Regent Henry called the meeting to order at 8:56 a.m. on October 25, 2013.

Regent Henry asked for the roll call, which was recorded as follows:

Regent Lavaughn Henry, present Regent David Guarnieri, absent Regent Syamala Reddy, absent Regent Chuck Whitehead, present Mrs. Lockridge, present

A quorum was not declared.

Action: The minutes from the July 26, 2013 Finance and Business Committee meeting will be presented for approval at the January 24, 2014 Finance Meeting since a quorum was not declared.

Regent Henry recognized Mrs. Lockridge to carry the discussion forward.

Vice President Lockridge introduced three new employees who recently joined the Finance Division; Ms. Debbie Martin, Associate Vice President Business Operations, Ms. Ann Knotts, Director, Budget Policy and Planning and Ms. Venita Dornbusch, Director of Accounting.

Vice President Lockridge stated that total net assets for the two months ending August 2013 are $128,329,215, revenue is 41% of the revenue budget and expenses approximate 16% of the total expense budget.

Mrs. Lockridge updated the committee on the meetings held by the Council on Post-Secondary Education (CPE) and the Chief Budget Officers pertaining to the 2014-2016 biennium budget. Per Vice President Lockridge, CPE will make a budget recommendation on November 8th pertaining to any new money in the Governor's budget and how the money should be distributed between the institutions. There is a potential increase for the university if the FY2014 – 2016 budget