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March 25, 2014

Institutional Priorities Committee
Minutes of March 25, 2014
3:00pm - 5:00pm 
DeRosa Center Room 211

Present: Atterbury, Cavanaugh, Day, Eibeck, Fox, Gale, Gutierrez, Kleinert, Lackey, Luu, Lyon, Meyer (Chair), Murta, Perrot, Rogers, Shaw, Staniec

Absent:
 Arnold, Hein, Leland, Martin, Pallavicini  

Guests:
Linda Buckley, Arlene Cash, Ken Mullen, Rich Rojo 

Call to Order: 
3:00pm

Minutes: 
Minutes for the March 11, 2014 meeting were approved.

Linda Buckley, the new Chief Planning Officer beginning April 1, and Ken Mullen, the new Vice President for Business & Finance beginning May 12, were introduced to the committee.

Use of unmatched Powell funds
Under an agreement reached between the University and the trustees of the Bob and Jeannette Powell Trust, more than $85 million will be available to match new endowed gifts of at least $50,000. According to the agreement, over $60 million of the Powell Endowment Fund will be available to match qualified gifts to endow scholarships. The portion of $60 million in funds that is unmatched will be used as Powell Fund Scholarships with the specific use determined by the President with the advice of the Provost and the Vice Provost for Enrollment Management. $25 million will be available to match new gifts to endow academic program support. The portion of $25 million in funds that is unmatched will be contributed to the Strategic Investment Fund restricted in use to the support of new or existing academic programs that promise to be important contributors to the University's strategic goals. 

Strategic Investment Fund (SIF)
President Eibeck provided a confidential update on the SIF. 

Future Agenda Items

  • Review final budget recommendation going to Board on April 24-25 (Eibeck, Cavanaugh, Perrot)
  • Review status and budget strategy for McGeorge (Eibeck, Cavanaugh, Murta)
  • Review feedback from Board on final budget recommendations (Eibeck)
  • OIT budget (CIO Jones)

Adjourned: 4:35pm