Committee Meeting Minutes - August 29, 2002

BOARD OF VISITORS
Finance Committee
August 29, 2002
President's Conference Room
2:15 p.m. - 4:00 p.m.

MINUTES

Dr. Caspa Harris, Chair called the meeting to order at 2:15 p.m. Roll call indicated that the following Committee members were in attendance and that a quorum was present.

Committee Members Present:
Dr. Alvin Bryant, Rector
Dr. Caspa Harris, Jr., Chair
Mrs. Teresa Carrington
Cpt. Fred Garner
Mrs. Viola Madison-Foreman
David Robertson, Esq.

Committee Members Absent:
Mr. Michael Ball

Other Board Members Present:
Ms. Delores Archer
Mr. Willie Brown
Mr. Jack Ezzell, Jr.
Mr. Colvin Gibson

Members of NSU Staff Present:
Dr. Marie McDemmond, President
Mr. Edward Jolley, Jr., Vice President for Finance and Business
Dr. Alvin J. Schexnider, Interim Executive Vice President
Mrs. Karla Johnson, Executive Assistant to the President
Mr. Earlie Horsey, Executive Director for Planning and Budget
Mr. Patrick Kelly, General Counsel
Mr. Ernest Ellis, Director, Internal Audit
Mrs. Patrese Hall, Assistant Vice President for Finance/Comptroller
Mrs. Michelle Martin, Assistant Comptroller
Mrs. Myra Patterson, NSUAEOP President
Mrs. Shonya C. Tankard, Recorder

1. Approval of Minutes

Dr. Harris motioned, seconded by Mrs. Madison-Foreman and unanimously voted by the Committee to approve the minutes of the May 9, 2002 Finance Committee meeting.

2. Discussion Items/Information

Mrs. Patterson provided the Committee with an update of NSUAEOP's accomplishments.

Mr. Jolley reported on the Financial Ratios. He presented the Committee with collection agency write-offs. The write-off amount increased slightly compared to last year. Dr. Harris asked that a bar graph be provided at the next meeting showing the write-off amount collected.

Mr. Jolley stated that the university plans to implement a licensing program that would help provide greater control and appropriate use of NSU logos. This would also help increase royalty income that the university receives. Cost for the program would be covered the first years of implementation by previous royalties collected from contractual vendors.

Mr. Jolley presented an action item to establish a BB&T bank account to receive deposits and make disbursements on behalf of the Enterprise and Empowerment Foundation (E²F). The university has been asked to provide administrative services for funds E²F would receive to acquire property for RISE. The Committee discussed whether it was appropriate for the university to establish the account. The Committee agreed it would be more appropriate for the President and appropriate E²F official to establish the account.

Cpt. Garner motioned, seconded by Mrs. Carrington and unanimously approved by the Committee to recommend to the Board that the President and the appropriate E²F officials should enter into an agreement to establish the bank account.

3. Closed Session (1)

Mr. Robertson motioned, seconded by Cpt. Garner and unanimously approved by the Committee to adjourn and reconvene in closed session, as permitted by Section 2.2-3711.A. of the Code of Virginia, for the purpose of discussing and evaluating the performance of all of the university's administrative and academic departments, specifically to the extent that state-mandated budget cuts may impact individual faculty and staff salaries and operational retrenchment, pursuant to Section 2.2-3711.A.1 of the Code.

The Finance Committee having reconvened in open session, take roll call vote on certification that (1) only public business matters lawfully exempted from open meeting requirements, and (2) only such public business matters as were identified in the motion by which the Finance Committee closed meeting was convened were heard, discussed or considered in the meeting by the Committee. Any member of the Committee who believed that there was a departure from the requirements as stated above, was asked to so state prior to the vote, indicating the substance of the departure that in his or her judgment, has taken place.

Committee and Board members who certified the motion:

Closed Session (2)

Mr. Robertson motioned, seconded by Mrs. Carrington and unanimously approved by the Committee to adjourn and reconvene in closed session, as permitted by Section 2.23711.A.3 and 6 of the Code of Virginia, for the purpose of discussing the acquisition of real property for a public purpose, specifically real estate adjacent to the university.

The Finance Committee having reconvened in open session, took roll call vote on certification that (1) only public business maters lawfully exempted from open meeting requirements, and (2) only such public business matters as were identified in the motion by which the Finance Committee closed meeting was convened were heard, discussed or considered in the meeting by the Committee. Any member of the Committee who believed that there was a departure from the requirements as stated above, was asked to so state prior to the vote, indicating the substance of the departure that in his or her judgment, has taken place.

Committee and Board members who certified the motion:

4. Adjournment

There being no further business the meeting was adjourned at 3:40 p.m.

	Respectfully submitted,
	_______________________________
	Edward B. Jolley, Jr., CPA Vice President, Finance and Business
	_______________________________
	Dr. Caspa Harris, Chair Finance Committee

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