3. Approval of the Agenda.

  • Regent Charles Moyer requested a motion to approve the agenda. Regent Dukes made a motion to approve the agenda and Regent Obielodan seconded the motion.

4. Information and Board Committee Action Items.

  • Division of Finance & Administration Updates by Dr. Heather Bigard, Vice President of Finance and Admin/CFO.
  • Financial Updates. Dr. Bigard said the FY24 audit is complete – both the financial statement audit and the A133. Dr. Bigard said the FY25 is in progress. The deadline is March.
  • Insurance. Dr. Bigard said counsel has e-mailed a copy of the insurance requested by the board at the last special called meeting, which includes the policy premium summary. She gave a summary of what is included in the policy.
  • Regent Dukes asked how often they reassess the amounts that they are paying and do they find opportunities where they can reduce those. Dr. Bigard was not sure of the last time the institution did that, but she thinks it's something they want to do every couple of years. She said part of what they do in the meantime is update the inventory of automobiles. Assured Partners is the current broker.
  • Dr. Akakpo said they did it last year and saved about $130,000.
  • Regent Moyer and Regent Duke asked Dr. Bigard questions about the coverages.
  • Regent Obielodan asked if the policy premium summary could be sent to them via e-mail and Dr. Bigard said that it could be sent.
  • Regent Hatchett asked if this could be sent as well in advance as possible.
  • Approve FY26 Budget Item. Dr. Bigard said she mentioned in the last meeting that it would likely be in need for them to amend the budget going into the second half of the fiscal year. She summarized the slide attached to the presentation, including discussing the online budget.
  • She said the original budget for tuition was just under $17 million. They are now projecting at least $22 million.
  • Scholarship and waivers budget was $3.5 million and they have spent just over $5 million.
  • Bad debt was budgeted at $1 million and she's still projecting a million being the

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