UCA reached its goal for the amount in the unrestricted and unallocated fund for the first time this year, according to the financial report given at the board of trustees meeting Aug. 15.
Finance and Administration Vice President Diane Newton, who presented the financial report, said in previous years the department has tried to build the fund up to $16 million. The department has not only reached this goal, but has surpassed it, with $17,487,475 in the fund as of July 31.
The fund had $38,706,580 before year-end transfers. After $13,913,961 in year-end transfers, the fund had $24,792,629 for the June 30 balance.
The only two year-end transfer allocations that changed were auxiliary, changing to $3,597,311, and unallocated, changing to $2,290,000. The department had proposed $14.5 million in total year-end transfers, which was close to the actual transferred amount of $13,913,311.
Major health food services were allocated $2.69 million in year-end transfers, the HPER Center was allocated $563,000 and the Student Center was allocated $265,000.
President Tom Courtway also discussed plans for the Donaghey Corridor Project, which will have commercial and retail space on the ground floor with two wings of student housing on upper floors.
It will be at the current location of Papa John’s on the corner of Donaghey Avenue and Bruce Street.
Courtway said the project provides a mutual opportunity for UCA and Papa John’s and said the owner was interested in being a part of the ground floor.
Courtway said there are many different possibilities as to what businesses will be in the ground floor. He said he has been contacted by people wanting to purchase the entire ground floor and by people wanting to open a pharmacy and grocery store combination. Courtway said he also contacted Waffle House to see if they were interested.
Assuming current interest rates plus 100BP (estimated 5.3 percent), the project will cost $15.5 million.
The 67,500 square foot building will have 165 beds, costing approximately $60,000 per bed.
In September, the project will seek approval to continue on Donaghey Avenue Phase I. This October, it will seek Arkansas Higher Education Coordinating Board approval of the bond feasibility study, and from November until January 2015 it sill seek state approvals and bond issuance.
The project timeline predicts construction will start in April 2015 and predicts a June 2016 project completion date.
In other business:
• The board was presented with an initial rendering of the Lewis Science Center expansion and renovation images. Although the project had initially planned for a November 2014 groundbreaking, UCA had a chance to buy property and move the building, which has started the planning process over and has delayed the groundbreaking until May 2015. Now through April 2015, the project will focus on redesign, construction, drawings, cost analysis and job bidding. The timeline proposes project completion on Nov. 1, 2016. Enough time was built into the timeline that classes will still begin in the building in Jan. 2017, as planned.
• The board unanimously passed a five percent health insurance increase, which UCA will absorb so employee’s premiums will not rise. The plan, with United Healthcare, will be effective Jan. 1, 2015, to Dec. 31, 2015. Approximately 90 percent of eligible employees are under this healthcare plan, to which this increase will essentially be a pay raise.
• The board unanimously passed with three extensions to form a one-year university banking services contract with First Security Bank. The term will last from Sept. 1, 2014, to June 30, 2015, with the option to renew in one or two year increments, but not to exceed seven years total.
• The board unanimously voted to accept the recommendation of Kofi Boahene for the Distinguished Alumnus Award, making him the first international student to receive the award. Boahene is a facial plastic, reconstructive surgery, otolaryngology-head and neck surgery associate professor at Johns Hopkins University.
• The Bachelor of Science Education Degrees in Mathematics and Secondary Science Education were deleted and replaced by a UTeach program.
• The board unanimously voted to pass board policy revisions in sexual harassment and other forms of harassment, capital projects, a drug-free workplace, the diversity advisory committee, guidelines for awarding academic and performance scholarships, military personnel fee waivers, other instructional fees, extracurricular camps and student residency regulations.
• The board unanimously voted for the reconfiguration of the Retention Committee and of the General Education Council in the faculty handbook.
• Terry Wright was introduced as UCA’s College of Fine Arts and Communication dean, Jimmy Ishee was introduced as UCA’s College of Health and Behavioral Sciences dean and Stephanie Bellar was introduced as UCA’s Graduate College dean.
• Faculty Senate President Don Bradley, Student Government Association President Ashley Ross and Staff Senate President Chad Hearne gave statements to the board.