Board chair Carl Lisman lauded the universitys progress across many fronts in his report to the board, but reminded board members of the need for sophisticated metrics across a range of performance areas to make sure the university stays on track. Lisman thanked three departing board members for their years of service to the university: student trustee Christine Hertz and longtime board members C. Dean Maglaris and Helen Spaulding.

Facilities and Technologies
Committee members were told that the renovation and expansion of the Harris/Millis Dining Hall is scheduled to begin in April, and be completed for the opening of the fall 2006 semester. The $5.2 million project will increase the halls capacity by 150 seats. It will also create improved space and aesthetics to make the dining experience better match the quality of newer facilities such as the Living/Learning Marche and future space in the Davis Center. Other new capital projects include $1.4 million for phase one of a two-phase project to install centralized carbon monoxide detection systems in all UVM-owned residence halls; $5 million toward deferred maintenance work; and $4.6 million to relocate information technology equipment systems to an off-campus location.

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Banking Investment The committee also received preliminary briefings on three capital projects under study for the near future. One project would create approximately 35,000 square feet of additional office space for the College of Medicine by constructing a four-story structure in the Given Building Courtyard, which served as home to the medical library in recent years. Another proposed project would develop Farrell Hall, Trinity Campus, into the new home for the Vermont Advanced Computing Center and the National University Transportation Center. Those uses, said Vice President Fran Carr, mesh well with the Vermont Center for Emerging Technologies, currently housed on the lower level of Farrell. Dean of Education and Social Services Fayneese Miller told trustees of the need for unified space for faculty and students in her college. CESS is currently in four distinct locations on campus, Miller said. Renovation of McAuley Hall is key to furthering centralization of the colleges presence on the Trinity Campus. We lack a physical identity, Miller said. The move to Trinity gives us that.

Developer B has sold 80% of a project already sold, but now the sales are starting to slow down. In the mean time, this developer has additional projects that they need to get started. For the developer, this requires tremendous amounts of capital that is still tied up in their previous project. For real estate investment clubs, the developer may decide it is much better to discount the current project, for a quick sale to the group, so they can move to their next project immediately.

Investment Solution Strategic Budget and Finance
Committee members heard reports on four new capital projects totaling $16.2 million, all of which received approval from the full board the next day. These projects included the renovation of Harris-Millis Dining Hall; the carbon monoxide monitoring project; deferred maintenance; and IT Room Fit-Up project. This led to a discussion of future projects and how to fund them. Committee members were told that they could spend about $15.4 million a year over each of the next five years ($77 million) on new projects and still remain within their current debt ratio policy. With about $162 million worth of projects remaining in the universitys 10-year vision, that leaves a funding gap of about $85 million. In order to bridge that gap, the board of trustees would have to either adjust their debt ratio policy or turn to alternative sources of fundraising as suggested by one committee member.

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Investment Banking Services Academic and Student Programs
The committee approved the establishment of the doctorate of philosophy in neuroscience, an interdisciplinary degree from the College of Medicine and the College of Arts and Sciences. The committee also approved the establishment of the master of science in dietetics from the College of Agriculture and Life Sciences. Trustees heard a report on applications, which have risen 36.7% over last year, setting a new high of 17,616 to date. Results of the National Survey of Student Engagement were reviewed with a focus on enhancing the Universitys improvement efforts.

Bank Investment Diversity
Beverly Colston, director of the ALANA Student Center, reported on the increased enrollment and retention of African, Latino/a, Asian, and Native-American students (ALANA) and the centers far-reaching approach to creating a more inclusive environment on campus. Students presented their experiences from a new course in the College of Education and Social Services, Critical Competencies in Inter-group Dialogue. Vice Provost for Multicultural Affairs, Willi Coleman, outlined her personal vision of diversity on the UVM campus in 2010.

Alternative Investment University Advancement Committee
Trustees heard reports on the progress of the university's development and alumni relations initiatives, including remarks by College of Medicine Dean John Evans on the positive impact of endowed professorships and chairs on faculty teaching and research. The Campaign for the University of Vermont is currently 88 percent of the way to its $250 million goal, with $220,374, 187 in commitments through January, 2006. Also reporting was Director of Athletics Robert Corran, who updated the trustees on the status of fundraising for UVM athletics programs and facilities.

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