Board of Directors Meeting Minutes, January 25, 2007, Atlanta, Georgia

Attending: Board Members John Bucher, Jerry Campbell, Brian Hawkins, John Hitt, Rebecca King, Lucinda Lea, Marilyn McMillan, Tracy Mitrano, Margaret Plympton, Scott Siddall, David Smallen, Kathleen Santora, and Ellen Waite-Franzen.

Also present: Search Committee members Ron Bleed and Robyn Render.

The meeting was called to order by Chair John Bucher at 3:15 p.m.

Motion: That the minutes from the October 8, 2006 Board Meeting be approved.
Motion made by: Ellen Waite-Franzen
Seconded by: David Smallen
Passed by unanimous vote

Reports

President's Report

  • Hawkins reported the next phase of the EDUCAUSE international efforts, with the assignment of Richard Katz to lead a set of international case studies for ECAR, do a comparative research study, and conduct blogs of his international experiences.
  • Hawkins provided an overview of why the unit record study was initiated and reactions to it thus far.

Finance

Financial Update

Hawkins presented the December financials and explained that the organization had an amazing year, but the revenue above budget was largely attributable to unrealized gains with the strong showing of the stock market.

Investment Update

In addition to the material in the Board book, the FISN portfolio grew by $62,000 in December.

Review of Reserve Fund Levels and Targets

The board reviewed the rationale for maintaining reserves and the EDUCAUSE target levels. EDUCAUSE reserves consist of the base reserves of approximately $10,650,000 and a $2,000,000 Leadership Fund, totaling $12,650,000. Based upon a survey done by the American Society of Association Executives, the target for the base reserve fund should be $8,442,000. That combined with the Leadership Fund gives EDUCAUSE a reserve target of $10,442,000. This gives EDUCAUSE an excess of approximately $2,200,000. The board recognizes the allowing reserves to grow beyond a need level is not in the best interest of the membership and has approved a policy of drawing down the reserves between 5 and 7% each year. A drawdown is a part of the 2007 operating budget.

Motion: That the board affirm that the current combined targets of $10,442,000 for reserve levels in the EDUCAUSE financial reserves, and the EDUCAUSE Leadership Fund are appropriate, and that this motion reflects the annual review of the reserve levels called for in a motion made at the October 25, 1999 board meeting.
Motion made by: Marilyn McMillan
Seconded by: Ellen Waite-Franzen
Passed by unanimous vote

Discussions

Update on Blackboard Situation

Hawkins briefed the Board on recent happenings in this regard, and answered questions about the materials he had included in the Board book. After much discussion, the Board agreed to support a statement to the membership and to Blackboard, with the final wording to be iterated electronically over the weekend.

New Business

There was no new business.

Adjournment

Chair John Bucher adjourned the meeting at 5:15 p.m.