[2007-08-09] August 9, 2007 A Regular Meeting of the Board of Visitors

              August 9, 2007
A Regular Meeting of the Board of Visitors
Minutes
A regular meeting of the Board of Visitors of Virginia Commonwealth University was held on Thursday, August 9, 2007, at 8 a.m. in the Richmond Salons located in the University Student Commons at 907 Floyd Avenue.
Present were Messrs. Rosenthal (Rector), Hurtado, Jackson, Jones, Robertson and Snead; Drs. Bersoff, Broaddus, Doswell, Romano and Shapiro; and Mesdames Lambert and Rhodes. Messrs. Baldacci, Sherman and Siegel were absent. Also present were Drs. Trani, Gottfredson, Howard, Huff, Macrina, Moriarty, Retchin and Rhone; Messrs. Bennett, Bunce, Gehring, Jez, Ohlinger, Ross and Wyeth; and Mesdames Atkinson, Balmer, Chinnici, Lepley, Messmer, Stillman and Taylor. Ms. Mainthia, student representative to the Board, Mr. Khan, alternate student representative to the Board, and Dr. Murphy-Judy, faculty representative to the Board, were also present.
The Report of the Rector was presented. The Rector thanked Dr. Bersoff for his service as rector for the past three years and introduced Mr. Maurice A. Jones. Mr. Rosenthal also welcomed Ms. Mainthia, student representative to the Board, Mr. Kahn, Alternate student representative to the Board, Ms. Williams, staff representative to the Board, Dr. Murphy-Judy, faculty representative to the Board, and Mr. Reams, alternate faculty representative to the Board.
The Report of the President was presented. An update on the campaign and enrollments were presented. The dedication of the Mary and Frances Youth Center will be held September 28, 2007, at 6 p.m.
Mr. Snead reported for the Academic and Health Affairs Policy Committee. The following items were presented for information: a report on Updated Peer Institutions; a report on Degrees Awarded; a report of the Provost and Vice President for Academic Affairs; a report on the VCU Libraries; an update on the Center for Teaching Excellence; and a report on the Summer Outreach Programs including the Summer Workshops for Teachers, Virginia Governor’s School of Life Sciences and Medicine, the Howard Hughes Medical Institute Scholars Program, Bioinformatics and Bioengineering Summer Institute Research Experiences for Undergraduates (REU)/Research Experiences for Teachers (RET) Programs, and the Health Careers Pipeline. The Virginia Commonwealth University Health System Financial Statement Summary Fiscal Year 2007 – Eleven Months Ending May 31, 2007 were also presented for information.
Mr. Jackson reported for the Audit Committee. The Annual Review of the Audit and Management Services Charter and a report from the Auditor of Public Accounts on the Status of the Audit for the year Ended June 30, 2007, were presented for information.
Mr. Robertson reported for the External Relations Committee. The following items were presented for information: the Government Relations and Health Policy Report, the Marketing and Media Report, and the Advancement Division Reports.
Mrs. Rhodes reported for the Finance, Investment and Property Committee. The Finance, Investment and Property Committee recommended to the full Board the approval of the following resolutions:
RESOLUTION OF OFFICIAL INTENT TO REIMBURSE EXPENDITURES WITH PROCEEDS OF A BORROWING
Recreational Sports Capital Improvements
WHEREAS, the Virginia Commonwealth University (the “University”) intends to acquire, construct and equip recreation improvements on its Monroe Park and Medical College of Virginia (“MCV”) Campuses, which improvements will include approximately 133,948 square-feet of new construction and renovation on the Monroe Park Campus, including a new tennis center, and approximately 37,029 square feet of construction and renovation on the MCV Campus (collectively, the “Project”); and
WHEREAS, plans for the Project have advanced and the University expects to advance its own funds to pay expenditures related to the Project (the “Expenditures”) prior to incurring indebtedness and to receive reimbursement for such Expenditures from proceeds of tax-exempt bonds or taxable debt, or both; and 1