Finance and Audit Committee Meeting Minutes

Finance and Audit Committee Meeting Minutes
June 25, 2015
Minutes
BOARD OF TRUSTEES
ROUDEBUSH HALL ROOM 212
OXFORD, OHIO 45056
(513) 529-6225 MAIN
(513) 529-3911 FAX
WWW.MIAMIOH.EDU
BOARD OF TRUSTEES
MIAMI UNIVERSITY
Minutes of the Finance and Audit Committee Meeting
June 25, 2015
104 Roudebush Hall
The Finance and Audit Committee of the Miami University Board of Trustees met
on June 25, 2015 in Roudebush Hall, Room 104, on the Oxford campus. The meeting
was called to order by Committee Chair Mark Ridenour, with a majority of members
present, constituting a quorum. Attending were Chair Ridenour, and Committee
members John Altman, Jagdish Bhati, David Budig (arrived following the roll call vote
for executive session), Robert Coletti, Sharon Mitchell and Stephen Wilson, along with
Trustee Robert Shroder, National Trustees Terry Hershey and Diane Perlmutter, and
Student Trustees Ciara Lawson and Mary Adeline Lewis. Committee member, National
Trustee C. Michael Gooden, was not in attendance.
In addition to the Trustees, David Creamer, Senior Vice President for Finance and
Business Services, and Treasurer; Phyllis Callahan, Provost and Executive Vice
President; Jayne Brownell, Vice President for Student Affairs; Tom Herbert, Vice
President for Advancement; Michael Kabbaz, Vice President for Enrollment
Management and Student Success; and Peter Natale, Vice President for Information
Technology, were in attendance. Also present were; Robin Parker, General Counsel;
Deedie Dowdle, Associate Vice President for Communications and Marketing; David
Ellis, Associate Vice President for Budgeting and Analysis; Bruce Guiot, Chief
Investment Officer; Kim Kinsel, Associate Vice President for Auxiliaries; Cody Powell,
Associate Vice President for Facilities, Planning and Operations; Sarah Persinger,
Controller; Joe Bazeley, Assistant Vice President for IT, and Information Security
Officer; Troy Travis, Assistant Vice President for IT, Enterprise Operations; Rebekah
Keasling, Assistant Dean, Farmer School of Business; Barbara Jena, Director of Internal
Audit and Consulting; Lindsay Carpenter, Manager, Academic Affairs Budgets; Carol
Johnson, Assistant Director of University News and Communications; and Ted Pickerill,
Secretary to the Board of Trustees.
Executive Session
On a motion duly made, seconded, and unanimously approved by a roll call vote,
with 6 members voting in favor and none opposed, the Finance and Audit Committee
adjourned to Executive Session in accordance with the Ohio Open Meetings Act, Revised
Code Section 121.22 to consult with counsel. Following adjournment of the Executive
Session, the Committee convened into the Public Business Session.
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Public Business Session
Chair Mark Ridenour opened the public session and welcomed everyone to the
meeting.
Approval of the Minutes
On a motion duly made by Trustee Wilson, seconded by Trustee Bhati, and
unanimously approved by the Committee, the Finance and Audit Committee minutes
from the previous meeting were approved.
Report on Facilities, Construction and Real Estate
Capital Projects
Associate Vice President Cody Powell, updated the Committee on the status of
current capital projects. He stated that work on Shideler Hall in some areas is being
accelerated with the greatest focus on the laboratory intensive areas of the building.
Mr. Powell was asked about the status of Swing Hall, recently damaged by a roof
fire. He stated that he was confident Swing Hall would be repaired and ready for
occupancy in the Fall. Mr. Powell also explained that while some older buildings are still
awaiting renovations, there have been ongoing fire safety upgrades, including enhanced
heat and smoke detection, increased fire drills, and in some buildings the installation of
sprinkler systems. Indeed, with Swing Hall, the enhanced alarm systems provided early
notification of the fire’s start.
Regarding residential housing, the methods to meet demand for beds were
discussed. Additional housing has been secured through several means, including the
transition of larger two-person rooms into three-person housing (at a reduced cost to the
student occupants), the addition of beds where possible within renovation projects, and
through contracts with private facilities, such as Hawk’s Landing and Miami Preserve.
Any off-campus units would be staffed with Resident Advisors, and no first-year
freshmen would be assigned to these units. Pricing for the off-campus units will be
structured so that the students assigned pay no more than if they were on-campus for their
room and less for their board.
It was explained that Miami remains committed to the sophomore residency
requirement, and a residence plan by building and total beds was provided. The plan
included continued renovations, and the addition of new beds, while also planning for the
removal of some older facilities not suited for renovation. He stated that the current,
most likely site for a new residence hall, is on the existing site of the tennis courts. This
site is near a dining facility and can be tied in to existing utilities. If chosen, the tennis
courts would likely be relocated to a site near Yager Stadium.
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A resolution was then presented for the planning for renovation of residential
facilities, Clawson and Hamilton Halls. National Trustee Altman moved, Trustee Budig
seconded, and by unanimous voice vote, the Committee recommended approval of the
resolution by the full Board of Trustees.
The Committee next considered the construction resolution for the Gunlock
Family Athletic Performance Center. It was explained that this project is to be financed
through gifts, but that 100% of the funding has not yet been received. Proceeding
without full funding is not normal, but was recommended in this situation, because there
are timing considerations regarding some donor gifts which would be lost through a
delay. Also, the temporary funding shortfall would be internally financed, with no bonds
or external funding required. Finally, it was stated that Intercollegiate Athletics would be
financially responsible to complete the funding for the project. Trustee Wilson moved,
Trustee Coletti seconded, and by unanimous voice vote, the Committee recommended
approval of the Gunlock resolution by the full Board of Trustees.
Mr. Powell’s report, presentation, and resolutions are included as Attachment A.
Year to Date Operating Results
Senior Vice President Creamer presented the year-to-date operating results,
compared to budget. He stated the numbers are conservative, and it is likely that the
Regional Campuses will remain positive for this year. He also stated that in September,
he will present a review of the ten year budget.
Dr. Creamer’s report is included as Attachment B.
Tuition and fees of FY2016
Senior Vice President Creamer stated the ordinances for FY2016 tuition had been
revised to reflect a 0% increase in undergraduate and graduate, in-state tuition. He stated
that for out-of-state students the increase in limited to 2%, which is relatively modest
when compared to the anticipated increase at private schools and for out-of-state students
at other public universities.
Regarding state support and total estimated revenue for the year, Dr. Creamer
stated it will likely be higher than estimated in the budget resolution. He further stated
that the recent budget legislation was being examined to determine its impact on
guaranteed tuition plans, and he explained the Senate challenge and how it is intended to
reduce the cost of college by 5%.
Addressing a question regarding caps on other fees, he explained they are not
capped, but that any increase must have documented justification. Trustee Bhati then
moved, Trustee Mitchell seconded, and the Committee unanimously recommended
approval of the undergraduate tuition ordinance by the full Board of Trustees.
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The resolution on graduate tuition was then presented, which provided a freeze in
in-state tuition and a 2% increase in out-of-state tuition, along with setting the tuition
rates for three graduate programs. Dr. Creamer explained that the tuition for some
professional graduate programs are cohort based. Trustee Bhati then moved, Trustee
Wilson seconded, and the Committee unanimously recommended approval of the
graduate tuition ordinance by the full Board of Trustees.
The presentation and tuition ordinances are included as Attachment C.
FY2016 Budge Appropriation Ordinance
Dr. Creamer reviewed key budget assumptions, including a Fall, first-time student
enrollment of 3,700, with 834 students from other pathways. The full set of assumptions
can be found in the attached presentation.
Dr. Creamer then highlighted the major program improvements in the budget,
some of which include a 3% merit pool to help recruit and retain exceptional faculty and
staff, an additional 1% increment for associate and full professors, and funding for new
faculty lines.
Dr, Creamer stated that all auxiliaries are expected to operate within their
revenues next year. He reviewed cost reduction efforts from FY2010 to 2015, which
have yielded over $56 million in reductions to date. He then answered RCM questions
regarding academic divisions receiving subvention. He stated that the RCM model
provides transparency, which is what makes it clear when divisions operate within
generated revenue, and when subvention is required.
Looking to the future, he stated one need will be to focus on new revenue sources,
such as the ACE program. Trustee Wilson then moved, Trustee Bhati seconded, and the
Committee unanimously recommended approval of the ordinance by the full Board of
Trustees.
The presentation and ordinance are included as Attachment D.
Annual Endowment Spending Distribution
Chief Investment Officer, Bruce Guiot, spoke of the annual Endowment Spending
Formula. He stated it is 70% based on inflation, 30% on the Market. For inflation,
normally CPI is used, but this year it was negative, as was CPE, therefore to a +0.1 rate
of inflation was entered to allow calculation of the annual distribution rate. Trustee Bhati
then moved, Trustee Wilson seconded, and by unanimous voice vote, the Committee
recommended approval of the resolution by the full Board of Trustees.
The resolution is included as Attachment E.
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June 25, 2015
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Investment Oversight
Bruce Guiot explained the purpose of the investment oversight resolution. He
stated it will ensure requirements are met for the creation of quasi-endowments. It
formalizes current procedures, and amends the pooled investment agreement with the
Foundation, which the Foundation has already approved. Trustee Wilson then moved,
Trustee Bhati seconded, and by unanimous voice vote, the Committee recommended
approval of the resolution by the full Board of Trustees.
The resolution is included as Attachment F.
Quasi-Endowment Resolutions
Bruce Guiot presented three quasi-endowment resolutions. The first addressed
fees paid by PNC Bank. The quasi-endowment would allow investment of those fees to
supplement the Miami Access Program. While the agreement with PNC does not require
the fees to be used for students, doing so was viewed as very important in keeping
Miami’s commitment to student support. Trustee Mitchell then moved, Trustee Bhati
seconded, and by unanimous voice vote, the Committee recommended approval of the
resolution by the full Board of Trustees.
The next two resolutions addressed unrestricted bequests, with the proposal that
they be invested to meet student needs through support of the most pressing projects.
The first project envisioned to receive such support would be Phase II of the Armstrong
Student Center. Trustee Bhati then moved, Trustee Budig seconded, and by unanimous
voice vote, the Committee recommended approval of the resolutions by the full Board of
Trustees.
The resolutions is included as Attachment G.
Internal Audit
Ms. Barbara Jena, Director of Internal Audit and Consulting updated the
Committee of the results of the Internal Audit. Open audit issues were addressed. The
issues include an end user device inventory; Troy Travis, Assistant Vice President for IT,
stated the current state has been mapped, and they are now mapping the future state; he
expected to have recommendation by the September meeting. Joe Basely, Assistant
Vice President for IT, stated the Payment Card Industry issue had been closed, and then
discussed the security awareness program, and how to enhance training. He also updated
the Committee on network penetration testing, which is a rapidly evolving area.
Ms. Jena stated Enterprise Risk Assessment and Enterprise Risk Management
have been conducted for the year. She also discussed several moderate items opened
since the start of the calendar year. She informed the Board that nine issues had been
closed, one of them the high risk PCI card issue.
Ms. Jena’s report is included as Attachment H.
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June 25, 2015
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Advancement Report
An opportunity for Miami to receive an NEA grant was discussed, with National
Trustees Altman and Perlmutter speaking of the importance of the Humanities and the
exceptional and prestigious nature of this opportunity. The importance of achieving the
threshold level of donor support to obtain the matching grant funds was emphasized.
Charter Review
The Chair informed his fellow members that the Committee is effectively meeting
the requirements of the Charter, and that no need for possible changes to the Charter had
been identified.
Agenda Priorities
Before addressing the forward agenda, there was some discussion of the financial
ratios found in written materials supplied to the Committee.
There were no comments regarding the forward agenda, which is included as
Attachment I.
Additional Reports
The following written reports were provided for the Committee’s information and
review:
Enrollment Report, Attachment J
Advancement report, Attachment K
FY2014 Financial Ratio Analysis Institutional Ratios and Scores, Attachment L
Report on Cash and Investments, Attachment M
Lean Project Update, Attachment N
Adjournment
With no other business coming before the Committee, the meeting adjourned the
meeting at 4:15 p.m.
Theodore O. Pickerill II
Secretary to the Board of Trustees
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Attachment A
Facilities, Construction and Real Estate
Cody Powell
June 25, 2015
June 25, 2015
Attachment A
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Attachment Page 1 of 67
Attachment A
Facilities, Construction and Real Estate
Cody Powell
June 25, 2015
East Quad Renovation
Project Cost: $93,330,000
Completion Date/% Comp: July 2015/95%
Contingency/Balance: $7,295,517/57%
Attachment A
Cost of Work: $73,126,996
Project Delivery Method: Design Build
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Attachment Page 2 of 67
Attachment A
Facilities, Construction and Real Estate
Cody Powell
June 25, 2015
East Quad Renovation
Attachment A
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Attachment A
Facilities, Construction and Real Estate
Cody Powell
June 25, 2015
East Quad Renovation
Attachment A
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Attachment A
Facilities, Construction and Real Estate
Cody Powell
June 25, 2015
East Quad Renovation
Attachment A
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Attachment Page 5 of 67
Attachment A
Facilities, Construction and Real Estate
Cody Powell
June 25, 2015
Hayden Park Addition – Baseball Support Facility
Project Cost: $3,675,000
Completion Date/% Comp: August 2015/75%
Contingency/Balance: $236,000/25%
Attachment A
Cost of Work: $3,025,000
Next Milestone Date: Installation of Structural Steel
Project Delivery Method: Construction Manager at Risk
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Attachment Page 6 of 67
Attachment A
Facilities, Construction and Real Estate
Cody Powell
June 25, 2015
Hayden Park Addition – Baseball Support Facility
Attachment A
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Attachment Page 7 of 67
Attachment A
Facilities, Construction and Real Estate
Cody Powell
June 25, 2015
North Quad Renovation
Project Cost: $98,300,000
Completion Date/% Comp: August 2016/4%
Contingency/Balance: $8,397,813/100%
Attachment A
Cost of Work: $79,380,873
Project Delivery Method: Design Build
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Attachment Page 8 of 67
Attachment A
Facilities, Construction and Real Estate
Cody Powell
June 25, 2015
North Quad Renovation
Attachment A
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Attachment Page 9 of 67
Attachment A
Facilities, Construction and Real Estate
Cody Powell
June 25, 2015
Shideler Hall
Project Cost: $25,000,000
Completion Date: January 2016/57%
Contingency/Balance: $1,417,394/68%
Attachment A
Cost of Work: $20,039,255
Project Delivery Method: Construction Manager at Risk
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Attachment A
Facilities, Construction and Real Estate
Cody Powell
June 25, 2015
Shideler Hall
Attachment A
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Attachment A
Facilities, Construction and Real Estate
Cody Powell
June 25, 2015
Questions?
Attachment A
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Attachment A
Facilities, Construction and Real Estate
Cody Powell
June 25, 2015
June 25, 2015
Attachment A
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Attachment A





Facilities, Construction and Real Estate
Cody Powell
June 25, 2015
We have secured 280 beds at two apartment complexes offcampus for fall 2015– Hawks Landing and Miami Preserve
Resident assistant roommates will still be needed during the
first few weeks of the fall semester
Prioritization for off-campus room assignments is being
developed; to the greatest extent practical these
assignments will be offered to qualifying transfers and
sophomores on a voluntary basis
Students residing in the off- campus apartments will
continue to have oversight provided by a resident director
and resident assistants and to have an experience as close
to on-campus as possible
The student pricing for the off-campus rooms will be “cost
neutral” for the University
Attachment A
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Attachment Page 14 of 67
Attachment A


Facilities, Construction and Real Estate
Cody Powell
June 25, 2015
The University remains committed to the
sophomore residency requirement; this will require
the construction of additional beds even if
enrollment trends do not grow beyond fall 2015
Other implications for construction of new beds
include the removal of three residence halls due to
their age and the need for swing space to enable
future renovations
Attachment A
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Attachment Page 15 of 67
Facilities, Construction and Real Estate
Cody Powell
Attachment A
June 25, 2015
Projected Multi-Year Housing Demand (all numbers based on October 15 Date)
Alternate Scenario Models - June 2016
Office of Housing Options, Meals & Events (H.O.M.E.)
2014-2015 2015-2016
Actual
Forecast
st
ea
es de ts ( o
e ous a Occupa cy/Capac ty
epo t # )
3686
3803
2016-17 Scenarios
2017-18 Scenarios
008
Enrollment
Projections for
Incoming
Students,
reduced
Third/Fourth
008 Years
008
Enrollment
Projections for
Incoming
Students
Lower than
Projected
Enrollment for
Incoming First
Years, more
commuters
Higher than
Projected
Enrollment for
Incoming First
Years (Similar
to Fall 2015)
Enrollment
Projections for
Incoming
Students
008
38 0
2018-19 Scenarios
2019-20 Scenarios
Lower than
Projected
Enrollment for
Incoming First
Years, more
commuters
Enrollment
Projections for
Incoming
Students,
reduced
Third/Fourth
Years
Higher than
Projected
Enrollment for
Incoming First
Years (Similar
to Fall 2015)
Enrollment
Projections for
Incoming
Students
Lower than
Projected
Enrollment for
Incoming First
Years, more
commuters
Enrollment
Projections for
Incoming
Students,
reduced
Third/Fourth
Years
Higher than
Projected
Enrollment for
Incoming First
Years (Similar
to Fall 2015)
Enrollment
Projections for
Incoming
Students
Lower than
Projected
Enrollment for
Incoming First
Years, more
commuters
Enrollment
Projections for
Incoming
Students,
reduced
Third/Fourth
Years
Higher than
Projected
Enrollment for
Incoming First
Years (Similar
to Fall 2015)
Incoming First Year Residents
Incoming Class
3652
3753
3620
3450
3620
3755
3620
3450
3620
3755
3620
3450
3620
3755
3620
3450
3620
Increased by ACE Students
218
305
300
300
300
300
300
300
300
300
300
300
300
300
300
300
300
300
Less Commuter Students
(67)
(50)
(50)
(70)
(50)
(50)
(50)
(70)
(50)
(50)
(50)
(70)
(50)
(50)
(50)
(70)
(50)
(50)
3803
4008
3870
3680
3870
4005
3870
3680
3870
4005
3870
3680
3870
4005
3870
3680
3870
4005
91.5%
92%
92%
92%
92%
92%
92%
92%
92%
92%
92%
92%
92%
92%
92%
92%
92%
3407
3577
3827
3827
3827
3827
3700
3525
3700
3824
3700
3525
3700
3824
3700
3525
3700
3824
56
65
55
55
55
55
55
55
55
55
55
55
55
55
55
55
55
55
(318)
(325)
(325)
(325)
(325)
(325)
(325)
(325)
(325)
(325)
(325)
(325)
(325)
(325)
(325)
(325)
(325)
(325)
Incoming First Year Students on Campus
Expected Rising Second Year Residents
Forecasted Returning Second Year Students (includes new students from
previous spring at 93% return rate)
Transfer students who will participate in FY Room Selection (Admitted as
"OR" students previous fall)
Less Current Approved Fraternity Exemptions
Other Exemptions per Affidavits
Forecasted Second Year Students Required to Live on Campus
3755
(85)
(60)
(60)
(60)
(60)
(60)
(60)
(60)
(60)
(60)
(60)
(60)
(60)
(60)
(60)
(60)
(60)
(60)
3060
3257
3497
3497
3497
3497
3370
3195
3370
3494
3370
3195
3370
3494
3370
3195
3370
3494
Other Students (Jr/Sr, Relocation, New Transfer)
General Third & Fourth Year Room Selection (this number can vary based
upon capacity - these students are not required to be on campus)
260
121
300
300
200
300
300
300
200
300
300
300
200
300
300
300
200
300
New transfer students through admission processes
188
170
200
200
200
200
200
200
200
200
200
200
200
200
200
200
200
200
13
22
22
22
22
22
22
22
22
22
22
22
22
22
22
22
22
22
126
160
130
130
160
130
130
130
160
130
130
130
160
130
130
130
160
130
Regional Campus relocation students
Third & Fourth Year RA's who didn't participate in Room Selection
Third & Fourth Year Scholar Leaders in February (Housing-Required)
Third & Fourth Year Scholarship Athletes (Housing-Required)
Third & Fourth Year ROTC Scholarships (Housing-Required)
Third & Fourth Year Students in Housing
6
8
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
70
21
25
25
25
25
25
25
25
25
25
25
25
25
25
25
25
25
10
673
15
517
15
702
15
702
15
632
15
702
15
702
15
702
15
632
15
702
15
702
15
702
15
632
15
702
15
702
15
702
15
632
15
702
7536
7782
8069
7879
7999
8204
7942
7577
7872
8201
7942
7577
7872
8201
7942
7577
7872
8201
Summary of Demand & Capacity
Projected Housing Demand
Attachment A
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Attachment Page 16 of 67
Attachment A
Facilities, Construction and Real Estate
Cody Powell
Attachment A
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June 25, 2015
Attachment Page 17 of 67
Attachment A




Facilities, Construction and Real Estate
Cody Powell
June 25, 2015
Time period to accomplish the residence hall
renewal plan could be as much as six years longer
Cost to accomplish the residence hall renewal plan
will rise due to longer construction period and
increased construction costs
Delaying the demolition of buildings could increase
safety risks and lead to reduced student
satisfaction
New schedule will require adjustments to the Utility
Master Plan
Attachment A
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Attachment Page 18 of 67
Attachment A
Facilities, Construction and Real Estate
Cody Powell
June 25, 2015
Discussion
Attachment A
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Attachment Page 19 of 67
Attachment A
Facilities, Construction and Real Estate
Cody Powell
June 25, 2015
June 2015
Attachment A
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Attachment Page 20 of 67
Attachment A
Facilities, Construction and Real Estate
Cody Powell
June 25, 2015
Long Term Campus Use Plan
Existing Residential
Future Residential
Existing Academic
Future Academic
Administrative
Cultural
Athletic
Attachment A
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Attachment Page 21 of 67
N
Attachment A
Facilities, Construction and Real Estate
Cody Powell
June 25, 2015
Buildings to be Renovated or Demolished and New Site Options (August 2015-2026)
Old Manse Site(specialty housing)
[does not accommodate size or scale]
Withrow Courts Site (350 beds)
[accommodates size, but not
available soon enough]
Patterson Place Site (300 beds)
Band Field Site (300 beds)
[do not have cost effective
solution or site to relocate
band practice field. Poor
soils, cost to site utilities,
inconvenient access to
dining]
Peabody North (160 beds)
[does not accommodate size]
Attachment A
Ball Field Site (538 Beds)
[do not have cost effective
solution or site to relocate
Intercollegiate Athletic
tennis facility
Symmes East Site (180-200 beds)
[does not accommodate size]
Thomson Site (300 beds)
[removal of existing residence hall
required prior to development of site –
exacerbating shortage of beds and not
available soon enough]
Overall Page 28 of 217
Future Site Option (capacity)
Planned Demolition
Planned Renovation
Renovation In Process
Attachment Page 22 of 67
NN
Attachment A
Facilities, Construction and Real Estate
Cody Powell
June 25, 2015
Site Evaluation_Withrow Court Site Option A
Future Plant
Addition
Demo Withrow
2016
Future
Academic
Swing Demo
Optional
Future
Demo
New Withrow Option A
24,280 sf per floor x 4 residential floors= 97,120 sf
97,120 sf / 280 sf per bed = 347 beds
N
Attachment A
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Attachment Page 23 of 67
Attachment A
Facilities, Construction and Real Estate
Cody Powell
June 25, 2015
Site Evaluation Withrow Court Site Option B
Future Plant
Addition
Demo Withrow
2016
Withrow Lane
Future
Academic
Demo Swing
2016
Future
Academic
Engineering
Quad
New Withrow Option B
24,600 sf per floor x 4 residential floors= 98,400 sf
98,400 sf / 280 sf per bed = 350 beds
N
Attachment A
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Attachment Page 24 of 67
Attachment A
Facilities, Construction and Real Estate
Cody Powell
June 25, 2015
Site Evaluation Ball Field (Tennis Court) Site
Attachment A
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Attachment Page 25 of 67
Attachment A
Facilities, Construction and Real Estate
Cody Powell
June 25, 2015
Site Evaluation Ball Field (Tennis Court) Site
4 Story_346 Beds
Attachment A
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Attachment Page 26 of 67
Attachment A
Facilities, Construction and Real Estate
Cody Powell
June 25, 2015
Site Evaluation Ball Field (Tennis Court) Site
Attachment A
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Attachment Page 27 of 67
Facilities, Construction and Real Estate
Cody Powell
Attachment A
June 25, 2015
Neighborhood Populations and Dining Capacity (2015)
Heritage
Commons
Beds=430
Dining =N/A
Academic Quad
+Swing
Beds =724
Dining= 200?
North Quad
Beds= 1,151
Dining=280-320 seats
Bell Tower Place
Central/S. Quad
Beds=1,974
Dining =????
Harris Dining Hall
Maplestreet
cMartin
Armstrong (425600)
MET Quad
Beds= 1,317
Dining=500 seats
Symmes
East Quad + Miami
Inn
Beds=1,124
Dining = 325
Western Dining
Hall
Western Campus
Beds=1,754
Dining=500 seats
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Business Session
Item 2a
Cole Service Building
Oxford, Ohio 45056-3609
(513) 529-7000
(513) 529-1732 Fax
www.pfd.muohio.edu
Status of Capital Projects Executive Summary
June 25, 2015
1. Projects completed:
No major projects were completed since the last report. Nine projects under $500,000 were completed since
the last report.
2. Projects added:
No major projects or projects under $500,000 were added during this reporting period.
3.
Projects in progress:
The East Quad Renovation is now largely complete. The project renovated five residence halls (Symmes,
Dorsey, McBride, Collins, and Dennison) and the structure formerly known as Erickson Dining Hall. Garden
Commons – the new dining concept – is still receiving finishing touches and will be occupied by our dining
staff in mid-July. The landscape and hardscape improvements inside the quad are quite nice and significantly
improve the pedestrian and recreational use of the space. The restoration of Bishop Woods is making good
headway with the installation of new walks, security lighting and continued removal of dead and dying trees
and invasive species. The addition at Hayden Park is rounding third and coming home. The exterior shell is
nearing completion and the interior work is on-schedule for being done in August. North Quad Renovations
have begun with removing all furniture and reusable equipment. Abatement and demolition inside the
buildings is moving forward. The addition to Hahne Hall is making progress now that the students have
moved out of the building. Shideler Hall renovation is making steady progress. Drywall is being installed
inside the existing portion of the building. Mechanical, electrical, and plumbing systems continue to be
installed. The addition is really taking shape and creating a visual impact for those entering our campus from
the east.
Respectfully submitted,
Cody J. Powell, PE
Associate Vice President –
Facilities Planning & Operations
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TABLE OF CONTENTS
Page Number
PROJECT SYNOPSIS ________________________________________________________________ 3
UNDER CONSTRUCTION ____________________________________________________________ 5
Requiring Board of Trustees Approval:
East Quad Renovation ___________________________________________________________ 5
Hayden Park Addition – Baseball Support Facility _____________________________________ 6
North Quad Renovation __________________________________________________________ 7
Shideler Hall Renovation _________________________________________________________ 9
Projects Between $500,000 and $2,500,000:
Bishop Woods Landscape Restoration _______________________________________________ 11
Culinary Support Center Rehabilitation ______________________________________________ 12
Engineering Quad Simultaneous Heating and Cooling Conversion_________________________ 13
Hamilton Campus – Mosler Lab and CIT Office Renovations ____________________________ 13
Harris Drive Parking Lots ________________________________________________________ 14
HDRBS MEP Improvements Summer 2015 __________________________________________ 14
Morris Hall Student Room Renovations _____________________________________________ 15
(Old) Talawanda High School Demolition and Site Work _______________________________ 15
Peabody Hall Renovations ________________________________________________________ 16
Roof Replacement/Repairs 2015 ___________________________________________________ 17
IN DESIGN _________________________________________________________________________ 19
Gunlock Family Athletic Performance Center _________________________________________ 19
Middletown Campus – Gardner Harvey Library Renovation _____________________________ 19
Shriver Center Renovations – Phase 1 _______________________________________________ 20
Withrow Court Program Relocation _________________________________________________ 21
IN PLANNING ______________________________________________________________________ 23
Armstrong Student Center, Phase 2 _________________________________________________ 23
Hamilton Campus – Knightsbridge Building Renovation ________________________________ 23
COMPLETED PROJECTS ____________________________________________________________ 25
SUMMARY OF PROJECTS LESS THAN $500,000 _______________________________________ 27
GLOSSARY OF TERMS ______________________________________________________________ 29
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Status of Capital Projects Report
Summary of Active Projects
Number of Projects
Under Construction
In Design
In Planning
Projects Under $500,000
Value
14
4
2
79
$230,924,844
$37,000,000
$23,000,000
$16,022,511
Total
$306,947,355
New Projects Over $500,000
Harris Drive Parking Lots
Morris Hall Student Room Renovations
Roof Replacement/Repairs 2015
Page 14, Item 5
Page 15, Item 7
Page 17, Item 10
Projects Completed Since Last Report
None
Total
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UNDER CONSTRUCTION
(Under Contract)
Projects Requiring Board of Trustees Approval
1. East Quad Renovation: (BOT Feb ’14)
Bell
This project will renovate Collins, Dennison, Dorsey, McBride and Symmes Residence Halls. Erickson Dining Hall
will be converted into residence hall space as a continuation of Dennison Hall, and a new dining hall will be
constructed as an addition to Symmes Hall. The project also includes renovating a portion of the North Chiller Plant
at Billings Hall, and the conversion of the Marcum Conference Center and Wilson Hall from steam to hot water. In
addition, the work will include related site utilities and infrastructure, landscaping and site improvements for the
identified buildings. These renovations will be comprehensive upgrades of all buildings systems, addition of fire
suppression, accessibility improvements, energy efficiency improvements, and new finishes throughout. Additional
beds beyond what was expected in the Long Range Housing Master Plan have been designed into the project.
Certificates of occupancy have been received for the Residence Halls. Final exterior work and quality control repairs
are being completed. Landscaping has progressed and all drives and sidewalks are in place. Planting continues.
Owner supplied items and furniture move in has begun and will continue into July. Garden Commons has received
all food service minus some owner supplied vendor items. Health Department review is in process. Finishes are
wrapping up with final painting and acoustical treatments. Work is on schedule for turnover to Miami in mid-July.
Under Construction
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East Quad Renovation (continued):
Delivery Method: Design / Build
Project Cost
Design and Administration
Cost of Work
Contingency
Owner Costs
Total
$6,978,627
$73,126,996
$7,295,517
$5,928,860
$93,330,000
Funding Source
Bond Series 2012
UEA CR&R
$92,404,000
$926,000
Total
$93,330,000
Contingency Balance: 57%
Construction Complete: 95%
Project Completion: July 2015
2. Hayden Park Addition – Baseball Support Facility: (BOT Feb ’14)
Morris
This project will construct an addition to Hayden Park along the third baseline of McKie Field. The facility will
include offices for the coaches, instructional and training spaces for players, locker rooms, an equipment room, an
umpire room, and support spaces. This project will relocate some services currently in Withrow Court to the Hayden
Park facility.
Roof, split face masonry and interior metal studs are all complete. Mechanical and electrical rough-ins continue and
are near completion. Exterior brick veneer masonry work has begun. The building fire protection main tap has been
completed. Coordination with Glenwood Energy is in progress to get gas main feed in place in June. An early
August completion is anticipated.
Under Construction
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Hayden Park Addition – Baseball Support Facility (continued):
Delivery Method: Construction Manager at Risk
Project Cost
Design and Administration
Cost of Work
Contingency
Owner Costs
Total
$266,000
$3,025,000
$236,000
$148,000
$3,675,000*
Funding Source
Gifts
Student Facilities CR&R
Total
$3,125,000
$550,000
$3,675,000
*Reflects the new total project cost approved by the Board in
December 2014
Contingency Balance: 25%
Construction Completion: 75%
Project Completion: August 2015
3. North Quad Renovation: (BOT Sep ’13)
Christian
This project will renovate Brandon, Flower, Hahne, and Hepburn Residence Halls as well as Martin Dining Hall and
a portion of the North Chiller Plant at Billings Hall. The work will include site utilities and infrastructure,
landscaping and site improvements for the identified buildings. These renovations will be comprehensive upgrades
of all buildings systems, addition of fire suppression, accessibility improvements, energy efficiency improvements,
and new finishes throughout. This project will use the Design/Build project delivery method.
The program of requirements was modified to consider cost-effective ways to meet growing housing demand,
integration of needs supporting our Utility Master Plan, and address existing deferred maintenance issues with tunnel
tops. As a result, it is recommended to add approximately 100 beds to Hahne Hall in the form of an addition. The
program was also modified to include sizing the underground hot water piping to allow Millett, Yager Stadium and
the Student Athlete Development Center to be switched to more energy efficient hot water heating in the future.
Under Construction
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North Quad Renovation (continued):
Replacement of the existing tunnel top adjacent to the project site makes sense to include within this scope of work.
This project would have been submitted for approval and completed as a separate project; however, it is more cost
effective and efficient to perform this work under a common DB. The utility piping and tunnel top replacement
projects come with additional funding sources depicted in the table below. These changes resulted in an increase to
the Estimated Budget.
Turnover of the site and buildings to the contractor is complete. Hazardous materials abatement has begun and will
be closely followed by interior demolition. Installation of the heating hot water lines from the North Chiller Plant,
extending to McFarland Hall and the remainder of the site, is in progress. Construction of the Hahne addition
foundation is complete and vertical construction has begun.
Delivery Method: Design / Build
Project Cost
Design and Administration
Construction
Contingency
Owner Costs
Total
$7,396,314
$79,380,873
$8,397,813
$3,125,000
$98,300,000
Funding Source
Bond Series 2012
Bond Series 2014
UEA CR&R
University Buildings CR&R
Total
$5,000,000
$90,690,500
$1,400,000
$1,209,500
$98,300,000
Contingency Balance: 100%
Construction Complete: 4%
Project Completion: August 2016
Under Construction
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4. Shideler Hall Renovation: (BOT Feb ’14)
McCarthy
The complete renovation of Shideler Hall for Geology and Geography will include hazardous material abatement,
replacement of HVAC, plumbing, electric, technology and fire suppression systems with state-of-the-art energy
efficient systems; reconfiguration of classrooms, laboratories, department and staff offices is planned, including a
highly interactive GIS studio. Upgraded finishes will include casework, flooring, lighting, ceilings, etc. The work
will improve circulation, egress and ADA accessibility. Exterior upgrades including brick tuck pointing, roofing and
window replacements will occur.
Interior renovation is progressing with the installation of new windows and perimeter insulation complete. Drywall
on all floors is nearly complete. Ceiling grid is being installed in areas where above ceiling inspections have been
completed. Electric projection screens and the new elevator is being installed. Major MEP equipment is being
delivered. The addition interior is in a similar condition to the existing building. The envelope is weather tight at the
walls and roof system. Brick veneer and clay tile roofing is being installed. The exterior plaza at the new east
entrance is underway.
Delivery Method: Construction Manager at Risk
Project Cost
Design and Administration
Cost of Work
Contingency
Owner Costs
Total
Contingency Balance: 68%
Construction Complete: 57%
Project Completion: January 2016
Funding Source
$2,336,371
$20,039,255
$1,417,394
$1,207,070
$25,000,000
State
Local*
$21,000,000
$4,000,000
Total
$25,000,000
*$2,000,000 from FY 2014 operating budget
$2,000,000 from Arts and Science carry forward
Under Construction
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UNDER CONSTRUCTION
(Under Contract)
Projects Between $500,000 and $2,500,000
1. Bishop Woods Landscape Restoration:
Cirrito
This project will improve safety, pedestrian circulation and recreate the mature high canopy, diverse forest ecosystem
that was once present on the site. The work includes removal of invasive species, thinning of saplings, and
reintroduction of appropriate woody and herbaceous species. The improvements will allow for views through the site
with a continuously changing floral display from spring to fall framed by reintroduced native ferns. A central sodded
lawn will also be created to allow for informal gatherings within the confines of the woods. Circulation
improvements will include the realignment of paved pathways to better serve student migration through the area by
linking destinations and adjacent sidewalks. Safety improvements will include the placement of walkway lighting
using “dark sky friendly” pole-mounted LED lighting fixtures to illuminate walkways.
Sidewalk installation, along with trenching for electrical conduit and storm water piping is underway. Landscaping
will follow late summer into the fall.
Delivery Method: Design/Build
Project Cost
Design and Administration
Cost of Work
Contingency
Owner Costs
Total
$77,000
$800,000
$80,000
$43,000
$1,000,000
Funding Source
University Buildings CR&R
$1,000,000
Total
$1,000,000
Contingency Balance: 67%
Construction Complete: 30 %
Project Completion: October 2015
Under Construction
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2. Culinary Support Center Rehabilitation:
Moss
This project will renovate and reduce the MUCCU to drive-through service only and prepare that section of the
Demske Culinary Support Center for the relocation of the Burkhouse Staff Development Center from Boyd Hall.
The project is underway with framing and drywall continuing. Electrical conduit and wire pulling is progressing, as
well as plumbing and HVAC. Creation of a third classroom within the space has been added to the project. The
additional classroom space is needed to support the growth of LEAN training needs. Creation of offices and
improved finishes in the credit union drive-through area has increased the scope and is funded by the Miami
University Community Credit Union (MUCCU).
Delivery Method: Single Prime Contractor
Project Cost
Design and Administration
Cost of Work
Contingency
Owner Costs
Total
$77,000
$801,350
$80,000
$43,000
$1,001,350
Contingency Balance: 92%
Construction Complete: 45%
Project Completion: October 2015
Funding Source
University Buildings CR&R
HDRBS CR&R
MUCCU
$857,350
$112,000
$32,000
Total
$1,001,350
*Reflects increase in budget of $64,350.
Additional funding from University Buildings
CR&R and the MUCCU.
In Design
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3. Engineering Quad Simultaneous Heating and Cooling Conversion:
Bell
This project removes steam piping and installs hydronic piping to buildings in the Engineering Quad (Benton, School
of Engineering and Applied Science, Pearson, and Psychology) to support simultaneous heating and cooling. The
project is part of the utility master plan. The project connects to the new hydronic piping already in place from the
North Chiller Plant to East Quad.
Piping is in place (underground and through the buildings). Equipment is being installed in each of the mechanical
rooms, and finish work is occurring where piping went through building finished spaces.
Delivery Method: Design / Build
Project Cost
Design and Administration
Cost of Work
Contingency
Owner Costs
Total
$113,238
$1,993,622
$25,000
Funding Source
UEA CR&R
University Buildings CR&R
$1,531,860
$600,000
Total
$2,131,860
$2,131,860
Contingency Balance: 100%
Construction Complete: 50%
Project Completion: July 2015
4. Hamilton Campus – Mosler Lab and CIT Office Renovations:
Porchowsky
This project includes the renovation of three highly utilized botany and biology teaching laboratories and support
spaces on the fourth floor of Mosler Hall, as well as renovation of the CIT Office Suite on the third floor.
Drywall is being hung in the CIT Office suite and finishes are being installed in the fourth floor labs in preparation
for the arrival of casework. Mechanical and electrical work is ongoing.
Delivery Method: Single Prime Contractor
Project Cost
Design and Administration
Cost of Work
Contingency
Owner Costs
Total
$88,211
$789,789
$125,000
$247,000
$1,250,000
Funding Source
State
Hamilton Student Facilities CR&R
$800,000
$450,000
Total
$1,250,000
Contingency Balance: 100%
Construction Complete: 50%
Project Completion: July 2015
Under Construction
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5. Harris Drive Parking Lots: (New Project This Report)
Cirrito
This project will construct a 52-space parking lot south of the South Chiller Plant and a 30 space parking lot west of
the South Chiller Plant. Other work includes the reconstruction of the Harris Dining Hall service dock pavement and
the repaving of Harris Drive from Maple Street to Oak Street.
The contractor will mobilize in the beginning of July.
Delivery Method: Single Prime Contractor
Project Cost
Design and Administration
Cost of Work
Contingency
Owner Costs
Total
$40,000
$620,000
$50,000
$4,600
$714,600
Funding Source
Parking CR&R
University Buildings CR&R
Local
$449,600
$250,000
$15,000
Total
$714,600
Contingency Balance: 100%
Construction Complete: 0%
Project Completion: August 2015
6. HDRBS MEP Improvements Summer 2015:
Archibald
This project involves mechanical, electrical, and plumbing improvements in ten residence halls, four dining halls, two
recreational facilities, and one guest facility. The desired upgrades include: 1) addressing several overheat and
ventilation issues in mechanical spaces; 2) replacing existing water softeners with Watts OneFlow style decalcifiers;
3) energy efficiency improvements to heating systems; 4) adding redundancy to critical mechanical systems; and 5)
control system upgrades.
Investigative and exploratory work is complete. Installations of new HVAC for six buildings are underway.
Installations for new OneFlows are ongoing in six buildings, with a seventh to begin shortly. Controls upgrades are
ongoing.
Delivery Method: Single Prime Contractor
Project Cost
Design and Administration
Cost of Work
Contingency
Owner Costs
Total
Funding Source
$112,000
$1,000,000
$136,500
$1,500
$1,250,000
RSC CR&R
Goggin CR&R
Marcum CR&R
HDRBS CR&R
Total
$14,500
$85,000
$32,500
$1,118,000
$1,250,000
Contingency Balance: 100%
Construction Complete: 40%
Project Completion: September 2015
Under Construction
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7. Morris Hall Student Room Renovations: (New Project This Report)
Russell
This project will provide new ceilings, light fixtures and switching, painting and general repairs to all of the student
rooms.
The contract has been awarded. Demolition is complete. Wall patching is being followed by painting. Ceiling
installation has begun. The light fixtures and switches are being installed and the mismatched floor tile is being
replaced. Work has been scheduled to meet the July project completion.
Delivery Method: Single Prime Contractor
Project Cost
Design and Administration
Cost of Work
Contingency
Owner Costs
Total
Funding Source
$58,071
$767,338
$40,000
$6,625
$872,034
HDRBS CR&R
$872,034
Total
$872,034
Contingency Balance: 100%
Construction Complete: 50%
Project Completion: July 2015
8. (Old) Talawanda High School Demolition and Site Work:
Archibald/Cirrito
This project will deconstruct the existing Talawanda High School at 101 E. Chestnut Street, along with the classroom
trailers and grandstands. After demolition, the site will be cleared and a new parking lot will be installed. The
existing sports fields and facilities will remain with utilities rerouted to maintain service to the remaining structures.
Asphalt and striping work is complete. The contractor will continue to maintain turf for a required period to establish
a sufficient stand of grass. This will be the last report.
Under Construction
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(Old) Talawanda High School Demolition and Site Work (continued):
Delivery Method: Single Prime Contractor
Project Cost
Design and Administration
Cost of Work
Contingency
Owner Costs
Total
$98,500
$1,900,000
$401,000
$500
$2,400,000
Funding Source
Local - FY 2013 Surplus
Parking CR&R
$1,850,000
$550,000
Total
$2,400,000
Contingency Balance: 30%
Construction Complete: 100%
Project Completion: June 2015
(Revised since last report: July 2015)
9. Peabody Hall Renovations: (BOT Feb ’14)
Rein
This project will be accomplished in two phases to support conversion of the HVAC equipment in the building to
accommodate supply from the Western Campus Geothermal Energy Plant. The chiller has been replaced and the
mechanical room equipment is being replaced with selected components to support the eventual integration into the
Western Campus geothermal loop. The second phase will address individual units and controls within student rooms.
The second phase will be designed and coordinated at a later date in conjunction with the Utility Master Plan.
Mechanical room work is in progress. This will be the last report.
Delivery Method: Single Prime Contractor
Project Cost
Design and Administration
Cost of Work
Contingency
Owner Costs
Total
$65,000
$1,650,000
$150,000
$35,000
$1,900,000
Funding Source
Bond Series 2012
University Buildings CR&R
$1,200,000
$700,000
Total
$1,900,000
Contingency Balance: 100%
Construction Complete: 50%
Project Completion: August 2015
Under Construction
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10. Roof Replacement/Repairs 2015: (New Project This Report)
Moss
This project will replace the roofs at Laws Hall, Bachelor Hall and the South Chiller Plant. At Laws Hall, the wood
cooling tower will be removed and four safety tie-off points on the roof will be added.
The contractor has removed the wood cooling tower and started replacement at Laws Hall. Laws replacement is
expected to be complete in mid-June. The South Chiller Plant is underway and nearing completion. The replacement
at Bachelor Hall will begin near the end of June, after the Laws Hall roof is complete.
Delivery Method: Single Prime Contractor
Project Cost
Design and Administration
Cost of Work
Contingency
Owner Costs
Total
$95,700
$669,020
$69,280
$0
$834,000
Funding Source
University Buildings CR&R
UEA CR&R
$634,000
$200,000
Total
$834,000
Contingency Balance: 98%
Construction Complete: 55%
Project Completion: October 2015
Under Construction
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IN DESIGN
(Pre-Contract)
1. Gunlock Family Athletic Performance Center:
Morris
This project will add a new facility to include varsity football locker rooms, training and rehabilitation facilities, a
football-specific weight room, hydrotherapy, offices for coaches, a team lounge, break out rooms, and a team meeting
room. The facility will replace the North Stands and connect Yager Stadium to the new Indoor Sports Center.
The design development phase was completed in May. The site package and foundation package are out to bid for
early GMP. Pole barn construction (GMP-1) is in progress. Once complete, storage under the north stands can be
relocated and the north stands demolished. Primary GMP on 70% of construction documents is due in mid-July.
Delivery Method: Construction Manager at Risk
Estimated Budget: $23,000,000
Estimated Start: June 2015
Estimated Completion: September 2016
Funding Source
Gifts
$23,000,000
Total
$23,000,000
2. Middletown Campus – Gardner Harvey Library Renovation:
Patterson
This project will add partitions on the first floor to allow for new study rooms and provide additional electrical panels
and receptacles to support electronic devices presently in use, as well as provide for future expansion. Interactive
white boards will be installed in several areas in the library. An emergency generator will be provided for life safety
electrical loads in the building.
The project is in design development.
Delivery Method: Multiple Prime Contractors
Estimated Budget: $500,000
Estimated Start: July 2015
Estimated Completion: October 2015
Funding Source
State
$500,000
Total
$500,000
In Design
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3. Shriver Center Renovations – Phase 1:
Christian
As a result of many functions relocating to the new Armstrong Student Center, this project will initiate renovations of
the Shriver Center. The first stage of design services will be to complete a comprehensive Program of Requirements
and to perform Schematic Design for the entire building. The first construction phase will be confirmed during
design, and is currently expected to consist of construction of vacated spaces on the third floor plus necessary
mechanical, electrical, accessibility and elevator upgrades to support future phases. The Office of Disability
Resources and the Rinella Learning Center, both of which will relocate from the Campus Avenue Building (CAB),
will occupy the third floor. A new Welcome Center is being planned on the first floor. The Welcome Center is
expected to support prospective students and their families, alumnus, and other University partners in a state-of-theart space.
The scope of Phase 1 has evolved to include the following elements. General Exterior: limited parking, delivery, and
south entry modifications. General Interior: Mechanical, Electrical, and Plumbing upgrades, as well as wholebuilding fire protection and new passenger and freight elevators. First Floor: admission welcome center including
pre-function space, a 250-seat auditorium, and associated admission offices, counseling rooms, and support spaces;
expanded bookstore retail space; a new convenience store; and renovated circulation and restrooms. Second Floor:
catering kitchen; an event planning and building management office suite; renovated main lobby, circulation and
restrooms. Third Floor: Rinella Learning Center, Student Disability Services, and renovated circulation and
restrooms.
The scope and program elements of Phase 1 have continued to evolve throughout the spring, with some program
elements shifting in size and location as alternate program elements were being studied. Identification of cost and
schedule for temporary relocation projects due to the construction inside the building has also contributed to the
project’s complexity. These factors have affected the design and estimating schedule and the project team is in the
process of assessing Schematic Design level costs relative to the desired outcome. The effect on the overall project
schedule can be minimized, however, because the lag between early demolition and actual construction can absorb
most of the expected schedule impact. This means the previously planned early abatement, demolition, and elevator
shaft work does not need to commence until November of 2015, while continuing to target a January 2017 project
completion.
The scope and schedule of a future Phase 2 continues to evolve and is focused around assigning functions to currently
unassigned spaces that can both drive traffic to the building and also generate revenue to support the facility.
Delivery Method:
Construction Manager at Risk
Estimated Budget: $10,500,000
Estimated Start: November 2015
Estimated Completion: January 2017
Funding Source
Local
Shriver CR&R
HDRBS CR&R
UEA CR&R
Total
$8,000,000*
$1,600,000
$800,000
$100,000
$10,500,000
*$3,000,000 from FY 2013 operating surplus, approved at the
September 2013 Finance and Audit Committee meeting.
$5,000,000 to be taken from FY 2014 operating surplus
assuming project is approved.
In Design
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4. Withrow Court Program Relocation:
Bell
Withrow Court originally served as the main recreation facility for Miami, until the building of the Recreational
Sports Center 20 years ago. Built in 1931 as a men’s gym, there have been additions onto the north, south and east
sides of the building. The facility has significant deferred maintenance and a layout that would be difficult to
repurpose. It is scheduled for deconstruction in the summer of 2016.
The facility currently houses programming related to recreational sports, club sports, intramurals, ICA, Police,
Academic Personnel and Staff records, student organizations and the university archives. These programs will be
relocated or phased out. This project will determine appropriate locations for programs that move and design and
construct any renovations or modifications necessary for those moves. This will primarily involve the University
Archives and Recreational Sports programs.
The architects have verified the scope for each user. The two key users that require significant alterations to spaces
for relocation are the University Archives and Recreation/Club Sports. Archives will move to the third floor of King
Library to join the Special Collections area. This will impact other floors of King as programs move to accommodate
more space in the Special Collections area. Recreation/Club Sports will utilize the existing field house at Chestnut
Fields, acquired in the Talawanda High School purchase. Also, some intermural offices will move to Phillips Hall.
Delivery Method: General Contractor
Estimated Budget: $3,000,000
(Revised since last report - $2,000,000)
Estimated Start: November 2015
(Revised since last report – September 2015)
Estimated Completion: May 2016
(Revised since last report – April 2016)
Funding Source
Local
$3,000,000
Total
$3,000,000
In Design
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IN PLANNING
(Pre-A&E)
1. Armstrong Student Center, Phase 2: (BOT Apr ’13)
Russell
This project will complete the Armstrong Student Center via adaptive reuse of Culler Hall. The project will renovate
the interior of Culler Hall in a similar manner to the adaptive reuse of Gaskill and Rowan Halls. The project will also
address needed rehabilitation to the core and shell of the Culler Hall building. The Phase 2 renovation of Culler Hall
will be joined to the completed Phase 1 by a connected link, creating a unified Armstrong Student Center. The
renovation, addition, and connection will be executed in such a way that the Student Center will be perceived as one
building comprised of distinct but complementary spaces.
Input has been received from student and end-user focus groups and was incorporated into the schematic design.
Schematic design was approved by the project committee. Design development documents were completed and
reviewed. Follow-up meetings with the stakeholders groups were held to clarify design development review
comments. The Construction Manager at Risk (CMR) has been selected.
.Proposed Delivery Method:
Construction Manager at Risk
Proposed Budget: $23,000,000
Desired Start: January 2016
Desired Completion: July 2017
Funding Source
TBD
$23,000,000*
Total
$23,000,000**
*$10,000,000 to be funded from the redirecting of a portion of
the Rec Center Student Fee. The balance is to be from gifts.
**Revised from $21,500,000. This estimate was made in
August 2012. New estimate reflects estimated cost of
construction when bid
2. Hamilton Campus – Knightsbridge Building Renovation:
This project will provide for the renovation of the recently acquired 23,500 square feet Richard Allen Academy
building located on the Hamilton Campus at the intersection of Knightsbridge Drive and University Boulevard in
Hamilton. A facility assessment to be used in developing program and renovation cost has been completed. The
assessment has identified the need for mechanical/electrical upgrades as part of the renovation, reporting
approximately $4,000,000 in probable cost. A recent professionally-prepared campus space plan is contributing to
the programmed scope of this project.
Planning is underway to align the campus space requirements, academic priorities, and existing facilities
condition/needs.
Proposed Budget: TBD
Desired Start: TBD
Desired Completion: TBD
Funding Source
Hamilton Campus CR&R
Total
TBD
TBD
In Design
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COMPLETED PROJECTS
No Major Projects Completed Since the Last Report
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Projects Between $50,000 and $500,000
Project
Airport RSA Grading Project
Armstrong Student Center – Pavilion Audiovisual Upgrades
Art Building/Museum – Fire Alarm System Installation 2015
Art Museum Carpet and Drapery Replacement
Bachelor Hall – Lecture Hall 102 Renovation
Bachelor Hall – Room 108 Conversion to Classroom
Benton Hall – Agile Classroom
Campus Avenue Building - One Stop Shop
Campus Avenue Water Main Work (in conjunction with City of Oxford)
Center for Performing Arts - Emergency Generator Replacement
Center for Performing Arts – Souers Recital Hall – Dimming System Replacement
Central Campus Electrical Modifications – Phase II
Classroom Chair Replacement (17 classrooms)
Culinary Support Center – High Bay & Corridor Lighting Retrofit
E & G Buildings – Corridor Lighting Control
E & G Buildings – Elevator Repair and Renovation 2015
E & G Buildings – Relamping
E & G Buildings – Summer Painting – Building Exteriors 2014/2015
E & G Buildings – VAV Box Occupancy Sensors Installation
Emergency Phones Phase II
Engineering Building – Fume Hood Exhaust Fan Resolution
Engineering Building – Lab Improvements 2015
Farmer School of Business – Exterior Entrance Door Repairs
Goggin Ice Center – Stair Repair/Replacement
Hamilton Campus – North Hall Fiber Installation
Hamilton Campus – One Stop Enrollment Management Center
Hamilton Campus – Parrish Auditorium – LED Lighting Retrofit
Hamilton Campus – Phelps Hall ADA Ramp
Hamilton Campus – Rentschler Hall Entry Reconstruction
Hamilton Campus – Retro-commissioning
Hamilton Campus – University Hall Emergency Generator Installation
Harris Drive Parking Lots
Hayden Park – FF&E
Heritage Commons – Plumbing Upgrades 2015
Hiestand Hall – Exhaust Improvements
Hiestand Hall - Room 200 - Lab Refresh and Update
HDRBS – Exterior Summer Painting 2014
HDRBS – Residence Hall Signage
Hughes Hall Still Replacement
Irvin Drive Relocation
Irvin Hall – Classroom 10 Interior Finish Upgrades
Irvin Hall – Classroom 40 Renovation
King Library Dean’s Suite
King Library Emergency Generator Upgrade
King Library – Office of Undergraduate Research
Kreger Hall Furniture Package
Lewis Place Repairs 2014
MacCracken Market AC Upgrades
MacMillan Hall – Global Initiatives Renovation
Marcum Conference Center – Rework Curtain Drain
Attachment A
Overall Page 64 of 217
Budget
$128,320
$75,000
$235,000
$50,000
$440,000
$110,000
$50,000
$202,000
$150,000
$95,000
$54,000
$230,665
$189,685
$75,000
$200,000
$275,000
$350,000
$187,000
$150,000
$465,000
$100,000
$165,000
$150,000
$80,000
$77,400
$260,160
$80,000
$226,500
$180,000
$126,243
$100,000
$335,000
$180,000
$195,000
$110,000
$75,000
$50,000
$260,000
$160,000
$200,000
$330,000
$385,000
$63,000
$392,800
$490,000
$300,000
$316,400
$75,000
$65,700
$50,000
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McGuffey Hall – Classroom Expansion (415-417)
McGuffey Hall – Multipurpose Learning Center
McGuffey Hall – Room 100 – EDP Clinic Redesign
McGuffey Hall – Room 128 - AV and Computer Equipment Installation
McGuffey Hall – Rooms 407-408 Renovation
Middletown Campus – One Stop Enrollment Management Center
Middletown Campus – Retro-commissioning
Middletown Campus – SWORD Storm Water/Chiller Improvements
Millett Hall - Practice Gym Floor Replacement
Murstein, Glos & Advancement Services - Electrical Modifications
North Campus Utility Improvements
North Chiller Plant – Roof Replacement
Pearson Hall Laboratory AV Upgrades
Pearson Hall Laboratory Upgrades (267 B-F, G, H)
Pearson Hall – Mallory Wilson Center
Phillips Hall – Entryway Repairs
Phillips Hall – Room 113 Cosmetic Improvements
Phillips Hall – Sensory Lab
Presser Hall Stormwater Pond
Recreational Sports Center – Bouldering Cave Replacement
Recreational Sports Center – Clock Wall Upgrade
Recreational Sports Center – Envelope Evaluation
Recreational Sports Center – Hardscape Repairs
Recreational Sports Center – Outdoor Pursuits Center
Regional Campuses – Classroom Technology Upgrade 2015
Steam Plant Locker Room Renovations
Swing Hall – Roof Replacement 2014 Parapet Walls
Tennis Courts Resurfacing
Thomson Hall Roof Replacement
Upham Hall Emergency Generator Upgrade
Upham Hall – Religion and History Suite Renovation
Utility Group Control Automation Upgrades
Utility Group Network Reconfiguration
VOA – AV Upgrades
Western Campus Bridge Reconstruction
Western Residence Halls – Closet Additions
Williams Hall – East Wall Waterproofing
Yager Stadium – Cradle of Coaches Plaza – John Harbaugh Statue
Yager Stadium – ICA Storage Building
$55,000
$94,030
$90,000
$85,000
$125,000
$171,560
$122,000
$200,000
$145,000
$198,500
$400,000
$200,000
$398,022
$145,850
$176,200
$75,000
$66,000
$90,000
$262,250
$65,000
$50,000
$145,000
$100,000
$90,000
$306,000
$81,500
$118,000
$255,110
$470,000
$94,700
$292,750
$200,000
$150,000
$97,000
$400,000
$225,000
$80,000
$158,166
$255,000
Projects Closed Between $50,000 and $500,000
Project
Campus Irrigation – Lewis Place
Culinary Support Center Roof Phase 2
Hamilton Campus – Select Window and Door Replacement
McGuffey Hall – Room 322 D Renovation
Middletown Campus – Verity Lodge HVAC Improvements Phase One
Molyneaux Bells – Painting and Stone Repairs
Recreational Sports Center – Partial Roof Repairs & Replacement
South Chiller Plant Cooling Tower Rebuild
Upham Hall Greenhouse Deconstruction
Attachment A
Overall Page 65 of 217
Original Budget
$78,450
$318,070
$88,150
$147,500
$215,800
$50,000
$451,128
$250,000
$336,100
Returned Funds
$826
$124,320
$7,650
$15,162
17,250
$35,060
$13,770
$60,550
$47,450
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June 25, 2015
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Glossary of Terms
Construction Manager at Risk (CMR) – is a delivery method which entails a commitment by the construction manager
to deliver the project within a Guaranteed Maximum Price (GMP). The owner contracts the architectural and engineering
services to perform the design from concept through construction bid documents using the construction manager as a
consultant. The construction manager acts as the equivalent of a general contractor during the construction phase. CMR
arrangement eliminates a "Low Bid" construction project. This method will typically be used on projects with high
complexity and demanding completion schedules.
Contingency – includes both owner contingency and the D/B or CMR contingency where applicable.
Cost of the Work – is the cost of construction. This includes general condition fees, contractor overhead and profit, D/B or
CMR construction stage personnel.
Design & Administration – includes all professional services to support the work. This consists of base
Architect/Engineer (A/E) fees, A/E additional services, A/E reimbursables, non-error/omission A/E contingency fees,
geotechnical services, special inspection services partnering services, multi-vista photo documentation of projects, D/B or
CMR pre-construction services, third party estimator, and local administration fees.
Design Build (D/B) – is a project delivery method in which the design and construction services are contracted by a single
entity and delivered within a Guaranteed Maximum Price (GMP). Design Build relies on a single point of responsibility
contract and is used to minimize risks for the project owner and to reduce the delivery schedule by overlapping the design
phase and construction phase of a project. This method will typically be used on projects with less complexity and have
demanding completion schedules.
Guaranteed Maximum Price (GMP) – is the negotiated contract for construction services when using D/B or CMR.
The owner negotiates a reasonable maximum price for the project (or component of the project) to be delivered within the
prescribed schedule. The D/B firm or CMR is responsible for delivering the project within the agreed upon GMP. This
process eliminates bidding risks experienced by the owner, allows creative value engineering (VE) to manage the budget, and
permits portions of the work to begin far earlier than traditional bidding of the entire project.
Multiple Prime Contracting – is a project delivery method historically allowed by the State of Ohio. The owner
contracts the architectural and engineering services to perform the design from concept through construction bid documents.
The construction services are divided into various trade specialties – each bid as a separate contract (general, plumbing,
mechanical, electrical, sprinkler, etc.). The owner is responsible for managing the terms of each contract and coordinating the
work between the multiple contractors.
Owner Costs – are costs directly borne by the owner to complete the project. This includes furniture, fixtures, and
equipment (FF&E), audio/visual (A/V), IT networking, percent for art (applicable on State funded projects exceeding $4
million), printing and advertising expenses, and any special moving or start-up funds.
Preconstruction Services – are the development and design services provided by a D/B firm or CMR to the owner. These
services are typically performed for an identified cost prior to the negotiation of a GMP. These services are included in
“Design and Administration.”
Single Prime Contracting – is a project delivery method in which the owner contracts the architectural and engineering
services to perform the design from concept through construction bid documents. The construction services are contracted
separately, but through a single entity. Single Prime Contracting is beneficial on projects with specialized construction
requiring more owner oversight or control. This method will typically be used on projects with high complexity and low
schedule importance.
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Resolutions
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June 25, 2015
Business Session
Item 2b
RESOLUTION R2015-xx
WHEREAS, the Clawson and Hamilton Halls Renovation project involves the renovation of two
existing residence halls; and
WHEREAS, Miami University has determined that reduced costs from economy of scale,
speed of implementation, and coordination may be gained by combining the projects into a
single Design Build project delivery method; and
WHEREAS, a recent Housing Master Plan update anticipates a demand of 8,000 beds by 2017
generating a shortfall of 500 or more beds on campus; and
WHEREAS, the deconstruction of Alexander Dining Hall previously attached to Clawson Hall
affords the opportunity to investigate building a 100-bed new addition in conjunction with the renovation
project; and
WHEREAS, the opening of Maplestreet Station dining facility allowed the closure of Hamilton
Dining Hall leaving vacant space within the existing residence hall; and
WHEREAS, the renovation of Hamilton Hall allows the opportunity to use the vacated dining
area as sorority space necessary to allow future planned renovations in the MacCracken quad; and
WHEREAS, Miami University has identified bond funds in the amount of $3,843,230 to
advance the design, cost estimating, and preconstruction services required to develop a
Guaranteed Maximum Price (GMP) for a subsequent resolution; and
WHEREAS, the Board of Trustees desires to award a contract to the most responsive and
responsible Design Build firm;
NOW, THEREFORE, BE IT RESOLVED: that the Board of Trustees authorizes the
Senior Vice President for Finance and Business Services and Treasurer, in accordance with all State
guidelines, to proceed with the award of contract for the preconstruction phase of the Clawson and
Hamilton Halls Renovation project, which includes planning, design, estimating and all related
preconstruction services necessary to prepare the Guaranteed Maximum Price (GMP) for a budget not to
exceed $3,843,230.
June 26, 2015
(over)
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June 25, 2015
Executive Summary
for the
Clawson and Hamilton Halls Renovations
June 26, 2015
This project will result in the renovation of Clawson and Hamilton Halls as part of the Long Range
Housing Master Plan. The project will be delivered using Design-Build methodology to reduce time
taken from design through construction, reduce the cost of construction, and minimize the risk to the
University. Both Clawson and Hamilton Hall renovations will include new windows, ADA
accessibility improvements, elevators, insulating of exterior walls and attics, new corridor ceilings,
interior lighting, plumbing systems, sprinkler system, electrical distribution, HVAC systems, life
safety and fire alarm systems, utility tie-ins, site utilities, selective addition and/or demolition of
bedroom walls, and new bedroom finishes. Student life programming elements such as community
rooms, group study rooms, and other support spaces will be included.
Hamilton Hall renovation includes building out modernized sorority suites in the lower level of the
Hall. Hamilton currently houses 2 sorority suites; the modernization and ability to house more suites
will create sorority swing space that is necessary while other residence halls are renovated in the
MacCracken Quad. The vacated Hamilton Hall dining facility may be repurposed for evening
sorority meetings and classroom or other multi-use functions during the day. The costs for suites and
the renovation of the dining hall will need to be further programmed and budget verified in
preconstruction.
Clawson Hall formerly had Alexander Dining Hall attached to the northwest corner of the Hall. The
vacant site and remaining unused space associated with the dining hall inside Clawson may be
repurposed and combined to support 100 or more additional beds. Further analysis will be conducted
with these preconstruction services to determine the cost effectiveness of this direction.
Funding for this project will be local funds via bond issue for the Long Range Housing Master Plan.
Project component:
Est. Consulting Services:
Est. Construction:
Est. Furniture, Fixtures, and Equipment:
Owner’s Contingency:
Total:
Budget:
$3,843,230
$36,750,883
$2,642,220
$4,804,037
$48,040,370
Funding Source:
Bond Series 2014
Bond Series 2014
Bond Series 2014
Bond Series 2014
Bond Series 2014
* Assumes approval of $12,000,000 addition at Clawson Hall (120 beds @$100k/bed)
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Cody Powell
June 25, 2015
Business Session
Item 2b
RESOLUTION R2015-xx
WHEREAS, the Gunlock Family Athletic Performance Center project will provide
Intercollegiate Athletics with classrooms, a sport-specific strength and conditioning center,
football locker rooms and team support facilities, and state of the art sports medicine and
rehabilitation facilities for all athletic programs; and
WHEREAS, the Board of Trustees previously approved a budget not to exceed
$2,500,000 in award of contracts for the preconstruction phase including planning, design,
estimating, and other services necessary to prepare the Guaranteed Maximum Price (GMP); and
WHEREAS, Miami University has received pledges and other financial commitments
totaling over $17 million toward a project currently estimated to cost $23 million; and
WHEREAS, additional pledges are anticipated for the facility with the balance of the
project cost to be internally financed and charged to the project until the gifts are actually
received; and
WHEREAS, the proposed facility will contribute to the relocation of activities from
Withrow Court by providing a state-of-the-art sports medicine and rehabilitation center; and
WHEREAS, the receipt of the Guaranteed Maximum Price (GMP) is planned for July
2015 which is necessary to achieve project completion in the fall of 2016; and
WHEREAS, the Board of Trustees desires to award a contract to the most responsive and
responsible Construction Manager at Risk;
NOW, THEREFORE, BE IT RESOLVED: that the Board of Trustees authorizes the
Senior Vice President for Finance and Business Services and Treasurer, to proceed with the
award of contracts for the Gunlock Family Athletic Performance Center project with a total
project budget not to exceed $23,000,000; and
BE IT FURTHER RESOLVED: that the Board of Trustees authorizes the Senior Vice
President for Finance and Business Services and Treasurer, to arrange internal financing for the
project for a period of twelve years at a rate of 3.14% with a maximum interest expense of up to
$4,528,483 or a total project cost with interest of $27,528,483.
June 26, 2015
(over)
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Cody Powell
Attachment A
June 25, 2015
Executive Summary
for the
Gunlock Family Athletic Performance Center
June 26, 2015
This project will add a new athletic facility to include varsity football locker rooms,
training and rehabilitation facilities, a football-specific weight room, hydrotherapy,
offices for coaches, a team lounge, break out rooms, and a team meeting room. The
facility will replace the North Stands and serves as the connector between Yager
Stadium and the new Indoor Sports Center.
Funding for this project will be a combination of gift and local funds:
Project component:
Budget:
Funding Source:
Est. Consulting Services:
Est. Cost of Work:
Est. Owner’s Costs:
Est. Contingency:
Est. Financing
$1,840,000
$16,560,000
$1,500,000
$3,100,000
$4,528,483
Gift/Local Funds
Gift/Local Funds
Gift/Local Funds
Gift/Local Funds
Gift/Local Funds
Est. Total:
$27,528,483
Current pledges and commitments for the project total $17.2 million with the balance of the
project and the cost of financing to be secured through the proposed capital gift campaign.
The Board of Trustees approved advancing a $2.5 million preconstruction phase during the
April 2015 meeting.
In 2013 the Board of Trustees approved an addition to the Goggin Ice Center. The addition
provided a sport-specific training facility enhancing the development opportunities for
student athletes. The Gross Student Athlete Development Center is heavily utilized by all
intercollegiate athletes, leaving limited development opportunities for larger programs
requiring extensive and specific training. The addition of the sport-specific training room at
Goggin and the proposed Gunlock Family Athletic Performance Center improves training
options for all student athletes by relieving pressure on the Gross Student Athlete
Development Center.
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Cody Powell
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Attachment Page 67 of 67
Year to Date Operating Results
Sr VP Creamer
Attachment B
June 25, 2015
Business Session
Item 3
Miami University
Finance and Audit Committee
FY 2015 Forecasted Operating Results
Projections Based upon Activity through April 30, 2015
OXFORD
The projection for the Oxford General Fund based on performance through April is a surplus
above budget of approximately $28.3 million. This projection reflects actual activity for fall, spring
and winter terms, part of summer term. Revenues for each term have outperformed budget
assumptions. Based on action by the State of Ohio Controlling Board the forecast includes an
improvement in state subsidy compared to budget. Details of the specific items are highlighted
below.
Revenues
The Oxford campus student fee revenues (instructional, general, out-of-state, and other) are
forecast to be approximately $15.5 million over the $297.2 million budget. Gross instructional
revenue (including the out-of-state surcharge) is forecast to be $13.4 higher than budget and
financial aid is forecast to be $1.5 million under budget. As noted in prior reports, the favorable
performance compared to budget is attributable to a larger than expected incoming class, improved
retention rates for continuing students and more ACE students than assumed in the budget.
Financial aid costs are lower than budgeted for the fall 2011 cohort and the fall 2014 cohort
contributing to the favorable performance of net tuition revenue. The forecast may change based on
the final performance of summer enrollments.
The forecast for the Oxford campus state appropriations are based on action by the State of
Ohio Controlling Board as submitted by the Ohio Board of Regents in December. The approved
appropriation for Oxford was $1.7 million higher than budget.
Investment income booked through April 30, 2015 was approximately $6,194,878. This
amount does not include an estimate of the year end mark-to-market, which is difficult to predict at
this time. If we had marked the portfolio to market as of April 30, an unrealized gain of $2,713,632
would have been recorded. Given the volatility of the current market, this number could change as
the year progresses. Therefore, we are forecasting investment income to be equal to budget.
Other revenue categories are projected as budgeted.
Expenditures and Transfers
Employee salaries and staff benefits are projected to be $5.8 million and $1.2 million under
budget, respectively. Healthcare expense is also projected to be under budget by$1.1 million. The
underspending in benefits and health care is attributable to vacant positions. Through the first ten
months of the fiscal year health care claims were also lower than budgeted. Healthcare expenses are
difficult to estimate due to the volatility of high cost claims. The university paid its former third
party administrator a $344,000 fee for managing “run-out” costs and may incur additional claim
activity resulting from the change in the plan administrators in January 2015.
1
Attachment B
Overall Page 74 of 217
Attachment Page 1 of 16
Attachment B
Year to Date Operating Results
Sr VP Creamer
June 25, 2015
Business
Session Item #3
Graduate assistant fee waivers were less than budgeted for the resulting in a year end
projection of $624,917 below the $20.8 million budget.
Departmental support expenditures and salaries are projected on budget; therefore the
forecast does not include an end of the year transfer to departmental carry forward budgets
attributable this expense category at this time.
HAMILTON & MIDDLETOWN
The Hamilton campus student fee revenue (instructional, out-of-state, general, and other) is
estimated to be $1.6 million below budget. The instructional fee, out-of-state surcharge, general fee
and other student revenue for the Middletown campus are forecast to be $664,792 million below
budget. Middletown revenues are forecast below budget despite higher than budgeted participation
in the English Language Center program.
The state subsidy for the Hamilton is forecast to be $306,409 over budget due to the previously
mentioned revision to the state share of instruction by the State of Ohio and higher participation
rates in the PSEOP program. Similarly, the state subsidy for the Middletown campus is forecast to
be $391,481 above budget.
Expenditures for the Hamilton campus and the Middletown campus are forecast to be below budget
by $1.0 million and $938,752, respectively. The favorable performance is attributable to lower than
budgeted expenses for salaries, and related health care and benefits.
Overall, the General Fund for Hamilton is projected at this time to end the fiscal year with a half
million deficit while the Middletown campus is projected to have an operating deficit of
approximately $273,311. Cost containment actions are being undertaken on both campuses and
current year carryforward transfers can be used to close of the fiscal year with balanced budgets.
VOICE OF AMERICA LEARNING CENTER
The Voice of America Learning Center (VOALC) is projected to end the fiscal year on
budget. As in the prior fiscal year, the funding support for the VOALC has been separately
displayed for all three campuses and the VOALC. This transfer represents the budgeted financial
support from each campus for funding the VOALC administrative operations.
2
Attachment B
Overall Page 75 of 217
Attachment Page 2 of 16
Attachment B
Year to Date Operating Results
Sr VP Creamer
June 25, 2015
MIAMI UNIVERSITY
FY2015 Forecast
Oxford General Fund Only
As Of April 30, 2015
April
End-of-Year
Forecast
Original
Budget
REVENUES:
Instructional & OOS Surcharge
Less Cohort Financial Aid Discount
Net Instructional Fee & Out-of-State Surcharge
General
Other Student Revenue
Tuition, Fees and Other Student Charges
April
Budget to
Forecast
$
$
$
$
$
$
315,053,264
51,280,135
263,773,129
31,165,178
2,294,000
297,232,307
$ 328,416,564
$
49,782,297
$ 278,634,267
$
31,597,839
$
2,538,544
$ 312,770,650
$
$
$
$
$
$
13,363,300
(1,497,838)
14,861,138
432,661
244,544
15,538,343
$
$
$
$
54,347,024
4,325,000
2,789,414
358,693,745
$
56,080,674
$
5,967,422
$
2,789,414
$ 377,608,160
$
$
$
$
1,733,650
1,642,422
18,914,415
EXPENDITURES:
Salaries
Benefits
Healthcare Expense
Graduate Assistant Fee Waivers
Graduate Fellowships & Student Waivers
Utilities
Undergraduate Scholarships & Student Waivers
Departmental Support Expenditures
Multi-year Expenditures
Total Expenditures
$
$
$
$
$
$
$
$
$
$
160,371,577
30,616,260
28,665,117
20,770,946
10,382,454
13,386,196
12,432,881
26,231,811
5,671,742
308,528,984
$ 154,583,407
$
29,405,578
$
27,531,590
$
20,146,029
$
11,041,230
$
13,333,451
$
12,563,984
$
26,231,811
$
5,671,742
$ 300,508,822
$
$
$
$
$
$
$
$
$
$
DEBT SERVICE AND TRANSFERS:
General Fee
Capital, Renewal & Replacement
Debt Service
Support for VOALC (50%)
Other Miscellaneous Operational Transfers
Total Debt Service and Transfers
$
$
$
$
$
$
(28,777,847)
(7,980,000)
(5,617,889)
(577,683)
(762,731)
(43,716,150)
$
$
$
$
$
$
(28,777,847)
(7,980,000)
(5,617,889)
(577,683)
(762,731)
(43,716,150)
$
$
$
$
$
$
Net Revenues/(Expenditures) Before Adjustments
$
6,448,611
$
33,383,188
$
26,934,577
ADJUSTMENTS:
Departmental Budgetary Savings
Departmental Budgetary Carryforward
Reserve for Investment Fluctuations
Reserve for Future Budgets
$
$
$
$
$
$
$
$
(5,066,189)
-
$
$
$
$
(5,066,189)
-
$
28,316,999
$
21,868,388
State Appropriations
Investment Income
Other Revenue
Total Revenues
Net Increase/(Decrease) in Fund Balance
$
6,448,611
5,788,170
1,210,682
1,133,527
624,917
(658,776)
52,745
(131,103)
8,020,162
-
3
Attachment B
Overall Page 76 of 217
Attachment Page 3 of 16
Year to Date Operating Results
Sr VP Creamer
Attachment B
June 25, 2015
MIAMI UNIVERSITY
FY2015 Forecast
Hamilton General Fund Only
As of April 30, 2015
April
End-of-Year
Forecast
Original
Budget
REVENUES:
Instructional & OOS Surcharge
Less Continuing & New Scholarships
Net Instructional Fee & Out-of-State Surcharge
General
Other Student Revenue
Tuition, Fees and Other Student Charges
April
Budget to
Forecast
$
$
$
$
$
$
20,847,554
715,000
20,132,554
1,185,610
227,000
21,545,164
$
$
$
$
$
$
19,409,333
758,484
18,650,849
1,092,105
226,830
19,969,784
$
$
$
$
$
$
(1,438,221)
43,484
(1,481,705)
(93,505)
(170)
(1,575,380)
$
$
$
$
6,825,172
30,000
66,000
28,466,336
$
$
$
$
7,131,581
30,000
75,325
27,206,690
$
$
$
$
306,409
9,325
(1,259,646)
EXPENDITURES:
Salaries
Benefits
Healthcare Expense
Graduate Assistant Fee Waivers
Utilities
Departmental Support Expenditures
Multi-year Expenditures
Total Expenditures
$
$
$
$
$
$
$
$
13,630,236
2,495,520
2,336,483
709,000
5,116,631
24,287,870
$
$
$
$
$
$
$
$
12,900,874
2,342,963
1,869,186
591,776
5,498,450
10,621
23,213,870
$
$
$
$
$
$
$
$
729,362
152,557
467,297
117,224
(381,819)
(10,621)
1,074,000
DEBT SERVICE AND TRANSFERS:
General Fee
Capital, Renewal & Replacement
Unrestricted Allocated Funds
Debt Service
Support for VOALC (25%)
Support for Middletown
Other Miscellaneous Operational Transfers
Total Debt Service and Transfers
$
$
$
$
$
$
$
$
(433,696)
(1,253,953)
(288,841)
(1,517,799)
(3,494,289)
$
$
$
$
$
$
$
$
(433,696)
(1,253,953)
(288,841)
(1,517,799)
(3,494,289)
$
$
$
$
$
$
$
$
Net Revenues/(Expenditures) Before Adjustments
$
ADJUSTMENTS:
Departmental Budgetary Savings
Departmental Budgetary Carryforward
Reserve for Investment Fluctuations
Reserve for Future Budgets
$
$
$
$
State Appropriations
Investment Income
Other Revenue
Total Revenues
Net Increase/(Decrease) in Fund Balance
$
684,177
684,177
$
$
$
$
$
$
498,531
-
$
(185,646)
$
$
$
$
(1,074,000)
-
(575,469) $
(1,259,646)
(1,074,000)
-
4
Attachment B
Overall Page 77 of 217
Attachment Page 4 of 16
Year to Date Operating Results
Sr VP Creamer
Attachment B
June 25, 2015
MIAMI UNIVERSITY
FY2015 Forecast
Middletown General Fund Only
As of April 30, 2015
April
End-of-Year
Forecast
Original
Budget
REVENUES:
Instructional & OOS Surcharge
Less Continuing & New Scholarships
Net Instructional Fee & Out-of-State Surcharge
General
Other Student Revenue
Tuition, Fees and Other Student Charges
April
Budget to
Forecast
$
$
$
$
$
$
12,371,134
630,000
11,741,134
725,677
78,700
12,545,511
$
$
$
$
$
$
12,017,779
811,247
11,206,532
595,487
78,700
11,880,719
$
$
$
$
$
$
(353,355)
181,247
(534,602)
(130,190)
(664,792)
$
$
$
$
4,661,702
120,402
17,327,615
$
$
$
$
5,053,183
120,402
17,054,304
$
$
$
$
391,481
(273,311)
EXPENDITURES:
Salaries
Benefits
Healthcare Expense
Graduate Assistant Fee Waivers
Utilities
Departmental Support Expenditures
Multi-year Expenditures
Total Expenditures
$
$
$
$
$
$
$
$
10,123,934
1,887,285
1,767,010
523,500
3,850,447
18,152,176
$
$
$
$
$
$
$
$
9,656,847
1,789,587
1,413,608
450,291
3,850,447
52,644
17,213,424
$
$
$
$
$
$
$
$
467,087
97,698
353,402
73,209
(52,644)
938,752
DEBT SERVICE AND TRANSFERS:
General Fee
Capital, Renewal & Replacement
Unrestricted Allocated Funds
Debt Service
Support for VOALC (25%)
Support From Hamilton
Other Miscellaneous Operational Transfers
Total Debt Service and Transfers
$
$
$
$
$
$
$
$
Net Revenues/(Expenditures) Before Adjustments
$
ADJUSTMENTS:
Departmental Budgetary Savings
Departmental Budgetary Carryforward
Reserve for Investment Fluctuations
Reserve for Future Budgets
State Appropriations
Investment Income
Other Revenue
Total Revenues
Net Increase/(Decrease) in Fund Balance
$
$
$
$
$
$
$
$
(148,217)
(256,180)
(288,841)
1,517,799
824,561
$
$
$
$
$
$
$
$
-
$
665,441
$
665,441
$
$
$
$
-
$
$
$
$
(938,752)
-
$
$
$
$
(938,752)
-
$
-
$
(273,311) $
(273,311)
(148,217)
(256,180)
(288,841)
1,517,799
824,561
-
5
Attachment B
Overall Page 78 of 217
Attachment Page 5 of 16
Year to Date Operating Results
Sr VP Creamer
Attachment B
June 25, 2015
MIAMI UNIVERSITY
FY2015 Forecast
Voice of America Learning Center General Fund Only
As of April 30, 2015
April
End-of-Year
Forecast
Original
Budget
REVENUES:
Instructional & OOS Surcharge
Less Continuing & New Scholarships
Net Instructional Fee & Out-of-State Surcharge
General
Other Student Revenue
Tuition, Fees and Other Student Charges
$
$
$
$
$
$
-
$
$
$
$
$
$
$
$
$
$
30,000
30,000
$
$
$
$
EXPENDITURES:
Salaries
Benefits
Healthcare Expense
Graduate Assistant Fee Waivers
Utilities
Departmental Support Expenditures
Multi-year Expenditures
Total Expenditures
$
$
$
$
$
$
$
$
224,228
46,900
43,912
59,900
294,250
669,190
$
$
$
$
$
$
$
$
DEBT SERVICE AND TRANSFERS:
General Fee
Capital, Renewal & Replacement
Unrestricted Allocated Funds
Debt Service
Support for VOALC Transfers
Other Miscellaneous Operational Transfers
Total Debt Service and Transfers
$
$
$
$
$
$
$
(35,300)
(480,875)
1,155,365
639,190
$
$
$
$
$
$
$
Net Revenues/(Expenditures) Before Adjustments
$
-
$
ADJUSTMENTS:
Departmental Budgetary Savings
Departmental Budgetary Carryforward
Reserve for Investment Fluctuations
Reserve for Future Budgets
$
$
$
$
-
$
-
State Appropriations
Investment Income
Other Revenue
Total Revenues
Net Increase/(Decrease) in Fund Balance
April
Budget to
Forecast
-
$
$
$
$
$
$
-
$
$
40,000 $
40,000 $
(10,000)
(10,000)
224,228
46,900
43,912
59,900
301,250
676,190
$
$
$
$
$
$
$
$
(7,000)
(7,000)
(35,300)
(480,875)
1,155,365
639,190
$
$
$
$
$
$
$
-
3,000
$
(3,000)
$
$
$
$
-
$
$
$
$
-
$
3,000
$
(3,000)
-
6
Attachment B
Overall Page 79 of 217
Attachment Page 6 of 16
Year to Date Operating Results
Sr VP Creamer
Attachment B
June 25, 2015
MIAMI UNIVERSITY
Financial Analysis - by Operational Unit
FY2015 / FY2014 / FY2013
FY2013
Year-end Actual
FY2014
Year-end Actual
FY2015
Original Budget
Salary
Benefits
Scholarships & Fellowships
Departmental Support Expenses
Total Expenses
$
$
$
$
$
46,952,076
13,499,837
9,371,509
3,983,660
73,807,082
$
$
$
$
$
48,100,556
12,682,905
9,103,717
4,221,714
74,108,892
$
$
$
$
$
50,989,977
17,332,656
10,360,000
6,999,444
85,682,077
$
$
$
$
$
44,140,814
18,466,584
4,890
3,345,908
65,958,196
$
$
$
$
42,363,211
20,093,514
5,600
3,611,608
66,073,933
$
$
$
$
42,061,603
19,858,654
423
3,167,217
65,087,897
87%
107%
0%
48%
77%
4%
-8%
-13%
-7%
0%
College of Education, Health, and Society
Salary
Benefits
Scholarships & Fellowships
Departmental Support Expenses
Total Expenses
$
$
$
$
$
11,598,400
3,479,524
1,587,145
1,592,367
18,257,436
$
$
$
$
$
12,132,366
3,149,679
1,716,761
1,474,216
18,473,022
$
$
$
$
$
12,758,177
4,481,596
2,460,100
2,322,200
22,022,073
$
$
$
$
$
11,095,246
4,410,749
59,084
1,066,284
16,631,363
$
$
$
$
10,464,879
4,581,907
1,386
1,231,866
16,280,038
$
$
$
$
10,079,880
4,397,427
1,206,783
15,684,090
87%
98%
2%
46%
76%
6%
-4%
4163%
-13%
2%
Salary
Benefits
Scholarships & Fellowships
Departmental Support Expenses
Total Expenses
$
$
$
$
$
6,313,828
2,018,411
591,964
812,864
9,737,067
$
$
$
$
$
6,565,594
1,879,312
619,839
697,737
9,762,482
$
$
$
$
$
6,471,100
2,436,827
595,700
667,817
10,171,444
$
$
$
$
$
6,028,457
2,403,197
1,000
448,701
8,881,355
$
$
$
$
5,765,446
2,455,712
661,961
8,883,119
$
$
$
$
5,611,649
2,400,206
500
645,639
8,657,994
93%
99%
0%
67%
87%
5%
-2%
0%
-32%
0%
Farmer School of Business
Salary
Benefits
Scholarships & Fellowships
Departmental Support Expenses
Total Expenses
$
$
$
$
$
19,232,431
6,269,421
661,368
2,067,815
28,231,035
$
$
$
$
$
17,708,566
6,002,199
505,930
2,036,979
26,253,674
$
$
$
$
$
17,746,318
6,861,081
854,700
3,301,666
28,763,765
$
$
$
$
$
17,803,789
6,826,032
34,996
1,774,598
26,439,415
$
$
$
$
15,216,401
5,908,464
23,584
1,748,857
22,897,306
$
$
$
$
16,795,970
6,773,629
46,500
1,750,879
25,366,978
100%
99%
4%
54%
92%
17%
16%
48%
1%
15%
College of Creative Arts
Salary
Benefits
Scholarships & Fellowships
Departmental Support Expenses
Total Expenses
$
$
$
$
$
8,688,574
2,637,734
1,408,767
1,261,890
13,996,965
$
$
$
$
$
8,985,802
2,481,081
1,385,329
1,471,030
14,323,242
$
$
$
$
$
9,242,488
3,427,575
1,476,300
1,202,067
15,348,430
$
$
$
$
$
8,100,498
2,853,030
566,257
703,168
12,222,953
$
$
$
$
7,876,743
3,561,937
1,500
1,478,327
12,918,507
$
$
7,705,760
3,536,938
$
1,126,056
12,368,754
88%
83%
38%
58%
80%
3%
-20%
37650%
-52%
-5%
FY2015
Thru April Year To Date
FY2014
FY2013
% of '15 Budget
FY 2015
% Change from '14 YTD
College of Arts & Sciences
College of Engineering and Computing
7
Attachment B
Overall Page 80 of 217
Attachment Page 7 of 16
Year to Date Operating Results
Sr VP Creamer
Attachment B
June 25, 2015
MIAMI UNIVERSITY
Financial Analysis - by Operational Unit
FY2015 / FY2014 / FY2013
FY2013
Year-end Actual
FY2014
Year-end Actual
FY2015
Original Budget
Graduate School
Salary
Benefits
Scholarships & Fellowships
Departmental Support Expenses
Total Expenses
$
$
$
$
$
1,413,267
458,385
11,225,098
213,173
13,309,923
$
$
$
$
$
1,580,813
495,789
13,879,476
309,072
16,265,150
$
$
$
$
$
2,124,651
585,705
13,066,988
529,480
16,306,824
$
$
$
$
$
2,109,275
502,572
24,707,416
426,688
27,745,951
$
$
$
$
1,279,684
464,203
19,446,557
292,025
21,482,469
$
$
$
$
1,128,470
457,030
15,665,286
169,390
17,420,176
99%
86%
189%
81%
170%
65%
8%
27%
46%
29%
Other Provost Departments
Salary
Benefits
Scholarships & Fellowships
Utilities
Departmental Support Expenses
Total Expenses
$
$
$
$
$
$
13,867,325
4,748,247
51,248,738
49,675
8,427,661
78,341,646
$
$
$
$
$
$
14,219,475
4,226,331
56,756,536
49,409
8,490,646
83,742,397
$
$
$
$
$
$
15,767,368
6,248,298
64,956,195
40,000
8,664,506
95,676,367
$
$
$
$
$
$
12,388,223
4,702,572
61,330,873
22,059
7,994,041
86,437,768
$
$
$
$
$
11,210,144
4,411,337
54,803,575
43,472
8,555,277
79,023,805
$
$
$
$
$
11,503,840
4,681,251
47,652,694
30,291
7,689,211
71,557,287
79%
75%
94%
0%
92%
90%
11%
7%
12%
-49%
-7%
9%
Total Provost Office
Salary
Benefits
Scholarships & Fellowships
Utilities
Departmental Support Expenses
Total Expenses
$
$
$
$
$
$
108,065,901
33,111,559
76,094,589
49,675
18,359,430
235,681,154
$
$
$
$
$
$
109,293,172
30,917,296
83,967,588
49,409
18,701,394
242,928,859
$
$
$
$
$
$
115,100,079
41,373,738
93,769,983
40,000
23,687,180
273,970,980
$
$
$
$
$
$
101,666,302
40,164,736
86,704,516
22,059
15,759,388
244,317,001
$
$
$
$
$
94,176,508
41,477,074
74,282,202
43,472
17,579,921
227,559,177
$
$
$
$
$
94,887,172
42,105,135
63,365,403
30,291
15,755,175
216,143,176
88%
97%
92%
0%
67%
89%
8%
-3%
17%
-49%
-10%
7%
Physical Facilities
Salary
Benefits
Utilities
Departmental Support Expenses
Total Expenses
$
$
$
$
$
11,250,533
3,860,236
13,497,364
680,852
29,288,985
$
$
$
$
$
11,617,710
3,641,987
12,886,292
778,787
28,924,776
$
$
$
$
$
12,507,087
5,086,624
13,346,156
109,700
31,049,567
$
$
$
$
$
9,886,871
3,888,205
11,014,997
971,549
25,761,622
$
$
$
$
$
$
$
$
5%
4%
3%
12%
4%
$
$
$
$
7,788,857
2,417,137
1,910,247
12,116,241
$
$
$
$
7,922,062
3,202,754
2,011,008
13,135,824
$
$
$
$
6,649,109
2,598,035
1,611,900
10,859,044
$
$
$
9,343,534
3,725,935
11,322,460
557,944
24,949,873
6,065,457
2,431,706
1,235,548
9,732,711
-
79%
76%
83%
886%
83%
Other Finance & Business Services Departments
Salary
$
7,315,377
Benefits
$
2,552,995
Departmental Support Expenses
$
1,953,199
Total Expenses
$
11,821,571
9,428,574
3,732,329
10,742,757
867,244
24,770,904
6,277,082
2,512,487
2,052,076
10,841,645
-
84%
81%
80%
83%
6%
3%
-21%
0%
FY2015
Thru April Year To Date
FY2014
$
$
$
FY2013
% of '15 Budget
FY 2015
% Change from '14 YTD
8
Attachment B
Overall Page 81 of 217
Attachment Page 8 of 16
Year to Date Operating Results
Sr VP Creamer
Attachment B
June 25, 2015
MIAMI UNIVERSITY
Financial Analysis - by Operational Unit
FY2015 / FY2014 / FY2013
FY2013
Year-end Actual
FY2014
Year-end Actual
FY2015
Original Budget
Salary
Benefits
Departmental Support Expenses
Total Expenses
$
$
$
$
3,344,745
1,159,471
4,297,354
8,801,570
$
$
$
$
3,864,846
1,196,472
5,182,721
10,244,039
$
$
$
$
4,458,543
1,741,002
3,863,534
10,063,079
$
$
$
$
Student Affairs
Salary
Benefits
Departmental Support Expenses
Total Expenses
$
$
$
$
5,137,896
2,633,052
(1,461,720)
6,309,228
$
$
$
$
5,220,016
2,493,588
(1,281,496)
6,432,108
$
$
$
$
5,769,015
3,182,155
317,716
9,268,886
$
$
$
$
4,781,393 $
1,788,679 $
(828,496) $
5,741,576
University Advancement
Salary
Benefits
Departmental Support Expenses
Total Expenses
$
$
$
$
3,661,982
1,331,876
880,135
5,873,993
$
$
$
$
4,018,665
1,313,240
641,339
5,973,244
$
$
$
$
4,275,153
1,783,238
442,767
6,501,158
$
$
$
$
3,427,924
1,360,544
340,043
5,128,511
$
$
$
Information Technology
Salary
Benefits
Departmental Support Expenses
Total Expenses
$
$
$
$
7,528,219
2,637,089
4,197,960
14,363,268
$
$
$
$
7,759,854
2,489,482
2,585,768
12,835,104
$
$
$
$
8,545,654
3,460,988
3,050,444
15,057,086
$
$
$
$
6,011,342
2,420,796
2,039,909
10,472,047
$
$
$
6,330,602
2,556,849
2,672,114
7,762,272
Centrally Budgeted Funds
Salary
Benefits
Departmental Support Expenses
Total Expenses
$
$
$
$
5,651
1,456,500
1,462,151
$
$
$
$
5,537
819,405
672,155
$
$
$
$
1,793,984
547,311
6,543,642
8,884,937
$
$
$
$
3,000
12,599
890,573
906,172
$
$
$
5,531
701,295
672,155
Grand Total
Salary
Benefits
Scholarships & Fellowships
Utilities
Departmental Support Expenses
Admin Service Charge
Multi Year Accounts
Total Expenses
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
135,684,895
53,492,853
86,704,516
11,037,056
23,733,679
(6,743,669) $
4,222,816 $
308,132,146
President
146,304,653
47,291,929
76,094,589
13,547,039
30,363,710
(7,323,609)
4,394,309
310,672,620
$
$
$
$
$
$
$
$
149,563,120
44,474,739
83,967,588
12,935,701
29,338,165
(7,639,099)
4,680,725
317,320,939
$
$
$
$
$
$
$
$
Thru April Year To Date
FY2014
3,258,954 $
3,036,803 $
1,259,259 $
1,201,041 $
2,948,813 $
3,878,538 $
7,467,026
8,116,382
-
FY2015
160,371,577
60,377,810
93,769,983
13,386,156
34,354,249
(8,122,398)
5,671,742
359,809,119
% of '15 Budget
FY 2015
% Change from '14 YTD
2,682,131
1,059,409
1,930,486
5,672,026
-
73%
72%
76%
74%
7%
5%
-24%
-8%
4,811,243
2,162,769
(1,585,582)
5,388,430
-
83%
56%
-261%
62%
9%
12%
100%
3%
3,027,489
1,206,440
669,339
4,903,268
80%
76%
77%
79%
4%
4%
-50%
-3%
$
$
$
6,389,845
2,544,507
2,689,824
11,624,176
70%
70%
67%
70%
-5%
-5%
-24%
35%
$
$
$
6,078
643,415
649,493
0%
2%
14%
10%
0%
0%
27%
35%
85%
89%
92%
82%
69%
83%
74%
86%
7%
-2%
17%
2%
-15%
6%
35%
6%
4,381,738 $
1,595,642 $
(415,155) $
5,562,225
3,299,757
1,308,120
679,296
5,287,173
FY2013
$
$
$
126,931,064
54,389,073
74,282,202
10,786,229
28,015,329
(6,372,863) $
3,135,753 $
291,166,787
127,206,871
55,241,979
63,365,403
11,352,751
21,896,149
(6,096,676)
2,878,971
275,845,448
9
Attachment B
Overall Page 82 of 217
Attachment Page 9 of 16
Year to Date Operating Results
Sr VP Creamer
Attachment B
June 25, 2015
MIAMI UNIVERSITY
Financial Analysis - Auxiliary Units (Oxford Campus)
FY2015/FY2014/FY2013
FY2013
Year-end Actual
FY2014
Year-end Actual
FY2015
Original Budget
FY2015
FY 2015
Thru April YTD
FY2014
FY2013
% of '15 Budget
% Change from '14 YTD
Residence & Dining Halls
Revenue
General Fee Support
81,287,838
-
$
$
88,831,152
-
Total Sources $
$
$
$
$
$
$
$
Total Uses $
$
$
81,287,838
14,990,150
4,153,013
5,373,101
(917,237)
27,197,622
372
19,882,994
70,680,014
(10,563,937)
43,887
$
$
$
$
$
$
88,831,152
15,344,766
3,938,126
5,614,894
(407,594)
29,339,543
$
$
$
$
$
$
Total Sources $
Salary
$
Benefits
$
Utilities
$
Charge Outs
$
Operating Expenses
$
Inventory Purchases
$
Debt Service
$
Total Uses $
Net Transfers
$
Net Total
$
29,353,849
855,000
30,208,849
5,982,966
1,516,168
574,747
724
3,593,034
16,889,533
59,744
28,616,916
(1,559,069)
32,864
$
$
$
$
$
$
$
$
$
$
$
$
$
Salary
Benefits
Utilites
Charge Outs
Operating Expenses
Inventory Purchases
Debt Service
Net Transfers
Net Total
$
$
$
$
$
$
$
$
$
$
$
22,303,542 $
76,133,276 $
(12,261,837) $
436,036 $
96,593,023
-
$
$
96,426,134
-
$
$
89,350,926
-
$
$
82,551,885
-
100%
0%
8%
0%
96,593,023
15,285,057
5,129,996
6,453,809
(1,399,492)
32,567,507
22,000
29,276,032
87,334,909
(9,258,114)
-
$
$
$
$
$
$
$
$
$
$
$
96,426,134
13,230,079
4,242,819
5,262,053
(1,962,966)
28,307,415
9,922
23,152,805
72,242,127
(6,453,259)
17,730,748
$
$
$
$
$
$
$
$
$
$
$
89,350,926
12,566,918
4,063,687
4,717,481
(152,291)
25,257,803
25,194
16,378,033
62,856,825
(7,692,886)
18,801,215
$
$
$
$
$
$
$
$
$
$
$
82,551,885
12,646,358
4,068,946
4,597,837
(154,107)
24,072,504
372
14,470,042
59,701,952
(6,881,296)
15,968,637
100%
87%
83%
82%
140%
87%
45%
79%
83%
70%
8%
5%
4%
12%
1189%
12%
-61%
41%
15%
0%
-6%
23,827,345
855,000
24,682,345
4,543,764
1,437,874
477,204
341,654
2,917,761
13,697,085
47,326
23,462,668
(1,219,677)
-
$
$
$
$
$
$
$
$
$
$
$
$
$
20,756,703
712,500
21,469,203
3,425,612
1,078,895
1,174,451
(670,982)
3,584,449
10,612,701
35,537
19,240,663
(804,038)
1,424,502
$
$
$
$
$
$
$
$
$
$
$
$
$
20,913,257
712,500
21,625,757
4,008,747
1,152,030
433,484
2,511,733
11,114,363
43,608
19,263,965
(957,026)
1,404,766
$
$
$
$
$
$
$
$
$
$
$
$
$
24,939,222
712,500
25,651,722
5,060,791
1,425,904
466,769
500
2,399,128
13,377,474
44,990
22,775,556
(591,286)
2,284,880
87%
83%
87%
75%
75%
246%
-196%
123%
77%
75%
82%
66%
-1%
0%
-1%
-15%
-6%
171%
0%
43%
-5%
0%
0%
0%
1%
Shriver Center
Revenue
General Fee Support
25,637,661
855,000
26,492,661
4,714,092
1,080,457
508,405
(20,371)
3,354,456
14,371,431
57,760
24,066,231
(2,303,909)
122,521
$
$
$
$
$
$
$
$
$
$
$
$
$
10
Attachment B
Overall Page 83 of 217
Attachment Page 10 of 16
Year to Date Operating Results
Sr VP Creamer
Attachment B
June 25, 2015
MIAMI UNIVERSITY
Financial Analysis - Auxiliary Units (Oxford Campus)
FY2015/FY2014/FY2013
FY2013
Year-end Actual
FY2014
Year-end Actual
FY2015
Original Budget
FY2015
FY 2015
Thru April YTD
FY2014
FY2013
% of '15 Budget
% Change from '14 YTD
76%
0%
76%
77%
86%
62%
-92%
106%
161%
0%
78%
83%
-39%
0%
-39%
-48%
-45%
-20%
106%
-30%
394%
-100%
-42%
0%
-87126%
3,763,651
12,485,268
60%
80%
-3%
2%
665,613
1,241,144
18,155,676
5,383,265
2,078,996
7,124
(99,678)
11,445,290
6,325
112%
72%
75%
83%
84%
251%
0%
103%
0%
0%
66%
55%
5%
-1%
1%
-3%
0%
13%
0%
0%
Marcum Conference Center
Revenue
General Fee Support
$
$
Total Sources $
Salary
$
Benefits
$
Utilities
$
Charge Outs
$
Operating Expenses
$
Inventory Purchases
$
Debt Service
$
Total Uses $
Net Transfers 374000
$
Net Total
$
2,113,101
2,113,101
882,334
257,955
207,734
(128,599)
699,008
(3,196)
4,944
1,920,180
(185,756)
7,165
$
$
$
$
$
$
$
$
$
$
$
$
$
2,058,362
2,058,362
955,142
203,847
176,623
(7,087)
631,942
5,198
5,092
1,970,757
(18,533)
69,071
$
$
$
$
$
$
$
$
$
$
$
$
$
1,477,690
1,477,690
595,471
186,776
187,574
46,652
368,598
1,500
1,386,571
(91,119)
-
5,484,360
15,056,321
724,049
1,715,985
22,980,715
7,049,960
2,463,439
7,505
(100,969)
11,505,018
-
$
$
$
$
$
$
$
$
$
$
$
5,383,708
15,735,046
383,955
1,226,906
22,729,614
7,688,808
2,373,843
8,800
(117,760)
12,088,308
-
$
$
$
$
$
$
$
$
6,545,171
16,697,968
599,456
1,725,444
25,568,039
7,652,140
2,935,098
3,000
$
$
12,993,168
6,325
$
$
$
$
$
$
$
$
$
$
$
$
$
1,130,216
1,130,216
458,878
161,468
116,609
(43,000)
390,978
2,422
1,087,355
(75,931)
(33,070)
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
3,912,963
13,324,971
672,380
1,250,242
19,160,556
6,353,467
2,475,554
7,531
(94,438)
13,390,789
-
$
$
1,864,269
1,864,269
881,205
293,447
146,132
(20,833)
557,867
490
3,823
1,862,131
(2,100)
38
$
$
$
$
$
$
$
$
$
$
$
$
$
1,766,428
1,766,428
733,284
235,525
168,422
(115,932)
586,447
1,140
3,714
1,612,600
(110,214)
43,614
Intercollegiate Athletics
Revenue
General Fee Support
Designated Revenue
Restricted Revenue
$
$
$
$
Total Sources $
Salary
$
Benefits
$
Utilities
$
Charge Outs
$
Operating Expenses
$
Inventory Purchases
$
Debt Service
$
Designated Expense
Restricted Expense
Net Transfers
Net Total
$
623,375
$
436,248
$
599,456
$
$
Total Uses $
$
$
1,704,366
23,252,694
438,675
166,695
$
$
$
$
1,392,619
23,870,866
1,632,054
490,802
$
$
$
$
1,725,444
25,914,631
346,592
-
$
$
$
$
540,968
1,242,112
23,915,983
903,899
(3,851,528)
$
$
$
$
$
$
$
$
$
$
4,028,895
13,035,872
$
$
404,505 $
804,063 $
18,273,335
6,400,514
2,444,209
7,748
(87,801)
11,874,025
-
$
$
$
$
$
$
$
$
$
$
373,802 $
775,341 $
$
$
$
21,787,838 $
1,435,657 $
(2,078,846) $
154,043
1,728,329
20,703,694
443,333
(2,104,685)
90%
45%
72%
92%
261%
60%
10%
-37%
85%
11
Attachment B
Overall Page 84 of 217
Attachment Page 11 of 16
Year to Date Operating Results
Sr VP Creamer
Attachment B
June 25, 2015
MIAMI UNIVERSITY
Financial Analysis - Auxiliary Units (Oxford Campus)
FY2015/FY2014/FY2013
FY2013
Year-end Actual
FY2014
Year-end Actual
FY2015
Original Budget
FY2015
FY 2015
Thru April YTD
FY2014
FY2013
% of '15 Budget
% Change from '14 YTD
Recreation Center
Revenue
General Fee Support
$
$
Total Sources $
Salary
$
Benefits
$
Utilities
$
Charge Outs
$
Operating Expenses
$
Inventory Purchases
$
Debt Service
$
Total Uses $
Net Transfers
$
Net Total
$
2,254,166
4,587,383
6,841,549
2,465,767
596,684
764,772
950,813
59,420
1,352,953
6,190,408
(636,878)
14,263
$
$
$
$
$
$
$
$
$
$
$
$
$
2,820,137
4,501,401
7,321,538
2,569,186
532,432
758,041
1,059,016
187,544
1,393,469
6,499,687
(726,064)
95,786
$
$
$
$
$
$
$
$
$
$
$
$
$
2,786,712
3,706,731
6,493,443
2,653,035
743,014
718,762
325,625
1,086,263
161,500
5,688,199
(805,244)
-
$
$
$
$
$
$
$
$
$
$
$
$
$
2,799,194
3,088,941
5,888,135
2,222,581
594,665
576,897
1,193,090
266,820
4,854,053
(671,039)
363,043
$
$
$
$
$
$
$
$
$
$
$
$
$
2,454,054
3,751,168
6,205,222
2,129,419
573,507
608,939
893,371
213,705
1,046,105
5,465,046
(266,270)
473,906
$
$
$
$
$
$
$
$
$
$
$
$
$
1,923,899
3,822,819
5,746,718
2,062,351
578,462
631,812
732,946
54,973
1,016,254
5,076,798
(231,764)
438,156
100%
83%
91%
84%
80%
80%
0%
110%
165%
0%
85%
83%
14%
-18%
-5%
4%
4%
-5%
0%
34%
25%
-100%
-11%
152%
-23%
3,374,756
2,291,935
5,666,691
1,189,238
366,092
933,161
321,449
176,629
2,048,987
5,035,556
(616,003)
15,133
$
$
$
$
$
$
3,518,776
2,238,736
5,757,512
1,225,713
309,369
997,729
$
$
$
$
$
$
$
356,378 $
221,049 $
2,043,168 $
5,153,404 $
(557,937) $
46,171 $
3,488,803
2,182,736
5,671,539
1,242,450
414,986
1,127,056
53,857
351,192
177,500
2,039,936
5,406,976
(264,563)
-
$
$
$
$
$
$
$
$
$
$
$
$
$
3,316,739
1,818,949
5,135,688
976,571
329,826
801,500
324,608
159,794
1,531,891
4,124,190
(235,970)
775,528
$
$
$
$
$
$
$
$
$
$
$
$
$
3,328,324
1,865,613
5,193,937
1,036,911
343,219
863,404
280,570
180,676
1,535,689
4,240,469
(214,948)
738,520
$
$
$
$
$
$
$
$
$
$
$
$
$
3,200,549
1,909,946
5,110,495
999,958
331,793
798,660
250,903
143,955
1,538,844
4,064,113
(221,668)
824,714
95%
83%
91%
79%
79%
71%
0%
92%
90%
75%
76%
89%
0%
-3%
-1%
-6%
-4%
-7%
0%
16%
-12%
0%
-3%
0%
5%
Goggin Ice Arena
Revenue
General Fee Support
`
$
$
Total Sources $
Salary
$
Benefits
$
Utilities
$
Charge Outs
$
Operating Expenses
$
Inventory Purchases
$
Debt Service
$
Total Uses $
Net Transfers
$
Net Total
$
$
$
$
$
$
$
$
12
Attachment B
Overall Page 85 of 217
Attachment Page 12 of 16
Year to Date Operating Results
Sr VP Creamer
Attachment B
June 25, 2015
MIAMI UNIVERSITY
Financial Analysis - Auxiliary Units (Oxford Campus)
FY2015/FY2014/FY2013
FY2013
Year-end Actual
FY2014
Year-end Actual
FY2015
Original Budget
FY 2015
Thru April YTD
FY2014
FY2015
FY2013
% of '15 Budget
% Change from '14 YTD
Parking and Transportation
Revenue
General Fee Support
$
$
Total Sources $
Salary
$
Benefits
$
Utilities
$
Charge Outs
$
Operating Expenses
$
Inventory Purchases
$
Debt Service
$
Total Uses $
Net Transfers
$
Net Total
$
3,744,839
200,000
3,944,839
409,328
127,144
(16,518)
1,662,405
1,502,366
3,684,724
(259,773)
343
$
$
$
$
$
$
$
$
4,130,539
200,000
4,330,539
448,533
132,777
(15,575)
1,798,245
$
$
$
$
$
$
$
$
$
1,937,403
4,301,383
11,171
40,327
$
$
$
$
$
$
$
$
$
$
(15,000) $
1,818,516 $
$
1,716,099 $
4,145,259 $
(64,361) $
$
$
$
$
$
$
$
$
$
$
1,087,432
1,087,432
54,859
18,246
885,537
36,765
-
$
$
$
$
$
$
1,019,500
1,019,500
60,178
24,372
828,000
$
$
$
4,009,620
200,000
4,209,620
459,598
166,046
3,852,819
166,669
4,019,488
355,703
130,884
(11,658)
1,222,648
1,288,801
2,986,378
(53,631)
979,479
$
$
$
$
$
$
$
$
$
$
$
$
$
3,877,526
166,667
4,044,193
377,178
142,078
(11,657)
1,392,866
1,510,783
3,411,248
92,642
725,587
$
$
$
$
$
$
$
$
$
$
$
$
$
3,514,033
166,667
3,680,700
340,070
126,779
(13,568)
1,381,074
1,128,414
2,962,769
(91,477)
626,454
96%
83%
95%
77%
79%
0%
78%
67%
0%
75%
72%
83%
-1%
0%
-1%
-6%
-8%
0%
0%
-12%
0%
-15%
-12%
0%
35%
$
$
$
$
$
$
$
$
$
$
$
$
$
885,399
885,399
44,176
17,086
670,962
18,894
751,118
(24,517)
109,764
$
$
$
$
$
$
$
$
$
$
$
$
$
683,627
683,627
40,013
16,205
571,082
13,208
640,508
(23,499)
19,620
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
-100%
0%
-100%
-100%
-100%
-100%
0%
-100%
0%
0%
-100%
0%
-100%
Telecommunications
Revenue
General Fee Support
$
$
Total Sources $
Salary
$
Benefits
$
Utilities
$
Charge Outs
$
Operating Expenses
$
Inventory Purchases
$
Debt Service
$
Total Uses $
Net Transfers
$
Net Total
$
809,310
809,310
49,728
10,241
738,599
29,926
828,493
(28,199)
(47,382)
$
$
$
$
$
$
$
995,407 $
(79,420) $
12,605 $
$
$
$
$
$
$
$
50,985 $
$
$
963,535 $
(55,965) $
$
-
13
Attachment B
Overall Page 86 of 217
Attachment Page 13 of 16
Year to Date Operating Results
Sr VP Creamer
Attachment B
June 25, 2015
MIAMI UNIVERSITY
Financial Analysis - Auxiliary Units (Oxford Campus)
FY2015/FY2014/FY2013
FY2013
Year-end Actual
FY2014
Year-end Actual
FY2015
Original Budget
FY2015
FY 2015
Thru April YTD
FY2014
FY2013
% of '15 Budget
% Change from '14 YTD
0%
0%
74%
74%
66%
0%
82%
56%
0%
75%
130%
85%
0%
0%
9%
9%
-2%
0%
3%
-13%
0%
-1%
14%
5%
37%
Utility Enterprise
Revenue
Salary
Benefits
Utilities
Charge Outs
Expense Recovery
Operating Expenses
Inventory Purchases
Debt Service
$
Total Sources $
$
$
$
$
$
$
$
Total Uses $
$
$
Net Transfers
Net Total
1,033,863
360,958
12,734,983
$
$
$
$
$
$
$
$
$
$
(22,515,171) $
1,384,738 $
331
2,428,526 $
(6,343,559) $
(6,274,088) $
69,471 $
(24,395,392)
1,317,045
2,457,707
(6,490,836)
(6,457,260)
33,576
$
$
$
$
$
$
$
1,848,419
752,469
$
$
1,736,418
624,649
$
$
1,797,300
477,051
2,600,888
1,287,326
433,343
279,630
120,707
2,121,007
(475,155)
4,726
$
$
$
$
2,361,067
985,363
305,503
1,682
$
$
$
2,274,351
951,648
382,945
1,154,576
382,306
10,821,135
1,379,030
556,102
12,352,449
(5,000)
(23,770,454)
1,681,119
$
$
$
$
$
$
$
$
$
2,407,322 $
(5,399,432) $
(5,399,432) $
$
1,016,705
410,344
8,184,384
(19,399,519)
944,406
1,807,910
(7,035,770)
(4,569,529)
2,466,241
$
$
$
$
$
$
$
$
$
$
$
$
1,086,912
264
1,829,580
(6,164,179)
(4,364,279)
1,799,900
$
$
$
$
$
$
949,864
1,848,526
(7,204,687)
(3,887,660)
3,317,027
1,796,384
397,541
$
$
1,511,736
520,541
$
$
1,740,571
627,058
100%
83%
19%
0%
2,193,925
750,096
303,568
3,925
435,804
109,593
1,602,986
(54,531)
536,408
$
$
$
$
$
$
$
$
$
$
$
2,032,277
839,349
336,966
421
427,446
118,184
1,722,366
(69,509)
240,402
$
$
$
$
$
$
$
$
$
$
$
2,367,629
1,109,729
445,499
252,177
112,858
1,920,263
(62,629)
384,737
96%
79%
79%
0%
0%
57%
95%
0%
73%
83%
8%
-11%
-10%
0%
0%
2%
-7%
0%
-7%
0%
123%
$
934,799
377,531
8,392,925
-
$
$
$
$
$
$
(18,786,190) $
845,428
341,516
9,375,700
-
(20,565,721)
Student Health Services
Revenue
General Fee Support
Salary
Benefits
Utilities
Charge Outs
Operating Expenses
Inventory Purchases
Debt Service
Net Transfers
Net Total
$
$
Total Sources $
$
$
$
$
$
$
$
Total Uses $
$
$
$
$
$
$
$
$
$
500,155
133,673
1,926,377
(83,411)
351,279
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
759,319 $
115,000 $
$
2,208,912 $
(65,439) $
$
14
Attachment B
Overall Page 87 of 217
Attachment Page 14 of 16
Year to Date Operating Results
Sr VP Creamer
Attachment B
June 25, 2015
MIAMI UNIVERSITY
Financial Analysis - Auxiliary Units (Oxford Campus)
FY2015/FY2014/FY2013
FY2013
Year-end Actual
FY2014
Year-end Actual
FY2015
Original Budget
FY2015
FY 2015
Thru April YTD
FY2014
FY2013
% of '15 Budget
% Change from '14 YTD
Armstrong - Student Affairs
Revenue
General Fee Support
Salary
Benefits
Utilities
Charge Outs
Operating Expenses
Inventory Purchases
Debt Service
Net Transfers
Net Total
$
$
-
$
$
1,690,773
-
$
$
4,142,026
700,000
Total Sources $
$
$
$
$
$
$
$
Total Uses $
$
$
-
$
$
$
$
1,690,773
141,593
36,952
140,881
$
$
$
$
4,842,026
376,241
84,095
330,134
$
185,098
$
$
$
$
$
553,299
1,057,823
(581,623)
51,327
$
$
$
$
$
$
184,396
4,541,070
4,725,466
67,328
17,139
-
$
$
3,731,681
583,331
$
$
1,660,047
-
$
$
-
90%
83%
125%
0%
$
$
$
$
$
$
$
$
$
533,408 $
$
2,392,272 $
3,716,150 $
(1,125,876) $
$
4,315,012
269,928
64,827
220,098
581,175
1,794,204
2,930,232
(783,579)
601,201
$
$
$
$
$
$
$
$
$
$
$
1,660,047
101,974
27,648
120,982
127,424
378,028
(214,212)
1,067,807
$
$
$
$
$
$
$
$
$
$
$
-
89%
72%
77%
67%
0%
109%
0%
75%
79%
70%
160%
165%
134%
82%
0%
356%
0%
0%
675%
266%
-44%
$
$
$
$
$
171,211
361,878
533,089
69,405
22,599
$
$
349,947 $
899,618 $
(3,972,012) $
(146,163) $
432,770
100
345,511
870,385
337,296
-
139,100
3,804,986
3,944,086
54,684
18,782
621,566
259,462
954,494
(2,845,798)
143,794
$
$
$
$
$
$
$
$
$
$
$
$
$
108,746
3,456,539
3,565,285
54,603
18,258
389,195
262,999
725,055
(2,848,251)
(8,021)
$
$
$
$
$
$
$
$
$
$
$
$
$
81%
1051%
740%
79%
83%
0%
0%
144%
0%
75%
110%
-844%
28%
10%
11%
0%
3%
0%
0%
60%
0%
0%
32%
0%
-1893%
Other Auxiliary
Revenue
General Fee Support
$
$
Total Sources $
Salary
$
Benefits
$
Utilities
$
Charge Outs
$
Operating Expenses
$
Inventory Purchases
$
Debt Service
$
Total Uses $
Net Transfers
$
Net Total
$
209,120
2,835,318
3,044,438
64,925
20,302
203,421
344,998
633,645
(1,881,757)
529,036
$
$
$
$
$
$
$
465,205
-
$
$
$
$
$
$
$
$
$
$
$
$
$
135,598
2,571,120
2,706,718
52,888
17,648
152,628
259,089
482,253
(1,729,869)
494,596
15
Attachment B
Overall Page 88 of 217
Attachment Page 15 of 16
Year to Date Operating Results
Sr VP Creamer
Attachment B
June 25, 2015
MIAMI UNIVERSITY
Financial Analysis - Auxiliary Units (Oxford Campus)
FY2015/FY2014/FY2013
FY2013
Year-end Actual
FY2014
Year-end Actual
FY2015
Original Budget
FY2015
FY 2015
Thru April YTD
FY2014
FY2013
% of '15 Budget
% Change from '14 YTD
95%
95%
0%
0%
94%
83%
81%
73%
82%
430%
92%
79%
78%
90%
72%
82%
89%
6%
2%
66%
55%
6%
-1%
0%
2%
3%
921%
14%
-4%
32%
45%
60%
9%
3%
-9%
Total Auxiliary
Revenue
General Fee Support
Designated Revenue
Restricted Revenue
Salary
Benefits
Utilities
Expense Recovery
Charge Outs
Operating Expenses
Inventory Purchases
Debt Service
Designated Expense
Restricted Expense
Net Transfers
Net Total
$
$
$
$
Total Sources $
$
$
$
$
$
$
$
$
$
$
Total Uses $
$
$
130,479,759
26,578,426
724,049
1,715,985
159,498,220
35,405,583
10,305,338
21,334,602
(24,395,392)
(1,162,599)
47,759,370
17,243,465
27,654,692
623,375
1,704,366
136,472,802
(22,225,112)
800,305
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
137,079,353
28,695,902
383,955
1,226,906
167,386,115
35,349,959
9,330,996
19,913,727
(22,515,171)
(568,387)
51,199,848
14,919,226
31,072,206
436,248
1,392,619
140,531,273
(25,215,609)
1,639,233
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
145,858,401
25,181,364
599,456
1,725,444
173,364,665
35,268,017
12,083,903
22,477,988
(23,770,454)
(646,704)
55,560,606
14,181,010
38,224,498
599,456
1,725,444
155,703,763
(17,665,902)
-
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
137,861,933
23,897,888
672,380
1,250,242
163,682,443
29,114,304
9,811,632
16,347,448
(19,399,519)
(2,783,044)
50,996,928
11,161,252
29,870,610
540,968
1,242,112
126,902,691
(15,643,406)
21,136,346
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
129,983,179
23,508,900
404,505
804,063
154,700,647
29,375,793
9,789,666
15,962,478
(18,786,190)
(272,582)
44,818,106
11,652,876
22,610,620
373,802
775,341
116,299,910
(15,125,699)
23,275,038
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
124,219,463
22,295,378
665,613
1,241,144
148,421,598
29,274,135
9,667,273
16,617,406
(20,565,721)
(382,785)
42,236,169
13,690,772
20,316,198
154,043
1,728,329
112,735,819
(13,388,029)
22,297,750
16
Attachment B
Overall Page 89 of 217
Attachment Page 16 of 16
Attachment C
Tuition Ordinances
June 25, 2015
The FY 2016 Tuition and Budget
Presentation to the Board of Trustees’
Finance & Audit Committee
June 25, 2015
Attachment C
Overall Page 90 of 217
Attachment Page 1 of 8
Attachment C
Tuition Ordinances
Attachment C
Overall Page 91 of 217
June 25, 2015
Attachment Page 2 of 8
Attachment C
Tuition Ordinances
Attachment C
Overall Page 92 of 217
June 25, 2015
Attachment Page 3 of 8
Attachment C
Tuition Ordinances
June 25, 2015
Finance and Audit Committee
Review of Tuition Ordinance
Attachment C
Overall Page 93 of 217
Attachment Page 4 of 8
Attachment C
June 25, 2015
Tuition Ordinances
Miami University
FY 2016– Academic Year 2015-2016
Annual Tuition Costs (Includes Instructional & General Fees)
FY14
FY15
FY16
FY15-FY16
AY 2013-2014
AY 2014-2015
AY 2015-2016
%
Beginning Fall 2013 Beginning Fall 2014 Beginning Fall 2015 Increase
Oxford Campus - Full-Time Undergraduate Students
Annual Tuition for Ohio Residents
$
Annual Tuition for Non Residents
$
13,266 $
29,056 $
13,533 $
29,640 $
13,533
30,233
0.0%
2.0%
12,634 $
27,892 $
12,888 $
28,452 $
12,888
29,021
0.0%
2.0%
Hamilton and Middletown Campuses - Full-Time Undergraduate Students
Ohio Residents - Lower Division
$
5,036 $
Ohio Residents - Upper Division
$
7,630 $
5,137 $
7,783 $
5,137
7,783
0.0%
0.0%
14,413 $
17,023 $
14,701
17,364
2.0%
2.0%
All Campuses - Full Time Graduate Students
Ohio Resident Comprehensive Fee
Non Resident Comprehensive Fee
Non Residents - Lower Division
Non Residents - Upper Division
Attachment C
$
$
$
$
14,129 $
16,696 $
Overall Page 94 of 217
Attachment Page 5 of 8
Attachment C
June 25, 2015
Tuition Ordinances
Tuition Changes at Ohio Universities for Fall 2015
Undergraduates
Institution
Akron
Graduates
Resident
Non-Resident
Resident
Non-Resident
0.0%
0.0%
2% to 5%
2% to 5%
Bowling Green
Unknown
Cleveland State
Unknown
Cincinnati
Unknown
Kent State
Unknown
Ohio
Ohio State*
$
240
2.0%
2.0%
Implementing Guaranteed Tuition
0.0%
3.0% to 6.4%
Varies
Shawnee State
Unknown
Toledo
Unknown
Varies
Wright State
0.0%
0.0%
Up To 2.3%
Up To 2.3%
Youngstown State
0.0%
0.0%
4.4%
4.4%
Miami
0.0%
2.0%
0.0% & Varies
2.0% & Varies
* Plan announced by OSU President
Attachment C
Overall Page 95 of 217
Attachment Page 6 of 8
Attachment C
June 25, 2015
Tuition Ordinances
Business Session
Item 4
APPROPRIATION ORDINANCE O2015Instructional, General, Tuition, and Comprehensive Fees and Charges
Undergraduate Students
2015-2016 Academic Year
WHEREAS, Miami University is committed to providing affordable access to the highest
quality education and services; and
WHEREAS, the University, in pursuit of this objective, has developed a long-term budget plan
that limits annual increases in tuition to no more than two percent (2.0%); and
WHEREAS, the University’s tuition and student fees are subject to regulation by the Ohio
General Assembly;
NOW, THEREFORE, BE IT ORDAINED: that the Board of Trustees approves an increase in
tuition (combined instructional and general fees) of two percent (2.0%) for all Ohio residents and an
increase in the out of state surcharge of two percent (2%) for all non-resident undergraduate students on
all campuses, effective Fall Semester 2015, subject to any tuition limitation legislated by the State of
Ohio; and
BE IT FURTHER ORDAINED: that the Senior Vice President for Finance and Business
Services and Treasurer is hereby authorized to amend tuition and student fees for Academic Year 2015 –
2016 to align with provisions legislated by the State of Ohio biennial operating budget within the limits
authorized by this ordinance; and
BE IT FURTHER ORDAINED: that the Senior Vice President for Finance and Business Services
and Treasurer is hereby authorized to establish hourly rates consistent with this Ordinance, including
instructional and general fees for part-time students and summer terms; and
BE IT FURTHER ORDAINED: that the Board of Trustees authorizes the Senior Vice President
for Finance and Business Services and Treasurer to determine the allocation of the general fee between the
University Student Auxiliary Allocation and the Student Organization Allocation for the Oxford Campus;
and
BE IT FURTHER ORDAINED: that the Board of Trustees authorizes the Senior Vice President
for Finance and Business Services and Treasurer to budget and expend, in accord with general university
procedures, the University Student Auxiliary Allocation for the Oxford Campus and authorizes the Vice
President for Student Affairs to fund the Associated Student Government from the Student Organization
Allocation; and
BE IT FURTHER ORDAINED: that the Board of Trustees authorizes the Senior Vice President
for Finance and Business Services and Treasurer to budget and expend, in accord with general university
procedures, the Student Auxiliary Allocation for the Regional Campuses and authorizes the Dean of the
Regional Campuses to fund the respective student government organizations from the Student
Organization Allocation; and
BE IT FURTHER ORDAINED: that the Board of Trustees authorizes the respective Student
Governments to fund student organizations in accordance with the student organization funding
procedures, as the same may be amended from time to time by the Associated Student Government and
approved by the Vice President for Student Affairs and the President for the Oxford Campus or the Dean
of the Regional Campuses and the Provost for the regional campuses.
June 26, 2015
Attachment C
Overall Page 96 of 217
Attachment Page 7 of 8
Attachment C
June 25, 2015
Tuition Ordinances
Business Session
Item 4
APPROPRIATION ORDINANCE O2015Comprehensive Tuition
Graduate Students at all Campuses
2015-2016 Academic Year
WHEREAS, the University remains committed to providing the highest quality
education and services to its graduate students at reasonable prices; and
WHEREAS, the University has a standard comprehensive tuition (instructional
and general fees) and an out-of-state surcharge for graduate students on all campuses; and
WHEREAS, the University has identified graduate program offerings that have
unique costs and market conditions;
NOW, THEREFORE, BE IT ORDAINED: that the Board of Trustees approves
an increase of two percent (2.0%) in the graduate student standard comprehensive tuition
and out-of-state surcharge at all campuses subject to any tuition limitations legislated by
the State of Ohio ; and
BE IT FURTHER ORDAINED: that the Board of Trustees approves a
comprehensive tuition fee for the following new graduate certificates and degrees:
Graduate Certificate in Analytics- $964 per credit hour
Low Residency Master of Fine Arts- $759 per credit hour
Collaborative Master of Educational Psychology- $760 per credit hour; and
BE IT FURTHER ORDAINED: that the Senior Vice President for Finance and
Business Services and Treasurer is hereby authorized to amend tuition and student fees
for Academic Year 2015-2016 to align with the provisions of the enacted State of Ohio
biennial operating budget within the limits authorized by this ordinance; and
BE IT FURTHER ORDAINED: that the Senior Vice President for Finance and
Business Services and Treasurer is hereby authorized to establish hourly rates consistent
with this Ordinance and the State of Ohio Biennial Budget as enacted, including fees for
part-time students and fees for summer terms.
June 26, 2015
Attachment C
Overall Page 97 of 217
Attachment Page 8 of 8
Attachment D
Budget Ordinance
Attachment D
Overall Page 98 of 217
June 25, 2015
Attachment Page 1 of 16
Attachment D
June 25, 2015
Budget Ordinance
FY2016 Key Budget Assumptions
Fall Class – First Time Students
Fall Class & Other Incoming Students
Enrollment Mix - Non-Resident (first year)
Tuition Increase – Undergraduate Resident
Tuition Increase – Undergraduate Non Resident
Tuition Increase – Graduate Resident
Tuition Increase – Graduate Non Resident
State Share of Instruction - Change from FY15
Change in Investment Income
Salary Increment Pool
Additional Faculty Salary Market Increase
Health Care Trend
Undergraduate Scholarships (Increase)
Utilities Trend
Non-Personnel Inflation
Staff Benefit Rate
Strategic Priorities Initiatives
New Revenue
Productivity Improvements
Attachment D
Overall Page 99 of 217
Oxford
3,700
874
43%
0%
2%
0%
2%
4.2%
0
3%
1%
3.4%
$7.8 M
0%
0%
No Change
Hamilton &
Middletown
N/A
N/A
N/A
0%
2%
N/A
N/A
-2.8%
0
3%
1%
3.4%
$244K
0%
0%
No Change
$6,246,145
($1,320,901)
$613,672
($239,065)
Attachment Page 2 of 16
Attachment D
Budget Ordinance
June 25, 2015
Fall Class
Oxford
Fall Class – First Time Students
First Time Attending Post Secondary Education
Fall Class – Other Incoming Students
Transfer Students
Relocated Students
American Culture & English (ACE) Students
Total Fall Class – Other Incoming Students
232
302
300
834
4,534
Total Fall Class
Other – Oxford Pathway (TOP) Program Students
Total Fall Class & Other Students
Attachment D
3,700
Overall Page 100 of 217
40
4,574
Attachment Page 3 of 16
Attachment D
June 25, 2015
Budget Ordinance
FY 2016 Major Program Improvements
Oxford Campus*
Salary & Benefit Increment
$
6,749,919
Promotion & Tenure
$
556,380
Additional Faculty Salary Market Increase
$
1,001,845
New Faculty Position Funding
$
1,816,125
Financial Aid Diversity Scholarships
$
1,000,000
Marketing & Branding
$
200,000
Enrollment Center Operations
$
1,050,000
Civitas Analytics Software
$
160,000
ADA Regulatory & Accessibility
$
696,350
FY2016 Major Program Improvements
$
13,230,619
*Excludes Expense Reallocations
Attachment D
Overall Page 101 of 217
Attachment Page 4 of 16
Attachment D
June 25, 2015
Budget Ordinance
FY 2016 Expenditure Budget Adjustments
FY15 Base Expenditure Budget
Program Improvements:
Salary Increment
Promotion & Tenure
Other Program Improvements
Total University Program Improvements
Divisional Program Improvements:
Farmer Business School
Education Health & Society
Total Divisional Program Improvements
Other Changes:
Allowance for Unspent Salaries
Change in Financial Aid (UG & GR)
Strategic Initiatives & Savings
Change in Utilities
Non-Personnel Support & Other
Casualty & Property Insurance
Change in Transfer to Middletown
Adjustments to Transfers – Other
Adjustments to CR&R
Eliminate Student Health Serv. Transfer
Counselors & Career Counseling Serv.
Late Night Alcohol Program Transfer
Adjustments to General Fee Transfer
Adjustments to Admin. Service Charge
Total Other Changes
Total Adjustments
FY16 Base Expenditure Budget
Attachment D
Oxford
$ 403,525,268
Hamilton
$ 28,497,159
Middletown
$ 19,475,414
$
$
$
$
$
6,749,919
556,380
5,543,145
12,849,444
$
$
$
$
555,919
46,365
602,284
$
$
$
$
415,551
50,580
466,131
$
$
$
$
$
$
$
1,000,000
316,125
1,316,125
$
$
$
-
$
$
$
-
$
$
$
$
$
6,495,600
$
( 848,102)
$
(66,730)
$
88,355
$
47,821
$
$
(62,195)
$
$
(477,051)
$
333,840
$
141,160
$
739,935
$
15,674
$
6,408,307
$ 20,573,876
$ 424,099,144
$
(758,883) $ (1,354,668) $
$
8,638
$
235,638 $
$
- $
- $
$
(13,000) $
(70,000) $
$
(184,173) $
(99,841) $
$
3,000 $
2,000 $
$
309,898 $
- $
$
(150) $
(150) $
$ (1,253,953) $
- $
$
- $
- $
$
- $
- $
$
- $
- $
$
47,075 $
32,000 $
$
(129,783) $
(23,231) $
$ (1,971,331) $ (1,278,252) $
$ (1,369,047) $
(812,121) $
$ 27,128,112 $ 18,663,293 $
Overall Page 102 of 217
VOALC
1,185,365
9,451
9,451
FY16 Total
$ 452,683,206
$
$
$
$
7,730,840
653,325
5,543,145
13,927,310
- $
- $
- $
1,000,000
316,125
1,316,125
-
(5,927)
876
(5,051)
4,400
1,189,765
$ (2,113,551)
$ 6,739,876
$
(854,029)
$
(149,730)
$
(194,783)
$
52,821
$
309,898
$
(62,495)
$ (1,253,953)
$
(477,051)
$
333,840
$
141,160
$
819,010
$
(137,340)
$ 3,153,673
$ 18,397,108
$ 471,080,314
Attachment Page 5 of 16
Attachment D
June 25, 2015
Budget Ordinance
FY 2016 RCM Divisional Budgets
Revenue/Expense Description
Undergraduate Net Instructional Revenue
Graduate Net Instructional Revenue
Total Net Instructional Revenue
State Appropriations
Total Other E&G Revenue
Adjustment for Productivity Improvements
Total Revenue Sources
College of Arts &
Science
$ 121,778,186
$
6,088,204
$ 127,866,390
$
29,645,695
$
8,046,855
$
(376,610)
$ 165,182,330
Divisional Direct Expense Budgets
Allocation of Support Center Expense*
Total Expense Sources
$
$
$
College of
Education,
Health & Society
$
29,683,870
$
2,865,217
$
32,549,087
$
11,583,595
$
1,756,392
$
(97,810)
$
45,791,264
79,504,899 $
65,799,957 $
145,304,856 $
College of
Engineering &
Computing
$ 13,294,428
$
426,093
$ 13,720,521
$ 5,120,487
$
997,402
$
(47,879)
$ 19,790,531
College of
Creative Arts
$14,876,286
$ 445,260
$15,321,546
$ 3,899,759
$ 863,780
$ (69,361)
$20,015,724
Total Oxford
$233,294,132
$ 11,823,030
$245,117,162
$ 58,489,038
$ 14,566,513
$ (731,205)
$317,441,508
Regional
Campuses
$28,048,550
$
$28,048,550
$11,887,958
$ 2,154,218
$
$42,090,726
Total All
Campuses
$261,342,682
$ 11,823,030
$273,165,712
$ 70,376,996
$ 16,720,731
$ (731,205)
$359,532,234
21,289,131 $ 30,489,141 $ 9,839,224 $14,540,350 $155,662,745 $38,652,743 $194,315,488
18,512,124 $ 28,006,860 $ 7,254,683 $ 8,728,857 $128,302,481 $ 2,967,442 $131,269,923
39,801,255 $ 58,496,001 $ 17,093,907 $23,269,207 $283,965,226 $41,620,185 $325,585,411
Revenue Less Expense (E&G)
$
19,877,474 $
5,990,009
Transfers, Renewal & Replacement Expense
$
9,453,463 $
2,244,787
Ending Balance Before Subvention
$
10,424,011 $
3,745,222
Subvention
$
(2,983,044) $
(839,248)
Ending Balance After Subvention
$
7,440,967 $
2,905,974
*Auxiliary Operations are budgeted to pay $5,201,962 in support center expenses.
Attachment D
Farmer School
of Business
$ 53,661,362
$ 1,998,256
$ 55,659,618
$ 8,239,502
$ 2,902,084
$ (139,545)
$ 66,661,659
$
$
$
$
$
8,165,658
3,859,876
4,305,782
(959,220)
3,346,562
Overall Page 103 of 217
$
$
$
$
$
2,696,624
1,114,336
1,582,288
334,980
1,917,268
$(3,253,483)
$ 1,122,491
$(4,375,974)
$ 4,446,532
$
70,558
$
$
$
$
$
33,476,282
17,794,953
15,681,329
15,681,329
$
$
$
$
$
470,541
771,842
(301,301)
(301,301)
$
$
$
$
$
33,946,823
18,566,795
15,380,028
15,380,028
Attachment Page 6 of 16
Attachment D
June 25, 2015
Budget Ordinance
FY 2016 Auxiliary Enterprise Budgets
FY16 Revenue
Armstrong
Student Center
$ 3,915,177
FY16 Designated Revenue
FY16 Restricted Revenue
FY16 General Fee Support
FY16 Expenses
FY16 Expense Recoveries
FY16 Designated Expenses
FY16 Restricted Expenses
FY16 Debt Service
FY16 Transfer to CR&R
FY16 Net Before Transfers
$
$
$
$
$
$
$
$
$
$
FY16 Transfers In/(Out)
Net
$
$
FY16 Revenue
Recreational
Sports Center
$ 3,157,940
Residence &
Dining Halls
$ 99,106,340
Shriver Center
$ 27,031,621
Student
Health Services
$
2,252,538
FY16 Designated Revenue
$
$
$
177,507
$
FY16 Restricted Revenue
FY16 General Fee Support
FY16 Expenses
FY16 Expense Recoveries
FY16 Designated Expenses
FY16 Restricted Expenses
FY16 Debt Service
FY16 Transfer to CR&R
FY16 Net Before Transfers
$
$
$
$
$
$
$
$
$
50,000
3,754,534
6,065,447
50,000
797,027
50,000
$
105,000
$
$ 59,606,752
$
$
$
105,000
$ 33,909,606
$ 5,344,982
$
245,000
$
$
$
$
$
$
$
$
$
30,000
872,081
24,872,529
177,507
30,000
47,196
2,983,977
-
$
$
$
$
$
$
$
$
$
FY16 Transfers In/(Out)
Net
$
$
(50,000)
-
$
$
$
$
Attachment D
3,000
841,160
1,523,687
3,000
2,454,491
778,159
-
-
$
Aviation
Services
148,106
$
Goggin Ice
Center
3,463,860
Intercollegiate
Athletics
$
6,385,883
$
$
$
$
$
$
$
$
$
$
$
$
219,731
(71,625)
$
$
$
$
$
$
$
$
$
$
1,300,000
2,000
2,201,527
3,371,226
1,300,000
2,000
2,030,650
213,511
50,000
$
$
$
$
$
$
$
$
$
$
71,625
-
$
$
(50,000)
-
$
$
-
(245,000)
-
-
$
Marcum
Conference
1,511,562
$
590,374
1,877,805
17,370,318
23,984,303
590,374
1,877,805
(228,102)
$
$
$
$
$
$
$
$
$
$
20,000
3,000
1,487,639
20,000
3,000
23,923
-
$
$
$
$
$
$
$
$
$
$
228,102
-
$
$
2,242,345
10,193
-
$
$
Overall Page 104 of 217
-
-
Millet
Assembly Hall
33,000
920,294
413,758
345,255
194,281
-
$
$
-
Transportation
Services
$ 4,521,824
$
Utility
Enterprise
-
$
Total Auxiliary
151,527,851
$
$
-
$
2,087,881
$
$
$ 15,865,503
$ (23,769,159)
$
$
$ 2,406,788
$ 5,496,868
$
-
$
$
$
$
$
$
$
$
$
2,070,805
26,158,914
142,302,253
(23,769,159)
2,087,881
2,070,805
42,904,107
16,754,291
(504,727)
$
$
$
$
-
$
$
$
$
$
$
$
$
$
199,000
2,649,333
1,710,121
911,370
(550,000)
$
$
550,000
-
-
Attachment Page 7 of 16
504,727
-
Attachment D
Budget Ordinance
June 25, 2015
Total FY 2016 Proposed Revenue Budget
Operating Funds – All Funds
Student Tuition & Other Fees
Less Tuition Discounts
Net Tuition & Fees
State Appropriations
Other General Fund Revenue
Transfer In
Total General Fund
Designated Funds
Restricted Funds
Auxiliary Funds
Oxford
376,253,639
58,947,656
317,305,983
58,489,038
5,769,000
$ 381,564,021
39,843,743
50,403,825
178,586,492
Hamilton
Middletown
VOALC
19,596,344
11,961,703
19,596,344
11,961,703
7,134,467
4,753,491
96,000
120,402
35,000
1,827,697
1,154,765
$ 26,826,811 $ 18,663,293 $ 1,189,765
646,628
596,000
7,756,124
4,294,454
-
FY16 Total
407,811,686
58,947,656
348,864,030
70,376,996
6,020,402
2,982,462
$ 428,243,890
41,086,371
62,454,403
178,586,492
FY15 Total
383,914,617
49,398,000
334,516,617
65,833,898
7,394,316
2,673,164
$ 410,417,995
33,901,574
64,279,980
172,616,070
Total Designated, Restricted
and Auxiliary Funds
Total Revenues
$ 268,834,060
$ 650,398,081
$
$
$ 282,127,266
$ 710,371,156
$ 270,797,624
$ 681,215,619
Attachment D
8,402,752 $
35,229,563 $
4,890,454
$
23,553,747 $ 1,189,765
Overall Page 105 of 217
Attachment Page 8 of 16
Attachment D
June 25, 2015
Budget Ordinance
FY 2016 Proposed Expenditure Budget
Operating Funds – All Funds
Salaries
Benefits
Other Scholarships & Financial
Aid
Utilities
Support (non-personnel)
Debt Service & Transfers Out
Total General Fund
Designated Funds
Restricted Funds
Auxiliary Funds
Total Designated, Restricted
and Auxiliary Funds
Total Expenditures
Net Surplus / (Deficit)
Attachment D
Oxford
168,085,747
62,025,798
Hamilton
13,595,750
4,665,248
Middletown
9,577,382
3,320,152
43,388,461
13,314,644
33,555,587
44,781,251
$ 365,151,488
39,843,743
50,403,825
178,586,492
723,638
696,000
4,895,627
2,551,849
27,128,112
646,628
7,756,124
-
865,638
453,500
3,745,301
701,320
18,663,293
596,000
4,294,454
-
$
$ 268,834,060 $
$ 633,985,548 $
$ 16,412,533 $
8,402,752
35,530,864
(301,301)
$
$
$
4,890,454
23,553,747
$
-
Overall Page 106 of 217
VOALC
230,955
93,537
FY15 Total
184,349,975
67,858,487
44,977,737
46,813,416
59,900
14,524,044
14,678,596
288,323
42,484,838
41,164,881
517,050
48,551,470
48,419,852
1,189,765 $ 412,132,658 $ 403,285,207
41,086,371
33,901,574
62,454,403
64,279,980
178,586,492
172,616,069
$
$
$
FY16 Total
191,489,834
70,104,735
$
- $ 282,127,266 $ 270,797,623
1,189,765 $ 694,259,924 $ 674,082,830
$
- $ 16,111,232 $
7,132,789
Attachment Page 9 of 16
Attachment D
June 25, 2015
Budget Ordinance
Cost Reduction Efforts*
FY 2010 through FY 2015
University Division
Executive
Academic Affairs
Finance and Business
Healthcare
Information Technology
Advancement
Student Affairs
Centrally Budgeted
Total
FY2010-FY2011
$
1,140,482
$ 10,850,940
$
8,297,001
$
$
$
$
$
3,815,930
871,042
896,071
25,871,466
FY2012-FY2013
$
$
4,024,998
$
3,331,726
$
4,039,091
$
$
$
540,000
$
5,607,030
$ 17,542,845
FY2014
FY2015
$
- $
$ 3,536,202 $ 3,206,923
$ 963,260 $ 818,000
$ 821,062 $ 800,000
$ 1,146,573 $ 360,921
$
- $
$ 180,000 $ 180,000
$ 455,720 $ 537,250
$ 7,102,817 $ 5,903,094
$
$
$
$
$
$
$
$
FY2016
FY2017
Total
-$
- $ 1,140,482
132,787 $
- $ 21,751,850
-$
- $ 13,409,987
$ 5,660,153
125,620 $ 66,886 $ 5,515,930
-$
-$
871,042
-$
- $ 1,796,071
-$
- $ 6,600,000
258,407 $ 66,886 $ 56,745,515
*In addition to the reductions in the general operating budget, no salary increases were provided during this period and $6.2
million in planned capital and new initiatives were suspended.
Attachment D
Overall Page 107 of 217
Attachment Page 10 of 16
Attachment D
June 25, 2015
Budget Ordinance
Faculty and Staff Changes
By Vice President Area and Academic Division
Fall 2008 to Fall 2014
Fall 2008
Fall 2014
Change
229
234
5
Faculty (FT only)
867
907
40
Non-Instructional Staff
610
549
(61)
Enrollment Management
118
104
(14)
1,456
1,200
(256)
Information Technology
188
116
(72)
Student Affairs
154
140
(14)
84
88
4
Faculty
144
158
14
Non-Instructional Staff
207
216
9
4,057
3,712
(345)
President
Provost & Academic Affairs
Finance & Business Services
University Advancement
Regional Campuses
Total
Attachment D
Overall Page 108 of 217
Attachment Page 11 of 16
Attachment D
June 25, 2015
Budget Ordinance
Oxford Campus Long Range Budget Plan - Updated 6/10/2015
FY20156 Scenario 1 - Baseline 0% UG Residents, 2% UG NonResident & GR Increase, 0% General Fee Increase, 3% Salary Increment
FY 2015 - FY 2023
FY2015 Budget
FY2015 Est.
FY 2016
FY 2017
FY 2018
FY 2019
FY 2020
FY 2021
FY 2022
FY 2023
Baseline Revenues
Undergraduate Tuition
$ 298,987,943
$ 309,396,543
$ 319,877,495
$ 320,509,372
$ 331,915,335
$ 341,696,393
$ 349,012,773
$ 358,764,383
$ 365,720,148
$ 374,480,153
Undergraduate Financial Aid
$ 62,513,206
$ 60,646,281
$ 70,332,414
$ 76,663,233
$ 80,556,702
$ 87,057,007
$ 91,010,704
$ 94,421,683
$ 97,087,607
$ 99,029,359
$ 236,474,737
$ 248,750,262
$ 249,545,081
$ 243,846,139
$ 251,358,633
$ 254,639,385
$ 258,002,069
$ 264,342,700
$ 268,632,541
$ 275,450,793
Graduate Tuition
$ 34,069,569
$ 35,382,192
$ 36,663,739
$ 37,716,067
$ 38,595,814
$ 39,366,965
$ 40,245,283
$ 41,040,244
$ 41,833,158
$ 42,774,027
Graduate Financial Aid
$ 31,053,200
$ 32,935,160
$ 30,677,702
$ 30,675,662
$ 31,289,175
$ 31,914,959
$ 32,553,258
$ 33,204,323
$ 33,868,410
$ 34,545,778
Undergraduate Net Tuition Revenue
Graduate Net Tuition Revenue
$
3,016,369
$
2,447,032
$
5,986,037
$
7,040,405
$
7,306,639
$
7,452,006
$
7,692,025
$
7,835,921
$
7,964,748
$
8,228,249
Total Net Tuition Revenue
$ 239,491,106
$ 251,197,294
$ 255,531,118
$ 250,886,545
$ 258,665,272
$ 262,091,391
$ 265,694,094
$ 272,178,621
$ 276,597,289
$ 283,679,042
State Support
$ 54,347,024
$ 56,080,674
$ 58,489,038
$ 60,841,208
$ 61,452,772
$ 62,070,451
$ 62,694,308
$ 63,324,403
$ 63,960,799
$ 64,603,559
Investment Income
$
4,325,000
$
5,967,422
$
4,325,000
$
6,325,000
$
7,325,000
$
9,000,000
$
9,000,000
$ 10,000,000
$ 10,000,000
$ 11,000,000
Other Revenues
$
2,789,414
$
2,789,414
$
1,444,000
$
1,472,880
$
1,502,338
$
1,532,384
$
1,563,032
$
1,594,293
$
1,626,179
$
1,658,702
Transfer In
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
Total Baseline Revenues
Incremental Initiative Revenue (Includes Winter Term)
Adjusted Total Revenue
$ 300,952,544
$ 316,034,804
$ 319,789,156
$ 319,525,632
$ 328,945,381
$ 334,694,227
$ 338,951,433
$ 347,097,317
$ 352,184,267
$ 360,941,303
$ 14,154,930
$ 17,822,113
$ 18,386,407
$ 19,255,508
$ 16,670,415
$ 14,418,221
$ 13,510,062
$ 12,746,742
$ 13,962,567
$ 13,081,482
$ 315,107,474
$ 333,856,917
$ 338,175,563
$ 338,781,141
$ 345,615,796
$ 349,112,448
$ 352,461,495
$ 359,844,059
$ 366,146,834
$ 374,022,786
$ 157,071,077
$ 155,176,992
$ 161,034,051
$ 170,745,360
$ 177,066,534
$ 183,405,423
$ 189,228,844
$ 195,257,774
$ 201,477,209
$ 207,893,790
Baseline Expenses
Salaries
Promotion & Tenure and Faculty Market Increase
$
1,107,000
$
1,107,000
$
1,190,000
$
1,204,100
$
1,218,623
$
513,582
$
528,989
$
544,859
$
561,205
$
578,041
Health Care
$ 28,665,117
$ 28,098,354
$ 29,811,722
$ 31,689,077
$ 32,910,776
$ 34,178,339
$ 35,494,770
$ 36,861,903
$ 38,281,694
$ 39,756,170
Other Benefits
$ 30,616,260
$ 29,648,992
$ 30,379,790
$ 33,527,280
$ 33,780,426
$ 34,793,838
$ 35,837,654
$ 36,912,783
$ 38,020,167
$ 39,160,772
Utilities
$ 13,386,196
$ 13,333,451
$ 13,381,375
$ 13,381,375
$ 13,794,216
$ 14,207,058
$ 14,632,284
$ 15,069,896
$ 15,520,264
$ 15,983,761
Non-Personnel Expenses
$ 31,903,553
$ 31,903,553
$ 32,391,726
$ 31,752,498
$ 32,387,547
$ 33,035,298
$ 33,696,004
$ 34,369,924
$ 35,057,323
$ 35,758,469
Capital Expenses & Debt
$ 14,938,303
$ 14,938,303
$ 14,629,323
$ 16,573,069
$ 16,536,752
$ 16,545,989
$ 16,239,386
$ 16,216,174
$ 16,210,178
$ 16,179,717
General Fee Allocation
$ 28,777,847
$ 28,777,847
$ 30,151,928
$ 30,259,259
$ 30,859,923
$ 31,467,356
$ 31,977,784
$ 32,719,532
$ 33,402,792
$ 34,093,433
Prior Strategic Priorities Savings
$
$
$
$
$
$
$
$
$
$
Total Baseline Expenses
-
-
-
-
-
-
-
-
-
-
$ 306,103,425
$ 302,984,491
$ 312,969,915
$ 329,132,017
$ 338,554,796
$ 348,146,883
$ 357,635,715
$ 367,952,845
$ 378,530,832
$ 389,404,153
Adjustments to Expense
SPTF
$ (4,200,308)
$
-
$ (4,241,211)
$
-
$
(258,407)
$
$
$
$
$
$
$
Productivity
$
-
$
-
$
(522,965)
$ (1,718,051)
$ (2,907,161)
$ (4,090,326)
$ (5,267,575)
$ (6,438,937)
$ (7,604,443)
$ (8,764,121)
Winter Term Costs
$
2,555,428
$
2,555,428
$
2,632,090
$
2,711,053
$
2,792,385
$
2,876,156
$
2,962,441
$
3,051,314
$
3,142,853
$
Incremental Cost of New Faculty for Initatives
$
4,200,308
$
4,241,211
$
192,901
$
4,044,766
$
6,127,230
$
7,326,760
$
8,335,305
$
9,122,971
$
9,769,935
$ 10,132,973
New Investments
$
-
$
-
$
6,749,496
$
-
$
-
$
-
$
-
$
-
$
-
Adjusted Total Expenses
Surplus/Deficit
Attachment D
(66,886)
-
-
-
-
-
$
3,237,139
-
$ 308,658,853
$ 305,539,918
$ 321,763,030
$ 334,102,899
$ 344,567,250
$ 354,259,474
$ 363,665,886
$ 373,688,193
$ 383,839,178
$ 394,010,143
$
$ 28,316,999
$ 16,412,533
$
$
$ (5,147,025)
$ (11,204,390)
$ (13,844,134)
$ (17,692,344)
$ (19,987,358)
6,448,621
4,678,241
Overall Page 109 of 217
1,048,546
Attachment Page 12 of 16
Attachment D
June 25, 2015
Budget Ordinance
Impact of Productivity & New Revenue
Initiatives on Oxford Campus Long Range Budget
Description
2014
2014
2015
2015
2016
2016
2017
2018
2019
2020
2021
2022
2023
Target
Projection
Target
Projection
Target
Projection
Target
Target
Target
Target
Target
Target
Target
Net Income (Loss) Before New Revenue
($2,200,217)
$9,183,489
($3,927,388)
$13,317,789
$1,648,894
1. Increase proportion of non-resident
enrollments
2. Grow Fee Paying Graduate Students
$385,560
$822,069
$385,560
$485,384
$1,137,183
$1,853,409
$2,010,245
$994,251
$2,051,839
$2,546,282
$3,124,799
$909,063
$3,143,569
$3,127,215
$4,313,234
$3,484,041
$5,549,995
$3,849,444
$6,797,998
$4,051,170
$8,071,263
$4,275,617
$9,204,843
$4,556,973
$9,968,079
$4,648,113
3. Grow ACE Enrollments
$734,400
$1,263,168
$2,308,989
$3,807,165
$3,682,804
$8,906,288
$5,258,896
$5,945,374
$6,675,232
$7,085,700
$7,227,413
$7,371,962
$7,519,401
4. Top Program
$103,275
$68,850
$224,024
$224,024
$393,916
$573,144
$544,379
$652,905
$742,479
$835,374
$931,689
$1,031,523
$1,114,406
5. Grow Transfer Enrollment
$154,913
$179,698
$613,335
($75,593)
$850,983
$804,565
$1,196,792
$1,475,604
$1,847,188
$2,149,306
$2,192,292
$2,236,138
$2,280,860
6. Improve Retention and Graduation
$0
$211,507
$529,441
$900,239
$943,806
$1,017,381
$1,412,900
$1,915,652
$2,200,732
$2,581,004
$3,195,575
$3,603,204
$3,675,268
7. Winter Term
$0
$5,436,725
$3,709,628
$7,138,879
$3,771,044
$9,584,217
$3,833,368
$3,896,612
$3,960,784
$4,025,896
$4,091,958
$4,158,980
$4,226,971
Total Net Income (Loss) New Revenue
Initiatives
($9,029,889) ($15,556,929) ($23,542,037) ($34,063,205) ($43,998,413) ($50,268,878) ($57,460,410) ($62,184,577)
$2,200,217
$8,030,892
$10,376,009
$14,999,210
$14,240,674
$24,919,457
$18,517,119
$21,683,422
$24,825,854
$27,526,448
$29,985,807
$32,163,623
$33,433,098
Additional Productivity Gains
$0
$0
$0
$0
$522,965
$522,965
$1,718,051
$2,907,161
$4,090,326
$5,267,575
$6,438,937
$7,604,443
$8,764,121
Net Income (Loss)
$0
$17,214,381
$6,448,621
$28,316,999
$16,412,533
$16,412,533
$4,678,241
$1,048,546
Attachment D
Overall Page 110 of 217
($5,147,025) ($11,204,390) ($13,844,134) ($17,692,344) ($19,987,358)
Attachment Page 13 of 16
Attachment D
June 25, 2015
Budget Ordinance
Miami University
Combined Campus - College of Professional Studies and Applied Sciences
College of Professional Studies and Applied Sciences (Regional Campuses) 5 Year Budget Plan
Revenue:
Net Tuition Revenue
Cross Campus Revenue
Other Student Fees
State Investment in Instruction
Other from State (PSEOP)
Other Revenue
Total Revenue
$
$
$
$
$
$
$
Budget
FY15
28,068,712
2,506,758
1,012,248
10,761,874
725,000
249,902
43,324,494
Expenditures:
Salaries
$
23,754,170 $
23,754,170 $
24,703,084 $
25,200,799 $
Allowance for Unspent Salaries
Benefits
Healthcare Expense
$
$
4,382,805 $
4,103,493 $
$
4,383,173 $
4,103,125 $
(1,529,952) $
4,425,888 $
4,143,111 $
Allowance for Unspent Benefits
Operating Expense
Utilities
Branch Campus Indirect Charge
Total Expenditures
$
$
$
$
5,845,132
1,232,500
3,121,946
42,316,987
(583,599)
5,671,996
1,149,500
2,968,932
40,948,960
Transfers:
Non-Mandatory
$
(1,159,595) $
(1,159,595) $
(1,170,680) $
(1,159,595) $
CR&R
Mandatory (debt service)
Total Net Transfers:
Operating Surplus/(Deficit) before
New Initiatives
Revenue from New Initiatives
$
$
$
(1,253,953) $
(256,180) $
(2,669,728) $
(1,253,953)
(256,180) $
(2,669,728) $
(254,792) $
(1,425,472) $
$
$
(1,662,221) $
2,469,457 $
(6,387,189) $
5,955,279 $
Expenses for New Initiatives
$
123,059
Surplus/(Deficit)
$
684,177 $
Attachment D
$
$
$
$
$
$
$
$
$
$
$
Projection
FY15
22,413,013
3,176,681
305,530
11,459,764
725,000
225,727
38,305,715
5,845,132
1,232,500
3,121,946
42,023,176
$
$
$
$
$
$
$
$
$
$
$
$
(848,780) $
Budget
FY16
19,689,540
2,506,758
274,200
11,162,958
725,000
249,902
34,608,358
$
$
$
$
$
$
$
FY20
23,113,929
2,506,758
520,388
11,961,255
725,000
267,811
39,095,141
25,956,823 $
26,735,528 $
27,537,593
(1,529,952) $
4,558,665 $
4,308,835 $
(1,529,952) $
4,695,425 $
4,481,189 $
(1,529,952) $
4,836,287 $
4,660,436 $
(1,529,952)
4,981,376
4,846,854
(583,599)
5,845,132
1,172,490
2,543,055
41,515,425
(583,599)
5,845,132
1,195,940
2,583,124
42,644,081
(583,599)
5,845,132
1,219,859
2,633,297
43,816,988
$
$
$
$
$
(583,599)
5,845,132
1,244,256
2,739,147
45,080,807
(1,159,595) $
(1,159,595) $
(1,159,595)
(256,180) $
(1,415,775) $
(256,180) $
(1,415,775) $
(256,180) $
(1,415,775) $
(256,180)
(1,415,775)
(7,766,074) $
7,464,773 $
(6,554,621) $
6,898,971 $
(7,126,631) $
6,534,362 $
(7,603,836) $
7,586,879 $
(7,401,441)
9,158,759
$
258,382 $
456,492 $
512,708 $
928,821
(301,301) $
(396,961) $
(1,506,167) $
(1,060,746) $
187,384
$
$
$
$
$
$
$
$
$
$
$
$
Overall Page 111 of 217
FY17
20,747,146
2,506,758
520,388
11,609,476
725,000
267,811
36,376,579
$
$
$
$
$
$
$
$
$
$
$
$
FY18
21,187,697
2,506,758
520,388
11,725,571
725,000
267,811
36,933,225
5/10/2015
$
$
$
$
$
$
$
$
$
$
$
$
FY19
21,766,144
2,506,758
520,388
11,842,827
725,000
267,811
37,628,928
Attachment Page 14 of 16
Attachment D
June 25, 2015
Budget Ordinance
FY 2016 Proposed Budget Ordinance
General Fund Expenditures (all campuses)
Salaries
Staff Benefits
Scholarships, Fellowships & Fee Waivers
Graduate Assistant Fee Waivers
Utilities
Other Expenditures
Sub-Total General Fund Expenditures
FY2016
$ 191,489,834
$ 70,104,735
$ 82,765,122
$ 21,160,271
$ 14,524,044
$ 42,484,838
$ 422,528,844
FY2015
$ 184,349,975
$ 67,858,487
$ 75,440,470
$ 20,770,946
$ 14,678,596
$ 41,164,881
$ 404,263,355
FY2014
$ 182,258,546
$ 66,639,696
$ 66,184,716
$ 23,049,516
$ 14,994,661
$ 40,760,769
$ 393,887,904
General Fund Transfers
Debt Service (Mandatory)
General Fee & Other (Non-Mandatory)
Total General Fund
Designated Funds
Restricted Funds
$ 5,958,755
$ 42,592,715
$ 471,080,314
$ 41,086,371
$ 62,454,403
$ 6,354,944
$ 42,064,908
$ 452,683,207
$ 33,901,574
$ 64,279,980
$ 6,230,724
$ 40,970,417
$ 441,089,045
$ 27,002,547
$ 64,826,254
Auxiliary Enterprises:
Expenditures
Debt Service (Mandatory)
Other Transfers (net)
General Fee Support
Total Auxiliaries
TOTAL
$ 118,533,094
$ 42,904,107
$ 17,259,018
$ (26,158,914)
$ 152,537,305
$ 727,158,393
$ 115,143,040
$ 38,230,823
$ 19,242,206
$ (25,739,780)
$ 146,876,289
$ 697,741,050
$ 114,241,165
$ 30,203,190
$ 15,005,778
$ (24,912,692)
$ 134,537,441
$ 667,455,287
Attachment D
Overall Page 112 of 217
Attachment Page 15 of 16
Attachment D
June 25, 2015
Budget Ordinance
Business Session
Item #5
APPROPRIATION ORDINANCE 02015BE IT ORDAINED: by the Board of Trustees that the Operating Budget for Fiscal Year 2015-16, as
presented at this meeting, be and it hereby is enacted with the following current expenditures and transfers for
the major purposes as follows:
General Fund Expenditures:
Salaries ......................................................................................................................... $191,489,834
Staff Benefits.................................................................................................................... 70,104,735
Scholarships, Fellowships and Student Fee Waivers........................................................ 82,765,122
Graduate Assistant Fee Waivers ....................................................................................... 21,160,271
Utilities ............................................................................................................................. 14,524,044
Other Expenditures .......................................................................................................... 42,484,838
Subtotal General Fund Expenditures ......................................................................................... $422,528,844
General Fund Transfers:
Debt Service (mandatory transfer)...................................................................................... 5,958,755
General Fee and Other (non-mandatory transfers) ........................................................... 42,592,715
Total General Fund ................................................................................................................... $471,080,314
Designated Fund ......................................................................................................................... $41,086,371
Restricted Fund ........................................................................................................................... $62,454,403
Auxiliary Enterprises:
Expenditures.................................................................................................................. $118,533,094
Debt Service (mandatory transfer)..................................................................................... 42,904,107
Other Transfers (net) ......................................................................................................... 17,259,018
General Fee Support ........................................................................................................(26,158,914)
Total Auxiliaries........................................................................................................................ $152,537,305
TOTAL ..................................................................................................................................... $727,158,393
Provided that the above appropriations include aggregate merit and salary improvement increases for
faculty and unclassified staff equal to two and one half percent (2.5%) and an additional one half percent
(0.5%) for exceptional merit and equity issues, effective with the beginning of the appointment year; and
Provided further that an additional one percent (1%) is included for faculty salaries for making
improvements in the market competitiveness of associate and full professor salaries; and
Provided further that a pool of funds amounting to three percent (3.0%) is included for classified staff
salary enhancements and adjustments to scale; and
Provided further that additional institutional funds are set aside for student financial aid, selected
support (non-personnel) budgets, and debt service; and
Provided further that the Senior Vice President for Finance and Business Services and Treasurer may
make such adjustments as are necessary in the operating budget so long as they are within the limits of
available funds, within the limits of additional income received for a specific purpose (“restricted funds”), or
within the limits of any additional revenue from the final budget bill legislated by the State of Ohio.
June 26, 2015
Attachment D
Overall Page 113 of 217
Attachment Page 16 of 16
Edowment Spending Resolution
Bruce Guiot
Attachment E
June 25, 2015
Business Session
Item 6
Endowment Spending
Resolution R2015WHEREAS, Miami University receives and manages contributions of
cash, securities, life insurance, personal property, and real estate in its
endowment; and
WHEREAS, the Board of Trustees desires to continue the policy of
supporting University operations and scholarships through the distribution of
income and realized gains from the endowment; and
WHEREAS, Miami University Resolution 2010-4 established an amended
Spending Policy effective with the fiscal year ending June 30, 2010, and
authorized such Policy to remain in effect until formally modified by the Board of
Trustees; and
WHEREAS, Miami University Resolution 2010-4 also directed the Vice
President for Finance and Business Services to evaluate annually the variables
underlying the spending formula and to present recommendations as to the
spending formula to be used for the fiscal year; and
WHEREAS, the Senior Vice President for Finance and Business Services
has presented his recommendations for the fiscal year ended June 30, 2015, and
the Finance Committee has accepted those recommendations; and
WHEREAS, the Board of Trustees, has considered the proposed Spending
Policy, with the care that an ordinarily prudent person in a like position would
exercise under similar circumstances, considering the following factors:
1.
2.
3.
4.
5.
6.
7.
The duration and preservation of the endowment fund;
The purposes of the institution and the endowment fund;
General economic conditions;
The possible effect of inflation or deflation;
The expected total return from income and the appreciation of
investments;
Other resources of the institution;
The investment policy of the institution;
NOW, THEREFORE, BE IT RESOLVED: that the Board of Trustees
hereby authorizes that the spending distribution for the fiscal year ended June 30,
2015, be computed according to the following formula:
The weighted average spending formula is to be comprised of two
elements: a market element, given a 30% weight in the formula, and an inflation
(over)
Attachment E
Overall Page 114 of 217
Attachment Page 1 of 23
Attachment E
Edowment Spending Resolution
Bruce Guiot
June 25, 2015
Business Session
Item 6
element, given a 70% weight in the formula. The market element is to be
computed by multiplying the market value of the investment portfolio on March
31, 2015 by a long-term sustainable spending percentage of 4.5%. The inflation
element is to be computed by increasing the prior year's actual spending
distribution by the greater of either the annualized increase in the Consumer
Price Index as of March 31, 2015, or 0.1%.
If, however, the June 30, 2015 market value of an individual endowment
fund account is below the cumulative value of all gifts contributed into that
account, then only the pro rata share of realized dividends and interest allocated
to that account may be distributed instead of the amount determined by the
spending calculation.
June 26, 2015
Attachment E
Overall Page 115 of 217
Attachment Page 2 of 23
Attachment E
Edowment Spending Resolution
Bruce Guiot
June 25, 2015
The FY 2016 Tuition and Budget
Presentation to the Board of
Trustees’ Finance & Audit
Committee
June 26, 2015
Attachment E
Overall Page 116 of 217
Attachment Page 3 of 23
Attachment E
Edowment Spending Resolution
Bruce Guiot
Attachment E
Overall Page 117 of 217
June 25, 2015
Attachment Page 4 of 23
Attachment E
Edowment Spending Resolution
Bruce Guiot
Attachment E
Overall Page 118 of 217
June 25, 2015
Attachment Page 5 of 23
Attachment E
Edowment Spending Resolution
Bruce Guiot
June 25, 2015
Finance and Audit Committee
Review of Tuition Ordinance
Attachment E
Overall Page 119 of 217
Attachment Page 6 of 23
Attachment E
Edowment Spending Resolution
Bruce Guiot
June 25, 2015
Miami University
FY 2016– Academic Year 2015-2016
Annual Tuition Costs (Includes Instructional & General Fees)
FY14
FY15
FY16
FY15-FY16
AY 2013-2014
AY 2014-2015
AY 2015-2016
%
Beginning Fall 2013 Beginning Fall 2014 Beginning Fall 2015 Increase
Oxford Campus - Full-Time Undergraduate Students
Annual Tuition for Ohio Residents
$
Annual Tuition for Ohio Residents
$
13,266 $
13,266 $
13,533 $
13,533 $
13,533
13,804
0.0%
2.0%
Annual Tuition for Out-of-State Students
$
29,056 $
29,640 $
30,233
2.0%
$
$
12,634 $
27,892 $
12,888 $
28,452 $
13,146
29,021
2.0%
2.0%
Hamilton and Middletown Campuses - Full-Time Undergraduate Students
Ohio Residents - Lower Division
$
5,036 $
Ohio Residents - Lower Division
$
5,036 $
5,137 $
5,137 $
5,137
5,240
0.0%
2.0%
Ohio Residents - Upper Division
Ohio Residents - Upper Division
$
$
7,630 $
7,630 $
7,783 $
7,783 $
7,783
7,939
0.0%
2.0%
Out-of-State Students - Lower Division
Out-of-State Students - Upper Division
$
$
14,129 $
16,696 $
14,413 $
17,023 $
14,701
17,364
2.0%
2.0%
All Campuses - Full Time Graduate Students
Ohio Resident Comprehensive Fee
Out-of-State Student Comprehensive Fee
Attachment E
Overall Page 120 of 217
Attachment Page 7 of 23
Edowment Spending Resolution
Bruce Guiot
Attachment E
June 25, 2015
Tuition Changes at Ohio Universities for Fall 2015
Undergraduates
Institution
Akron
Graduates
Resident
Non-Resident
Resident
Non-Resident
0.0%
0.0%
2% to 5%
2% to 5%
Bowling Green
Unknown
Cleveland State
Unknown
Cincinnati
Unknown
Kent State
Unknown
Ohio
Ohio State*
$
240
2.0%
2.0%
Implementing Guaranteed Tuition
0.0%
3.0% to 6.4%
Varies
Shawnee State
Unknown
Toledo
Unknown
Varies
Wright State
0.0%
0.0%
Up To 2.3%
Up To 2.3%
Youngstown State
0.0%
0.0%
4.4%
4.4%
Miami
0.0%
2.0%
2.0% & Varies
2.0% & Varies
* Plan announced by OSU President
Attachment E
Overall Page 121 of 217
Attachment Page 8 of 23
Attachment E
Edowment Spending Resolution
Bruce Guiot
June 25, 2015
Finance and Audit Committee
Review of Budget Ordinance
Attachment E
Overall Page 122 of 217
Attachment Page 9 of 23
Attachment E
Edowment Spending Resolution
Bruce Guiot
June 25, 2015
FY2016 Key Budget Assumptions
Fall Class – First Time Students
Fall Class & Other Incoming Students
Enrollment Mix - Non-Resident (first year)
Tuition Increase – Undergraduate Resident
Tuition Increase – Undergraduate Non Resident
Tuition Increase - Graduate
State Share of Instruction - Change from FY15
Change in Investment Income
Salary Increment Pool
Additional Faculty Salary Market Increase
Health Care Trend
Undergraduate Scholarships (Increase)
Utilities Trend
Non-Personnel Inflation
Staff Benefit Rate
Strategic Priorities Initiatives
New Revenue
Productivity Improvements
Attachment E
Overall Page 123 of 217
Oxford
3,700
874
43%
0%
2%
2%
4.2%
0
3%
1%
3.4%
$7.8 M
0%
0%
No Change
Hamilton &
Middletown
N/A
N/A
N/A
0%
2%
N/A
-2.8%
0
3%
1%
3.4%
$244K
0%
0%
No Change
$6,246,145
($1,320,901)
$613,672
($239,065)
Attachment Page 10 of 23
Attachment E
Edowment Spending Resolution
Bruce Guiot
June 25, 2015
Fall Class
Oxford
Fall Class – First Time Students
First Time Attending Post Secondary Education
Fall Class – Other Incoming Students
Transfer Students
Relocated Students
American Culture & English (ACE) Students
Total Fall Class – Other Incoming Students
232
302
300
834
4,534
Total Fall Class
Other – Oxford Pathway (TOP) Program Students
Total Fall Class & Other Students
Attachment E
3,700
Overall Page 124 of 217
40
4,574
Attachment Page 11 of 23
Attachment E
Edowment Spending Resolution
Bruce Guiot
June 25, 2015
FY 2016 Major Program Improvements
Oxford Campus*
Salary & Benefit Increment
$
6,749,919
Promotion & Tenure
$
556,380
Additional Faculty Salary Market Increase
$
1,001,845
New Faculty Position Funding
$
1,816,125
Financial Aid Diversity Scholarships
$
1,000,000
Marketing & Branding
$
200,000
Enrollment Center Operations
$
1,050,000
Civitas Analytics Software
$
160,000
ADA Regulatory & Accessibility
$
696,350
FY2016 Major Program Improvements
$
13,230,619
*Excludes Expense Reallocations
Attachment E
Overall Page 125 of 217
Attachment Page 12 of 23
Edowment Spending Resolution
Bruce Guiot
June 25, 2015
FY 2016 Expenditure Budget Adjustments
Attachment E
FY15 Base Expenditure Budget
Program Improvements:
Salary Increment
Promotion & Tenure
Other Program Improvements
Total University Program Improvements
Divisional Program Improvements:
Farmer Business School
Education Health & Society
Total Divisional Program Improvements
Other Changes:
Allowance for Unspent Salaries
Change in Financial Aid (UG & GR)
Strategic Initiatives & Savings
Change in Utilities
Non-Personnel Support & Other
Casualty & Property Insurance
Change in Transfer to Middletown
Adjustments to Transfers – Other
Adjustments to CR&R
Eliminate Student Health Serv. Transfer
Counselors & Career Counseling Serv.
Late Night Alcohol Program Transfer
Adjustments to General Fee Transfer
Adjustments to Admin. Service Charge
Total Other Changes
Total Adjustments
FY16 Base Expenditure Budget
Attachment E
Oxford
$ 403,525,268
Hamilton
$ 28,497,159
Middletown
$ 19,475,414
$
$
$
$
$
6,749,919
556,380
5,543,145
12,849,444
$
$
$
$
555,919
46,365
602,284
$
$
$
$
415,551
50,580
466,131
$
$
$
$
$
$
$
1,000,000
316,125
1,316,125
$
$
$
-
$
$
$
-
$
$
$
$
$
6,495,600
$
( 848,102)
$
(66,730)
$
88,355
$
47,821
$
$
(62,195)
$
$
(477,051)
$
333,840
$
141,160
$
739,935
$
15,674
$
6,408,307
$ 20,573,876
$ 424,099,144
$
(758,883) $ (1,354,668) $
$
8,638
$
235,638 $
$
- $
- $
$
(13,000) $
(70,000) $
$
(184,173) $
(99,841) $
$
3,000 $
2,000 $
$
309,898 $
- $
$
(150) $
(150) $
$ (1,253,953) $
- $
$
- $
- $
$
- $
- $
$
- $
- $
$
47,075 $
32,000 $
$
(129,783) $
(23,231) $
$ (1,971,331) $ (1,278,252) $
$ (1,369,047) $
(812,121) $
$ 27,128,112 $ 18,663,293 $
Overall Page 126 of 217
VOALC
1,185,365
9,451
9,451
FY16 Total
$ 452,683,206
$
$
$
$
7,730,840
653,325
5,543,145
13,927,310
- $
- $
- $
1,000,000
316,125
1,316,125
-
(5,927)
876
(5,051)
4,400
1,189,765
$ (2,113,551)
$ 6,739,876
$
(854,029)
$
(149,730)
$
(194,783)
$
52,821
$
309,898
$
(62,495)
$ (1,253,953)
$
(477,051)
$
333,840
$
141,160
$
819,010
$
(137,340)
$ 3,153,673
$ 18,397,108
$ 471,080,314
Attachment Page 13 of 23
Edowment Spending Resolution
Bruce Guiot
Attachment E
June 25, 2015
FY 2016 RCM Divisional Budgets
Revenue/Expense Description
Undergraduate Net Instructional Revenue
Graduate Net Instructional Revenue
Total Net Instructional Revenue
State Appropriations
Total Other E&G Revenue
Adjustment for Productivity Improvements
Total Revenue Sources
College of Arts &
Science
$ 121,778,186
$
6,088,204
$ 127,866,390
$
29,645,695
$
8,046,855
$
(376,610)
$ 165,182,330
Divisional Direct Expense Budgets
Allocation of Support Center Expense*
Total Expense Sources
$
$
$
College of
Education,
Health & Society
$
29,683,870
$
2,865,217
$
32,549,087
$
11,583,595
$
1,756,392
$
(97,810)
$
45,791,264
79,504,899 $
65,799,957 $
145,304,856 $
College of
Engineering &
Computing
$ 13,294,428
$
426,093
$ 13,720,521
$ 5,120,487
$
997,402
$
(47,879)
$ 19,790,531
College of
Creative Arts
$14,876,286
$ 445,260
$15,321,546
$ 3,899,759
$ 863,780
$ (69,361)
$20,015,724
Total Oxford
$233,294,132
$ 11,823,030
$245,117,162
$ 58,489,038
$ 14,566,513
$ (731,205)
$317,441,508
Regional
Campuses
$28,048,550
$
$28,048,550
$11,887,958
$ 2,154,218
$
$42,090,726
Total All
Campuses
$261,342,682
$ 11,823,030
$273,165,712
$ 70,376,996
$ 16,720,731
$ (731,205)
$359,532,234
21,289,131 $ 30,489,141 $ 9,839,224 $14,540,350 $155,662,745 $38,652,743 $194,315,488
18,512,124 $ 28,006,860 $ 7,254,683 $ 8,728,857 $128,302,481 $ 2,967,442 $131,269,923
39,801,255 $ 58,496,001 $ 17,093,907 $23,269,207 $283,965,226 $41,620,185 $325,585,411
Revenue Less Expense (E&G)
$
19,877,474 $
5,990,009
2,244,787
Transfers, Renewal & Replacement Expense
$
9,453,463 $
Ending Balance Before Subvention
$
10,424,011 $
3,745,222
(839,248)
Subvention
$
(2,983,044) $
Ending Balance After Subvention
$
7,440,967 $
2,905,974
*Auxiliary Operations are budgeted to pay $5,201,962 in support center expenses.
Attachment E
Farmer School
of Business
$ 53,661,362
$ 1,998,256
$ 55,659,618
$ 8,239,502
$ 2,902,084
$ (139,545)
$ 66,661,659
$
$
$
$
$
8,165,658
3,859,876
4,305,782
(959,220)
3,346,562
Overall Page 127 of 217
$
$
$
$
$
2,696,624
1,114,336
1,582,288
334,980
1,917,268
$(3,253,483)
$ 1,122,491
$(4,375,974)
$ 4,446,532
$
70,558
$
$
$
$
$
33,476,282
17,794,953
15,681,329
15,681,329
$
$
$
$
$
470,541
771,842
(301,301)
(301,301)
$
$
$
$
$
33,946,823
18,566,795
15,380,028
15,380,028
Attachment Page 14 of 23
Edowment Spending Resolution
Bruce Guiot
Attachment E
June 25, 2015
FY 2016 Auxiliary Enterprise Budgets
FY16 Revenue
Armstrong
Student Center
$ 3,915,177
FY16 Designated Revenue
FY16 Restricted Revenue
FY16 General Fee Support
FY16 Expenses
FY16 Expense Recoveries
FY16 Designated Expenses
FY16 Restricted Expenses
FY16 Debt Service
FY16 Transfer to CR&R
FY16 Net Before Transfers
$
$
$
$
$
$
$
$
$
$
FY16 Transfers In/(Out)
Net
$
$
FY16 Revenue
Recreational
Sports Center
$ 3,157,940
Residence &
Dining Halls
$ 99,106,340
Shriver Center
$ 27,031,621
Student
Health Services
$
2,252,538
FY16 Designated Revenue
$
$
$
177,507
$
FY16 Restricted Revenue
FY16 General Fee Support
FY16 Expenses
FY16 Expense Recoveries
FY16 Designated Expenses
FY16 Restricted Expenses
FY16 Debt Service
FY16 Transfer to CR&R
FY16 Net Before Transfers
$
$
$
$
$
$
$
$
$
50,000
3,754,534
6,065,447
50,000
797,027
50,000
$
105,000
$
$ 59,606,752
$
$
$
105,000
$ 33,909,606
$ 5,344,982
$
245,000
$
$
$
$
$
$
$
$
$
30,000
872,081
24,872,529
177,507
30,000
47,196
2,983,977
-
$
$
$
$
$
$
$
$
$
FY16 Transfers In/(Out)
Net
$
$
(50,000)
-
$
$
$
$
Attachment E
3,000
841,160
1,523,687
3,000
2,454,491
778,159
-
-
$
Aviation
Services
148,106
$
Goggin Ice
Center
3,463,860
Intercollegiate
Athletics
$
6,385,883
$
$
$
$
$
$
$
$
$
$
$
$
219,731
(71,625)
$
$
$
$
$
$
$
$
$
$
1,300,000
2,000
2,201,527
3,371,226
1,300,000
2,000
2,030,650
213,511
50,000
$
$
$
$
$
$
$
$
$
$
71,625
-
$
$
(50,000)
-
$
$
-
(245,000)
-
-
$
Marcum
Conference
1,511,562
$
590,374
1,877,805
17,370,318
23,984,303
590,374
1,877,805
(228,102)
$
$
$
$
$
$
$
$
$
$
20,000
3,000
1,487,639
20,000
3,000
23,923
-
$
$
$
$
$
$
$
$
$
$
228,102
-
$
$
2,242,345
10,193
-
$
$
Overall Page 128 of 217
-
-
Millet
Assembly Hall
33,000
920,294
413,758
345,255
194,281
-
$
$
-
Transportation
Services
$ 4,521,824
$
Utility
Enterprise
-
$
Total Auxiliary
151,527,851
$
$
-
$
2,087,881
$
$
$ 15,865,503
$ (23,769,159)
$
$
$ 2,406,788
$ 5,496,868
$
-
$
$
$
$
$
$
$
$
$
2,070,805
26,158,914
142,302,253
(23,769,159)
2,087,881
2,070,805
42,904,107
16,754,291
(504,727)
$
$
$
$
-
$
$
$
$
$
$
$
$
$
199,000
2,649,333
1,710,121
911,370
(550,000)
$
$
550,000
-
-
Attachment Page 15 of 23
504,727
-
Edowment Spending Resolution
Bruce Guiot
Attachment E
June 25, 2015
Total FY 2016 Proposed Revenue Budget
Operating Funds – All Funds
Student Tuition & Other Fees
Less Tuition Discounts
Net Tuition & Fees
State Appropriations
Other General Fund Revenue
Transfer In
Total General Fund
Designated Funds
Restricted Funds
Auxiliary Funds
Oxford
376,253,639
58,947,656
317,305,983
58,489,038
5,769,000
$ 381,564,021
39,843,743
50,403,825
178,586,492
Hamilton
Middletown
VOALC
19,596,344
11,961,703
19,596,344
11,961,703
7,134,467
4,753,491
96,000
120,402
35,000
1,827,697
1,154,765
$ 26,826,811 $ 18,663,293 $ 1,189,765
646,628
596,000
7,756,124
4,294,454
-
FY16 Total
407,811,686
58,947,656
348,864,030
70,376,996
6,020,402
2,982,462
$ 428,243,890
41,086,371
62,454,403
178,586,492
FY15 Total
383,914,617
49,398,000
334,516,617
65,833,898
7,394,316
2,673,164
$ 410,417,995
33,901,574
64,279,980
172,616,070
Total Designated, Restricted
and Auxiliary Funds
Total Revenues
$ 268,834,060
$ 650,398,081
$
$
$ 282,127,266
$ 710,371,156
$ 270,797,624
$ 681,215,619
Attachment E
8,402,752 $
35,229,563 $
4,890,454
$
23,553,747 $ 1,189,765
Overall Page 129 of 217
Attachment Page 16 of 23
Edowment Spending Resolution
Bruce Guiot
Attachment E
June 25, 2015
FY 2016 Proposed Expenditure Budget
Operating Funds – All Funds
Salaries
Benefits
Other Scholarships & Financial
Aid
Utilities
Support (non-personnel)
Debt Service & Transfers Out
Total General Fund
Designated Funds
Restricted Funds
Auxiliary Funds
Total Designated, Restricted
and Auxiliary Funds
Total Expenditures
Net Surplus / (Deficit)
Attachment E
Oxford
168,085,747
62,025,798
Hamilton
13,595,750
4,665,248
Middletown
9,577,382
3,320,152
43,388,461
13,314,644
33,555,587
44,781,251
$ 365,151,488
39,843,743
50,403,825
178,586,492
723,638
696,000
4,895,627
2,551,849
27,128,112
646,628
7,756,124
-
865,638
453,500
3,745,301
701,320
18,663,293
596,000
4,294,454
-
$
$ 268,834,060 $
$ 633,985,548 $
$ 16,412,533 $
8,402,752
35,530,864
(301,301)
$
$
$
4,890,454
23,553,747
$
-
Overall Page 130 of 217
VOALC
230,955
93,537
FY16 Total
191,489,834
70,104,735
FY15 Total
184,349,975
67,858,487
44,977,737
46,813,416
59,900
14,524,044
14,678,596
288,323
42,484,838
41,164,881
517,050
48,551,470
48,419,852
1,189,765 $ 412,132,658 $ 403,285,207
41,086,371
33,901,574
62,454,403
64,279,980
178,586,492
172,616,069
$
$
$
- $ 282,127,266 $ 270,797,623
$ 1,189,765 $ 694,259,924 $ 674,082,830
$
- $ 16,111,232 $
7,132,789
Attachment Page 17 of 23
Edowment Spending Resolution
Bruce Guiot
Attachment E
June 25, 2015
Cost Reduction Efforts*
FY 2010 through FY 2015
University Division
Executive
Academic Affairs
Finance and Business
Healthcare
Information Technology
Advancement
Student Affairs
Centrally Budgeted
Total
FY2010-FY2011
$
1,140,482
$ 10,850,940
$
8,297,001
$
$
$
$
$
3,815,930
871,042
896,071
25,871,466
FY2012-FY2013
$
$
4,024,998
$
3,331,726
$
4,039,091
$
$
$
540,000
$
5,607,030
$ 17,542,845
FY2014
FY2015
$
- $
$ 3,536,202 $ 3,206,923
$ 963,260 $ 818,000
$ 821,062 $ 800,000
$ 1,146,573 $ 360,921
$
- $
$ 180,000 $ 180,000
$ 455,720 $ 537,250
$ 7,102,817 $ 5,903,094
$
$
$
$
$
$
$
$
FY2016
FY2017
Total
-$
- $ 1,140,482
132,787 $
- $ 21,751,850
-$
- $ 13,409,987
$ 5,660,153
125,620 $ 66,886 $ 5,515,930
-$
-$
871,042
-$
- $ 1,796,071
-$
- $ 6,600,000
258,407 $ 66,886 $ 56,745,515
*In addition to the reductions in the general operating budget, no salary increases were provided during this period and $6.2
million in planned capital and new initiatives were suspended.
Attachment E
Overall Page 131 of 217
Attachment Page 18 of 23
Edowment Spending Resolution
Bruce Guiot
Attachment E
June 25, 2015
Faculty and Staff Changes
By Vice President Area and Academic Division
Fall 2008 to Fall 2014
Fall 2008
Fall 2014
Change
229
234
5
Faculty (FT only)
867
907
40
Non-Instructional Staff
610
549
(61)
Enrollment Management
118
104
(14)
1,456
1,200
(256)
Information Technology
188
116
(72)
Student Affairs
154
140
(14)
84
88
4
Faculty
144
158
14
Non-Instructional Staff
207
216
9
4,057
3,712
(345)
President
Provost & Academic Affairs
Finance & Business Services
University Advancement
Regional Campuses
Total
Attachment E
Overall Page 132 of 217
Attachment Page 19 of 23
Edowment Spending Resolution
Bruce Guiot
Attachment E
June 25, 2015
Oxford Campus Long Range Budget Plan - Updated 6/10/2015
FY20156 Scenario 1 - Baseline 0% UG Residents, 2% UG NonResident & GR Increase, 0% General Fee Increase, 3% Salary Increment
FY 2015 - FY 2023
FY2015 Budget
FY2015 Est.
FY 2016
FY 2017
FY 2018
FY 2019
FY 2020
FY 2021
FY 2022
FY 2023
Baseline Revenues
Undergraduate Tuition
$ 298,987,943
$ 309,396,543
$ 319,877,495
$ 320,509,372
$ 331,915,335
$ 341,696,393
$ 349,012,773
$ 358,764,383
$ 365,720,148
$ 374,480,153
Undergraduate Financial Aid
$ 62,513,206
$ 60,646,281
$ 70,332,414
$ 76,663,233
$ 80,556,702
$ 87,057,007
$ 91,010,704
$ 94,421,683
$ 97,087,607
$ 99,029,359
$ 236,474,737
$ 248,750,262
$ 249,545,081
$ 243,846,139
$ 251,358,633
$ 254,639,385
$ 258,002,069
$ 264,342,700
$ 268,632,541
$ 275,450,793
Graduate Tuition
$ 34,069,569
$ 35,382,192
$ 36,663,739
$ 37,716,067
$ 38,595,814
$ 39,366,965
$ 40,245,283
$ 41,040,244
$ 41,833,158
$ 42,774,027
Graduate Financial Aid
$ 31,053,200
$ 32,935,160
$ 30,677,702
$ 30,675,662
$ 31,289,175
$ 31,914,959
$ 32,553,258
$ 33,204,323
$ 33,868,410
$ 34,545,778
$
$
$
$
$
$
$
$
$
$
Undergraduate Net Tuition Revenue
Graduate Net Tuition Revenue
3,016,369
2,447,032
5,986,037
7,040,405
7,306,639
7,452,006
7,692,025
7,835,921
7,964,748
8,228,249
Total Net Tuition Revenue
$ 239,491,106
$ 251,197,294
$ 255,531,118
$ 250,886,545
$ 258,665,272
$ 262,091,391
$ 265,694,094
$ 272,178,621
$ 276,597,289
$ 283,679,042
State Support
$ 54,347,024
$ 56,080,674
$ 58,489,038
$ 60,841,208
$ 61,452,772
$ 62,070,451
$ 62,694,308
$ 63,324,403
$ 63,960,799
$ 64,603,559
Investment Income
$
4,325,000
$
5,967,422
$
4,325,000
$
6,325,000
$
7,325,000
$
9,000,000
$
9,000,000
$ 10,000,000
$ 10,000,000
$ 11,000,000
Other Revenues
$
2,789,414
$
2,789,414
$
1,444,000
$
1,472,880
$
1,502,338
$
1,532,384
$
1,563,032
$
1,594,293
$
1,626,179
$
1,658,702
Transfer In
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
Total Baseline Revenues
Incremental Initiative Revenue (Includes Winter Term)
Adjusted Total Revenue
$ 300,952,544
$ 316,034,804
$ 319,789,156
$ 319,525,632
$ 328,945,381
$ 334,694,227
$ 338,951,433
$ 347,097,317
$ 352,184,267
$ 360,941,303
$ 14,154,930
$ 17,822,113
$ 18,386,407
$ 19,255,508
$ 16,670,415
$ 14,418,221
$ 13,510,062
$ 12,746,742
$ 13,962,567
$ 13,081,482
$ 315,107,474
$ 333,856,917
$ 338,175,563
$ 338,781,141
$ 345,615,796
$ 349,112,448
$ 352,461,495
$ 359,844,059
$ 366,146,834
$ 374,022,786
$ 157,071,077
$ 155,176,992
$ 161,034,051
$ 170,745,360
$ 177,066,534
$ 183,405,423
$ 189,228,844
$ 195,257,774
$ 201,477,209
$ 207,893,790
Baseline Expenses
Salaries
Promotion & Tenure and Faculty Market Increase
$
1,107,000
$
1,107,000
$
1,190,000
$
1,204,100
$
1,218,623
$
513,582
$
528,989
$
544,859
$
561,205
$
578,041
Health Care
$ 28,665,117
$ 28,098,354
$ 29,811,722
$ 31,689,077
$ 32,910,776
$ 34,178,339
$ 35,494,770
$ 36,861,903
$ 38,281,694
$ 39,756,170
Other Benefits
$ 30,616,260
$ 29,648,992
$ 30,379,790
$ 33,527,280
$ 33,780,426
$ 34,793,838
$ 35,837,654
$ 36,912,783
$ 38,020,167
$ 39,160,772
Utilities
$ 13,386,196
$ 13,333,451
$ 13,381,375
$ 13,381,375
$ 13,794,216
$ 14,207,058
$ 14,632,284
$ 15,069,896
$ 15,520,264
$ 15,983,761
Non-Personnel Expenses
$ 31,903,553
$ 31,903,553
$ 32,391,726
$ 31,752,498
$ 32,387,547
$ 33,035,298
$ 33,696,004
$ 34,369,924
$ 35,057,323
$ 35,758,469
Capital Expenses & Debt
$ 14,938,303
$ 14,938,303
$ 14,629,323
$ 16,573,069
$ 16,536,752
$ 16,545,989
$ 16,239,386
$ 16,216,174
$ 16,210,178
$ 16,179,717
General Fee Allocation
$ 28,777,847
$ 28,777,847
$ 30,151,928
$ 30,259,259
$ 30,859,923
$ 31,467,356
$ 31,977,784
$ 32,719,532
$ 33,402,792
$ 34,093,433
Prior Strategic Priorities Savings
$
$
$
$
$
$
$
$
$
$
Total Baseline Expenses
-
-
-
-
-
-
-
-
-
-
$ 306,103,425
$ 302,984,491
$ 312,969,915
$ 329,132,017
$ 338,554,796
$ 348,146,883
$ 357,635,715
$ 367,952,845
$ 378,530,832
$ 389,404,153
Adjustments to Expense
SPTF
$ (4,200,308)
$
-
$ (4,241,211)
$
-
$
(258,407)
$
$
$
$
$
$
$
Productivity
$
-
$
-
$
(522,965)
$ (1,718,051)
$ (2,907,161)
$ (4,090,326)
$ (5,267,575)
$ (6,438,937)
$ (7,604,443)
$ (8,764,121)
Winter Term Costs
$
2,555,428
$
2,555,428
$
2,632,090
$
2,711,053
$
2,792,385
$
2,876,156
$
2,962,441
$
3,051,314
$
3,142,853
$
Incremental Cost of New Faculty for Initatives
$
4,200,308
$
4,241,211
$
192,901
$
4,044,766
$
6,127,230
$
7,326,760
$
8,335,305
$
9,122,971
$
9,769,935
$ 10,132,973
New Investments
$
-
$
-
$
6,749,496
$
-
$
-
$
-
$
-
$
-
$
-
Adjusted Total Expenses
Surplus/Deficit
Attachment E
(66,886)
-
-
-
-
-
$
3,237,139
-
$ 308,658,853
$ 305,539,918
$ 321,763,030
$ 334,102,899
$ 344,567,250
$ 354,259,474
$ 363,665,886
$ 373,688,193
$ 383,839,178
$ 394,010,143
$
$ 28,316,999
$ 16,412,533
$
$
$ (5,147,025)
$ (11,204,390)
$ (13,844,134)
$ (17,692,344)
$ (19,987,358)
6,448,621
4,678,241
Overall Page 133 of 217
1,048,546
Attachment Page 20 of 23
Edowment Spending Resolution
Bruce Guiot
Attachment E
June 25, 2015
Impact of Productivity & New Revenue
Initiatives on Oxford Campus Long Range Budget
Description
2014
2014
2015
2015
2016
2016
2017
2018
2019
2020
2021
2022
2023
Target
Projection
Target
Projection
Target
Projection
Target
Target
Target
Target
Target
Target
Target
Net Income (Loss) Before New Revenue
($2,200,217)
$9,183,489
($3,927,388)
$13,317,789
$1,648,894
1. Increase proportion of non-resident
enrollments
2. Grow Fee Paying Graduate Students
$385,560
$822,069
$385,560
$485,384
$1,137,183
$1,853,409
$2,010,245
$994,251
$2,051,839
$2,546,282
$3,124,799
$909,063
$3,143,569
$3,127,215
$4,313,234
$3,484,041
$5,549,995
$3,849,444
$6,797,998
$4,051,170
$8,071,263
$4,275,617
$9,204,843
$4,556,973
$9,968,079
$4,648,113
3. Grow ACE Enrollments
$734,400
$1,263,168
$2,308,989
$3,807,165
$3,682,804
$8,906,288
$5,258,896
$5,945,374
$6,675,232
$7,085,700
$7,227,413
$7,371,962
$7,519,401
4. Top Program
$103,275
$68,850
$224,024
$224,024
$393,916
$573,144
$544,379
$652,905
$742,479
$835,374
$931,689
$1,031,523
$1,114,406
5. Grow Transfer Enrollment
$154,913
$179,698
$613,335
($75,593)
$850,983
$804,565
$1,196,792
$1,475,604
$1,847,188
$2,149,306
$2,192,292
$2,236,138
$2,280,860
6. Improve Retention and Graduation
$0
$211,507
$529,441
$900,239
$943,806
$1,017,381
$1,412,900
$1,915,652
$2,200,732
$2,581,004
$3,195,575
$3,603,204
$3,675,268
7. Winter Term
$0
$5,436,725
$3,709,628
$7,138,879
$3,771,044
$9,584,217
$3,833,368
$3,896,612
$3,960,784
$4,025,896
$4,091,958
$4,158,980
$4,226,971
Total Net Income (Loss) New Revenue
Initiatives
($9,029,889) ($15,556,929) ($23,542,037) ($34,063,205) ($43,998,413) ($50,268,878) ($57,460,410) ($62,184,577)
$2,200,217
$8,030,892
$10,376,009
$14,999,210
$14,240,674
$24,919,457
$18,517,119
$21,683,422
$24,825,854
$27,526,448
$29,985,807
$32,163,623
$33,433,098
Additional Productivity Gains
$0
$0
$0
$0
$522,965
$522,965
$1,718,051
$2,907,161
$4,090,326
$5,267,575
$6,438,937
$7,604,443
$8,764,121
Net Income (Loss)
$0
$17,214,381
$6,448,621
$28,316,999
$16,412,533
$16,412,533
$4,678,241
$1,048,546
Attachment E
Overall Page 134 of 217
($5,147,025) ($11,204,390) ($13,844,134) ($17,692,344) ($19,987,358)
Attachment Page 21 of 23
Edowment Spending Resolution
Bruce Guiot
Attachment E
June 25, 2015
Miami University
Combined Campus - College of Professional Studies and Applied Sciences
College of Professional Studies and Applied Sciences (Regional Campuses) 5 Year Budget Plan
Revenue:
Net Tuition Revenue
Cross Campus Revenue
Other Student Fees
State Investment in Instruction
Other from State (PSEOP)
Other Revenue
Total Revenue
$
$
$
$
$
$
$
Budget
FY15
28,068,712
2,506,758
1,012,248
10,761,874
725,000
249,902
43,324,494
Expenditures:
Salaries
$
23,754,170 $
23,754,170 $
24,703,084 $
25,200,799 $
$
$
4,382,805 $
4,103,493 $
$
4,383,173 $
4,103,125 $
(1,529,952) $
4,425,888 $
4,143,111 $
(583,599)
5,671,996
1,149,500
2,968,932
40,948,960
Allowance for Unspent Salaries
Benefits
Healthcare Expense
$
$
$
$
$
$
$
Projection
FY15
22,413,013
3,176,681
305,530
11,459,764
725,000
225,727
38,305,715
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
FY20
23,113,929
2,506,758
520,388
11,961,255
725,000
267,811
39,095,141
25,956,823 $
26,735,528 $
27,537,593
(1,529,952) $
4,558,665 $
4,308,835 $
(1,529,952) $
4,695,425 $
4,481,189 $
(1,529,952) $
4,836,287 $
4,660,436 $
(1,529,952)
4,981,376
4,846,854
(583,599)
5,845,132
1,172,490
2,543,055
41,515,425
(583,599)
5,845,132
1,195,940
2,583,124
42,644,081
(583,599)
5,845,132
1,219,859
2,633,297
43,816,988
$
$
$
$
$
(583,599)
5,845,132
1,244,256
2,739,147
45,080,807
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Transfers:
Non-Mandatory
$
(1,159,595) $
(1,159,595) $
(1,170,680) $
(1,159,595) $
(1,159,595) $
(1,159,595) $
(1,159,595)
CR&R
Mandatory (debt service)
Total Net Transfers:
Operating Surplus/(Deficit) before
New Initiatives
Revenue from New Initiatives
$
$
$
(1,253,953) $
(256,180) $
(2,669,728) $
(1,253,953)
(256,180) $
(2,669,728) $
(254,792) $
(1,425,472) $
(256,180) $
(1,415,775) $
(256,180) $
(1,415,775) $
(256,180) $
(1,415,775) $
(256,180)
(1,415,775)
$
$
(1,662,221) $
2,469,457 $
(6,387,189) $
5,955,279 $
(7,766,074) $
7,464,773 $
(6,554,621) $
6,898,971 $
(7,126,631) $
6,534,362 $
(7,603,836) $
7,586,879 $
(7,401,441)
9,158,759
Expenses for New Initiatives
$
123,059
$
258,382 $
456,492 $
512,708 $
928,821
Surplus/(Deficit)
$
684,177 $
(301,301) $
(396,961) $
(1,506,167) $
(1,060,746) $
187,384
Attachment E
Overall Page 135 of 217
$
$
$
$
$
FY19
21,766,144
2,506,758
520,388
11,842,827
725,000
267,811
37,628,928
$
$
$
$
(848,780) $
$
$
$
$
$
FY18
21,187,697
2,506,758
520,388
11,725,571
725,000
267,811
36,933,225
5,845,132
1,232,500
3,121,946
42,316,987
5,845,132
1,232,500
3,121,946
42,023,176
$
$
$
$
$
FY17
20,747,146
2,506,758
520,388
11,609,476
725,000
267,811
36,376,579
Allowance for Unspent Benefits
Operating Expense
Utilities
Branch Campus Indirect Charge
Total Expenditures
$
$
$
$
$
$
$
$
$
Budget
FY16
19,689,540
2,506,758
274,200
11,162,958
725,000
249,902
34,608,358
5/10/2015
Attachment Page 22 of 23
Attachment E
Edowment Spending Resolution
Bruce Guiot
June 25, 2015
FY 2016 Proposed Budget Ordinance
General Fund Expenditures (all campuses)
Salaries
Staff Benefits
Scholarships, Fellowships & Fee Waivers
Graduate Assistant Fee Waivers
Utilities
Other Expenditures
Sub-Total General Fund Expenditures
FY2016
$ 191,489,834
$ 70,104,735
$ 82,765,122
$ 21,160,271
$ 14,524,044
$ 42,484,838
$ 422,528,844
FY2015
$ 184,349,975
$ 67,858,487
$ 75,440,470
$ 20,770,946
$ 14,678,596
$ 41,164,881
$ 404,263,355
FY2014
$ 182,258,546
$ 66,639,696
$ 66,184,716
$ 23,049,516
$ 14,994,661
$ 40,760,769
$ 393,887,904
General Fund Transfers
Debt Service (Mandatory)
General Fee & Other (Non-Mandatory)
Total General Fund
Designated Funds
Restricted Funds
$ 5,958,755
$ 42,592,715
$ 471,080,314
$ 41,086,371
$ 62,454,403
$ 6,354,944
$ 42,064,908
$ 452,683,207
$ 33,901,574
$ 64,279,980
$ 6,230,724
$ 40,970,417
$ 441,089,045
$ 27,002,547
$ 64,826,254
Auxiliary Enterprises:
Expenditures
Debt Service (Mandatory)
Other Transfers (net)
General Fee Support
Total Auxiliaries
TOTAL
$ 118,533,094
$ 42,904,107
$ 17,259,018
$ (26,158,914)
$ 152,537,305
$ 727,158,393
$ 115,143,040
$ 38,230,823
$ 19,242,206
$ (25,739,780)
$ 146,876,289
$ 697,741,050
$ 114,241,165
$ 30,203,190
$ 15,005,778
$ (24,912,692)
$ 134,537,441
$ 667,455,287
Attachment E
Overall Page 136 of 217
Attachment Page 23 of 23
Attachment F
Investment Oversight
Bruce Guiot
June 25, 2015
Business Session
Item 7
Investment Oversight and Amendment to the Pooled Investment Agreement
with the Miami University Foundation
R2015-
WHEREAS, Miami University’s Board of Trustees is responsible for managing all cash and
investments in accordance with Ohio Revised Code Sections 3345.05, 3345.16, and 1715.51-59; and
WHEREAS, to ensure proper oversight of these investments and adherence to all restrictions,
laws and rules governing these funds, the University maintains three separate and distinct pooled
investment funds—(1) university endowment, (2) university non-endowment, and (3) university
quasi-endowment; and
WHEREAS, Miami University and the Miami University Foundation entered into a Pooled
Investment Agreement for the investment of the University’s endowment and quasi-endowment on
July 1, 2011; and
WHEREAS, the Miami University Board of Trustees adopted on May 1, 2015 a policy
governing how new quasi-endowments are to be created; and
WHEREAS, the University intends to include the new quasi-endowments under the Pooled
Investment Agreement; and
WHEREAS, Miami University and the Miami University Foundation intend to amend the
Pooled Investment agreement to reflect quasi-endowment investment approval and retention of
authority; and
WHEREAS, the Pooled Investment Agreement Amendment has been jointly prepared by
Miami University and the Miami University Foundation and is attached hereto; and
WHEREAS, the administration has drafted procedures to be followed for overseeing the
investment of the three separate and distinct pooled investment funds;
NOW, THEREFORE, BE IT RESOLVED: that the Board of Trustees hereby adopts the
Miami University Investment Oversight Procedures which outlines the oversight responsibility for the
University’s investments by the Senior Vice President for Finance and Business Services and
Treasurer and the University’s Chief Investment Officer, who serve as the University’s Investment
Committee required by Ohio Revised Code 3345.05; and
BE IT RESOLVED: that the Miami University Board of Trustees hereby approves the First
Amendment to the Pooled Investment Agreement and authorize it to be executed by the Senior Vice
President for Finance and Business Services and Treasurer.
June 26, 2015
Attachment F
Overall Page 137 of 217
Attachment Page 1 of 3
Investment Oversight
Bruce Guiot
Attachment F
June 25, 2015
First Amendment to the Pooled Investment Agreement
This First Amendment to the Pooled Investment Agreement is effective as of July 1, 2015 and amends the
Pooled Investment Agreement between Miami University (the “University”) and the Miami University
Foundation (“Foundation”) entered into on July 1, 2011. The Pooled Investment Agreement pools the
University’s endowment and quasi-endowment funds with the Foundation’s endowment funds
for investment purposes.
The University and Foundation hereby agree as follows:
Part 1 of the Pooled Investment Agreement titled “Endowment Investment Management and
Stewardship” is hereby amended by adding paragraphs (g) and (h) at the end of Part 1:
(g) Quasi-Endowment Investment Approval
All investment decisions of the Foundation involving the investment of the University quasiendowment funds are subject to the approval of the University in accordance with Ohio Revised
Code 3345.05. The investment decisions of the Foundation shall be deemed approved by the
University when executed by the University’s Senior Vice President for Finance and Business
Services and Chief Investment Officer, who serve as the University’s Investment Committee.
(h) Retention of Authority
The Miami University Finance and Audit Committee and Board of Trustees retain authority over
the following:
a. University endowment and quasi-endowment spending policy
b. University endowment and quasi-endowment administrative fee
c. University non-endowment and quasi-endowment investment policy
d. University non-endowment spending policy
Except as specifically amended herein the Pooled Investment Agreement dated July 1, 2011 remains
in full force and effect.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first set
forth above.
Miami University
Miami University Foundation
By:___________________________________ By:___________________________________
Title:_________________________________
Attachment F
Title:_________________________________
Overall Page 138 of 217
Attachment Page 2 of 3
Attachment F
Investment Oversight
Bruce Guiot
June 25, 2015
MIAMI UNIVERSITY
INVESTMENT OVERSIGHT PROCEDURES
June 2015
I.
II.
III.
IV.
V.
VI.
VII.
The Miami University (“University”) Investment Committee, as required by Ohio Revised
Code Section 3345.05, shall be comprised of the University Senior Vice President for Finance
and Business Services and the University Chief Investment Officer.
Miami University maintains three separate and distinct pooled investment funds:
a. University endowment
b. University quasi-endowment
c. University non-endowment
To assist in its oversight responsibilities, the University may engage an external investment
advisor.
Miami University entered into a Pooled Investment Agreement with the Miami University
Foundation (“Foundation”), effective July 1, 2011, which pools the University’s endowment
and quasi-endowment funds with the Foundation’s endowment funds for investment purposes.
The Foundation’s Investment Committee includes members of the University’s Investment
Committee and provides management oversight of the pooled funds.
All investment decisions of the Foundation involving the investment of the University quasiendowment funds are subject to the approval of the University in accordance with Ohio
Revised Code 3345.05. The investment decisions of the Foundation shall be deemed approved
by the University when executed by the University’s Senior Vice President for Finance and
Business Services and Chief Investment Officer, who serve as the University’s Investment
Committee.
The Miami University Finance and Audit Committee and Board of Trustees retain authority
over the following:
a. University endowment and quasi-endowment spending policy
b. University endowment and quasi-endowment administrative fee
c. University non-endowment and quasi-endowment investment policy
d. University non-endowment spending policy
The University’s Vice President for Finance and Business Services and Chief Investment
Officer shall be responsible for the following:
a. Work with the Foundation Investment Committee to invest the University endowment
and quasi-endowment
b. Report to the Finance and Audit Committee on a regular basis on endowment, quasiendowment, and non-endowment performance, asset allocation, portfolio priorities,
and other investment management decisions
c. Implement policy as set by the Finance and Audit Committee and Board of Trustees
d. Manage the cash flows, asset allocation, and manager selection of the non-endowment
and quasi-endowment within the parameters established by the Board in the investment
policy
e. Conduct investment manager due diligence and ongoing manager monitoring and
evaluation
f. Recommend adjustments and changes to established investment related policies to the
Finance and Audit Committee as needed
Attachment F
Overall Page 139 of 217
Attachment Page 3 of 3
Attachment G
Quasi-Endowment Resolutions
Bruce Guiot
June 25, 2015
Business Session
Item 8a
Quasi-Endowment
Resolution R2015WHEREAS, from time to time, Miami University accumulates financial balances through
the receipt of large, unrestricted gifts and the prudent management of resources; and
WHEREAS, the Provost, the Deans, the Senior Vice President for Finance and Business
Services, and the Vice President for Advancement periodically identify a portion of these funds
that can be utilized to create quasi-endowments to establish a source of long-term funding for
strategic initiatives; and
WHEREAS, Resolution R2015-45 established the Miami University Quasi-Endowment
Policy; and
WHEREAS, Miami University entered into a banking services agreement with PNC
Bank that provides the payment of an annual licensing fee to the University; and
WHEREAS, the Vice President for Advancement has recommended that this fee be
quasi-endowed, with the annual distributions to be used for funding for the Miami Access
Initiative; and
WHEREAS, the Provost and the Senior Vice President for Finance and Business Services
of the University, with the concurrence of the Finance and Audit Committee, has recommended
approval of this plan;
NOW, THEREFORE, BE IT RESOLVED: that the Board of Trustees approves the
creation of the PNC Bank Miami Access Fund quasi-endowment to be funded with past and
future branch licensing fees from PNC Bank; and
BE IT FURTHER RESOLVED: that the annual distributions of the PNC Bank Miami
Access Fund be used for the funding of the Miami Access Initiative.
June 26, 2015
Attachment G
Overall Page 140 of 217
Attachment Page 1 of 3
Attachment G
Quasi-Endowment Resolutions
Bruce Guiot
June 25, 2015
Business Session
Item 8b
Quasi-Endowment
Resolution R2015WHEREAS, from time to time, Miami University accumulates financial balances through
the receipt of large, unrestricted gifts and the prudent management of resources; and
WHEREAS, the Provost, the Deans, the Senior Vice President for Finance and Business
Services, and the Vice President for Advancement periodically identify a portion of these funds
that can be utilized to create quasi-endowments to establish a source of long-term funding for
strategic initiatives; and
WHEREAS, Resolution R2015-45 established the Miami University Quasi-Endowment
Policy; and
WHEREAS, the Charity Dickey Charitable Remainder Trust terminated and distributed
$960,958.12 in unrestricted proceeds to Miami University; and
WHEREAS, the Vice President for Advancement has recommended that the proceeds of
the Dickey unrestricted gift be quasi-endowed, with the annual distributions to be used for the
general needs of Miami University as determined annually by Miami University’s President,
Provost, Senior Vice President for Finance and Business Services, and Vice President for
Advancement; and
WHEREAS, the Vice President for Advancement has recommended that the initial
annual distributions be used to help finance the construction of the East Wing of the Armstrong
Student Center; and
WHEREAS, the Provost and the Senior Vice President for Finance and Business Services
of the University, with the concurrence of the Finance and Audit Committee, has recommended
approval of this plan;
NOW, THEREFORE, BE IT RESOLVED: that the Board of Trustees approves the
creation of the Charity Dickey Fund quasi-endowment; and
BE IT FURTHER RESOLVED: that the annual distributions of the Charity Dickey Fund
be used for the general needs of Miami University as determined annually by Miami University’s
President, Provost, Senior Vice President for Finance and Business Services, and Vice President
for Advancement; and
BE IT FURTHER RESOLVED: that the annual distributions initially be used to help
finance the construction of the East Wing of the Armstrong Student Center.
June 26, 2015
Attachment G
Overall Page 141 of 217
Attachment Page 2 of 3
Attachment G
Quasi-Endowment Resolutions
Bruce Guiot
June 25, 2015
Business Session
Item 8c
Quasi-Endowment
Resolution R2015WHEREAS, from time to time, Miami University accumulates financial balances through
the receipt of large, unrestricted gifts and the prudent management of resources; and
WHEREAS, the Provost, the Deans, the Senior Vice President for Finance and Business
Services, and the Vice President for Advancement periodically identify a portion of these funds
that can be utilized to create quasi-endowments to establish a source of long-term funding for
strategic initiatives; and
WHEREAS, Resolution R2015-45 established the Miami University Quasi-Endowment
Policy; and
WHEREAS, the Norman Brand Trust terminated and distributed $272,717.59 in
unrestricted proceeds to Miami University; and
WHEREAS, the Vice President for Advancement has recommended that the proceeds of
the Norman Brand unrestricted gift be quasi-endowed, with the annual distributions to be used
for the general needs of Miami University as determined annually by Miami University’s
President, Provost, Senior Vice President for Finance and Business Services, and Vice President
for Advancement; and
WHEREAS, the Vice President for Advancement has recommended that the initial
annual distributions be used to help finance the construction of the East Wing of the Armstrong
Student Center; and
WHEREAS, the Provost and the Senior Vice President for Finance and Business Services
of the University, with the concurrence of the Finance and Audit Committee, has recommended
approval of this plan;
NOW, THEREFORE, BE IT RESOLVED: that the Board of Trustees approves the
creation of the Norman Brand Fund quasi-endowment; and
BE IT FURTHER RESOLVED: that the annual distributions of the Norman Brand Fund
be used for the general needs of Miami University as determined annually by Miami University’s
President, Provost, Senior Vice President for Finance, and Vice President for Advancement; and
BE IT FURTHER RESOLVED: that the annual distributions initially be used to help
finance the construction of the East Wing of the Armstrong Student Center.
June 26, 2015
Attachment G
Overall Page 142 of 217
Attachment Page 3 of 3
Attachment H
Internal Audit
Barbara Jenna
June 25, 2015
Business Session
Item 9
To:
Finance and Audit Committee
From:
Barbara K. Jena, Director of Internal Audit and Consulting Services
Subject: Internal Audit & Consulting Services - Report to the Finance and Audit Committee
Date:
June 05, 2015
Internal Audit and Consulting Services (IACS) has attached two reports for the Committee:
1. Status report summarizing FY 2015 audit activities and findings (pages 1 - 5)
IACS welcomed two new Associate Auditors in FY 2015. Stellar Cen replaced Krishan Patel who left to
join PricewaterhouseCoopers in Chicago. Stellar obtained her Master of Accountancy degree from
Bowling Green State University (OH) in 2013 and Bachelor of Business Administration with a major in
Accounting from Guangdong University of Foreign Studies (China). Terry Moore replaced Jeff Pidcock
who was promoted to Senior Budget Analyst in the University Budget Office. Terry who was an Intern
on staff, earned his Bachelor of Science in Business degree from Miami University’s Farmer School of
Business in 12/2014, majoring in Accountancy.
The FY 2015 audit plan will be largely accomplished by the end of the fiscal year. Some audits will carry
forward to FY 2016 due to the staff turnover and the addition of unscheduled audits requested by
management. The attached status report provides a summary of audit results by division. Among the
projects highlighted are:
- Enterprise Risk Assessment - The FY 2015 update includes input from Board members and senior
leadership. Enhancements were made to the ERA database to include regional campuses and the
Enrollment Management & Student Success division. Miami's ERA process and tool was presented at a
CACUBO conference in 10/2014.
- Enterprise Compliance - federal laws and regulations were added to the compliance database. IACS
and General Counsel also developed a compliance matrix that summarizes compliance requirements
and responsible parties.
- Network Penetration Testing - IACS followed-up on the 3/2014 outsourced network vulnerability
assessment and penetration test performed by CBTS. As of 4/2015, all but one of the servers with high
and/or critical vulnerabilities identified by CBTS had been resolved. IT Services is addressing newly
discovered vulnerabilities and by the end of 6/2015, plans to determine which medium vulnerabilites
should be addressed.
2. Internal Audit issues log (pages 6 - 15)
The following table summarizes changes since the 11/2014 report to the Finance and Audit Committee.
The report on pages 6 -13 lists all open audit issues (including those from prior years) and is sorted by
risk level, high to low. The three open high risk issues are in the IT area as further discussed on page 6.
The new high risk issue concerns information security training (page 6, line 3). The high risk issue that
was closed relates to compliance with the Payment Card Industry Data Security Standard (page 14, line
1). A complete list of the nine issues closed since 11/2014 is shown on pages 14-15.
Joe Bazeley and Troy Travis from IT Services also plan to attend the 6/25/2015 meeting to address any
questions the Committee may have related to the high risk issues.
Attachment H
Overall Page 143 of 217
Attachment Page 1 of 17
Attachment H
Internal Audit
Barbara Jenna
Audit Issue Status
Open audit
issues
11/6/2014
Risk Level
High
3
Moderate
1
Low
29
Total
33
Added
1
6
8
15
June 25, 2015
Closed
1
0
8
9
Open audit
issues
6/4/2015
3
7
29
39
Attachments
Cc: David K. Creamer
Attachment H
Overall Page 144 of 217
Attachment Page 2 of 17
Internal Audit
Barbara Jenna
Internal Audit and Consulting Services
FY 2015 Plan Versus Actual
Attachment H
June 25, 2015
ID
Division
Audit Project
Status
Audit Results
76A
Academic Affairs
Speech and Hearing Clinic follow-up
audit
Completed
Three issues were closed in 8/2014 and six issues remained open. IACS met with management to discuss
actions needed to resolve the remaining issues and they agreed to follow-up. Based on the 1/2015 follow-up
audit, all issues were closed except for the one pertaining to timely deposits.
111
Academic Affairs
Questionable Action
Completed
IACS performed a financial investigative audit of a faculty member. The objectives were to 1) determine if
there was wrongdoing by this Professor related to Miami University Accounts Payable check payments and 2)
research a high amount of University reimbursements to the Professor. The Accounts Payable checks in
question were all endorsed over with payment to persons other than to whom the checks were issued. This
matter has been resolved and it appears that there was no intentional wrongdoing.
78
Academic Affairs
Middletown Business Office
Completed
Internal controls at the Middletown Business Office appear adequate and effective except for the need to
improve compliance with University policies and procedures. IACS makes two recommendations to
strengthen controls over cash handling and accounts receivables. In addition, IACS recommends that the
Middletown Business Office document important change fund information and reconcile the fund at least
weekly.
107
Academic Affairs
LEAN Project - FSB Scholarships
Completed
IACS provided consulting services for the Farmer School of Business on this project that resulted in awarding
more departmental scholarships.
116
Enrollment Mgt & SS
International Enrollment
Management - Process Review
Completed
IACS makes two recommendations to further improve the enrollment process for first-year international
students and more specifically, how the billing and payment procedures are communicated to these
students: 1) Provide detailed billing and payment information; and 2) Further consider implementing online
pre-orientation modules to improve communication with international students.
110
Enrollment Mgt & SS
Fee Waiver Audit
Completed
IACS made two recommendations to strengthen internal control associated with fee waivers entered by the
Bursar's Office: 1) Obtain and maintain documented authorization to waive fees; and 2) Verify that all
waivers are in compliance with waiver agreements before applying them. Management's actions appear
responsive to the audit recommendations.
120
Enrollment Mgt & SS
Billing and Receipting Controls
Completed
IACS reviewed billing and receipting controls with the Bursar, including daily receipt balancing. The Bursar is
to document internal control steps performed to ensure term billings are accurate.
127
Enrollment Mgt & SS
Compliance with federal
requirements - refunds and exit
couseling
Added & Completed
IACS completed an audit of the Office of the Bursar’s compliance with federal regulation 34 CFR § 668.164(e)
to determine if refunds were issued to students within the 14 day requirement. Management's actions
appear responsive to the audit recommendation.
IACS also completed an audit of the Office of Student Financial Assistance's compliance with federal
regulation 34 CFR § 682.604(a)(1). The objective was to determine if the University met the 30 day
requirement related to exit counseling. This requirement is applicable to student borrowers of federal loans
who cease at least half time study. Management's actions appear responsive to the audit recommendation.
104
Enrollment Mgt & SS
Academic Record Updates
In process
This is an audit of selected academic record updates on the Oxford and regional campuses at both the
undergraduate and graduate level. Record updates audited were grade changes and withdrawals from the
University. The objectives of this audit are to evaluate the adequacy and effectiveness associated internal
controls including: authorization and accuracy of updates, operational efficiency and effectiveness, and
compliance with applicable federal, state, and University policies and procedures. IACS is in the final phase as
of 6/4/2015.
FY2015 Plan Versus Actual as of 6/10/2015
Attachment H
1
Overall Page 145 of 217
Attachment Page 3 of 17
Internal Audit
Barbara Jenna
Internal Audit and Consulting Services
FY 2015 Plan Versus Actual
Attachment H
June 25, 2015
ID
Division
Audit Project
Status
Audit Results
114
Finance & Bus. Svc.
Physical inventory audit - Goggin Ice
Center
Completed
Internal controls over the Pro Shop inventory appear adequate and effective; however, there is a risk of
increased inventory holding costs and lost revenue through obsolescence or inadequately stocked inventory.
Turnover analysis and other tools, such as economic order quantity (EOQ), can help management improve
efficiency by reducing inventory holding costs and identifying obsolete or slow-moving items. In addition, the
Pro Shop’s current point of sale system cannot value inventory using the first-in, first-out (FIFO) method for
financial reporting purposes as directed by General Accounting. The inventory is valued using "Current Cost"
or "Last Price Paid". A new system that can value inventory using the FIFO method is to be deployed in FY
2015.
The Pro Shop performed well with no errors noted in the 24 samples selected for testing. However, due to
the current point-of-sale system's inability to value inventory using the FIFO method, IACS cannot assure that
the 6/30/14 inventory valuation of $121K is accurate using the accounting valuation specified by General
Accounting. The Pro Shop inventory valuation decreased by $5.1K (-4%) from the fiscal year 2013 valuation
of $126K.
118
Finance & Bus. Svc.
LEAN Project - Right of Way Process
Completed
IACS provided consulting services for the Parking Office on this project that considered costs associated with
taking parking spaces offline due to construction and other events.
112
Finance & Bus. Svc.
Physical inventory audit - Central Stores Completed
Central Stores has improved physical control by installing three security cameras; however, other controls
have deteriorated without a manager dedicated to the inventory. IACS recommends two improvements
related to performing cycle counts and analyzing key data such as inventory turnover or sales/usage trends.
In addition, the Central Stores inventory is valued using the average cost for inventory but should be valued
at the lower of the first-in, first-out (FIFO) cost or market for financial reporting purposes as directed by
General Accounting.
IACS noted ten errors out of the 24 samples selected for testing. Management corrected each error and
submitted a revised report to General Accounting. Due to the high number of errors, IACS cannot assure that
the Central Stores inventory valuation for financial reporting of $838K at fiscal year-end 2014 is accurate.
Inventory increased $90K (12%) from the prior year primarily due to a transfer of maintenance items into the
inventory.
83B
Finance & Bus. Svc.
Parking Garage Cash Handling Audit FY15 follow-up
Completed
One issue was closed regarding internal control of Parking's change fund. Timely deposits remains an open
audit issue.
96
Finance & Bus. Svc.
Construction Project - Kreger Hall
Completed
IACS issued a status report to management with a draft comment pertaining to establishment of escrow
accounts and payments to the contractor. The audit report will be finalized in fall 2015 when the project is
100% complete.
113
Finance & Bus. Svc.
Physical inventory audit - Rec Center
Completed
IACS issued a report 9/2014 concluding that internal controls over the RSC Pro Shop's inventory were
inadequate and ineffective. IACS recommended four improvements related to physical access, cyclical counts
and maintenance of the perpetual records, record keeping, and turnover analysis. In addition, the Pro Shop's
current point of sale system cannot value inventory using the first-in, first-out (FIFO) method for financial
reporting purposes as directed by General Accounting. Due to these errors, IACS could not provide
assurance that the Pro Shop's 6/30/2014 inventory valuation of $83K was accurate. A new system that can
value inventory using the FIFO method is being deployed in FY 2015.
IACS performed a follow-up review 1/2015. One issue regarding control of physical access has been closed
and the other three remain open.
101
Finance & Bus. Svc.
Clery Act Crime Statistics - agreed upon Completed
procedures
IACS report was issued 9/16/2014. No exceptions were noted with the 2013 counts. Lori Minges appears to
do a good job maintaining the records and keeping current on new regulations.
FY2015 Plan Versus Actual as of 6/10/2015
Attachment H
2
Overall Page 146 of 217
Attachment Page 4 of 17
Internal Audit
Barbara Jenna
Internal Audit and Consulting Services
FY 2015 Plan Versus Actual
Attachment H
June 25, 2015
ID
Division
Audit Project
Status
Audit Results
66A
Finance & Bus. Svc.
Marcum follow-up audit
Completed
IACS performed another follow-up review after the 2014 fiscal year end and concluded that Marcum's
Accounts Receivable (A/R) balances were substantiated by customer account and submitted to General
Accounting at fiscal year-end.
122
Finance & Bus. Svc.
LEAN Project - Internal Audit Work
papers
Completed
To standardize audit work papers and help train new staff, IACS developed a template notebook using
Microsoft OneNote that resides on a shared directory. Template pages are used as a basis for conducting
audit engagements, usage depending on the content of the engagement. In streamlining the review process
and as a training tool, it is estimated that this LEAN project allows more than $10,000 of cost to be avoided
annually.
63B
Finance & Bus. Svc.
Processing Salary and Wage Updates
follow-up #2
Completed
Instructional memos issued for the FY15 increment process clearly stated that an employee may not enter
his/her own increment in Salary Planner. IACS performed another follow-up review after the process was
completed for the FY15 increments and determined that three individuals still entered their own increment.
In each case, Human Resources or Academic Personnel took action to confirm that the increment was
approved and reiterated the process. Going forward, HR will run the query used to detect and correct noncompliance with University procedures regarding this matter.
56C
Finance & Bus. Svc.
Rec Sports Center/HDRBS Business
Office FY15 follow-Up
Completed
IACS completed another follow-up review 12/2014 to determine if the Rec Sports Center processes receipts
through the Point of Sale system to adequately separate cash receiving and cash accounting. Duties now
appear adequately separated. Comment closed 12/12/2014.
128
Finance & Bus. Svc.
LEAN Project - website update
Added & In-process
IACS is updating the IACS website in conjunction with overall University updates.
121
Finance & Bus. Svc.
Fuel Dispensing System Audit
In process
This is an audit of the Physical Facilities Department (PFD), fuel dispensing system. The objectives of this
audit are to evaluate the adequacy and effectiveness of internal controls including: operational efficiency and
effectiveness, compliance with applicable University policies and procedures, and reliability of financial
accounting. IACS is in the final phase as of 6/4/2015.
123
Finance & Bus. Svc.
Training - professional certification
In process
Stellar Cen and Terry Moore, Associate Auditors, are studying for the Ceritified Internal Auditor exam.
Certification as a CIA is required within two years of employment.
103
Finance & Bus. Svc.
Bank Deposits and Debit Cards
In process
This will be an audit of the new process that University departments follow in making deposits directly to the
bank located on Oxford's campus, rather than to the Bursar's Office. The process for issuing debit cards to
Intercollegiate Athletics and others will also be reviewed.
124
Finance & Bus. Svc.
Training - other
On-going
Barbara Jena gave a presentation at CACUBO 10/2014 demonstrating MU's ERM database tool and
describing our process. In addition, Barbara took courses on cybersecurity and compliance. Jeff Pidcock took
training on leveraging big data to mitigate fraud risk. Stellar Cen and Terry Moore were trained on Lean, the
Visio flowcharting tool, and fund accounting.
71
Intercollegiate Athletics
Football attendance - agreed upon
procedures
Completed
Internal Audit and Consulting Services completed the agreed-upon procedures to verify 2014 paid football
attendance figures submitted by Intercollegiate Athletics for NCAA reporting. The total paid attendance
figure of 93,665, or average of 15,610, appears to be calculated in accordance with NCAA regulations.
94A
IT Services
End User Device Inventory - FY15
follow-up
Completed
Tracking all University-owned end user devices is classified as a high risk audit issue. As such, IACS gets status
updates from IT Services for each Finance and Audit Committee meeting. As of 1/15, a LEAN project had
been initiated with inter-departmental representation from Academic Directors of Technology, Accounting
and IT Services personnel. As of 5/15, management reported that a draft of the current state process was
completed and a draft future state process is on target for 7/15.
07B
IT Services
Payment Card Industry (PCI) follow-up
Completed
This audit issue was closed in 12/2014. IACS reviewed Miami University's completed Self-Assessment
Questionnaire and Attestation of Compliance and verified that it was completed in its entirety. No
exceptions were noted.
FY2015 Plan Versus Actual as of 6/10/2015
Attachment H
3
Overall Page 147 of 217
Attachment Page 5 of 17
Internal Audit
Barbara Jenna
Internal Audit and Consulting Services
FY 2015 Plan Versus Actual
Attachment H
June 25, 2015
ID
Division
Audit Project
Status
Audit Results
117
IT Services
Securing Confidential Information Procedure Review
Completed
Establishing a strong information security training program is essential to preventing human error resulting in
exposures or breaches. IACS recommends establishing such a program for all employees and to hold trained
employees accountable for violations of Miami's information security practices.
In the event that training does fail, further control improvements to detect and correct future data exposures
are needed. An old program used to identify exposed Personally Identifiable Information (PII) on Miami
servers was discontinued due to its limited scope and a replacement solution has not been selected. In
addition, the current version of the JIRA application utilized by Miami does not support audit logs. IACS
makes two recommendations related to these topics.
Management concurred with these recommendations and addressed the JIRA audit log issue.
119
IT Services
Red Flags Review
Completed
It appears that Miami's Identity Theft Prevention Program (ITPP) meets the requirement of establishing an
ITPP program as outlined in the Red Flags Rule. However, it does not appear that Miami's ITPP meets all the
administrative requirements for the program laid out in the Red Flags Rule. Specifically, the program does
not appear to ​address third party service providers; according to the law the Program must exercise
appropriate oversight of service provider arrangements. IACS recommended that IT Services include Study
Abroad Airfare Grants which are international travel loans (interest free University loan) and third party
service providers (e.g.tuition payment plans) in reviews.
42B
IT Services
MUDEC FY15 follow-up
Completed
IACS closed the last issue regarding student printing by working with IT Services to avoid $3K in software
costs.
95A
IT Services
Network Penetration Testing - FY15
follow-up
Completed
IACS issued a follow-up audit report 4/10/15. All issues raised by CBTS in their 3/14 report appear resolved
except the major issue of unpatched servers. Although only one server identified by CBTS remains
unpatched, IT Services has discovered other high and/or critical vulnerabilities. As such, they have not begun
to address medium vulnerabilities identified by CBTS. Mitigating controls are in place. IACS will continue to
monitor progress.
117
A
IT Services
Securing Confidential Information Follow-up
Added & Completed
On 4/17/2015, IACS closed the System Audit Logs issue included in the Securing Confidential Information Procedure Review report issued 1/16/2015. Two issues included in this report remain open and are under
discussion with IT Services: 1) Security Training; 2) Detection and Correction (scanning all file servers and web
servers housed at Miami and managed by IT Services).
100
Student Affairs
Sexual Assault Notification - agreed
upon procedures
Completed
IACS completed the annual review of sexual assault cases for fiscal year 2014. The objective of this review
was to ensure that the Office of Ethics and Student Conflict Resolution sent letters of notification as required
by the Sexual Assault Protocol. It appears that letters of notification were sent to both the accused and the
complainant in accordance with the protocol. The Director stated that she will review the Protocol prior to
the FY 2015 review for any updates that may be required due to new legislation.
23D Student Affairs
Student Health Services - FY15 followup audit
Completed
IACS completed another follow-up of the 1/2010 audit issue regarding monthly reconciliations. The final part
of the recommendation remains open given that there continues to be unreconciled differences between the
PyraMed and Banner systems, although attempts are made to reconcile monthly. The Controller plans to
write-off the unreconciled difference. PyraMed will be replaced with Epic in May 2015 and management will
not be transferring any receivable balances to the new system.
41
Western College Alumni Association
financial audit
Completed
In our opinion, the financial statements present fairly in all material respects, the assets, liabilities, and fund
balances of WCAA, Inc. as of December 31, 2014 and 2013, and its revenues, expenses and changes in fund
balances for the years ended, on the modified cash basis of accounting. There was an increase in fund
balance of $195K for calendar year 2014, driven by an increase in Legacy Gifts of $194K.
University Advancement
FY2015 Plan Versus Actual as of 6/10/2015
Attachment H
4
Overall Page 148 of 217
Attachment Page 6 of 17
Internal Audit
Barbara Jenna
Internal Audit and Consulting Services
FY 2015 Plan Versus Actual
Attachment H
June 25, 2015
ID
Division
Audit Project
Status
Audit Results
105
University Advancement
Gift Processing
In process
IACS issued a 9/26/14 "Accounting for Gifts" memo to University Advancement including a recommendation
that future gifts be credited to restricted gift funds and not to designated funds. In response, University
Advancement reviewed all expendable funds tied to gift designations for proper fund accounting and
established plans to correct or inactivate the existing list of designations linked to designated funds. The
planned actions appear reasonable. IACS will perform a more detailed gift processing audit and will include
this subject in the review.
115
University-Wide
Change Fund Audits
Completed
Internal Audit and Consulting Services (IACS) completed an audit of Miami University's change funds. The
change funds are used as starting cash mainly at auxiliary operations. IACS made recommendations to
deposit collections intact and strengthen internal controls over vending. In addition to vending, formal
recommendations for improvement were made to the Library and Print Center to comply with legal
requirements for timely deposits. A recommendation was also made to the Library to collect and account for
sales tax as required (for taxable merchandise sold such as DVD's, earplugs, CD-ROM copies, etc.) by working
with the Tax and Compliance Coordinator in the Controller's Office.
108
University-wide
Senior Department Lean Leader
Activities
Completed
Jeff Pidcock, Senior Lean Leader, transferred to the Budget Office as Senior Budget Analyst. He is continuing
in his role as a SLL in his new position.
58
University-wide
Enterprise Risk Assessment
Completed
Input was received from Board members and senior leadership and incorporated in the FY 2015 update.
126
University-wide
SQL Analytical Reviews
Completed
IACS has developed adaptable SQL queries to assist in routine audits, such as identify all payments to a
particular vendor. Queries are also available to detect potential fraud such as ghost employees.
125
University-wide
Business Intelligence Tool Review
In process
The BI Tool was reviewed for data accuracy and security access. A report is to be drafted summarizes results
of the review.
79
University-wide
EthicsPoint Reporting System with
General Counsel
On-going
Reports are addressed by assigned staff, resolved by General Counsel, and reviewed and closed by IACS.
60
University-wide
Enterprise Risk Management Compliance
On-going
IACS and General Counsel developed a compliance matrix 3/15 that summarizes compliance requirements
and responsible parties. The matrix will be used as a reference for updating the compliance database with
responsible parties.
FY2015 Plan Versus Actual as of 6/10/2015
Attachment H
5
Overall Page 149 of 217
Attachment Page 7 of 17
Internal Audit
Barbara Jenna
Attachment H
June 25, 2015
Open Internal Audit Issues
Line
1
Audit Name And Date
95.1 - Network
Penetration Testing 3/2014
Date
Opened
Date
Due
Risk
Level
3/20/2014
7/1/2015 High
Division
IT Services
Recommendation
Responsible
Person
IACS outsourced a network vulnerability assessment and penetration
test to CBTS. The goal of the assessment was to identify gaps in
controls and defenses that could allow an attacker to compromise
Miami University's systems, expose sensitive data, and cause
damage to the University. One high level recommendation was to
require that all servers be managed by IT Services and updates
pushed from a central location. Vulnerabilities were categorized as
high, medium, or low and specific recommendations made to
address the identified risks.
Joe Bazeley,
Assistant VP for
Security,
Compliance &
Risk
Management
Management Response and Status
IACS performed a follow-up audit and as of 4/2/2015, all but one of
the 85 servers with high and/or critical vulnerabilities identified by
CBTS (out of 900 sampled) had been resolved; PFD management has
been in contact with the manufacturer to determine options for
resolving it. IT Services is addressing newly discovered high and critical
vulnerabilities and by the end of June 2015, plans to determine which
medium vulnerabilites should be addressed and when. IT Services has
layers of protection that mitigate risks associated with unpatched
devices (i.e., data center firewall; perimeter firewall, and an intrusion
prevention system). In addition to unpatched servers, CBTS had 8
other findings. It appears all these findings have been addressed
appropriately.
Management has chosen not to implement CBTS's high level
recommendation to centralize servers at this time, as management
believes the current decentralized process provides sufficient security
in most areas with servers either being properly secured in advance of
the scans or being quickly addressed when the scans surfaced issues.
Moving to using hosted servers may occur naturally as academic areas
have found cost savings in using IT Service's virtual servers instead of
buying and maintaining their own physical servers.
2
94.1 - End User Device
Inventory 4/2014
4/1/2014
9/1/2015 High
IT Services
It is recommended that IT Services explore tracking all Universityowned end user devices. Tracking these devices could reduce or
avoid cost by enabling IT Services to:
• reduce the risk of copyright infringement as a result of a negative
software licensing audit;
• reduce the risk that devices and any stored data are lost or stolen
with employee turnover;
• increase the efficiency gained through automation of deployment;
• improve scheduling for replacement devices; and
• provide management with the data needed to establish a control
limiting the number of devices per employee, if management chose
to implement such a control.
Phyllis Callahan,
Provost & Exec.
VP for Academic
Affairs; Troy
Travis, Asst VP
for Enterprise
Operations
In a 5/15 status update, Troy Travis stated that expanded round table
discussions were conducted during April and May, a draft of the
current state process was completed, and a draft future state process
is on target for July 2015.
Joe Bazeley,
Assistant VP for
Security,
Compliance &
Risk
Management
In his 1/2015 response, Joe Bazeley stated, "Management agrees with
the finding. Performing the first 3 recommended security training
actions will require additional funding, while the 4th should not. Joe
Bazeley will generate a list of options with associated costs for
performing the first 3 recommended actions by the end of February
2015. IT Services did not budget for any of these expenses, and they
will likely be annual expenses."
At their 6/2014 Finance and Audit Committee meeting, the Board
directed IT Services and Academic Affairs to implement internal
control of University-owned end user devices.
3
117.1 - Securing
Confidential
Information-Procedure
Review- 1/2015
1/16/2015
2/28/2015 High
IT Services
It is recommended that IT Services work with Human Resources and
Academic Personnel management to:
• require that all new employees (including students) receive
appropriate training regarding Miami's information security
practices;
• require that all employees (including students) receive
appropriate updates on information security annually;
• provide appropriate employees with clear documentation
detailing the approved mediums for communicating Personally
Identifiable Information; and,
• establish procedures to hold employees who have received
training accountable by receiving appropriate disciplinary action for
violating Miami's information security practices.
As of 4/3/2015, Joe estimates training costs of approximately $18K
annually ($2.50/user/year). This estimate excludes AFSCME staff and
includes student workers. In a 5/15 update, Joe stated a funding
source needs to be identified and he is putting together a business
case for this item and other needed security resources.
6
Attachment H
Overall Page 150 of 217
Attachment Page 8 of 17
Internal Audit
Barbara Jenna
Attachment H
June 25, 2015
Open Internal Audit Issues
Line
Audit Name And Date
Date
Opened
Date
Due
Risk
Level
Division
Recommendation
Responsible
Person
Management Response and Status
4
53.2 - Inventory Audits 7/31/2012
7/31/2012
6/30/2015 Moderate
Finance &
Business
Services
Accounting adjustments should be booked monthly in Banner to
Sarah Persinger,
recognize changes in inventory balances throughout the year as well Controller
as cost of goods sold/distributed, shrinkage, or markdowns. Current
accounting procedures require units (such as Culinary Support,
Central Stores, and the Bookstore) to charge inventory purchases
throughout the year to expense (157XXX) accounts. It is only at
yearend that the inventory asset accounts are adjusted in Banner.
This practice masks shrinkage and markdowns.
Purchasing conducted an RFI in December 2014. This was the
response from the Chief Procurement Officer, "We had only two
responses that were more about maintenance inventory systems. The
scope of the RFI was comprehensive to include virtually all inventories
on campus and consider a single platform. We are left to conclude
there is not a one size fits all solution. At this time I am not
contemplating any further sourcing action." The Controller added,
"This topic will be revisited during FY16 in light of the Purchasing lack
of response to the RFI in order to encompass inventories into a single
system. This topic will also be impacted by the Chartwells contract for
HDRBS since the significant inventory area of Culinary Support will be
covered by the new contract."
5
116.1 - Review of FirstYear International
Student Enrollment1/2015
1/6/2015
3/27/2015 Moderate
Enrollment
Management
& Student
Success
Upon confirmation of enrollment, it is recommended that the Office
of the Bursar work with International Student and Scholar Services
(ISSS) within Global Initiatives to provide detailed billing and
payment information to international students and/or their families.
This should include information about all forms of payment and note
how billing is managed (currently only on myMiami).
Kriss Cassano,
Bursar
In a 5/2015 update, management reported, "The Bursar's Office has
worked with Global Initiatives to update the communications sent to
students as well as the Global Initiatives website."
6
117.2 - Securing
Confidential
Information- Procedure
Review- 1/2015
1/16/2015
6/30/2015 Moderate
IT Services
It is recommended that IT Services management continue to
investigate and implement methods to detect and correct exposed
Personally Identifiable Information (PII). IT Services should work
with General Counsel to define PII.
Joe Bazeley,
Assistant VP for
Security,
Compliance &
Risk
Management
"Management agrees with the finding. IT Services will begin
researching possible solutions in February 2015, and plans on having a
comprehensive solution for scanning all file servers and web servers
housed at Miami and managed by IT Services by the end of June
2015." In a 5/15 update, Joe stated, "Work on the proof of concept is
underway, and we expect to have a process in production by end of
June 2015."
7
110.1 - Audit of Fee
Waivers- 1/2015
1/28/2015
1/28/2015 Moderate
Enrollment
Management
and Student
Success
Where documented authorization to waive fees cannot be located, it Kriss Cassano,
is recommended that the Bursar's Office obtain such authorization
Bursar
from the Treasurer. Documented authorization for waiving all fees
should be maintained by the Bursar's Office going forward.
In a 5/2015 update, management stated, "All waivers must have
required documentation, verified before adding them to the waiver.
This verification process will begin in the Fall, 2015."
8
110.2 - Audit of Fee
Waivers- 1/2015
1/28/2015
8/24/2015 Moderate
Enrollment
Management
and Student
Success
To strengthen internal controls over the University's fee waiver
process, it is recommended that the Bursar's Office verify that all
waivers are in compliance with waiver agreements before applying
them.
Kriss Cassano,
Bursar
In a 5/2015 update, management stated, "All waivers must have
required documentation, verified before adding them to the waiver.
This verification process will begin in the Fall, 2015."
9
127.1 - Audit of Title IV
Federal Student Aid
Refunds- 4/2015
4/27/2015
4/27/2015 Moderate
Enrollment
Management
& Student
Success
It is recommended that the Office of the Bursar comply with federal
regulation 34 CFR § 668.164(e) and issue student refunds within the
14 day requirement. Additional training and process improvements
should be considered.
Kriss Cassano,
Bursar
The Bursar concurred and stated, "Currently, refunds for credit
balances on the initial TIV disbursements are issued within the 14 day
requirement." In a 5/2015 update, the Bursar stated, "This has been
completed. We have also added an additional refunding run the the
end of each week to make sure that all newly disbursed students are
processed more timely."
7
Attachment H
Overall Page 151 of 217
Attachment Page 9 of 17
Internal Audit
Barbara Jenna
Attachment H
June 25, 2015
Open Internal Audit Issues
Line
10
Audit Name And Date
127.2 - Audit of
Required Exit
Counseling for
Borrowers - 5/2015
Date
Opened
5/11/2015
Date
Due
Risk
Level
5/11/2015 Moderate
Division
Enrollment
Management
& Student
Success
Recommendation
Responsible
Person
It is recommended that the Office of Student Financial Assistance
verify that procedures are in place to consistently comply with
federal regulation 34 CFR § 682.604(a)(1) that requires exit
counseling for applicable student borrowers.
Brent Shock,
Director of
Student
Financial
Assistance
Management Response and Status
Management concurred, stating, "Student Financial Assistance (SFA)
has modified internal processes and procedures to resolve this issue.
In one of the three cases, our process required manual intervention
for exit materials to be sent. We developed an audit report to ensure
that this manual process happens in a timely fashion. The other issues
occurred because our previous policy required us to begin checking
enrollment at the end of the the third week of the term, when
enrollment is considered “set” and begins to be tracked as part of a
student’s academic history. Between the withdrawal date and this
period, more than 30 days elapsed. Prior to the audit, SFA had
identified this issue and had already begun to execute reports every
two weeks to ensure the 30 day timeline is met. We will continue with
this two week review policy, with some exceptions during summer.
SFA management reviewed summer enrollment history and guidance
from the US Department of Education as part of our final meeting and
the Director of Internal Auditing and Consulting Services agreed with
the summer exception.
While SFA failed to meet the 30 day requirement, it should be noted
that all exit materials were sent. Recent reports from schools that
have undergone Federal Program Reviews indicate citations were
issued for missed exit counseling, with no reports of citations for late
exit counseling."
11
23.2 - Audit of Student
Health Services -1/2010
1/26/2010
12/31/2014 Low
12
83.1c - Parking Garage
Cash Handling - 6/2013
6/17/2013
7/31/2013 Low
Student Affairs
It is recommended that correct coding be used for the Bursar
interface related to the transfer of the receivable balance from the
insurance company to the student; the credit should be posted to
the insurance receivable account rather than revenue for a second
time. In addition, the insurance provider allowance write-off
recognized should be supported by PyraMed detail. Finally, the
PyraMed and Banner systems should be reconciled monthly, rather
than annually.
Sarah Persinger,
Controller
IACS performed follow-up audits closing the first and second parts of
the recommendation. The final part of the recommendation remains
open given that there continues to be unreconciled differences
between the PyraMed and Banner systems, although attempts are
made to reconcile monthly. In a 5/15 update, the Controller stated
that the unreconciled difference will be written off in FY15 prior to the
close of the June fiscal period. The EPIC system is currently in use for
new activity in SHS and no old activity will be transferred into the new
system.
Finance &
Business
Services
It is recommended Parking Services strengthen internal controls
over cash handling by having management:
George
MacDonald,
Assistant
Director Parking
and
Transportation
Services
In a 5/15 update, management stated, "We pulled 16 random deposits
dating from October 2014 to May 2015 and found all of them to be in
compliance. Deposits have been made within 3 days or by the next
business day if the amount exceeds $1000." IACS will perform another
follow-up review.
Cheryl Stewart,
Coordinator/Spe
ech Path Audio
Clinic
IACS performed another follow-up audit 1/2015. Of the twelve
audited deposits, six (50%) deposits were not made timely. According
to the Accounting Technician and Clinic Coordinator, these exceptions
occurred mostly due to not being aware that credit cards are
considered cash (as specified in the University policy) and not having
backups assigned for days that the Accounting Tech was out of the
office. Comment remains open. In a 5/15 update, management
stated that the issue has been resolved. IACS has a follow-up audit in
process.
c. Ensure deposits are made on a timely basis in compliance with
the Ohio Revised Code and the Departmental Cash Handling Policy.
This will also improve cash flow and reduce the risk of loss.
13
76.2b - Audit of Speech
& Hearing Clinic 2/2014
2/17/2014
2/28/2014 Low
Provost
It is recommended the Clinic comply with the Departmental Cash
Handling Policy to strengthen internal controls over cash handling as
follows.
B. Ensure deposits are made timely in compliance with University
and legal requirements.
8
Attachment H
Overall Page 152 of 217
Attachment Page 10 of 17
Internal Audit
Barbara Jenna
Attachment H
June 25, 2015
Open Internal Audit Issues
Line
Audit Name And Date
14
97.1a - Audit of Expense
Accounts – Dean of
Education, Health, &
Society - 4/2014
Date
Opened
Date
Due
Risk
Level
4/22/2014
7/1/2014 Low
Division
Provost
Recommendation
Responsible
Person
It is recommended the Office of Education, Health, and Society
comply with the MU Purchasing Card Policy and Procedure by using
the University P-Card to purchase airline tickets and other travel
related expenses, rather than requesting reimbursement after using
a personal card.
Susan MosleyHoward, Interim
Dean of the
College of
Education,
Health and
Society
Management Response and Status
The Dean concurred 4/14 and responded, "Personnel in the EHS
Dean’s office will be made aware immediately that all travel expenses
need to be paid on a university credit card. Personnel that travel
frequently will be issued a university P-Card. We will have P-Cards in
place for frequent travelers by July 1, 2014. EHS Dean’s office will
make our five departments aware of issues found during audit so
departments are in compliance."
In a 10/14 update, the Interim Dean stated, "A P-card was issued to
each chair/dean's staff etc and they will use that card instead of a
personal credit card." IACS will perform a follow-up audit FY2016.
15
97.1b - Audit of
Expense Accounts –
Dean of Education,
Health, & Society 4/2014
4/22/2014
4/30/2014 Low
Provost
It is recommended the Office of Education, Health, and Society
comply with §4.11 of the University Purchasing and Payments
Handbook by obtaining prior approval from IT Services for purchases
of software. Software selling for over $100 should be processed by a
Request for Purchase Order requisition and forwarded to IT Services
for review and approval.
Susan MosleyHoward, Interim
Dean of the
College of
Education,
Health and
Society
The Dean concurred 4/14 and responded, "The EHS Coordinator of
Technology and Computer Support has already implemented an email
process to gain prior approval from IT services for software under
$500. If software purchase is approved by IT, we will place a copy of
email with credit card order. All other requests for software will be
processed through Buyway."
In a 10/14 update, EHS IT stated that they are following this
procedure, where all purchases over $100 are routed through IT
Services for approval to purchase or purchase through their office.
IACS will perform a follow-up audit FY2016.
16
97.2a - Audit of Expense
Accounts – Dean of
College of Arts and
Science - 5/2014
5/15/2014
5/31/2014 Low
Provost
It is recommended the College of Arts and Science comply with the
MU Purchasing Card Policy and Procedure by using the University PCard to purchase airline tickets and other travel related expenses,
rather than requesting reimbursement after using a personal card.
Christopher
Makaroff,
Interim Dean,
College of Arts
and Science
The Dean agreed and provided the following action plan:
Action: CAS will comply with policy and procedure. Dean will remind
chairs/directors to use University charge card for all University travel,
and travel-related expenses and will review the policies to increase
transaction spending limits. Also, ask chairs/directors to have
administrative assistants to ascertain the use of the card before
allowing faculty to use it and only release it for appropriate use.
In a 10/14 update, the Dean Callahan stated, "Reminded chairs of
policies at opening retreat (8/18/14) as well as with some individual
chairs as follow up." IACS will perform a follow-up audit FY2016.
17
97.2b - Audit of
Expense Accounts –
Dean of College of Arts
and Science - 5/2014
5/15/2014
5/31/2014 Low
Provost
It is recommended the College of Arts and Science comply with
§4.05 and §4.11 of the University Purchasing and Payments
Handbook by obtaining prior approval from IT Services for purchases
of IT assets and software. Software selling for over $100 should be
processed by a Request for Purchase Order requisition and
forwarded to IT Services for review and approval.
Christopher
Makaroff,
Interim Dean,
College of Arts
and Science
The Dean agreed and provided the following action plan:
Action: CAS will comply with policy and procedure. Dean will remind
chairs/directors to obtain prior approval before acquiring any IT
assets. Also, ask chairs/directors to have administrative assistants to
ascertain the use of the card before allowing faculty to use it and only
release it for appropriate use.
In a 10/2014 update, the Dean Callahan stated, "Reminders are given
to chairs and directors periodically, and particularly after we seek
equipment requests and when tech fee proposals are funded." IACS
will perform a follow-up audit FY2016.
9
Attachment H
Overall Page 153 of 217
Attachment Page 11 of 17
Internal Audit
Barbara Jenna
Attachment H
June 25, 2015
Open Internal Audit Issues
Line
Audit Name And Date
18
97.3a - Audit of Expense
Accounts – Dean of
College of Engineering
and Computing - 5/2014
Date
Opened
Date
Due
Risk
Level
5/27/2014
9/1/2014 Low
Division
Provost
Recommendation
Responsible
Person
It is recommended the College of Engineering and Computing
comply with §4.05 and §4.11 of the University Purchasing and
Payments Handbook by obtaining prior approval from IT Services for
purchases of IT assets and software. Software selling for over $100
should be processed by a Request for Purchase Order requisition
and forwarded to IT Services for review and approval.
Marek Dollar,
Dean of College
of Engineering &
Computing
Management Response and Status
College of Engineering and Computing (CEC) agrees with the findings
from the FY13 audit. During the audit it was discovered that CEC’s IT
department was operating under an inaccurate assumption that the
Director of Purchasing had given approval to purchase items under
$1,500 with the pcard. On May 16, 2014 the Director of Purchasing,
Bill Shawver, agreed that CEC may make purchases of miscellaneous
items, such as keyboards, hard drives, etc. using the pcard. Any
purchases of equipment over $1,500 with the exception of standard
desktop computers already approved by IT Services as well as
software over $100 will be approved by IT Services and purchased
through Buyway. This process will begin immediately and be fully
implemented (after any currently pending transactions process) by
9/1/14.
In a 10/2014 update, management reported that the above
procedures were confirmed as being in place 8/7/14. IACS will
perform a follow-up audit FY2016.
19
97.3b - Audit of
Expense Accounts –
Dean of College of
Engineering and
Computing - 5/2014
5/27/2014
9/1/2014 Low
Provost
It is recommended the College of Engineering and Computing
comply with the MU Purchasing Card Policy and Procedure by
discontinuing the purchase of restricted items unless an exception to
the policy is received from the Chief Procurement Officer. In
addition, P-Cards should be used to purchase items listed as "other
travel related expenses", rather than requesting reimbursement
after using a personal card.
Marek Dollar,
Dean of College
of Engineering &
Computing
CEC agreed with this recommendation and has met with staff to
communicate the P-Card and Hosting policies and procedures, as well
the importance of using the correct account codes. Additional training
is scheduled 12/2014 to include a new support staff person. IACS will
perform a follow-up audit FY2016.
20
97.3c - Audit of Expense
Accounts – Dean of
College of Engineering
and Computing - 5/2014
5/27/2014
9/1/2014 Low
Provost
It is recommended the College of Engineering and Computing charge
expenses to the correct account code as defined on General
Accounting's website (Chart of Accounts). In addition, comply with
§7.00 of the Hosting Policies and Procedures by completing required
documentation for hosting expenditures.
Marek Dollar,
Dean of College
of Engineering &
Computing
CEC agreed with this recommendation and has met with staff to
communicate the P-Card and Hosting policies and procedures, as well
the importance of using the correct account codes. Additional training
is scheduled 12/2014 to include a new support staff person. IACS will
perform a follow-up audit FY2016.
21
114.1 - Goggin Pro Shop
Inventory - 8/2014
8/22/2014
11/22/2014 Low
Finance & Bus.
Svc.
It is recommended that management analyze inventory turnover to
measure its inventory management efficiency, ensure inventory is
current, and benchmark this data to other operations.
Gail Stout, Asst
Dir Cust
Svs/Inventory/B
udget Mgt
Management concurred and in a 5/15 update stated that Goggin is
benchmarking data against the Bookstore and the Rec Center. IACS
will perform a follow-up audit at the 6/30/15 fiscal year end.
22
78.1a - Middletown
Business Office Audit 9/2014
9/4/2014
10/4/2014 Low
Academic
Affairs
In order to strengthen controls surrounding cash handling, it is
recommended that the Middletown Business Office segregate duties
by having an independent person separate from cash receiving
prepare the bank deposit.
Chris Connell,
Senior Director
of
Administration
On days when we have a full staff of three, we will have two staff
receive payments and the third staff member will prepare the deposit.
Days when the office is down to two staff, both will receive payments
and both will prepare the deposit slip (and initial it) together.
Management reported that the new procedures were implemented
on 10/20/14 for both the Middetown and Hamilton Business/Cashier
Offices on days when the office is down to two staff. IACS will
perform a follow-up audit FY2016.
23
78.1b - Middletown
Business Office Audit 9/2014
9/4/2014
10/4/2014 Low
Academic
Affairs
In order to strengthen controls surrounding cash handling, it is
Chris Connell,
recommended that the Middletown Business Office have the Cashier Senior Director
Supervisor review all voids and any on-site refunds for validity.
of
Administration
Management concurred 9/2014 and stated, "A policy will be
implemented immediately mandating that any cashier issuing a void or
a refund must print the second page of the TGACREV screen and give
the hard copy to the Cashier Supervisor. The Cashier Supervisor will
initial, date and file each void/refund in a separate folder for each
cashier, in order to investigate (if needed) or to track the frequency of
all voids/refunds. It is agreed that tracking this information would help
identify problem areas (if any arise)." In a 10/2014 update,
management reported that the new procedure was implemented for
both campuses 9/10/14. I IACS will perform a follow-up audit FY2016.
10
Attachment H
Overall Page 154 of 217
Attachment Page 12 of 17
Internal Audit
Barbara Jenna
Attachment H
June 25, 2015
Open Internal Audit Issues
Line
Audit Name And Date
24
113.1b - Recreational
Sports Center Pro Shop
Inventory Audit 9/2014
Date
Opened
9/4/2014
Date
Due
Risk
Level
10/4/2014 Low
Division
Finance & Bus.
Svc.
Recommendation
Responsible
Person
In order to strengthen internal controls over inventory, it is
Tara Britton, Dir
recommended that management perform random cyclical counts for Cust Service &
all types of inventory held and correct any discrepancies in the
Sponsorship
system.
Management Response and Status
Management responded 9/2014, "Food inventory is counted weekly
and any discrepancies are corrected each week. Health & Beauty and
Drink inventory is counted bi-weekly and any discrepancies are
corrected at that time. All expired food and drink products have a
document that tracks all items that expire and must be thrown out to
correct the inventory count at that time. Effective immediately, we are
implementing cyclical counts of all clothing, gifts, and swim apparel
each month. This will consist of random selection of 12-18 items that
will be counted and any discrepancies corrected at that time." IACS
will schedule a follow-up audit to verify that action has been taken to
address this issue.
IACS performed a follow-up audit on 1/6/2015. It appears that the
ProShop has started doing cyclical counts, but the procedures have
not yet been well-established. A regular schedule of counts has not
been executed. Additionally, IACS performed a test count of 24
samples and 8 discrepancies were found. Therefore, this audit issue
remains open to allow more time for the process to become
established.
25
78.1c - Middletown
Business Office Audit 9/2014
9/4/2014
11/4/2014 Low
Academic
Affairs
In order to strengthen controls surrounding cash handling, it is
recommended that the Middletown Business Office deposit cash
receipts within the required one business day for deposits exceeding
$1K or within three days if the deposit is $1K or less.
Chris Connell,
Senior Director
of
Administration
In a 10/2014 update, management reported that as of 10/01/14
Dunbar Armed Services began 5 days per week pick ups at both MUM
& MUH Campuses. IACS will perform a follow-up audit FY2016 to
verify that this change resolves the issue.
26
113.1c - Recreational
Sports Center Pro Shop
Inventory Audit 9/2014
9/4/2014
10/4/2014 Low
Finance & Bus.
Svc.
In order to strengthen internal controls over inventory, it is
recommended that management review inventory items for
unreasonable costs in system reports to detect and correct input
errors.
Tara Britton, Dir
Cust Service &
Sponsorship
Management provided an update 5/6/15 stating, "Our new software
vendor and system, MaxGalaxy, has been tested and reports ran to
ensure the correct pricing and quantities in the Inventory Valuation
Report. All has been successful with correct cost pricing and item
quantities. We continue to review daily shipping invoices to update
costs to most recent cost to match the invoices." IACS will perform
another audit at fiscal year end 6/30/2015.
27
113.1d - Recreational
Sports Center Pro Shop
Inventory Audit 9/2014
9/4/2014
6/30/2015 Low
Finance & Bus.
Svc.
In order to strengthen internal controls over inventory, it is
recommended that management analyze inventory turnover to
measure its inventory management efficiency, ensure inventory is
current, and benchmark this data to other operations.
Tara Britton, Dir
Cust Service &
Sponsorship
Management provided a status update 5/6/15 stating, "We have
utilized other reports to ensure correct pricing and quantities
combined with our sales reports to accurately calculate our inventory
turnover ratio on a monthly basis. Accurate turnover ratios: February
2015 .84, March 2015 .90, April 2015 .93 - we continue to see an
increase in sales to result in turning over our inventory almost 1 time
per month…. We will continue to improve our turnover ratio by
reducing on-hand inventory as well as product selection in the buying
process." IACS will perform another audit at fiscal year end 6/30/2015.
28
78.2 - Middletown
Business Office Audit 9/2014
9/4/2014
10/4/2014 Low
Academic
Affairs
It is recommended that the Middletown Campus periodically read
the cellular tower's electricity meter and compare the reading to the
electricity costs recovered from Cincinnati Bell.
Chris Connell,
Senior Director
of
Administration
Management agreed and stated that effective 10/1/14, that Steve
Brown (MUM PFD) is taking a picture of the cellular tower's electricity
meter and sending it to Tony Ferraro (Energy Management Engineer,
Oxford) who is doing the comparison of the meter reading to the
electricity costs recovered from Cincinnati Bell. IACS will perform a
follow-up audit FY2016 to verify that this issue has been resolved.
29
78.3 - Middletown
Business Office Audit 9/2014
9/4/2014
10/4/2014 Low
Academic
Affairs
It is recommended that the Middletown Business Office periodically
reconcile the change fund and document key change fund
information to enable another employee to perform important tasks
when needed. Topics covered should include the employee or
position responsible for the fund, where the fund is located, how
often to reconcile it in total, how to return portions of the change
fund, and what to do when there is an overage or shortage.
Chris Connell,
Senior Director
of
Administration
Management agreed and stated that key change fund information has
been documented and effective 9/4/14, the Cashier Office at both
MUM & MUH began counting the funds every two weeks and
recording the totals in a book that is kept in the Cashier Office. IACS
will perform a follow-up audit FY2016.
11
Attachment H
Overall Page 155 of 217
Attachment Page 13 of 17
Internal Audit
Barbara Jenna
Attachment H
June 25, 2015
Open Internal Audit Issues
Line
Audit Name And Date
Date
Opened
Date
Due
Risk
Level
Division
Recommendation
Responsible
Person
Management Response and Status
30
112.1a - Central Stores
Inventory Report 9/2014
9/17/2014
11/17/2014 Low
Finance & Bus.
Svc.
In order to strengthen internal controls over inventory, it is
recommended that management perform regular cyclical counts of
inventory to compare what they do have in stock with what they
should have in stock.
Sandra Mohr,
Director of
Operations
Center/Facility
Central Stores
In a 5/15 update, PFD management reported, "We have had trouble
keeping student staff but now have a new student who will be
performing at least 15 hours of cycle counting weekly. We have also
added more items that are being managed by Grainger and counted by
Grainger staff." IACS will perform a follow-up audit at fiscal year end
6/30/2015.
31
112.1b - Central Stores
Inventory Report 9/2014
9/17/2014
11/17/2014 Low
Finance & Bus.
Svc.
In order to strengthen internal controls over inventory, it is
recommended that management analyze relevant data to measure
its efficiency over inventory, ensure that inventory is current,
forecast buying needs, and benchmark to other operations.
Sandra Mohr,
Director of
Operations
Center/Facility
Central Stores
In a 5/15 update, PFD management reported, "A report was created
and put online to check for inventory that is not turning. We have nine
skids set aside (and probably more items to be added) that we plan to
send to the upcoming auction. Before we send them, the Maintenance
supervisors are going to verify that none of the items are critical. This
review is scheduled for 5/19/15. Once the review is complete, we will
ask Trucking to pick up the items and take them to auction storage."
IACS will perform a follow-up audit at 6/30/15 fiscal year end.
32
112.2 - Central Stores
Inventory Report 9/2014
9/17/2014
3/17/2015 Low
Finance & Bus.
Svc.
It is recommended that management further investigate valuing the
physical inventory in accordance with the procedures issued by
General Accounting.
Sandra Mohr,
Director of
Operations
Center/Facility
Central Stores
WebTMA functions as the campus’ computerized maintenance
management system (CMMS). The integrated functionality of
documenting and managing the workflow with material inventory is
critical to our operation. Moving to a different inventory system is a
significant and costly change. As we are a significant customer to TMA,
we will express an expectation to develop the FIFO methodology into
their product. In a 5/15 update, management reported that TMA
continues to work on improving the functionality of the software
(including inventory valuation) but adding this function is a major rewrite of the software and will take time to accomplish.
33
115.1a - Audit of
Change Funds- Shriver
Center- 10/2014
11/7/2014
12/8/2014 Low
Finance &
Business
Services
It is recommended that management ensure vending deposits are
made intact and include supporting documentation. In addition,
management should work with Treasury Services in the future to
adjust funds as needed.
James W. Baker
Jr., Associate
Director of
Shriver Center
Management agreed stating, " Vending Services will make all deposits
intact and began including the CS Gold sales report and cash ledger
supporting documentation prior to our November 4th meeting with
IACS. Vending Services will always obtain additional coin changer fund
monies from the Business Office for future needs, and update the
newly created equipment/coin changer spreadsheet."
In a 5/2015 update, management stated that the suggested changes
have been implemented. IACS will schedule a follow-up audit.
34
115.2a - Audit of
Change Funds- Shriver
Center- 10/2014
11/7/2014
12/8/2014 Low
Finance &
Business
Services
To strengthen internal controls over the vending portion of the
change fund, it is recommended that management:
A. Document how the change fund is distributed by location and
work with Treasury Services to increase the balance recorded in
Banner to reflect the fund's current amount.
James W. Baker
Jr., Associate
Director of
Shriver Center
Management agreed stating, "Vending Services created an accurate
equipment/change fund distribution spreadsheet that documents the
location and amount of every coin mechanism by machine, and a
change fund balance sheet for their office safe. Per Barb Jena’s
recommendation in our Nov. 4th meeting, we’ve requested assistance
from Melissa Metzger to reflect the corrected total balance in Banner
as documented on the change fund distribution sheet; this is currently
in progress."
In a 5/2015 update, management stated that the suggested changes
have been implemented. IACS will schedule a follow-up audit.
35
115.2b - Audit of
Change Funds- Shriver
Center- 10/2014
11/7/2014
12/8/2014 Low
Finance &
Business
Services
To strengthen internal controls over the vending portion of the
change fund, it is recommended that management:
B. Balance the fund each day there is activity in or out of the fund
and at least weekly.
36
115.3a - Audit of
Change Funds- Library10/2014
11/7/2014
12/12/2014 Low
Provost
It is recommended that management:
James W. Baker
Jr., Associate
Director of
Shriver Center
Belinda Barr,
Associate
A. Ensure deposits are made on a timely basis in compliance with the Librarian
Ohio Revised Code and the Departmental Cash Handling Policy.
Management agreed stating, "Vending Services is now using a change
fund verification sheet and balancing the safe daily (if activity occurs)
or weekly."
In a 5/2015 update, management stated that the suggested changes
have been implemented. IACS will schedule a follow-up audit.
The Library concurred. In a 5/15 update, management reported, "The
Library change fund was closed and zeroed out in December 2014.
Donna Richardson contacted Melissa Metzger who permanently
closed the fund on 5.19.15. Procedures are in place for timely deposit
for the occasional cash or check as per the University Departmental
Cash Handling Policy."
12
Attachment H
Overall Page 156 of 217
Attachment Page 14 of 17
Internal Audit
Barbara Jenna
Attachment H
June 25, 2015
Open Internal Audit Issues
Line
Audit Name And Date
37
115.3d - Audit of
Change Funds- Library10/2014
38
115.1b - Audit of
Change Funds- Print
Center- 11/2014
39
116.2 - Review of FirstYear International
Student Enrollment1/2015
Date
Opened
11/7/2014
Date
Due
Risk
Level
12/12/2014 Low
Division
Provost
Recommendation
Responsible
Person
It is recommended that management:
D. Collect and account for sales tax as required by working with the
Tax and Compliance Coordinator in the Controller's Office.
11/14/2014
11/21/2014 Low
1/6/2015
8/1/2015 Low
Management Response and Status
Belinda Barr,
Associate
Librarian
The Library concurred. In a 5/15 update, management reported that
King Library staff are selling the remaining inventory using MULaa only
and since November 2014 has sent a monthly sales tax report to
General Accounting. IACS will perform a follow-up audit to verify.
Management concurred and stated, "As of 8/4/14, all of our daily
deposits have been handled by the HDRBS business office. We now
only count, verify and maintain the starting cash fund at $305, run the
micros report at the end of the day, create a daily deposit of the days
sales, re-verify that the change fund is at $305 and drop the deposit
bag in the keyed bag drop on 2nd floor of Shriver. All of this is
documented on a daily cash form that accompanies the deposit bag
that we drop at night in the drop box. The daily verification of the
entire change fund started on November 10, 2014 when we added the
daily count to our daily cash sheet." IACS will perform a follow-up
audit to verify.
Finance &
Business
Services
It is recommended that the Print Center deposit cash receipts in
accordance with Miami University's cash handling policy and the
Ohio Revised Code. Amounts greater than $1000 should be
deposited by the following business day. Amounts $1000 and less
have up to three business days following the day of receipt to be
deposited, if properly safeguarded.
Kristin Kieffer,
Assistant
Director of IT
Communications
Provost
To improve communication with international students, it is
recommended that International Student and Scholar Services (ISSS)
management within Global Initiatives further consider implementing
online pre-orientation modules. Use of online modules rather than
the orientation email series may improve efficiency and
effectiveness of communication. Email and other forms of
communication could also be used to reinforce important
information.
Cheryl Young,
Management concurred stating, "We agree with this
Assistant Provost recommendation. Modules available to international students online,
covering all of the critical topics communicated in the series of e-mails
and perhaps others, is a goal we will work toward. There are some
roadblocks in this, the most significant of which is the “Great Firewall
of China” which blocks any Google related websites, and other
American and European websites and servers. For this project, this is
not insurmountable, and we will go into the development of these
modules with this in mind and work toward delivery of the modules in
an internet environment that is accessible for students and their
parents."
In a 5/15 update, management stated, "This is still in progress. The RFP
went out and there have been multiple responses that were not
consistent. To do what we originally wanted would have been cost
prohibitive. We are now reviewing revised proposals that appear to be
more consistent. I will meet with Wren next week to determine a
vendor and revised timeline. The launch date for the module that
covers basics of payments to the university is still targeted at August 1,
2015 unless the vendor seems this unrealistic."
13
Attachment H
Overall Page 157 of 217
Attachment Page 15 of 17
Internal Audit
Barbara Jenna
Attachment H
June 25, 2015
Closed Internal Audit Issues
Line
Audit Name And Date
1
07.1 - Compliance with
the Payment Card
Industry Data Security
Standard - 3/2008
Date
Opened
Risk
Level
3/19/2008 High
Division
IT Services
Recommendation
Responsible
Person
Credit Card Security: IACS recommends that IT Services develop a
plan and an estimate of cost for Miami University to achieve
compliance with the PCI-DSS by March 31, 2009. Once developed, IT
Services should review the plan and estimate of cost with Finance
and Business Services senior management. An agreement should be
reached to either go-ahead with the plan or modify parts of the plan.
Portions of the data security standard where management chooses
to accept the risk of non-compliance, if any, should be documented
by IT Services after conferring with Finance and Business Services.
Joe Bazeley,
Assistant VP for
Security,
Compliance &
Risk
Management
Management Response and Status
IACS reviewed MU’s completed Self-Assessment Questionnaire (SAQ D version 3 Merchant) and Attestation of Compliance and verified that it was completed in its
entirety. No exceptions were noted. As such, it appears appropriate action has been
taken to close audit issue 7.1 dated 3/2008 regarding achieving compliance with the
Payment Card Industry Data Security Standard (PCI DSS). Comment closed 12/9/2014.
Going forward, Joe Bazeley agreed to review the PCI requirements for appropriate
responsibility assignment and to distribute the PCI spreadsheets to business units as
appropriate. The plan is for business units to provide Joe with
documentation/substantiation of all requirements under their responsibility, so Joe is
able to verify ongoing compliance.
1
0
C
7
o
m
p
l
i
a
2
42.5 - Financial Audit of
Miami University
Dolibois European
Center - 5/2012
5/17/2012 Low
IT Services
It is recommended that the “cashless” deposit account be segregated
from the other semester-end accounting transactions and be
automated. A transition from Blackboard to CBORD is planned for
summer 2012 and IT Services indicated that adding a swipe or tap
option might be an alternative for MUDEC. MUDEC should work
with Joe Bazeley of IT Services to implement technological
improvements in this area.
Christopher
Bernard,
Director
Network
Engineering &
Telecom
MULaa was implemented at MUDEC to record student activities, laundry, and other
miscellaneous transactions. MULaa was also implemented to record student printing
costs using an automated utility. This utility developed by IT Services in 3/2015
eliminates the need for manual work and avoids software costs of approximately
$3K. Comment closed 4/6/2015.
5
F4
i2
n
a
3
56.1 - Receipt
Processing Audit- Rec
Sports Center/HDRBS
Business Office 9/2012
9/26/2012 Low
Finance &
Business
Services
It is recommended the RSC process all receipts through the Point of
Sale system to adequately separate cash receiving and cash
accounting. If the correct contract account is unknown by the
cashier, payments could be applied to a holding account for later
clearing by the Administrative Assistant at the HDRBS Business
Office. Cashiers should include identifying information pertaining to
contract, Aquatics Dive Camp, and Red Brick Run payments with their
shift documentation for the HDRBS Business Office accounting.
Judy Vest,
Auxiliary
Business Office
Manager
IACS completed another follow-up review 12/2014 to determine if the Rec Sports
Center processes receipts through the Point of Sale system to adequately separate
cash receiving and cash accounting. Based on a sample of 12 deposits (6 Aquatic
Facility Rental + 6 Facility Rental) over the period of May 1, 2014 through Oct 31,
2014, duties were adequately separated. Comment closed 12/12/2014.
1
5
R
e6
c
e
i
4
76.2a - Audit of Speech
& Hearing Clinic 2/2014
2/17/2014 Low
Provost
It is recommended the Clinic comply with the Departmental Cash
Handling Policy to strengthen internal controls over cash handling as
follows.
Cheryl Stewart,
Coordinator/Spe
ech Path Audio
Clinic
IACS performed a follow-up audit 7/14 and verified that the Clinic Coordinator or
Department Chair is initialing deposit paperwork, affirming deposit receipt reconciles
to the deposit transmittal. IACS performed another follow-up 1/2015 and verified
that duties are now separated between cash receiving and cash accounting, including
processing of insurance checks. All receipts are recorded on a daily log sheet.
Comment closed 3/26/2015.
A
7
2
a6
u
d
i
t
Cheryl Stewart,
Coordinator/Spe
ech Path Audio
Clinic
In another follow-up performed 1/2015, IACS verified that the Speech and Hearing
Clinic (SHC) has implemented formal procedures for collecting and accounting for
sales tax in partnership with the Controller's Office. Comment closed 3/26/2015.
A
7
2
c6
u
d
A. Realign duties within the Clinic to separate cash receiving from
cash accounting and have a person independent from cash
accounting verify the receipt matches the deposit transmittal.
Process all receipts through one system to document all receipts and
reduce the risk of intentional or unintentional errors.
5
76.2c - Audit of Speech
& Hearing Clinic 2/2014
2/17/2014 Low
Provost
It is recommended the Clinic comply with the Departmental Cash
Handling Policy to strengthen internal controls over cash handling as
follows.
C. Collect and account for sales tax as required by working with the
Tax and Compliance Coordinator in the Controller's Office.
6
76.4a - Audit of Speech
& Hearing Clinic 2/2014
2/17/2014 Low
Provost
It is recommended that management perform the following functions Cheryl Stewart,
to properly manage the accounts receivable balances:
Coordinator/Spe
ech Path Audio
a. Ensure claims are submitted timely to insurance providers and
Clinic
patients are sent monthly statements for outstanding balances. In
addition, establish procedures for handling delinquent accounts
including when to submit to collections.
Based on follow-up audit reviews, it appears claims are submitted timely to insurance
providers and patients are sent monthly statements for outstanding balances.
Procedures for handling delinquent accounts including when to submit to collections
were established. Comment closed 3/26/15.
A
7
4
a6
u
d
i
7
76.4b - Audit of Speech
& Hearing Clinic 2/2014
2/17/2014 Low
Provost
It is recommended that management perform the following functions
to properly manage the accounts receivable balances:
IACS performed another follow-up audit 1/2015 and verified that the Clinic
Coordinator has worked with the Controller to submit detailed A/R reports monthly
and at year-end. The Controller has received monthly reports since the beginning of
FY15 and procedures have been put in place to report A/R balance on June 30. It has
been noted that the Controller is expecting the year-end A/R balance to be net of
insurance provider allowance write-offs and will work with the Clinic Coordinator to
do so. Comment closed 3/26/15.
A
7
4
6
b
u
d
i
t
b. To recognize revenue in the year services are provided and
accurately report annual financial operating results, the Clinic should
communicate any accounts receivable to the Controller’s Office each
fiscal year end. The accounts receivable report should include both
insurance and patient receivables at June 30, supported by detail.
Cheryl Stewart,
Coordinator/Spe
ech Path Audio
Clinic
14
Attachment H
Overall Page 158 of 217
Attachment Page 16 of 17
Internal Audit
Barbara Jenna
Attachment H
June 25, 2015
Closed Internal Audit Issues
Line
Audit Name And Date
Date
Opened
Risk
Level
Division
Recommendation
Responsible
Person
Management Response and Status
8
76.5 - Audit of Speech &
Hearing Clinic - 2/2014
2/17/2014 Low
Provost
It is recommended the Clinic document policies and daily, monthly,
and annual job procedures to enable another person to perform
important tasks when needed. Topics covered should include gift
handling, accounting for sales tax, and accounts receivable billing,
monitoring, and reporting.
Cheryl Stewart,
Coordinator/Spe
ech Path Audio
Clinic
IACS performed another follow-up audit 1/2015. It appears that the Clinic now has
adequately documented their policies and procedures. Comment closed 3/26/15.
5
7
A
6
u
d
9
117.3 - Securing
Confidential
Information- Procedure
Review- 1/2015
1/16/2015 Low
IT Services
It is recommended that management update the JIRA application to a
version with a functioning audit log to record who triggers an event,
when it was triggered, and from where the user accessed the system
(who, when, and where).
Joe Bazeley,
Assistant VP for
Security,
Compliance &
Risk
Management
"Management agrees with the finding. IT Services will start a project to update Jira to
a version that satisfies the above recommendation before the end of January 2015,
and the project should be completed by the end of March 2015."
3
S1
e1
c7
u
IACS completed a follow-up review of this finding and determined that the JIRA
application has been updated to a version with a functioning audit log. Comment
closed 4/17/2015.
15
Attachment H
Overall Page 159 of 217
Attachment Page 17 of 17
Agenda Priorities
Chair Ridenour
Attachment I
DRAFT
Forward Twelve Month Agenda
Business Session
Item 11
June
End of
Year
Meeting
Agenda Item
Committee Structure:
— Committee Priority Agenda
— Committee Self-Assessment
Strategic Matters and Significant Topics Affecting Miami:
— Update on Strategic Priorities
- Progress Toward Goals
- New Revenue Development Reports by Academic Leaders
— Annual Campaign Update
— Annual Report on the State of IT
— Health Benefit Strategic Indicators
— Guaranteed Tuition
— Strategic Update on Enrollment Planning
x
x
x
x
x
x
x
x
x
x
x
x
x
Finance and Accounting Agenda:
— Budget Planning for New Year
— Appropriation Ordinance (Budget)
— Tuition and Fee Ordinance
— Miscellaneous Fee Ordinance
— Room and Board Ordinance
— Review of Financial Statements
— Annual State of Ohio Fiscal Watch Report
— PMBA Tuition Proposal
— Regional Campuses Long-term Budget Plan
— Update the 10-Year Budget Plan--Enrollment Changes and Productivity Expectations
Attachment I
September
Beginning of December February
April
Year
Fall
Winter
Spring
Meeting
Meeting Meeting Meeting
x
x
x
Regular Agenda Items:
— Enrollment Report
— Report on Year-to-Date Operating Results
— Approval of Minutes of Previous Meeting
— Annual Report on Operating Results
Audit and Compliance Agenda:
—Planning Meeting with Independent Auditors
— Management Letter and Other Required Communications
— Annual Planning Meeting with Internal Auditor
— Annual Report by Internal Auditor
— Annual Compliance Report
— Risk Assessment Report
June 25, 2015
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
(over)
Overall Page 160 of 217
x
x
Attachment Page 1 of 2
Agenda Priorities
Chair Ridenour
Attachment I
DRAFT
Forward Twelve Month Agenda
June
End of
Year
Meeting
Agenda Item
Investment Agenda:
— Semi-Annual Review of Investment Performance
— Non-Endowment Return Objectives
Facilities Agenda:
— Approval of Six-Year Capital Plan (every other year)
— Facilities Condition Report
— Annual Report of Gift-Funded Projects
— Status of Capital Projects
Routine Reports:
— University Advancement Update
— Cash and Investments Report
— Lean Project Summary
Attachment I
June 25, 2015
September
Beginning of December February
April
Year
Fall
Winter
Spring
Meeting
Meeting Meeting Meeting
x
x
x
x
x
Overall Page 161 of 217
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
Attachment Page 2 of 2
Attachment J
Enrollment Report
Susan Schaurer
June 25, 2015
Admission Update
Board of Trustee Meeting
June 25, 2015
Susan K. Schaurer
Assistant Vice President & Director of Admission
Enrollment Management and Student Success
Attachment J
Overall Page 162 of 217
Attachment Page 1 of 15
Enrollment Report
Susan Schaurer
Attachment J
June 25, 2015
2015 University Enrollment Goals
First-year Objectives:
·
·
·
·
·
·
3,550 first-year target
Manage divisional enrollment targets
Maintain quality
Increase selectivity
Increase non-resident enrollment (42%)
· Non-resident domestic
· International
Increase ethnic/racial diversity
Other Enrollment Objectives:
·
·
·
·
Attachment J
Increase ACE Program enrollment (250)
Increase transfer enrollment (300)
Expand TOP Program (40)
Meet Net Tuition Revenue targets
Overall Page 163 of 217
Attachment Page 2 of 15
Enrollment Report
Susan Schaurer
Attachment J
June 25, 2015
Application and Profile History
2013
2014
2015
2012
2011
2010
2015
27,000
2014 Goal
TotalManagement
Applications 25,301
Division
and Student Success
0
2010
2
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
22,000
24,000
26,000
28,000
,000
Oct
1, of
14Enrollment
27,448
25,298
22,519
20,306
18,467
16,945
ACT Best
Percent
Non-Resident
Students
GPA
of Strength
Color
Curriculum
26.4
26.4
26.4
26.7
26.8
27.0
3.59
3.58
3.58
3.62
3.63
3.66
11.7
12.0
12.0
12.6
12.9
13.0
49.1%
53.1%
54.8%
54.2%
59.2%
61.3%
2,401
2,516
2,854
3,254
3,835
4,093
Note: Year to date data as of 6/3/2015
Attachment J
Overall Page 164 of 217
Attachment Page 3 of 15
Enrollment Report
Susan Schaurer
Attachment J
June 25, 2015
Application Growth by Division
CCA
CEC
EHS
FSB
CAS
Division
Management and Student Success
0
2008
1
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
11,000
12,000
,000 of Enrollment
Application
11,446
10,817
9,405
8,597
8,854
7,937
7,784
8,156
7,640
7,345
6,828
5,899
5,171
4,409
4,256
3,874
3,700
2,980
2,485
2,177
3,330
1,904
1,565
2,639
2,390
2,269
2,321
1,669
2,039
2,034
2,150
1,370
1,049
926
887
1,066
887
848
855
917
Note: Year to date data as of 6/1/2015
Attachment J
Overall Page 165 of 217
Attachment Page 4 of 15
Enrollment Report
Susan Schaurer
Attachment J
June 25, 2015
Applications - Students of Color
2010
2011
2012
2013
2014
Division
Management and Student Success
0
5
00 1, of
2010
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Oct
14Enrollment
Running
S2015
4,093
3,835
3,254
2,854
2,516
2,401
ACT Best
Percent
Non-Resident
GPA
Curriculum
Strength
24.6
24.8
24.9
25.2
25.5
25.7
3.47
3.49
3.48
3.53
3.52
3.58
11.3
11.7
11.6
12.4
12.7
13.0
37.6%
41.9%
47.8%
44.1%
49.1%
51.1%
Note: Year to date data as of 6/3/2015
Attachment J
Overall Page 166 of 217
Attachment Page 5 of 15
Enrollment Report
Susan Schaurer
Attachment J
June 25, 2015
Applications - ACT 30 and Above
2015
2014
2013
2012
2011
Division
Management and Student Success
500 1, of
0
2010
6,500
6,000
5,500
5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
Oct
14Enrollment
Running
S2010
6,376
5,579
4,579
3,660
3,409
3,252
ACT
Best
Applied
Profile 30+ ACT
Percent
Non-Resident
GPA
Students
of Strength
Color
Curriculum
31.4
31.4
31.4
31.6
31.7
3.90
3.92
3.94
3.97
4.00
31.7
4.01
15.6
15.6
15.9
16.6
16.6
16.7
47.6%
51.4%
50.2%
53.7%
58.4%
60.1%
312
323
376
529
680
727
Note: Year to date data as of 6/3/2015
Attachment J
Overall Page 167 of 217
Attachment Page 6 of 15
Enrollment Report
Susan Schaurer
Attachment J
June 25, 2015
Admits by Application Type
Early Decision
Action/Regular
Decision
Division
Management
and Student Success
0
2010
Number
of International
1
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
11,000
12,000
13,000
14,000
15,000
16,000
17,000
18,000
19,000
,000 of Enrollment
17,973
16,649
1,872
1,479
15,021
14,781
1,077
874
13,676
13,315
543
759
15,371
14,470
13,215
12,349
ACT Best
Percent
GPA
Students
ACT
30+Non-Resident
of Strength
Color
Curriculum
423
13,250
12,540
377
692
27.0
27.1
27.2
27.9
28.3
3.67
3.70
3.69
3.77
3.79
3.81
12.4
12.8
12.9
13.9
14.2
14.3
48.0%
51.4%
53.2%
53.6%
58.3%
59.9%
1,725
1,791
1,947
2,014
2,263
2,404
3,109
3,285
3,511
4,415
5,409
6,153
694
28.4
700
730
Note: Year to date data as of 6/3/2015
Attachment J
Overall Page 168 of 217
Attachment Page 7 of 15
Enrollment Report
Susan Schaurer
Attachment J
June 25, 2015
Confirmations
2014
2015
2011
2012
2010
Division
Management and Student Success
Feb 5 of Enrollment
500
2010
4,000
3,500
3,000
2,500
2,000
1,500
1,000
Running
S2013
3,960
3,884
3,777
3,689
ACT Best
Percent
Non-Resident
GPA
Students
of Strength
Color
Curriculum
26.1
26.4
26.5
27.5
27.6
28.0
3.62
3.65
3.62
3.72
3.70
3.74
11.5
12.0
12.0
13.4
13.1
13.7
33.1%
38.3%
39.1%
39.7%
43.9%
44.8%
446
438
490
499
484
535
3,766
3,693
Note: Year to date data as of 6/3/2015
Attachment J
Overall Page 169 of 217
Attachment Page 8 of 15
Attachment J
Enrollment Report
Susan Schaurer
June 25, 2015
Predicted Fall 2015 First-Year Enrollment
Pre-melt confirms: 4083
Current active confirmations: 3960 (as of 6/3/15)
Current melt: 3.0%, or 123 students
Expected first-year class range on October 15, 2015:
@ 7.0% melt: 3,796
@ 7.3% melt: 3,784
@ 7.5% melt: 3,775
Note: Fall 2014 melt was 6.9%; expanded non-resident enrollment will likely increase
Fall 2015 final melt percentage.
Attachment J
Overall Page 170 of 217
Attachment Page 9 of 15
Enrollment Report
Susan Schaurer
Attachment J
June 25, 2015
Confirmations - Students of Color
2014
2015
2013
2012
2010
Division
Enrollment Management and Student Success
Feb
5
0
550
500
450
400
350
300
250
200
150
100
0 5 of2011
2010
Running
535
499
490
484
ACT Best
Percent
Non-Resident
GPA
Curriculum
Strength
446
24.3
24.7
3.57
11.1
24.9%
25.1
26.3
26.8
26.8
3.54
3.51
3.62
3.64
3.66
11.6
11.7
13.2
13.6
13.2
30.1%
36.3%
36.3%
35.7%
35.5%
438
Note: Year to date data as of 6/3/2015
Attachment J
Overall Page 171 of 217
Attachment Page 10 of 15
Enrollment Report
Susan Schaurer
Attachment J
June 25, 2015
Confirmations - ACT 30 and Above
2014
2015
2011
2012
2010
Division
Management and Student Success
Feb
1
0
900
800
700
600
500
400
300
200
00 5 of Enrollment
2010
1,200
1,100
1,000
Running
S2013
1,191
1,015
1,001
ACT Best
Percent
Non-Resident
GPA
Students
of Strength
Color
Curriculum
31.3
31.2
31.2
31.7
31.7
3.96
3.93
3.93
3.99
3.98
31.6
3.99
15.0
15.4
15.7
16.7
16.2
16.5
30.2%
40.7%
37.2%
45.1%
43.6%
47.2%
31
41
59
107
104
121
741
643
596
Note: Year to date data as of 6/3/2015
Attachment J
Overall Page 172 of 217
Attachment Page 11 of 15
Enrollment Report
Susan Schaurer
Attachment J
June 25, 2015
Status by Residency
Division
Management and Student Success
Ohio of Enrollment
Applications
by Residency
Admits by Residency
Confirms by Residency
Resident
International
Non-Resident
Domestic
2015
2014
2013
6,969
10,312
6,938
2,119
-0.4%
-6.7%
0.0%
10,612
2,185
7,211
2.9%
3.1%
3.9%
9,893
1,303
6,975
11,310
14.3%
12,264
8,232
1,369
18.0%
5.1%
1,435
8,890
8.4%
4.8%
8.0%
193
1,077
2,316
2,270
10,311
3,679
1,479
58.9%
37.3%
4,572
1,872
24.3%
26.6%
289
49.7%
340
17.6%
Note: Year to date data as of 6/3/2015
Attachment J
Overall Page 173 of 217
Attachment Page 12 of 15
Enrollment Report
Susan Schaurer
Attachment J
June 25, 2015
Status by Division
Division
Management and Student Success
CAS of Enrollment
Applications
by Division
Admits by Division
2015
2014
2013
CEC
CCA
FSB
EHS
9,405
10,817
1,793
8,513
1,981
14.6%
15.0%
10.5%
9,222
11,446
1,951
8.3%
5.8%
917
Confirms by Division
7,428
609
-1.5%
178
1,049
665
189
14.4%
9.2%
6.2%
1,066
1.6%
2,980
683
192
2.7%
1.6%
443
2,026
3,330
2,345
11.7%
15.7%
416
-6.1%
3,700
2,700
11.1%
15.1%
490
17.8%
410
2,390
1,548
2,321
1,538
411
-2.9%
-0.6%
0.2%
2,639
379
1,558
13.7%
-7.8%
1.3%
6,828
3,410
7,784
14.0%
8,597
10.4%
3,588
5.2%
3,810
6.2%
942
780
-17.2%
948
21.5%
Note: Year to date data as of 6/3/2015
Attachment J
Overall Page 174 of 217
Attachment Page 13 of 15
Enrollment Report
Susan Schaurer
Attachment J
June 25, 2015
Other Enrollment Goals
Transfers
• Fall 2015 enrollment goal is 300 students
• 123 confirmed students or a 19% YTD decrease versus fall 2014
American Culture and English (ACE) Program
• Fall 2015 enrollment goal is 250 first-year students
• 318 confirmed students or a 43.2% YTD increase versus fall 2014
The Oxford Pathway (TOP)
• Spring 2016 enrollment goal is 40 first-year Oxford students
• 85 students have expressed interest
• 63 confirmed students or a 31% YTD increase versus fall 2014
Oxford Spring Admit Program (new)
• 29 confirmed students
Note: Year to date data as of 6/3/2015
Attachment J
Overall Page 175 of 217
Attachment Page 14 of 15
Enrollment Report
Susan Schaurer
Attachment J
June 25, 2015
QUESTIONS?
Attachment J
Overall Page 176 of 217
Attachment Page 15 of 15
Attachment K
Advancement Report
VP Herbert
June 25, 2015
Board of Trustees
June 26, 2015
Attachment K
Overall Page 177 of 217
Attachment Page 1 of 25
Attachment K
Advancement Report
VP Herbert
June 25, 2015
University Advancement Report
Tom Herbert, J.D.
Vice President, University Advancement
Executive Director, Miami University Foundation
Attachment K
Overall Page 178 of 217
Attachment Page 2 of 25
Attachment K
Advancement Report
VP Herbert
June 25, 2015
Topics
• 2020 Plan Fundraising Update
• FY ’15 Performance to date
• Fundraising Focus in FY ’15
• Update of Advancement Initiatives
Attachment K
Overall Page 179 of 217
Attachment Page 3 of 25
Attachment K
Advancement Report
VP Herbert
June 25, 2015
2020 Plan Fundraising Update
Attachment K
Overall Page 180 of 217
Attachment Page 4 of 25
Advancement Report
VP Herbert
Attachment K
June 25, 2015
2020 Plan Fundraising Update
$70,000,000
$65,000,000
$65,800,000
$60,000,000
$59,900,000
FY Goals
$55,000,000
$54,400,000
$50,000,000
$49,500,000
$45,000,000
$45,000,000
$40,000,000
$35,000,000
$30,000,000
$40,900,000
$37,200,000
$33,800,000
FY13
Attachment K
FY14
FY15
FY16
FY17
Overall Page 181 of 217
FY18
FY19
FY20
Attachment Page 5 of 25
Advancement Report
VP Herbert
Attachment K
June 25, 2015
2020 Plan Fundraising Update
FY ’15 (July 1-June 10):
• Goal : $40,900,000
• Raised to date: $65,455,000 (160% of goal)
*FY ’14 to date: $44,200,000 (119% of FY ’14 goal)
• Is second-best year for total voluntary support
Attachment K
Overall Page 182 of 217
Attachment Page 6 of 25
Advancement Report
VP Herbert
Attachment K
June 25, 2015
FY ’15 Fundraising Update
$70,000,000
$60,000,000
$50,000,000
$40,000,000
$30,000,000
$20,000,000
$10,000,000
$-
Attachment K
Overall Page 183 of 217
Attachment Page 7 of 25
Attachment K
Advancement Report
VP Herbert
June 25, 2015
Fiscal Year Performance
Attachment K
Overall Page 184 of 217
Attachment Page 8 of 25
Advancement Report
VP Herbert
Attachment K
June 25, 2015
FY Cash Received
FY ’15 to date
$36.4M
Attachment K
FY ’14 to date
$32.0M
FY ’14 total
$34.4M
Overall Page 185 of 217
3-year avg.
$34.5M
Attachment Page 9 of 25
Attachment K
Advancement Report
VP Herbert
June 25, 2015
FY Cash to Annual Fund
FY ’15 to date
$3.76M
Attachment K
FY ’14 to date
$3.95M
FY ’14 total
$4.16M
Overall Page 186 of 217
3-year avg.
$3.77M
Attachment Page 10 of 25
Attachment K
Advancement Report
VP Herbert
June 25, 2015
FY Planned Giving Commitments
FY ’15 to date
107 for $25.1M
Attachment K
FY ’14 to date
118 for $15.3M
Overall Page 187 of 217
FY ’14 total
139 for $22.2M
Attachment Page 11 of 25
Attachment K
Advancement Report
VP Herbert
June 25, 2015
Fundraising Focus FY ’15
Attachment K
Overall Page 188 of 217
Attachment Page 12 of 25
Attachment K
Advancement Report
VP Herbert
June 25, 2015
Miami Promise Scholarship Campaign
• Publicly launched Fall ’14
• $100 million goal over 5 years
* double what we raised over the last 4 years
• Matching programs developed
• Scholarship stewardship upgraded
Attachment K
Overall Page 189 of 217
Attachment Page 13 of 25
Attachment K
Advancement Report
VP Herbert
June 25, 2015
Miami Promise Scholarship Campaign FY goals
• FY’15: $18.0 million -- $19.0 million to date
• FY’16: $18.0 million
• FY’17: $18.7 million
• FY’18: $20.7 million
• FY’19: $24.6 million
Attachment K
Overall Page 190 of 217
Attachment Page 14 of 25
Advancement Report
VP Herbert
Attachment K
June 25, 2015
Miami Promise Scholarship Campaign
$20,000,000
$18,000,000
$16,000,000
$14,000,000
$12,000,000
$10,000,000
$8,000,000
$6,000,000
goal
received
$4,000,000
$2,000,000
$-
Attachment K
1-Jul
Jul-14
Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15
Overall Page 191 of 217
Attachment Page 15 of 25
Advancement Report
VP Herbert
Attachment K
June 25, 2015
Miami Promise Scholarship Campaign
$100,000,000
$90,000,000
$80,000,000
$70,000,000
$60,000,000
$50,000,000
$40,000,000
$30,000,000
goal
$20,000,000
received
Attachment K
Overall Page 192 of 217
Jun-19
Apr-19
Feb-19
Dec-18
Oct-18
Aug-18
Jun-18
Apr-18
Feb-18
Oct-17
Dec-17
Aug-17
Jun-17
Apr-17
Feb-17
Oct-16
Dec-16
Jun-16
Aug-16
Apr-16
Feb-16
Dec-15
Oct-15
Jun-15
Aug-15
Apr-15
Feb-15
Dec-14
Oct-14
Aug-14
$-
1-Jul
$10,000,000
Attachment Page 16 of 25
Attachment K
Advancement Report
VP Herbert
June 25, 2015
Campaign for Intercollegiate Athletics
• $80M campaign publicly announced
• To date: raised approximately $49 million
Attachment K
Overall Page 193 of 217
Attachment Page 17 of 25
Advancement Report
VP Herbert
Attachment K
June 25, 2015
Campaign for Intercollegiate Athletics
$80,000,000
$70,000,000
$60,000,000
$50,000,000
$40,000,000
$30,000,000
$20,000,000
goal
$10,000,000
received
$-
Attachment K
Overall Page 194 of 217
Attachment Page 18 of 25
Attachment K
Advancement Report
VP Herbert
June 25, 2015
Armstrong Student Center East Wing
• Fundraising target: $6M for East Wing
• $4M raised to date
• Approaching identified prospects
• Hosting small events to promote giving opportunities
• Assessing corporate gift opportunities with the relocation of
Career Services center
Attachment K
Overall Page 195 of 217
Attachment Page 19 of 25
Attachment K
Advancement Report
VP Herbert
June 25, 2015
Faculty Support
• Early stages of developing a matching program
Attachment K
Overall Page 196 of 217
Attachment Page 20 of 25
Attachment K
Advancement Report
VP Herbert
June 25, 2015
Update on Advancement Initiatives
• Enhanced Stewardship
• Completed and ongoing
• Advanced Alumni Programming
• Completed and ongoing
• Foundation Board Development
• Ongoing
Attachment K
Overall Page 197 of 217
Attachment Page 21 of 25
Attachment K
Advancement Report
VP Herbert
June 25, 2015
Update on Advancement Initiatives
• Enhanced Parent Programming
• Completed and ongoing
• Advance M.I.A.M.I. Women Initiative
• Completed and ongoing
• Annual Fund Matching Program
• Completed and ongoing
• Advancement LEAN projects
• Completed and ongoing
Attachment K
Overall Page 198 of 217
Attachment Page 22 of 25
Advancement Report
VP Herbert
Attachment K
June 25, 2015
Advancement Initiatives
• What is next?
• Early basic planning for the next comprehensive campaign
•
•
•
•
Attachment K
A deep dive into our donor database and prospects
A “wealth screen”
Assessment of performance/resources versus peers
Revision and update of prospect pools for major gifts, planned
gifts and annual fund
Overall Page 199 of 217
Attachment Page 23 of 25
Attachment K
Advancement Report
VP Herbert
June 25, 2015
University Advancement Report
Questions?
Attachment K
Overall Page 200 of 217
Attachment Page 24 of 25
Attachment K
Advancement Report
VP Herbert
June 25, 2015
Thank you!
Attachment K
Overall Page 201 of 217
Attachment Page 25 of 25
Attachment L
June 25, 2015
Ratios and Scores
Reporting Update
Item
3
TABLE 1
FY 2014 FINANCIAL RATIO ANALYSIS
INSTITUTIONAL RATIOS AND SCORES
Viability
Composite
Institution
Score
Ratio*
Net Income
Score
Ratio
Primary Reserve
Score
Ratio
Score
UNIVERSITIES
BOWLING GREEN
CENTRAL STATE
CLEVELAND STATE
KENT STATE
MIAMI UNIV.
NEOMED
OHIO STATE
OHIO UNIVERSITY
SHAWNEE STATE
UNIV. AKRON
UNIV. CINCINNATI
UNIV. TOLEDO
WRIGHT STATE
YOUNGSTOWN ST.
4.70
1.00
3.60
4.40
4.40
4.70
4.70
4.70
4.00
3.20
3.60
3.80
3.40
3.50
125.8%
6.1%
54.2%
96.7%
76.8%
148.4%
120.7%
113.9%
118.8%
37.3%
43.8%
102.4%
111.6%
74.7%
4.00
1.00
2.00
3.00
3.00
4.00
4.00
4.00
4.00
2.00
2.00
4.00
4.00
3.00
5.2%
-0.2%
7.5%
10.4%
20.4%
9.4%
13.0%
8.7%
4.2%
1.6%
9.2%
2.7%
-0.8%
1.3%
5.00
1.00
5.00
5.00
5.00
5.00
5.00
5.00
4.00
3.00
5.00
3.00
1.00
3.00
52.1%
1.8%
44.3%
73.7%
92.9%
91.9%
64.9%
52.5%
30.7%
36.1%
47.6%
37.3%
30.7%
26.2%
5.00
1.00
4.00
5.00
5.00
5.00
5.00
5.00
4.00
4.00
4.00
4.00
4.00
4.00
COMMUNITY COLLEGES
BELMONT TECH
CINCINNATI ST.
CLARK STATE
COLUMBUS ST.
COTC
CUYAHOGA
EDISON STATE
HOCKING
JAMES RHODES ST
EASTERN GATEWAY
LAKELAND
LORAIN
MARION TECH
NORTH CENTRAL
NORTHWEST ST.
OWENS STATE
RIO GRANDE
SINCLAIR
SOUTHERN ST.
STARK STATE
TERRA STATE
WASHINGTON ST.
ZANE STATE (MATC)
5.00
2.70
4.20
4.80
5.00
3.50
4.00
2.30
3.70
4.00
2.80
3.00
3.20
3.80
4.50
1.00
4.50
4.20
2.60
4.20
3.60
4.30
4.20
N/A
51.2%
116.3%
1318.4%
39230.2%
75.2%
212.2%
36.6%
289.4%
N/A
84.5%
48.4%
N/A
N/A
N/A
8.4%
N/A
N/A
58.4%
229.3%
102.5%
N/A
120.1%
5.00
2.00
4.00
5.00
5.00
3.00
4.00
2.00
5.00
5.00
3.00
2.00
5.00
5.00
5.00
1.00
5.00
5.00
2.00
4.00
4.00
5.00
4.00
8.0%
1.2%
9.9%
3.2%
6.6%
1.6%
3.4%
-2.5%
-0.2%
6.9%
0.4%
0.5%
-1.3%
4.5%
12.5%
-2.7%
28.6%
-1.5%
-5.4%
8.6%
0.3%
3.0%
8.8%
5.00
3.00
5.00
4.00
5.00
3.00
4.00
1.00
1.00
5.00
2.00
2.00
1.00
4.00
5.00
1.00
5.00
1.00
0.00
5.00
2.00
4.00
5.00
107.0%
24.0%
48.4%
74.0%
60.5%
36.4%
40.2%
15.4%
38.4%
20.8%
19.1%
29.6%
19.0%
12.2%
34.8%
0.4%
30.5%
74.2%
38.8%
39.8%
31.4%
46.2%
27.8%
5.00
3.00
4.00
5.00
5.00
4.00
4.00
3.00
4.00
3.00
3.00
4.00
3.00
3.00
4.00
1.00
4.00
5.00
4.00
4.00
4.00
4.00
4.00
* The viability ratio is not calculated for campuses that do not have long-term plant debt. In such instances, a viability score of 5.0 is automatically assigned.
NOTE: Pursuant to the administrative rule (126:3-1-01) established by Senate Bill 6, a composite score of or below 1.75 for two consecutive years would result in a
campus being placed on fiscal watch.
OHIO BOARD OF REGENTS
Attachment L
Overall Page 202 of 217
Attachment Page 1 of 2
Attachment L
June 25, 2015
Ratios and Scores
Data source: FY 2014 Audited Financial Statements
As of: April, 2015
NEW GASB 34/35 Format
A
B
C
D
E
Expendable Net Assets
Plant Debt
Revenues, Operating + Nonoperating
Operating Expenses
Nonoperating Expenses
Net of negative
revenues (expenses)
State Capital
Appropriations & Other
Capital
(Asset Disposal)
F
Change in Total Net
Assets
= C - (D + E)
Primary Reserve
Ratio
Viability
Score
=A/D
Ratio
Net Income
Score
=A/B
Ratio
Composite Score
Score
Score, FY14
=F/C
UNIVERSITIES
BOWLING GREEN
CENTRAL STATE
$185,049,730
$147,067,224
$368,527,794
$6,285,696
$355,147,091
$0
$19,666,399
0.521
5
1.258
4
0.052
5
4.70
$1,061,152
$17,515,223
$53,280,075
$4,662,698
$58,053,822
$0
($111,049)
0.018
1
0.061
1
(0.002)
1
1.00
CLEVELAND STATE
$137,123,975
$252,935,475
$334,509,124
$237,013
$309,756,312
$0
$24,989,825
0.443
4
0.542
2
0.075
5
3.60
KENT STATE
$487,740,000
$504,287,000
$732,435,000
$6,088,000
$662,007,000
$0
$76,516,000
0.737
5
0.967
3
0.104
5
4.40
MIAMI UNIV.
$494,064,193
$643,705,600
$640,516,606
$28,106,926
$532,063,384
$0
$136,560,148
0.929
5
0.768
3
0.204
5
4.40
$60,592,041
$40,825,000
$71,361,346
$1,419,913
$65,930,804
$0
$6,850,455
0.919
5
1.484
4
0.094
5
4.70
$3,034,868,000
$2,515,108,000
$5,260,979,000
$116,036,000
$4,676,165,000
$3,915,000
$696,935,000
0.649
5
1.207
4
0.1296
5
4.70
$353,267,979
$310,210,349
$722,614,512
$19,706,216
$677,823,662
$137,416
$64,359,650
0.525
5
1.139
4
0.087
5
4.70
4.00
NEOMED
OHIO STATE
OHIO UNIVERSITY
SHAWNEE STATE
$19,153,699
$16,120,070
$62,987,753
$2,039,185
$62,319,341
$1,891
$2,705,706
0.307
4
1.188
4
0.042
4
UNIV. AKRON
$176,766,084
$473,999,582
$494,182,302
$3,744,615
$489,964,122
$236,618
$7,726,177
0.361
4
0.373
2
0.016
3
3.20
UNIV. CINCINNATI
$515,215,000
$1,175,815,000
$1,156,740,000
$34,570,000
$1,081,821,000
$0
$109,489,000
0.476
4
0.438
2
0.092
5
3.60
UNIV. TOLEDO
$320,187,000
$312,691,000
$870,609,000
$12,144,000
$857,710,000
$1,064,000
$23,979,000
0.373
4
1.024
4
0.027
3
3.80
WRIGHT STATE
$119,124,630
$106,769,168
$372,054,160
$12,949,435
$387,584,245
$690,272
($3,270,922)
0.307
4
1.116
4
(0.008)
1
3.40
$52,843,031
$70,710,037
$198,198,228
$7,126,584
$201,661,491
$1,062,109
$2,601,212
0.262
4
0.747
3
0.013
3
3.50
YOUNGSTOWN STATE
COMMUNITY COLLEGES
BELMONT TECH
$15,039,497
$0
$13,577,704
$1,705,002
$14,058,229
$2,435
$1,222,042
1.070
5
CINCINNATI STATE
$23,414,788
$45,734,380
$93,276,224
$5,326,437
$97,454,764
$0
$1,147,897
0.240
3
CLARK STATE
COLUMBUS STATE
COTC
CUYAHOGA
EDISON STATE
HOCKING
JAMES RHODES
EASTERN GATEWAY
5
0.080
5
5.00
0.512
N/A
2
0.012
3
2.70
$17,524,515
$15,065,000
$36,617,752
$3,568,034
$36,198,934
$0
$3,986,852
0.484
4
1.163
4
0.099
5
4.20
$131,776,907
$9,995,000
$184,054,275
$1,728
$178,188,417
$31,241
$5,836,345
0.740
5
13.184
5
0.032
4
4.80
$17,604,925
$44,876
$31,095,214
$74,947
$29,092,702
$25,978
$2,051,481
0.605
5
392.302
5
0.066
5
5.00
$112,026,631
$148,906,753
$306,993,390
$5,427,216
$307,452,845
$0
$4,967,761
0.364
4
0.752
3
0.016
3
3.50
$6,653,005
$3,134,699
$16,467,904
$674,802
$16,564,562
$0
$578,144
0.402
4
2.122
4
0.034
4
4.00
2.30
$7,858,646
$21,468,907
$49,994,211
$205,993
$51,133,289
$318,947
($1,252,032)
0.154
3
0.366
2
(0.025)
1
$11,247,839
$3,886,667
$27,802,478
$1,467,614
$29,325,024
$17,517
($72,449)
0.384
4
2.894
5
(0.002)
1
3.70
$4,202,328
$0
$21,758,620
$20,177,518
$90,402
0.208
3
N/A
5
0.069
5
4.00
$1,490,700
LAKELAND
$12,694,152
$15,015,000
$64,514,251
$2,055,953
$66,312,587
$0
$257,617
0.191
3
0.845
3
0.004
2
2.80
LORAIN
$32,724,823
$67,645,000
$111,117,097
$0
$110,613,585
$900
$502,612
0.296
4
0.484
2
0.005
2
3.00
MARION TECH
$3,262,464
$0
$16,702,162
$274,726
$17,195,489
$0
($218,601)
0.190
3
N/A
5
(0.013)
1
3.20
NORTH CENTRAL
$2,833,164
$0
$24,250,712
$0
$23,150,872
$0
$1,099,840
0.122
3
N/A
5
0.045
4
3.80
NORTHWEST STATE
$9,341,715
$0
$27,643,894
$3,216,238
$26,865,569
$139,648
$3,854,915
0.348
4
N/A
5
0.125
5
4.50
$369,854
$4,408,127
$93,989,032
$3,418,192
$100,059,997
$0
($2,652,773)
0.004
1
1
(0.027)
1
1.00
OWENS STATE
RIO GRANDE
SINCLAIR
0.084
$3,362,890
$0
$11,933,285
$3,518,024
$11,037,873
$4,413,436
0.305
4
N/A
5
0.286
5
4.50
$124,615,904
$0
$160,349,062
$5,178,894
$168,042,478
$0
($2,514,522)
0.742
5
N/A
5
(0.015)
1
4.20
SOUTHERN STATE
$10,844,542
$18,579,087
$26,551,750
$0
$27,978,632
$0
($1,426,882)
0.388
4
0.584
2
(0.054)
0
2.60
STARK STATE
$38,962,003
$16,994,167
$105,304,501
$1,868,997
$97,963,491
$0
$9,210,007
0.398
4
2.293
4
0.086
5
4.20
TERRA STATE
$6,069,657
$5,920,000
$18,439,209
$1,000,000
$19,360,307
$23,315
$55,587
0.314
4
1.025
4
0.003
2
3.60
WASHINGTON STATE
$6,902,275
$0
$15,113,642
$306,006
$14,951,495
$0
$468,153
0.462
4
N/A
5
0.030
4
4.30
ZANE STATE (MATC)
$8,031,821
$6,687,680
$25,946,863
$5,764,893
$28,920,643
$15,125
$2,775,988
0.278
4
1.201
4
0.088
5
4.20
OHIO BOARD OF REGENTS
Attachment L
Overall Page 203 of 217
Attachment Page 2 of 2
Attachment M
June 25, 2015
Cash and Investments
Reporting Update
Item 4
REPORT ON CASH AND INVESTMENTS
Finance and Audit Committee
Miami University
June 25, 2015
Non-Endowment Fund
For the third fiscal quarter ending March 31, 2015, the non-endowment fund
returned +1.4%. This brings the performance fiscal year-to-date to +1.8%. A summary
of performance is attached.
At March 31, the operating cash balance was over $137 million. Short-term
interest rates near zero continue to limit the earnings potential from both the operating
cash and core cash portions of the pool. Rebalancing subsequently moved $40 million
away from operating cash to long-term capital on April 1st in an attempt to enhance the
earnings potential of the overall fund. The rebalancing activity included an addition to
an existing long/short equity manager and a new investment with a long/short REIT
manager. Total rebalancing out of operating cash fiscal year to date has been $65
million.
Current Funds
Operating Cash:
Short-term Investments*
Fair Value
% of Portfolio
$137,406,915
12.8%
Core Cash:
Intermediate-term Investments
$120,925,619
25.3%
Long-Term Capital:
Debt Investments
Absolute Return
Total Long-Term Capital
$109,727,053
$189,904,627
$299,631,680
22.9%
39.0%
61.9%
$557,964,214
100.0%
Total Current Fund Investments
*includes bank account balances not included on performance report
Endowment Fund
The endowment fund preliminary return was +2.6% for the third fiscal quarter
ending March 31, 2015. The performance fiscal year-to-date stands at +1.1%. Both of
these figures exclude the March quarter results for the private capital investments, which
report on a significant time-lag. The final performance for the second fiscal quarter, after
receiving all the private capital valuations, was -0.8%. Results during the recent quarter
reflected volatility in global public equity markets.
1
Attachment M
Overall Page 204 of 217
Attachment Page 1 of 13
Attachment M
Cash and Investments
June 25, 2015
The Miami University Foundation Investment Committee met on May 6, 2015.
At this meeting, the Committee continued a discussion on asset allocation and risk
management, examined its debt portfolio, and approved a commitment of $8 million to a
private debt manager. Please see the attached performance report for additional
endowment related details.
Bond Project Funds
Construction activity remained brisk through the winter months. Approximately
$34.5 million in draws were made during the March quarter. As of March 31, 2015, the
balances were as follows:
Plant Funds
Series 2011 Bond Project Fund
Series 2012 Bond Project Fund
Series 2014 Bond Project Fund
Total Plant Funds
$ 6,623,791
$ 37,720,300
$150,955,699
$195,299,790
Attachments
Non-endowment Performance Summary as of 3/31/2015
MUF Treasurer’s Report as of 3/31/2015
2
Attachment M
Overall Page 205 of 217
Attachment Page 2 of 13
Attachment M
June 25, 2015
Cash and Investments
Miami University Non-Endowment
Summary of Investment Performance
Report for Periods Ending March 31, 2015
Annualized
Since
Qtr
Date
Market Value
Total Composite
1.4%
1.8%
3.3%
3.5%
3.1%
1.6%
2.9%
3.6%
6/02
$511,291,896
Operating Cash
U.S. 91-Day Treasury Bills
BlackRock
U.S. 91-Day Treasury Bills
Star Ohio
U.S. 91-Day Treasury Bills
Chase Savings
U.S. 91-Day Treasury Bills
STAROhio Plus
U.S. 91-Day Treasury Bills
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.1
0.0
0.1
0.0
0.1
0.1
0.0
0.1
0.0
0.1
0.1
0.1
-
0.1
0.1
0.0
0.1
0.1
0.1
0.1
0.1
-
0.4
0.2
0.3
0.2
-
1.8
1.3
1.9
1.3
-
1.8
1.3
0.1
0.1
1.9
1.3
0.2
0.1
0.2
0.1
6/02
50,734,598
10/08
464,087
6/02
33,802,473
10/08
1,396,617
7/12
15,071,421
Core Cash
Barclays 1-3 Yr U.S. Gov't Bond Index
Bartlett A
Barclays 1-3 Yr U.S. Gov't Bond Index
Bartlett B
Barclays 1-3 Yr U.S. Gov't Bond Index
Commonfund Intermediate Bond Fund
Barclays 1-5 Yr Treasury Index
M.D. Sass - 3 Year
Barclays Interm. Gov't Bond Index
M.D. Sass - 2 Year
Barclays Interm. Gov't Bond Index
0.9
0.5
0.6
0.5
1.4
0.5
0.8
0.9
1.2
1.3
0.5
1.3
1.6
0.8
0.7
0.8
2.3
0.8
0.8
1.3
2.3
2.2
1.0
2.2
2.6
1.0
1.0
1.0
3.6
1.0
1.2
1.8
3.7
3.2
2.0
3.2
1.6
0.7
0.6
0.7
1.9
0.7
1.8
1.0
2.1
1.5
-
2.5
1.1
1.0
1.1
3.2
1.1
2.6
1.8
-
2.7
1.6
1.7
1.6
3.9
1.6
1.9
2.1
-
3.3
2.7
2.6
2.7
4.2
2.7
2.4
3.2
-
3.2
2.6
2.5
2.6
4.2
2.6
2.5
3.1
3.0
2.4
1.3
1.0
6/02
120,925,618
6/02
23,068,232
6/02
30,383,146
6/02
6,334,638
1/11
30,169,484
9/12
30,970,118
Long Term Capital
MSCI AC World Index
Barclays U.S. Aggregate Bond Index
2.2
2.3
1.6
2.5
0.4
3.6
4.5
5.4
5.7
6.2
10.7
3.1
5.4
9.0
4.4
1.7
4.5
4.7
3.3
6.4
4.9
5.0
7.5
5.0
6/02
299,631,680
© 2015 Fund Evaluation Group, LLC
Attachment M
FYTD
1Yr
3Yr
5Yr
2
Overall Page 206 of 217
7Yr
10Yr
Inception
Confidential - For Client Use Only
Attachment Page 3 of 13
Attachment M
June 25, 2015
Cash and Investments
Miami University Non-Endowment
Summary of Investment Performance
Report for Periods Ending March 31, 2015
Annualized
Since
Qtr
Public Debt
Barclays U.S. Aggregate Bond Index
Bartlett C
Barclays U.S. Aggregate Bond Index
Beach Point Loan Fund
CS Leveraged Loan Index
Commonfund High Quality Bond Fund
Barclays U.S. Aggregate Bond Index
Templeton Global Total Return Fund
Barclays Multiverse
© 2015 Fund Evaluation Group, LLC
Attachment M
1.4%
1.6
1.6
1.6
2.1
2.1
1.7
1.6
0.4
-1.9
FYTD
1.5%
3.6
3.1
3.6
2.5
1.4
3.6
3.6
-2.1
-6.1
1Yr
3.5%
5.7
4.9
5.7
3.4
2.8
6.0
5.7
0.5
-3.8
3Yr
4.5%
3.1
2.7
3.1
4.3
3.1
5.1
0.0
5Yr
5.3%
4.4
4.1
4.4
5.4
4.4
-
3
Overall Page 207 of 217
7Yr
5.9%
4.7
4.9
4.7
6.0
4.7
-
10Yr
5.7%
4.9
5.0
4.9
5.8
4.9
-
Inception
Date
Market Value
5.6%
5.0
5.0
5.0
4.6
4.2
5.8
5.0
4.1
0.6
6/02
$109,727,053
6/02
22,366,065
1/13
27,465,208
6/02
27,371,445
5/11
32,524,335
Confidential - For Client Use Only
Attachment Page 4 of 13
Attachment M
June 25, 2015
Cash and Investments
Miami University Non-Endowment
Summary of Investment Performance
Report for Periods Ending March 31, 2015
Annualized
Since
Qtr
Absolute Return
MSCI AC World Index
Barclays U.S. Aggregate Bond Index
ABS Investment Management
MSCI AC World Index
HFRI Fund of Funds Index
Beach Point Total Return Fund
ML High Yield Bond Index
HFRI Event Driven Index
Evanston Weatherlow Fund
HFRI FOF: Diversified Index
S&P 500 Index
Lighthouse Diversified Fund
MSCI AC World Index
HFRI Fund of Funds Index
Rimrock High Income PLUS Fund
Barclays U.S. Corporate High Yield Index
Barclays U.S. Aggregate Bond Index
Sandler Offshore
MSCI AC World Index
HFRI Equity Hedge Index
SCS Opportunities
MSCI AC World Index
HFRI Fund of Funds Index
SkyBridge Series G
MSCI AC World Index
HFRI Fund of Funds Index
© 2015 Fund Evaluation Group, LLC
Attachment M
2.7%
2.3
1.6
3.6
2.3
2.5
2.8
2.5
1.8
3.9
2.7
0.9
2.9
2.3
2.5
0.4
2.5
1.6
4.3
2.3
2.0
1.7
2.3
2.5
2.7
2.3
2.5
FYTD
3.2%
0.4
3.6
5.9
0.4
3.7
-2.0
-0.5
-1.4
4.2
4.1
7.1
5.7
0.4
3.7
9.8
0.4
0.6
4.3
0.4
3.7
0.9
0.4
3.7
1Yr
3Yr
5Yr
7Yr
4.9%
5.4
5.7
7.9
5.4
5.3
0.0
2.1
0.9
7.1
5.7
12.7
7.8
5.4
5.3
7.3
5.4
2.7
6.4
5.4
5.3
3.0
5.4
5.3
8.0%
10.7
3.1
9.5
10.7
5.4
8.7
5.6
16.1
8.1
10.7
5.4
7.0
10.7
5.4
-
5.5%
9.0
4.4
6.7
9.0
3.5
6.2
3.7
14.5
4.6
9.0
3.5
-
-0.5%
4.5
4.7
-
4
Overall Page 208 of 217
10Yr
1.8%
6.4
4.9
-
Inception
Date
Market Value
4.0%
7.5
5.0
7.3
12.1
4.4
5.1
4.8
5.7
7.7
4.5
17.3
6.8
11.6
4.0
0.3
1.5
3.4
4.5
10.9
6.4
5.4
12.1
4.4
11.5
11.5
5.6
6/02
$189,904,627
5/09
26,765,411
3/13
23,176,760
5/09
26,087,290
5/10
26,426,310
9/14
25,085,139
3/13
10,984,390
5/09
25,664,244
4/12
25,715,083
Confidential - For Client Use Only
Attachment Page 5 of 13
Attachment M
Cash and Investments
June 25, 2015
Miami University Non-Endowment
Summary of Investment Performance
Report for Periods Ending March 31, 2015
Footnotes:
* Performance returns are net of investment management fees.
* Calculated returns may differ from the manager's due to differences in security pricing and/or cash flows.
* Manager and index data represent the most current available at the time of report publication.
* Hedge fund and private capital manager market values and rates of return may be based on estimates and may be revised until completion of an annual audit by the manager.
* For managers and indices that report returns on a lag, 0.0% is utilized for the most recent time period until the actual return data are reported.
* The fiscal year ends in June.
Total Market Value includes $40,000,000 temporary cash ($15,000,000 to be invested in Sandler and $25,000,000 to be invested in GEM).
© 2015 Fund Evaluation Group, LLC
Attachment M
5
Overall Page 209 of 217
Confidential - For Client Use Only
Attachment Page 6 of 13
Attachment M
June 25, 2015
Cash and Investments
MIAMI UNIVERSITY FOUNDATION
TREASURER’S REPORT
March 31, 2015
The March 31, 2015 market value for the Miami University Foundation totaled $461,252,844.
The following chart summarizes the Foundation’s asset classes and investment strategies compared with
the target ranges.
Type of Investment
Miami U.
Foundation
Percent of Total
Strategic Range
Equity
Public Equity
Hedged Equity
Private/Venture Equity
$238,844,939
$132,151,444
$ 74,022,916
$ 32,670,579
51.78%
28.65%
16.05%
7.08%
50%-85%
25%-60%
10%-30%
5%-20%
Debt
Public Debt
Hedged Debt
Private Debt
$104,261,861
$ 29,498,515
$ 66,782,127
$ 7,981,219
22.60%
6.40%
14.48%
1.73%
10%-35%
5%-15%
5%-20%
0%-10%
Real Assets
Public Real Assets
Hedged Real Assets
Private Real Assets
$ 66,464,963
$ 20,525,460
$
463,893
$ 44,541,806
14.21%
4.45%
0.10%
9.66%
5%-20%
0%-10%
0%-10%
0%-10%
Cash
Total
$ 52,614,885
$461,252,844
11.41%
100.00%
0%-10%
- Some funds have been classified into more than one category.
Geographic Exposure
ASIA
8.8%
Liquidity
LAMA
3.0%
ILLIQUID
18.3%
EUROPE
17.2%
< 7 DAYS
38.5%
NORTH
AMERICA
71.0%
Attachment M
35 TO
180 DAYS
43.1%
Overall Page 210 of 217
Attachment Page 7 of 13
Attachment M
Cash and Investments
June 25, 2015
During the third quarter of fiscal year 2015, the value of the combined endowment investment
pool increased from $450.8 million to $461.3 million. New cash gifts to the Miami University and the
Miami University Foundation endowments totaled $7,477,469 for the quarter which brings the total gifts
to $14,903,396 fiscal year to date.
The investment committee met in February in Charleston, SC. The committee approved the
divestment from one global long-only public equity manager and the initial investment in a new global
long-only public equity manager. Additionally, the committee approved the commitment to a private real
estate manager. The committee will again meet in Oxford on May 6.
For the December quarter, the Foundation reported a preliminary updated total return of -0.8%.
Investment performance for the quarter was led by a +3.9% return in hedged equity but offset by a
significant decline in public real assets as the price of oil plummeted. Preliminary investment returns
were positive, +2.6%, for the March quarter, excluding the private programs, which report on a
significant time lag.
The tables on the following pages report each underlying manager’s returns for multiple time
periods, including the preliminary third fiscal quarter fiscal year to date.
Respectfully submitted,
Ellen Schubert
Treasurer
Attachment M
Overall Page 211 of 217
Attachment Page 8 of 13
Attachment M
June 25, 2015
Cash and Investments
Miami University Foundation
Summary of Investment Performance
Report for Periods Ending March 31, 2015
Annualized
Since
Qtr
Date
Market Value
4.3%
2.5
5.5
7.9%
7.4
6.5
7.2%
7.5
7.1
4.1%
3.9
6.9
6.2%
6.1
7.5
9.5%
7.8
4/93
$461,252,845
1.1
4.8
7.7
6.7
4.5
6.1
6.5
12/96
377,487,747
3.1
2.3
0.9
3.5
0.4
7.1
7.7
5.4
12.7
9.4
10.7
16.1
8.0
9.0
14.5
4.9
4.5
8.9
6.8
6.4
8.0
6.5
6.9
9.4
3/95
226,577,363
3.1
2.3
0.9
2.7
2.3
4.3
2.3
2.1
2.3
3.9
1.8
5.0
2.3
1.8
2.2
2.4
2.3
5.5
2.3
1.9
0.4
7.1
-4.6
0.4
5.0
0.4
0.7
0.4
6.4
7.1
9.0
0.4
-2.2
-5.8
3.4
0.4
4.8
0.4
6.3
5.4
12.7
0.3
5.4
9.7
5.4
4.1
5.4
9.8
12.4
11.6
5.4
5.4
0.4
7.2
5.4
9.2
5.4
8.4
10.7
16.1
7.6
10.7
13.4
16.4
2.4
0.3
10.4
10.7
-
7.5
9.0
14.5
8.2
9.0
14.0
14.7
-
4.5
4.5
8.9
9.9
9.4
-
6.0
6.4
8.0
-
6.2
6.1
7.8
5.2
5.4
12.9
12.7
6.2
6.9
7.3
6.6
6.5
5.2
3.5
0.8
12.9
12.0
10.3
6.9
12/96
132,151,445
7/08
1
12/12
26,200,553
10/13
20,021,250
10/07
19,028,629
12/13
4,711,598
8/11
10,401,989
10/11
29,960,689
10/13
21,826,736
Total Composite
MUF Custom Index1
CPI + 5.5%
2.1%
1.4
1.1
Total Composite ex. Private Capital
2.6
Total Equity
MSCI AC World Index
S&P 500 Index
Public Equity
MSCI AC World Index
S&P 500 Index
Aberdeen
MSCI AC World Index
Barings
MSCI AC World Index
Harris Oakmark Global Fund
MSCI AC World Index
Lateef Investment Management
Russell 3000 Index
Lone Cascade
MSCI AC World Index
Virtus Emerging Opportunities
MSCI Emerging Markets Index
Virtus Global Opportunities
MSCI AC World Index
William Blair Global Leaders Fund
MSCI AC World Index
© 2015 Fund Evaluation Group, LLC
Attachment M
FYTD
0.3%
-1.9
3.1
1Yr
3Yr
5Yr
2
Overall Page 212 of 217
7Yr
10Yr
Inception
Confidential - For Client Use Only
Attachment Page 9 of 13
Attachment M
June 25, 2015
Cash and Investments
Miami University Foundation
Summary of Investment Performance
Report for Periods Ending March 31, 2015
Annualized
Since
Qtr
FYTD
1Yr
3Yr
5Yr
4.4%
2.3
2.3
3.7
2.6
0.9
0.3
1.8
0.9
10.9
0.9
4.3
2.3
2.3
4.0
2.3
2.3
7.9%
0.4
0.9
4.0
4.0
7.1
9.8
0.4
0.9
19.8
0.4
0.9
10.0%
5.4
3.0
7.0
5.6
12.7
7.3
5.4
3.0
22.6
5.4
3.0
8.2%
10.7
6.2
8.6
5.6
16.1
-
5.7%
9.0
4.7
6.0
3.6
14.5
-
3.8%
4.5
3.3
4.4
1.6
8.9
-
Private Equity
Thomson One All Private Equity Index
MSCI AC World Index
0.0
0.0
2.3
2.2
0.4
0.4
8.9
4.8
5.4
14.3
11.1
10.7
13.5
12.5
9.0
7.9
6.0
4.5
Buyout Composite
Commonfund International Private Equity III
Commonfund Private Equity II
Commonfund Private Equity III
Commonfund Private Equity IV
Commonfund Private Equity V
Goldman Sachs Private Equity Offshore 2004
Goldman Sachs Private Equity Partners IX
Hamilton Lane Co-Investment Fund II
Hamilton Lane Secondary Fund II
Pomona Capital VI
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
2.3
-4.4
-3.5
-1.4
9.6
9.8
4.1
-2.0
7.2
2.5
-6.8
9.1
-2.8
-4.1
-15.9
7.9
15.3
5.9
4.9
18.7
7.1
-3.9
14.8
2.1
-11.0
-5.7
17.8
10.8
12.1
20.2
23.2
9.1
3.4
13.8
2.8
-5.4
-3.1
17.7
12.8
13.1
11.2
19.8
13.5
6.7
8.0
0.5
-3.7
-3.7
11.8
8.1
6.9
-0.4
-1.3
2.5
Hedged Equity
MSCI AC World Index
HFRI Equity Hedge Index
Evanston Weatherlow Fund
HFRI FOF: Diversified Index
S&P 500 Index
JHL Capital
DJ/CS HFI Long/Short Equity
S&P 500 Index
Marble Arch Offshore Fund
S&P 500 Index
Sandler Capital
MSCI AC World Index
HFRI Equity Hedge Index
Starboard Value
MSCI AC World Index
HFRI Equity Hedge Index
© 2015 Fund Evaluation Group, LLC
Attachment M
3
Overall Page 213 of 217
7Yr
10Yr
Inception
Date
Market Value
5.2%
6.5
5.4
6.8
3.4
7.9
5.9
2.2
0.7
19.1
3.4
3.8
11.5
6.6
14.1
11.5
6.6
12/01
$64,325,991
3/04
23,788,641
11/14
10,271,817
10/14
11,396,232
4/12
11,328,348
4/12
7,540,953
11.7
11.4
6.4
10.2
14.5
6.9
3/95
30,099,927
12.1
10.3
-0.9
2.8
16.8
10.9
-
7.1
2.4
5.8
2.5
10.2
-3.3
-3.9
-2.1
2.5
9.7
-5.8
3/95
6/00
3/95
10/98
6/00
3/02
11/05
8/07
2/08
10/08
9/05
29,417,577
90,411
2,089
10,736
118,435
654,199
2,313,724
8,356,847
11,880,132
4,080,544
1,910,460
5.7%
6.4
4.9
6.8
3.3
8.0
-
-
Confidential - For Client Use Only
Attachment Page 10 of 13
Attachment M
June 25, 2015
Cash and Investments
Miami University Foundation
Summary of Investment Performance
Report for Periods Ending March 31, 2015
Annualized
Since
Qtr
Venture Capital Composite
Commonfund Venture Capital IV
Commonfund Venture Capital V
0.0%
0.0
0.0
FYTD
1.5%
2.7
0.0
1Yr
1.6%
1.8
1.1
3Yr
5Yr
7Yr
10Yr
0.4%
4.0
1.3
4.9%
6.7
4.4
1.7%
4.3
0.1
6.2%
7.8
3.3
Inception
Date
Market Value
11.6%
3.5
-5.7
4/96
3/99
1/00
$682,350
305,074
377,276
Total Debt
Barclays Multiverse Index
1.8
-1.9
1.2
-6.1
4.1
-3.8
8.8
0.0
8.1
2.5
7.2
2.5
6.7
3.8
6.8
-
12/96
117,228,895
Public Debt
Barclays Multiverse Index
Beach Point Loan Fund
CS Leveraged Loan Index
Commonfund High Quality Bond Fund
Barclays U.S. Aggregate Bond Index
Templeton Global Total Return
Barclays Multiverse Index
1.1
-1.9
2.1
2.1
1.6
1.6
0.3
-1.9
0.0
-6.1
2.5
1.4
3.5
3.6
-2.1
-6.1
2.0
-3.8
3.4
2.8
5.9
5.7
0.5
-3.8
4.3
0.0
4.2
3.1
5.0
0.0
5.5
2.5
5.3
4.4
-
6.0
2.5
5.9
4.7
-
5.8
3.8
5.7
4.9
-
6.2
4.6
4.2
6.2
5.5
5.2
0.9
12/96
29,498,515
1/13
10,821,122
10/00
2,548,038
10/10
16,129,355
2.3
1.7
2.6
2.5
2.0
1.4
2.5
2.0
3.5
2.5
2.0
1.0
2.5
0.6
1.5
0.9
-2.0
-0.5
-1.2
0.4
-0.5
-1.2
6.6
-0.5
-1.2
-4.4
-0.5
-6.0
4.7
3.4
0.0
2.1
1.1
3.1
2.1
1.1
11.1
2.1
1.1
-1.6
2.1
-3.6
10.4
6.3
10.2
7.5
6.4
12.7
7.5
6.4
-
9.3
6.1
8.7
8.4
5.5
11.1
8.4
5.5
-
9.6
5.9
8.9
9.4
4.8
11.1
9.4
4.8
-
-
8.7
6.0
7.2
6.7
7.9
8.4
8.3
4.9
9.6
8.3
4.9
7.0
5.1
4.7
6/06
78,371,451
8/12
11,969,224
6/06
26,336,509
6/06
29,109,723
2/13
10,955,995
Hedged Debt
HFRI Relative Value Index
Beach Point Total Return
ML High Yield Bond Index
HFRI Event Driven Index
Canyon
ML High Yield Bond Index
HFRI Event Driven Index
GoldenTree
ML High Yield Bond Index
HFRI Event Driven Index
Strategic Value Partners
ML High Yield Bond Index
HFRI ED: Distressed/Restructuring Index
© 2015 Fund Evaluation Group, LLC
Attachment M
4
Overall Page 214 of 217
Confidential - For Client Use Only
Attachment Page 11 of 13
Attachment M
June 25, 2015
Cash and Investments
Miami University Foundation
Summary of Investment Performance
Report for Periods Ending March 31, 2015
Annualized
Since
Qtr
FYTD
5Yr
14.5%
11.1
9.5
10.7
17.0
10.0%
10.6
5.4
7.4
11.9
0.0%
0.0
0.0
0.0
0.0
Total Real Assets
-0.4
-11.8
-5.5
4.7
Public Real Assets
CPI + 5%
Eagle Global MLP
Alerian MLP Index
RS Global Natural Resources
S&P North America Nat'l Resources Index
-1.3
0.9
-0.6
-5.2
-3.1
-1.5
-18.1
2.7
-10.9
-14.6
-32.2
-23.7
-7.5
5.0
3.5
-2.5
-27.3
-13.5
Private Real Assets
Thomson One Private Real Estate Index
S&P GSSI Natural Resources Index
NCREIF Timberland Index
0.0
0.0
-1.5
1.8
-8.4
7.1
-23.7
9.5
0.0
0.0
0.0
0.0
-
0.4
0.1
-0.7
2.6
-
© 2015 Fund Evaluation Group, LLC
Attachment M
6.2%
3.8
3.0
3.5
8.0
3Yr
Private Debt
Thomson One Distressed Index
Commonfund Distressed Debt II
Commonfund Distressed Debt III
Goldman Sachs Distressed Opportunities
Private Real Estate Composite
Metropolitan Real Estate Partners IV
Penn Square Global Real Estate
Penn Square Global Real Estate II
WCP Real Estate IV
2.8%
1.0
-3.2
0.0
5.2
1Yr
7Yr
10Yr
Inception
Date
Market Value
8.3%
11.9
6.4
0.9
5.8
6/03
$9,358,929
6/03
5/06
6/08
697,346
2,944,549
5,717,034
6.0
9/95
64,831,702
5.3%
8.4
2.5
3.2
-
7.8%
9.9
5.6
-
5.3
-1.3
3.3
11.0
6.0
16.4
9.2
-
-
-
-
13.7
6.2
18.5
10.4
-13.8
0.9
10/11
20,525,460
10/11
14,975,870
6/13
5,549,590
-4.4
11.5
-13.5
10.6
3.1
12.2
0.5
9.8
4.0
12.9
3.9
6.2
-2.1
-1.3
0.1
4.3
2.6
6.9
6.2
8.3
5.6
10.3
7.9
9/95
44,306,242
3.4
-0.2
2.2
8.7
-
7.5
8.3
4.5
12.3
-
7.5
2.1
7.2
-59.5
-
-8.3
-4.9
-4.0
-
-
-15.2
-14.4
-5.1
-78.2
-
5/06
5/06
1/08
2/10
3/15
15,325,850
2,727,061
5,810,228
3,314,130
3,474,431
5
Overall Page 215 of 217
Confidential - For Client Use Only
Attachment Page 12 of 13
Attachment M
June 25, 2015
Cash and Investments
Miami University Foundation
Summary of Investment Performance
Report for Periods Ending March 31, 2015
Annualized
Since
Qtr
Private Natural Resources Composite
Commonfund Energy III
Commonfund Natural Resources V
Commonfund Natural Resources VI
Commonfund Natural Resources VII
Commonfund Natural Resources VIII
Goldman Sachs Concentrated Energy
Timbervest II
Timbervest III
0.0%
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Cash
U.S. 91-Day Treasury Bills
Star Ohio MUF
U.S. 91-Day Treasury Bills
Star Ohio University
U.S. 91-Day Treasury Bills
BlackRock Cash
U.S. 91-Day Treasury Bills
Chase University
U.S. 91-Day Treasury Bills
Chase MUF
U.S. 91-Day Treasury Bills
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.1
0.0
0.1
0.0
FYTD
1Yr
-12.1%
-19.2
-27.1
-16.6
-19.5
-14.1
-23.1
0.1
2.7
-7.6%
-9.1
-17.6
-0.3
-12.1
-8.0
-21.3
0.7
4.4
0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.2
0.0
0.3
0.0
0.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.3
0.0
0.4
0.0
3Yr
5Yr
7Yr
10Yr
1.1%
7.9
0.7
4.5
5.1
0.7
-8.6
3.0
7.9
2.2%
11.0
6.7
9.1
7.1
1.3
-4.2
0.4
-
1.1%
6.9
4.3
5.5
1.0
-0.1
-
0.1
0.1
0.0
0.1
0.0
0.1
0.0
0.1
0.2
0.1
0.2
0.1
-
-
Inception
Date
Market Value
7.3%
17.8
9.0
-
8.1%
15.0
-9.0
6.8
-10.1
0.0
-3.7
0.4
5.2
9/95
9/95
9/03
9/05
1/07
11/08
4/08
5/07
12/10
$28,980,392
100,142
1,587,793
1,279,717
2,547,738
7,007,808
4,441,416
8,483,997
3,531,781
-
0.1
0.1
0.0
0.1
0.1
0.1
0.0
0.1
0.1
0.1
0.2
0.1
6/11
52,614,885
6/11
17,825,575
6/11
1,065,278
6/11
32,813
6/11
1,401,448
6/11
32,289,771
Footnotes:
* Performance returns are net of investment management fees.
* Calculated returns may differ from the manager's due to differences in security pricing and/or cash flows.
* Manager and index data represent the most current available at the time of report publication.
* Hedge fund and private capital manager market values and rates of return may be based on estimates and may be revised until completion of an annual audit by the manager.
* For managers and indices that report returns on a lag, 0.0% is utilized for the most recent time period until the actual return data are reported.
* The fiscal year ends in June.
1 MUF Custom Index is comprised of: 60.0% MSCI AC World Index, 10.0% Barclays U.S. Aggregate Bond Index, 10.0% NCREIF Property Index, 10.0% Barclays Multiverse TR, 5.0%
Bloomberg Commodities Index, and 5.0% S&P North America Nat Resources Index.
© 2015 Fund Evaluation Group, LLC
Attachment M
6
Overall Page 216 of 217
Confidential - For Client Use Only
Attachment Page 13 of 13
Attachment N
Lean Project Update
as of 06/1/2015
MU-Lean Project Status Totals
Division
June 25, 2015
Lean Update
Reporting Update
Item 5
Completed Projects
Active
Completed
Future
Total
Finance and Business Services
Procurement Realized*
Intercollegiate Athletics
Advancement
Enrollment
Information Technology Services
Provost (including regionals)
200
502
49
753
0
1
12
8
3
1
8
21
11
3
0
0
0
0
0
Lean Project Total - MU
224
546
49
Cost Avoidance
Cost Reduction
Revenue Generated
Total
1
9
33
19
4
$8,710,716
$7,138,764
$2,540
$37,000
$79,128
$407,163
$2,223
$4,556,328
$2,493,756
$150,000
$213,790
$0
$0
$0
$4,889,812
$670,930
$1,015
$100,000
$37,705
$4,180
$0
$18,156,856
$10,303,450
$153,555
$350,790
$116,833
$411,343
$2,223
819
$16,377,534
$7,413,874
$5,703,642
$29,495,050
*Procurement Realized through March 31, 2015. Procurement increment reported quarterly- January 2015 through March 2015.
MU-Lean Project Changes since 4-1-15 report
Division
Finance and Business Services
Procurement Realized*
Intercollegiate Athletics
Advancement
Enrollment**
Information Technology Services
Provost (including regionals)
Lean Project Total - MU
Newly Completed Projects since 4-1-15 report
Newly
Active
Newly
Completed
Newly
Future
New Total
35
64
-3
96
0
-2
0
1
-1
33
0
2
-1
1
2
68
0
0
0
0
0
-3
0
0
-1
2
1
98
New
Cost Avoidance
New
Cost Reduction
$310,103
$84,169
$0
$0
-$245,050
$0
$2,223
$151,445
$156,355
$161,992
$0
$0
$0
$0
$0
$318,347
New
Revenue Generated
$8,715
$69,004
$0
$0
$0
$0
$0
$77,719
New
Total
$475,173
$315,165
$0
$0
-$245,050
$0
$2,223
$547,511
**A previously completed project is being reopened to update additional information. Project will reclose in June.
Attachment N
Overall Page 217 of 217
Attachment Page 1 of 1
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