Loyola University Chicago
Budget and Finance University Policy Committee
October 8, 2009

I. Approval of minutes from May 15, 2009 meeting

Minutes from May 15, 2009 meeting were approved and will be posted.

II. Introduction of new committee members representing the student body
  
The Chair introduced our newest members, both students, Mr. Zachary Korth and Mr. Alrick Wright.

  
III. Year end results and uses of said results and discussion of FY 10 budget and progress toward FY 2011 budget (Tom Hickey to present and discuss)

Mr. Hickey presented to the committee the June, 2009 “scorecard”.  The scorecard showed FY 2008 actual results, FY 09 Forecast and a FY 10 Projection.  It was noted that the property that the JFRC sits on was purchased.  Mr. Hickey briefly discussed the FY 11 process, indicating that the macro budget for FY 11 is budget is approved at the December 2009 board meeting, and then the micro budget is loaded (in the Spring) into BAS (Budget Application System) and then into the General Ledger.

IV. New Business

Dr. Pelissero raised the issue of new degree programs.  The issue was should they first go to the AA UPC and be approved and then to the B & F UPC.  Discussion ensued and it was decided that new degree programs should be submitted to both University Policy Committee’s at the same time.  A vote was taken and it was unanimously approved that new degree programs be submitted to both committees simultaneously.

There was a brief discussion on the purchase of the JFRC and how the debt service will be covered with the reallocation of the rent payments to debt payments.  Renovations and/or new building additions will have to be covered from new (incremental) revenue sources and the JFRC is looking into new revenue streams.

V. Adjournment

With no further business, the meeting was adjourned.