February 25, 2008
Michael Thompson convened the seventh SPBC meeting of 2007-08 at 11.42 a.m. He asked if there were any questions or comments on the notes of the February 4, 2008 SPBC meeting. The notes were accepted as distributed.
Goal VI: Financial Resources
The first agenda item was the Financial Resources goal from the Strategic Plan. Dan Klotzbach distributed a sheet he had prepared for the meeting with points under each strategy identifying accomplishments to date. This document is attached to these notes as Appendix A.
Dan reported that under Strategy A, Increasing Financial Support, that there was a strong emphasis on fundraising. The beginning phase of the new Capital Campaign is just starting and will focus on increased scholarships, faculty/staff salaries, program support, and building projects. He also reported that the Investment Subcommittee of the Board of Trustees takes an active role in the continued diversification of the endowment portfolio.
Under Strategy C, Managing Tuition and Financial Aid, Dan reported that financial aid policies have been fine tuned in order to make the best use of scholarship and grant aid provided by the University. We have also joined the Independent 529 Plan which allows individuals to plan ahead for college. Under this plan, parents/students can put money into the plan, allowing the deposited earnings to grow. Students may use the funds to enroll at any school.
President Wilson's comments:
-- Our objective for diversification of the endowment is to hire fund managers who will help us achieve our goals. We also hope for more gifts and for the market to recover.
-- Approximately $500,000 to $600,000 is now budgeted for major repairs and remodeling. We are adding $50,000 more each year as we are able, and aiming for the desired level of $2-3 million per year in the future.
-- We continue to look for additional ways to accomplish our goals related to environmental
sustainability. Carl Teichman is working on a progress report which will be available in a few weeks.
-- The two new boilers that were installed last year should result in energy savings.
-- We continue to explore the best alternatives for the old Sheean Library. We are developing a program statement for the building and should be able to compare the relative costs and benefits of remodeling versus replacing Sheean by the end of this semester.
Other comments/questions:
A question was raised about other recent efforts to support Strategy A of Goal VI. Examples cited included: (1) the new home school tuition policy for study abroad; (2) funds provided for faculty, staff, and student wellness programs; and (3) the Employees Assistance Program.
There was general consensus that the increased transparency on budgetary matters was well received by faculty and staff. Faculty also liked being informed about the rationale behind decisions. Several suggestions were made as to how IWU can best inform the community and alumni on the progress on strategic goals.
Goal I: Teaching & Learning
Provost Cunningham's presented her progress report on the Teaching and Learning goal of the Strategic Plan (see Appendix B). Some of the highlights of her report are listed below.
Under Strategy B, Enhancing Support for Student Learning, it was noted that the University received a grant from the Arthur Vining Davis Foundation to help strengthen academic advising. Proposals are also pending with the Howard Hughes Medical Institute and Department of Education.
Under Strategy D, Supporting Scholarly and Artistic Achievement, it was noted that Associate Dean of the Faculty, Frank A. Boyd, has been investigating "teaching cluster" grants.
Under Strategy E, Improving the Writing Program, it was mentioned that a grant had been received from the Mellon Foundation in the fall of 2007. Professor Mary Ann Bushman will be the first Writing Program Director.
Under Strategy F, Addressing Faculty Time Pressures, it was observed that the "lunches with the Provost" had been very well received.
Comments/Questions:
The president commented that grants usually have a commitment of two to three years and can be instrumental in jumpstarting programs. Ultimately, we will need to find recurring funds to support both the writing and advising programs.
A question was asked about external reviews of academic programs and whether the resulting reports would be shared broadly. Beth responded that the reports would serve to frame discussions between the department and the campus administration. She also mentioned that the external reviewers are usually very sensitive to the parameters we establish when examining departments. A question was asked about how we measure quality. Beth responded that the external reviewers are asked to make such judgments based on their own knowledge and experience.
President Wilson noted that he and Michael Thompson had met twice since the last meeting to discuss next steps with respect to establishing a peer group for IWU. Information on this topic will be brought back to the committee for discussion in the near future.
The meeting was adjourned at 12:58 p.m.
Appendix A
VI. Financial Resources Goal: Maximize Illinois Wesleyan's financial base and focus the use of financial resources on supporting strategic goals.
Strategy A: Increasing Financial Support. Increase and balance fundraising to strengthen the endowment, maintain/enhance both human and physical capital, and support current operations.
Annual Fund expectation increased 5-10% this year
Endowment rate of return 15% including additional gifts, appreciation, and income Continued diversification of the Endowment portfolio
Beginning phase of $115M Capital Campaign
Strategy B: Identifying Benchmarks and Measuring Progress. Establish financial benchmarks or measures to gauge the University's progress against internally established milestones and appropriate comparison schools.
With the assistance of Institutional Research utilize comparison of comprehensive fee increases and faculty salary increases to various schools.
SPBC providing guidance in the development of a peer comparison group of schools
Strategy C: Managing Tuition and Financial Aid. Design tuition and financial aid policies that permit us to generate needed revenues, to be accessible for qualified applicants, and to recruit a strong and diverse student body.
Incorporated discount rates for IWU and comparison schools into Comprehensive fee report distributed to Board of Trustees and SPBC
Contracted with Human Capital to assist in developing financial aid policies and procedures for merit scholarships (beginning with the class of 2011) and need-based scholarships (beginning with the class of 2012)
Joined Independent 529 Plan
Strategy D: Using Existing Resources Strategically. Systematically review resource allocations to ensure resources are being expended in the most cost-effective manner and consider adjustments in support of the University's strategic goals.
Each Vice President reviewed their budget allocations last spring and realigned various lines to accommodate reductions needed in order to present a balanced budget for FY08 Continue to present and maintain balanced budgets despite enrollment decline
Strategy E: Conserving and Preserving. Adopt effective conservation and renewal programs to control operating costs, promote environmental sustainability, and preserve our physical assets in a sound fiscal manner.
Advance purchase and storage of natural gas during spring/summer for fall/winter usage Welcome Center will be LEED certified (first building in the City of Bloomington)
Attempting to have the Welcome Center as a LEED silver rating
Recycled much of Methodist Conference Center when it was demolished
Incorporating geothermal HVAC into Welcome Center will result in lower energy costs for the life of the building
Exploring the future of Sheean and if it can be renovated vs. demolished
Continue to add to the capital projects budget annually
Strategy F: Presenting Financial Information Transparently. Engage the entire Illinois Wesleyan community in the financial budgeting process by sharing financial information in a transparent manner that helps all users understand both our financial resources and our constraints.
President and VP for Business and Finance held annual budget forum last spring
Annual budget is posted on a link from the Institutional Research web page
Periodic updates issued by President at faculty meetings
Board of Trustee faculty visitor reports are now being sent to staff, as well as faculty
Appendix B
I. Teaching and Learning Goal
Strategy A: Strategic Planning for the Curricular
Bring the review to completion this academic year, strategize on how to implement recommendations made by the Task Force. Current status of the review -- Task Force has completed data gathering and is now analyzing data. The Task Force will provide a "report" to faculty which will provide observations and recommendations regarding the curriculum and also a suggestion on the process for "continual" review of the curriculum.
Strategy B: Enhancing Support for Student Learning
Develop new Advising Center as outlined in our AV Davis grant, continue work on sophomore experience, and finish development of degree audit system (CAPP via Banner).
Strategy C: Strengthening Teaching
Completed two external reviews of academic programs in fall (Business Administration and Theatre Arts) and continue to work with those programs to evaluate the reviewers' recommendations.
Strategy D: Supporting Scholarly and Artistic Achievement
Work with Faculty Development Committee on sabbatical leave issues (such as planned sabbatical leave delays and not resetting the sabbatical clock), "teaching cluster" grants, etc.
Strategy E: Improving the Writing Program
Passed changes to the writing requirement during fall 2007, appoint first Writing Program Director, and continue work on improving student writing as outlined in our Mellon grant.
Strategy F: Addressing Faculty Time Pressures
Continue dialogue on possible new Academic Affairs structure, develop methods of cultivating faculty leaders, facilitate improvements to faculty governance, provide a variety of mechanisms for dialogue between faculty and administration. Some examples of programs being initiated are: lunch with the Provost, once a semester provost open forum with faculty, regular meetings with chairs and directors, regular meetings with CUPP.
Distributed to all faculty and staff: March 10, 2008