Finance and Facilities Committee Meeting September 10, 2024 - Christopher Newport University

Board of Visitors

Finance and Facilities Committee Meeting September 10, 2024

The Finance and Facilities Committee met on Tuesday, September 10, 2024 at 9:00 a.m. in the Freeman Center, Room 202 with The Honorable Ronald Tillett presiding as Chair.

Present from the Committee

  • The Honorable Ronald Tillett, Chair
  • Mr. Brentley Archer
  • Mr. John Lawson
  • Ms. Kelli Purdy Meadows, CPA
  • Ms. Christy Morton
  • Mr. Larry Pope
  • Dr. Lee Vreeland, Ed.D.

Absent from the Committee

  • Mr. William Estrada
  • LTC (R) Boris Robinson

Other Board Members Present

  • Mr. Kevin Callahan
  • Ms. Jennifer Dunn
  • Mr. Sean Miller
  • Mr. Keith Windle

Other’s Present

  • President William Kelly
  • Dr. Quentin Kidd, Provost, Executive Vice President and Chief Academic Officer
  • Mrs. Jennifer Latour, Chief of Staff
  • Mrs. Sarah Herzog, Chief Financial Officer
  • Mr. Chip Filer, Vice President for Facilities and Campus Operations
  • Mr. Brian Puaca, Faculty Senate
  • Other CNU faculty and staff members

The Honorable Ronald Tillett, Chair, called the meeting to order and welcomed everyone in attendance. He also reviewed the committee charge for all new and existing members of the committee.

Approval of Minutes from the June 7, 2024 meeting

Chair Tillett asked for a motion to approve the minutes from the June 7, 2024 meeting and Mr. Larry Pope made the motion for approval that was seconded by Mr. Brentley Archer, with all in favor.

Chair Tillett introduced Dr. Chip Filer, Vice President for Facilities and Campus Operations to provide a capital projects update and on projects related to the “Going Greener” initiative.

Dr. Filer presented the Capital Outlay update on several active projects, and highlighted the SERC (Science and Engineering Research Center) stating it is on schedule and on budget.

Dr. Filer presented the Princeton Review with CNU ranking #18 nationally for dorms, along with #4 for public university, and #1 in Virginia.

Dr. Filer shared the Going Greener initiatives to include MelinkELINK, library light program, and new light bollards which are LED and motion sensor.

Dr. Filer shared visible projects to include the installation of the new flagpole at the entrance of campus, Ferguson Center patio improvements, the new ledge in the president’s box, and the refurbishment of the Inner Circle Room in the Ferguson Center.

Chair Tillet thanked Dr. Filer for a thorough report and then introduced Mrs. Sarah Herzog, Chief Financial Officer, to provide her report.

Other Legislative and Budget Updates

Mrs. Herzog presented the Six-Year Plan update for 2024-2030 which was submitted through SCHEV on July 15, 2024. The Six Year Plan Components include the CNU Mission, Vision, Strengths and Strategic Priorities, Enrollment Projections and Strategy, the Virginia Plan for Higher Education, Policies, Trainings on Freedom of Expression and Inquiry, Future Operating and Capital Budget Requests, Financial Effectiveness and Sustainability, Academic Program and Workforce Alignment and Performance, Economic Development and Impacts.

Statement of Revenues and Expenditures as of June 30, 2024

Mrs. Herzog presented the Statement of Revenue and Expenditures and noted at the end of the year the total reserves increased and now stand at over $30 million.

Annual Debt Service Report

Mrs. Herzog reviewed the annual debt service report which includes the summary of all debt bond series.

Auxiliary Services FY 2025 Budgets (Information Item)

Mrs. Herzog stated that Auxiliary Services FY 2025 Budgets are informational only and reviewed the Room Fees, Auxiliary Sales and Services, Comprehensive Fee, and Board Fees.

SWaM Report

Mrs. Herzog reported that the state goal for SWaM is at 42% and Christopher Newport University is at almost 53%.

Resolution 2: 2024 Six-Year Plan Update for 2024-2030

Chair Tillett presented Resolution 2: 2024 Six-Year Plan Update for 2024-2030.

A motion to approve Resolution 2 was put forth by Ms. Kelli Purdy Meadows and seconded by Mr. Larry Pope with all in favor.

There being no further discussion, the meeting adjourned at 10:15 a.m.

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