Finance and Audit Committee Meeting Minutes

Finance and Audit Committee Meeting Minutes
September 24, 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
September 24, 2015
104 Roudebush Hall
The Finance and Audit Committee of the Miami University Board of Trustees met
on September 24, 2015 in Roudebush Hall, Room 104, on the Oxford campus. The
meeting was called to order by Committee Chair Mark Ridenour at 8:00 a.m., with a
majority of the members present, constituting a quorum. Attending were Chair Ridenour,
and Committee members John Altman, Jagdish Bhati, David Budig, Robert Coletti, C.
Michael Gooden, Sharon Mitchell and Stephen Wilson, along with Trustee Robert
Shroder, National Trustee Terry Hershey, and Student Trustees Ciara Lawson and Mary
Adeline Lewis.
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; Dr. Amit
Shukla, Chair, Fiscal Priorities and Budget Planning Committee; John Seibert, Director,
Planning, Architecture and Engineering; Barbara Jena, Director of Internal Audit and
Consulting; Lindsay Carpenter, Manager, Academic Affairs Budgets; Claire Wagner,
Director of University News and Communications; and Ted Pickerill, Secretary to the
Board of Trustees.
Executive Session
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,
discuss matters required to be kept confidential by law, trade secrets, and real property.
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.
Tuition Promise
Dr. Creamer outlined the promise, he explained that for each year’s entering
cohort tuition and the general fee would be constant for four years, as too would be the
categories of room and board and other student fees. The system would apply to the
Oxford campus, and has received support from the Associated Student Government, with
the student senate recently voting 47-0 in support of level tuition. While the tuition paid
in the first years would be more than today’s system, it provides consistency in planning
and prevents the relative loss of value for four-year scholarships.
The Tuition Promise shifts the risk of changing costs and Legislative
requirements from the student and their family to the university. The plan has been
presented across campus, and input is continuing to be received and evaluated. The goal
is to implement by Fall of 2016 or 2017, with a recommendation to the Committee to be
presented at the December meeting.
Vice President Kabbaz commented that his office has received feedback and
strong support from the high school guidance counselor community.
Dr. Creamer’s report and presentation are included as Attachment A.
Governor’s Task Force
Dr. Creamer outlined the task force process and focus. Many of the items have
been in place at Miami as a result of the strategic Priorities Task Force. The focus
includes the procurement process, outsourcing, collaborations, and partnerships.
Administrative cost reforms include productivity measures, the evaluation of
effectiveness, and cost reductions. Opportunities in health care savings, information
technology, textbook affordability and facility utilization are also included.
It is anticipated the Board will be required to affirm each item once the report is
received on October 1st.
Dr. Creamer’s presentation is included as Attachment B.
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Report on Facilities, Construction and Real Estate
Capital Projects
Associate Vice President Cody Powell, updated the Committee on the status of
current capital projects, and the housing plan.
Mr. Powell provided an overview of campus work to date, and future work
planned. Much has been done to date, but the buildings continue to age. For example
many College of Creative Arts facilities are in need of renovation, as is Harrison Hall,
one wing of Upham Hall, portions of Laws Hall, and Williams Hall, are all in need for
future renovation, and Withrow Hall is planned for deconstruction. Funding for such
modernizations and maintenance is challenging.
Mr. Powell was asked about vibrations from U.S. Route 27 affecting laboratories,
he stated that yes, they do evaluate for vibrations and structural matters. He was also
asked about the ownership of buildings, which is typically shared; it was then requested
that this subject be addressed more fully as a topic at a future meeting.
Also discussed was the Bonham Road project, which will be undertaken by the
County Engineer. The project will include a new bridge with walkway, which will
improve safety.
Following a motion and second, the Committee voted to recommend approval of
the FY 2017-2018 capital improvement plan and funding request resolution.
Following a motion and second, the Committee voted to recommend approval of
the Bonham Road construction resolution.
Housing
Mr. Powell reviewed the residence hall renovation plan. The plan assumes an
incoming undergraduate class of 3,650 which makes the overall number of required beds
8,000. With North Quad returning to service, bed availability for Fall 2016 looks
sufficient, however, Fall 2017 will likely require contracted beds off-campus.
Contributing to the low number of available beds are fraternity suspensions, which have
increased on-campus housing demand by approximately 120 beds. Hamilton and
Clawson Halls are being considered for the next renovation, with a plan for Clawson to
have an addition, adding approximately 100 new beds.
The required funding was reviewed. The renovation of Hamilton and Clawson is
estimated at $48 million, with an additional $38 million estimated to also construct an
entirely new, 350 bed residence hall. Mr. Powell noted that not all residence halls are
suited for renovation, citing Mary Lyons as one which may be deconstructed, with the
area converted to a green space.
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With the cost of debt still remaining low, the possibility of new debt as a funding
source was discussed.
The Committee also discussed Phase II of the Armstrong Student Center and the
proposed renovations to the Shriver Center.
Trustee Bhati then moved, Trustee Gooden seconded, and by unanimous voice
vote, the Committee voted to recommend approval of the Armstrong Student Center
Phase II resolution.
Trustee Altman then moved, Trustee Gooden seconded, and by unanimous voice
vote, the Committee voted to recommend approval of the Shriver Center renovation
resolution.
Mr. Powell’s report, presentation, and resolutions are included as Attachment C.
Year to Date Operating Results
Senior Vice President Creamer presented the year-to-date operating results,
compared to budget. He discussed the importance of the reserves and quasi-endowments
to sustaining financial abilities going forward. He also discussed the mandatory
accounting change regarding pension liabilities which have reduced the reserves.
Dr. Creamer also reviewed the academic reserves, stating many are dedicated to
existing projects and commitments. The auxiliary reserves are also committed to address
future renovation and maintenance needs, and while this reserve is large, it remains short
of the expected need.
He stated the current levels of debt service will necessitate careful review as
taking on additional debt is considered.
Dr. Creamer then reviewed the long range budget, and the associated
assumptions, which include:
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Minutes
Incoming classes of 3650, 44% non-resident
Tuition freeze for resident students in FY 2017, then 2% inflationary increase in
tuition each year
State Share of Instruction grows 4% from FY16 to FY17, is frozen in FY 2018
followed by 2% increases for two years with every third year frozen
3% salary increment pool each year
Benefit cost grow by added cost of salary increment (3%)
$1 million added per year for program improvements
A onetime investment in new faculty lines is added in FY 2017 ($2.5 million)
A onetime investment for increased compensation for per credit hour faculty is
added in FY 2017 ($510,270)
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Non personnel inflation trend set at 2%
0.5% productivity
He was asked if the Tuition Promise was included in the long range budget analysis, he
replied that it was not. The regional campuses enrollment trends were discussed, which
show declining enrollment, particularly in lower division courses.
Dr. Creamer’s report and presentation are included as Attachment D.
Investments
Bruce Guiot discussed the non-endowment pool, and reviewed the allocation
history, and annual distributions, nearly half of which go towards scholarships
Mr. Guiot’s report and presentation are included as Attachment E.
Quasi Endowments
Mr. Guiot next discussed a proposed quasi-endowment resolution. The resolution
consolidates existing accounts into a quasi-endowment.
Trustee Bhati the moved, Trustee Wilson seconded and by unanimous voice vote,
the Committee voted to recommend approval of the quasi-endowment resolution.
The quasi-endowment resolution is included as Attachment F.
Legislative Update
Dr. Creamer updated the Committee on the 5% mandate. The mandate requires
Ohio public institutions to provide opportunities for students to complete their bachelor’s
degree at a reduced cost, saving at least 5%. Other mandates discussed included the
required review of all low enrollment courses and programs, and to report all changes in
tuition and fees (including course and program fees).
Dr. Creamer’s presentation is included as Attachment G.
Forward Agenda
Items for discussion at future meetings include guaranteed tuition, the long term
budget, with new revenue sources included.
Additional Reports
The following written reports were provided for the Committee’s information and
review:
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University Advancement Update, Attachment H
Enrollment Report, Attachment I
Internal Audit High Risk Issues, Attachment J
Report on Cash and Investments, Attachment K
Lean Project Summary, Attachment L
Summary of 2005 Bond Refunding, Attachment M
Summary of Bonds Payable, Attachment N
Moody’s Rating Report, Attachment O
Summary of Endowment Spending Distribution, Attachment P
Adjournment
With no other business coming before the Committee, the meeting adjourned the
meeting at 11:00 a.m. p.m.
Theodore O. Pickerill II
Secretary to the Board of Trustees
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Attachment A
Tuition Promise
September 24, 2015
MIAMIUNIVERSITYTUITIONPROMISE
A. TUITIONPROMISE
1. TheMiamiUniversityTuitionPromiseisanOxfordcampus,cohort‐based,guaranteed
undergraduatetuitionprogramadoptedinaccordancewithOhioRevisedCode§3345.48.
MiamiUniversity’sTuitionPromiseprovidesallFirst‐TimeStudentsandtheirfamiliesthe
certaintythatTuition,SpecialPurposeandCourseFeesandRoomandBoardchargeswill
notincreaseovertheensuingfouracademicyearperiodfromtheirfirstenrollmentasa
degreeseekingstudent.TheTuitionPromisewillapplytoallFirst‐Time,degree‐seeking
undergraduatestudentsenrollingontheOxfordcampus.Tuitionandfeeswillbeset
annuallyforstudentsonMiami’sregionalcampuses,LuxembourgcampusandfortheVoice
ofAmericaCenter.ParticipationintheprogramisrequiredforallFirst‐Time,degree‐
seekingundergraduatestudentsenrollingontheMiamiUniversityOxfordcampusforthe
firsttimeinfallsemesterof2016orlater.
2. ThefouracademicyearsoftheTuitionPromiseincludeseightconsecutivesemesters,four
(4)winterandfour(4)summerterms.Thefouracademicyeartermisguaranteed
regardlessofthestudent’senrollmentstatus(full‐orpart‐timeornotenrolled)duringthat
time.
3. TuitionissetbytheBoardofTrusteeseachacademicyearandguaranteedforeight
consecutivesemestersforeachenteringCohort.Winterandsummertermsarecharged
separatelybasedontheguaranteedCohortper‐credit‐hourrate.
B. TERMS
1. First‐TimeStudent
AFirst‐TimeStudentisanyundergraduate,degree‐seekingstudentenrolledonMiami
University’sOxfordcampusforthefirsttimeonorafterfall2016.First‐TimeStudents
includestudentswhoenrollatMiamiaftergraduatingfromhighschool,transferstudents
whoenrollfromanothercollegeorpostsecondaryinstitution,andnon‐traditionalstudents
whoenrollontheOxfordcampusforthefirsttime.First‐TimeStudentsdonotincludenon‐
degree‐seekingstudentsorconditionallyadmittedstudentssuchasstudentsenrolledinthe
AmericanCultureandEnglish(ACE)Program,CollegeCreditPlusorAdvancedHighSchool;
exchangestudents;andotherstudentsparticipatinginotherpre‐enrollmentor
postsecondaryoptionprograms.
2. Cohort
a) First‐TimeStudentsareassignedtoaCohort(group)basedonthesemesterinwhich
thestudentfirstenrollsasadegree‐seekingstudent.Eachacademicyearcontainsone
fallsemesterCohortandonespringsemesterCohort.

Attachment A
AnyOxfordcampusdegree‐seeking,undergraduatestudentwhoisregisteredfor
classesforthefirsttimeasofthefifteenthdayofthefallorspringtermwillbe
assignedtothatCohortyearforpurposesofdeterminingTuition,SpecialPurpose
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September 24, 2015


andCourseFeesandRoomandBoardforthefouracademicyearscoveredbythe
guaranteedCohortprice.EachCohortcommenceswiththefirstsemesterof
enrollmentandthepricingremainsconstantforfouracademicyearsendingwith
thetermfouryearslater(e.g.,Fall2016throughSummer2020orSpring2017
throughWinter2021).
Studentsmaycompleteasmanyundergraduatedegrees,majors,minors,and/or
certificatesastheychoosewithintheirCohortperiod.
Studentswhocompletetheirdegreegraduationrequirementsinfewerthanfour(4)
academicyearsarepermittedtoenrollinundergraduateclassesattheirguaranteed
CohortpriceuntiltheCohorthasexpired.
3. Tuition(InstructionalandGeneralFee)
TuitionisthesumoftheInstructionalFeeandGeneralFee.Fornon‐Ohio‐residentstudents,
Tuitionalsoincludesatuitionsurcharge.UndertheTuitionPromise,Tuitionisseteach
academicyearforeightconsecutivesemestersforeachenteringfallandspringCohort.
WinterandsummertermsarechargedseparatelybasedontheguaranteedCohortper‐
credit‐hourrate.
a) InstructionalFee
ThesearetheguaranteedinstructionalcoststhatFirst‐Time,degree‐seekingstudents
willpay.Non‐Ohio‐residentstudentsalsopayatuitionsurcharge.EachincomingCohort
ischargeditsunique,guaranteedresidentornon‐residentrateforeightconsecutive
semesters.Full‐timestudentspaynoadditionalTuitionregardlessofthenumberof
hoursenrolled.Part‐timestudentspayInstructionalFeesonapro‐rated,per‐credit‐
hourbasis.
b) GeneralFee
Thesearecampusfeeschargedtoallstudentsfornon‐instructionalservicesand
programsoncampus,suchasorientation,healtheducationandservices,recreation,
athletics,transportation,accesstotechnology,graduation,theArmstrongStudent
Center,otherstudent‐lifefacilitiesandstudentactivities.
4. RoomandBoardCharges
RoomandBoardchargesaretheguaranteedratesforMiami’shousingandmealplan
options.Studentspayafeebasedonthehousingandmealplanselected.Thescheduleof
feesandoptionsareguaranteedforeachCohortforeightconsecutivesemesters.Miami
Universityrequiresfirst‐andsecond‐yearstudentstoresideinUniversity‐provided
housing.
5. AdditionalTuitionPromiseGuaranteedFees
a) SpecialPurposeFees
SpecialPurposeFeesareadditionalper‐semesterchargesthatvarybycollegewithin
theUniversityandsupportspecializedacademicprogramsandinstructioninthat
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specificschool(i.e.,theCollegeofEngineeringandComputingmajorfeesandthe
Architecture,InteriorDesignandMusicmajorfeesintheCollegeofCreativeArts).
ThesefeesarechargedasapplicableandareguaranteedforeachCohort.
b) CourseFees
CourseFeesareper‐credit‐hourchargesforcertaincoursesorcourse‐relatedcostsand
varybasedonthecourse(e.g.,theper‐credit‐hourFarmerSchoolofBusinesscoursefee,
laboratoryfees).Thesefeesarechargedasapplicableandareguaranteedforeach
Cohort.
6.ChargesandFinesNotIncludedintheTuitionPromise
a) ServiceChargesandFines
Thesearechargesandfinesincurredbystudentssuchasvehicleregistrationand
libraryandparkingfines.Thesechargesandfineswillvaryfromyeartoyearandare
notincludedinMiami’sTuitionPromise.
b) Workshops,studenthealthinsurance,textbooksandsuppliesarenotincludedinthe
TuitionPromise.
C. DISSEMINATION
ThetermsoftheTuitionPromise,alongwithMiamiUniversityBoardofTrustees’approved
guaranteedCohortprices,willbewidelydisseminatedincludingpublicationontheMiami
UniversityAdmission,OneStopforStudentSuccessServicesandotherstudentservicewebsites
andintheMiamiUniversityPolicyLibrary.
D.ADDITIONALPROVISIONS
1. Summer/WinterTermStart
Studentswhosefirstenrollmentisasummerorwintertermwillpaythecontinuing
student/non‐degree‐seekingstudenttuitionratefortheinitialterm,butwillbeassignedto
theenteringsemesterCohortthatimmediatelyfollows.Summerstartstudentsaretypically
studentswhohaveappliedforadmissionwithstudentsenrollingforthefirsttimeforthe
fallsemesterimmediatelyfollowingthesummerterm.Bybeingassignedtothefollowing
semesterCohort,thesestudentswillreceivethebenefitofguaranteedtuitionforfourfull
yearsaftercompletingtheinitialterm.
2. StudentsEnrolledonBothOxfordandRegionalCampuses
Inadditiontostudentswhotakealloftheircredithoursduringanacademicyear(fall,
winter,springorsummer)oneithertheregionalcampusesortheOxfordcampus,some
studentstakeclassesattheregionalcampusesandtheOxfordcampusduringthesame
semesteroracademicyear.Historically,thesestudentshavebeenassessedthetuition
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applicabletothe“campusofthestudent”forallcredithourstaken.MiamiUniversitywill
continuetousethe“campusofthestudent”todeterminethetuitionapplicableforallhours
enrolledbythestudentduringanacademicyear.
3. RelocatingStudents
WhenastudentrelocatesfromoneoftheregionalcampusestotheOxfordcampus,iffour
(4)academicyearshavenotelapsedsincethestudent’sfirst‐timeenrollmentononeofthe
regionalcampuses,thenthestudentwillbeassignedtotheCohortbasedonhisorherinitial
semesterofenrollmentontheregionalcampusforthebalanceoftheCohortperiod.Iffour
(4)ormoreacademicyearshaveelapsed,thentherelocatingstudentisassignedtothe
oldestunexpiredCohortontheOxfordcampus.ForOxfordcampusstudentsrelocatingtothe
regionalcampuses,thesestudentswillpaythecurrenttuitionandfeesineffectonthe
regionalcampuses.ThesestudentsmayrelocatebacktotheOxfordcampuswithinthefour
yearperiodandpaytuitionandotherfeesassociatedwiththeiroriginalCohort.
4. Non‐DegreeStudents
Studentsadmittedorenrolledasnon‐degree‐seekingstudents(studentswhoarenot
pursuinganundergraduatedegreeorhavenotbeenadmittedasadegree‐seekingstudent
atMiamiUniversity)arenotcoveredbytheTuitionPromiseandwillnotbeassignedtoa
Cohortunlessthestudentissubsequentlyadmittedandenrollsasadegree‐seekingstudent.
Tuitionforthesestudentswillcontinuetohavetheirtuitionandfeessetannuallybythe
BoardofTrustees.Thisincludesnon‐degree‐seekingstudentsorconditionallyadmitted
studentssuchasstudentsenrolledintheAmericanCultureandEnglish(ACE)Program,
CollegeCreditPlusorAdvancedHighSchool;exchangestudents;andotherstudents
participatinginotherpre‐enrollmentorpostsecondaryoptionprograms.Onceastudentis
admittedasaFirst‐Time,degree‐seekingstudent,thestudentwillbeassignedtotheCohort
basedonthesemesterinwhichthestudentfirstenrolledasadegree‐seekingstudent.
5. Re‐EnrollingStudents
Re‐enrollingstudentswhowereadmittedinadegree‐seekingprogrampriortoFall2016
arenotcoveredbytheTuitionPromiseandwillpaytuitionandfeesassociatedwiththe
traditionaltuitionmodel.
WhenastudentoriginallyassignedtoaCohortseekstore‐enrollafteranyperiodofnon‐
attendanceandnotmorethanfour(4)academicyearshaveelapsedsincethestudent’s
initialdegree‐seekingenrollment,thenthestudentwillbeassignedtothestudent’soriginal
CohortforthebalanceoftheCohortperiod.Iffour(4)ormoreacademicyearshaveelapsed,
thenthere‐enrollingstudentisassignedtotheoldestunexpiredCohortontheOxford
Campus.
E. EXCEPTIONSTOSTANDARDLENGTHOFCOHORT
TheMiamiUniversityTuitionPromiseisforfour(4)academicyearscommencingwitheitherthe
fallorspringsemester.Somestudentsmayrequireadditionalacademicperiodsbeyondthefour
(4)academicyearstocompletetheirbaccalaureatedegreeandwillcontinuetoattendtheOxford
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campusbeyondtheirCohortperiod.Whencertainexceptionsaremet(asdescribedinSectionLof
thisdocument)studentsmayextendtheirguaranteedCohortpricebeyondtheirguaranteed
Cohortperiod.Astudentmustapplyforanexceptionnolaterthanonesemesterpriortothe
expirationoftheirCohort.Studentswithapprovedexceptionswillbegrantedadditionalcoursesat
theirguaranteedCohortprice.Thespecificcoursesorlengthoftheexceptionwillbedeterminedas
partofanyapproval.
F. ACADEMICCOSTSINCLUDEDINTHEMIAMIUNIVERSITYTUITIONPROMISE
1. Tuition(InstructionalandGeneralFee)
TuitionisthesumoftheInstructionalFeeandGeneralFee.Fornon‐Ohioresidentstudents,
Tuitionalsoincludesatuitionsurcharge.UnderMiami’sTuitionPromise,Tuitionisseteach
academicyearandguaranteedforeightconsecutivesemestersforeachenteringCohort.
WinterandsummertermsarechargedseparatelybasedontheguaranteedCohortper‐
credit‐hourrate.
a) InstructionalFee
Thesearetheguaranteed,instructionalcoststhatallFirst‐Time,degree‐seeking
studentswillpay.Non‐Ohioresidentstudentswillalsopayatuitionsurcharge.Each
incomingCohortischargeditsunique,guaranteedresidentornon‐residentratefor
eightconsecutivesemesters.Full‐timestudentspaynoadditionalTuitionregardlessof
thenumberofhoursenrolled.Part‐timestudentspayinstructionalfeesontheCohort
pro‐rated,per‐credit‐hourbasis.TheTuitionPromisedoesnotincludeworkshops.
b) GeneralFee
Thesearecampusfeeschargedtoallstudentsfornon‐instructionalservicesand
programsoncampus,suchasrecreation,athletics,transportation,technology,the
ArmstrongStudentCenter,otherstudent‐lifefacilitiesandstudentactivities.
c) SpecialPurposeFees
SpecialPurposeFeesareadditionalper‐semesterfeesthatvarybycollegewithinthe
Universityandsupportspecializedacademicprogramsandinstructioninthatspecific
school(i.e.,theCollegeofEngineeringandComputingmajorfeesandtheArchitecture,
InteriorDesignandMusicmajorfeesintheCollegeofCreativeArts).Thesefeesare
chargedasapplicableandareguaranteedforeachCohort.
d) CourseFees
CourseFeesareper‐credit‐hourfeesforcertaincoursesorcourse‐relatedcostsand
varybasedonthecourse(e.g.,theper‐credit‐hourFarmerSchoolofBusinesscoursefee,
laboratoryfees).Thesefeesarechargedasapplicableandareguaranteedforeach
Cohort.
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G. OTHERSTUDENTCOSTSINCLUDEDINTHEMIAMIUNIVERSITYTUITIONPROMISE
ThegoaloftheTuitionPromiseistoprovideacomprehensivesetofcostsforcompletingan
undergraduatedegreeatMiamiUniversity.ThefollowingcostsarealsoincludedintheMiami
UniversityTuitionPromise:
1. HousingRates(Room)
TheTuitionPromiseincludesaguaranteedpricescheduleforhousingthatrepresentsthe
varioushousingoptionsavailabletoundergraduatestudents.Theratechargedtothe
studentisbaseduponthestudent’sselectedorassignedresidencetype,(e.g.,singleroom,
doubleroom,tripleoccupancy,newconstructionandrenovatedhall).Ifastudentchanges
fromoneroomorhalltypetoanotherduringtheCohortperiod,thehousingratechargedto
thestudentwillbeadjustedbasedontheguaranteedpriceschedulethatisineffect
throughoutthestudent’sCohortperiod.Studentrequeststoresideinon‐campushousing
beyondthesecondyeararesubjecttoroomavailability.Ifspaceisavailableforastudent
whohasalreadymettheresidencyrequirement,theestablishedCohortrateschedulefor
studentroomscontinuesthroughouttheperiodcoveredbytheguaranteedCohortprice.
2. MealPlanRates(Board)
TheTuitionPromiseincludesanumberofmealplanoptionsfromwhichthestudentmay
choosedependingonwhetherthestudentisresidingon‐oroff‐campus.Amealplanis
requiredforstudentsresidinginuniversityhousing.ACohortmenuofmealplansandratesis
includedaspartoftheCohortpricingandtheactualmealplancostwillbebasedonthe
mealplanselectedbythestudent.Whilethemealplanpricewillremainguaranteedduring
theCohortperiod,individualmealitemsandmerchandiseinretaillocationsaresubjectto
pricechanges.
H. OTHERSTUDENTCOSTSNOTINCLUDEDINTHEMIAMIUNIVERSITYTUITIONPROMISE
Allotherfees,fines,andcostsrelatedtoattendingMiamiUniversitynotspecificallyidentifiedas
partoftheTuitionPromiseareexcludedfromtheguaranteedCohortpriceandaresubjectto
pricechanges.Theseexclusionsincludecreditworkshops,studenthealthinsuranceand
textbooks.Whilesuchcostsareexcluded,MiamiUniversitywillseektolimitincreasestothe
extentfeasible.
I. COHORTPRICINGBEYONDTHEINITIALYEAR
1. OncetheinitialCohortTuitionisestablished,subsequentCohortincreasesinTuitionwillbe
basedon:
a) Theaveragerateofinflation,asmeasuredbytheconsumerpriceindexpreparedbythe
BureauofLaborStatisticsoftheUnitedStatesDepartmentofLabor(allurban
consumers,allitems),fortheprevioussixty‐monthperiod;and
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Tuition Promise
Finance and Audit Committee
September 24, 2015
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Attachment A
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Tuition Promise
Miami Tuition Promise
• Is a guaranteed tuition program for first-time, degree-seeking undergraduate
students on the Oxford campus.
• Would include tuition (instructional and general fee) as well as room and board
• Would establish a single all-in amount guaranteed for 4 years for each academic
year’s entering cohort
Included: Special Purpose Fees (i.e., CEC major fees; Architecture, Interior Design and Music major fees in CCA); Course Fees (e.g., percredit-hour FSB course fee, laboratory fees).
Not Included: Service Charges and fines, such as vehicle registration and library and parking fines. Workshops, student health insurance,
textbooks and supplies
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Tuition Promise
Tuition Promise – Why?
Supported by students, parents, high school counselors
June, 2013:
years
Ohio General Assembly legislation enables universities to set tuition for four
April 2014:
(SR020411)
ASG passes resolution urging adoption of guaranteed tuition program
Feb, Apr 2014:
Discuss options with Finance and Audit Committee of the Board of Trustees
2014-15:
SR021529)
ASG passes two additional resolutions reaffirming support (SR021501 and
Aug, 2015:
Fiscal Priorities Committee indicates unanimous support for Tuition Promise for
Oxford Campus
Fall, 2015:
with
Creation of Miami University Tuition Promise for the Oxford Campus discussed
Senate, Faculty Assembly and Finance and Audit Committee of Board
3
of Trustees
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Tuition Promise
Tuition Promise – Why?
 Provides transparency and certainty for students and their families
 Students and their families can predict and better plan for their college costs
 Alleviates the guesswork associated with unpredictable increases in costs
 Scholarship amounts remain constant over 4 years of Tuition Promise
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Attachment A
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Tuition Promise
Miami Tuition Promise - Scholarships
Four Years of Miami Tuition with
a Miami Tuition Promise Program
Four Years of Miami Tuition without a
Miami Tuition Promise Program
$14,500
NO INCREASE in cost to student
$14,000
$14,000
$13,500
$12,000
$12,000
$13,000
$10,000
$10,000
$8,000
$8,000
$6,000
$6,000
$4,000
$4,000
$2,000
$2,000
$0
$0
2016-17
2017-18
2018-19
Scholarship Student Cost
Attachment A
2016-17
2019-20
2017-18
Scholarship
Overall Page 17 of 253
2018-19
Student Cost
2019-20
5
Attachment Page 11 of 16
Attachment A
September 24, 2015
Tuition Promise
Tuition Promise
TUITION with TUITION PROMISE
Academic
Year
Tuition and
General
Fees Base
(2015)
Tuition
Increase
Years
Affected by
Increase
2016-17
$13,533
0
4
0
13,926
2017-18
2
3
6
2018-19
2
2
2019-20
2
1
Total Increase
12
Effect across 4 years
3
Net Increase
Attachment A
TUITION without TUITION PROMISE
Tuition and
Total %
Tuition with General Fees
increase Tuition Promise
Base
(2015)
Tuition
Increase
Tuition without Tuition
Promise
Assumes 2% Annual
Increase after 2016
0
$13,533
13,926
2
$13,804
4
13,926
2
$14,080
2
13,926
2
$14,361
$13,533
$55,704
2.9
$55,778
6.1
Overall Page 18 of 253
Attachment Page 12 of 16
Attachment A
Tuition Promise
September 24, 2015
Miami Tuition Promise – When?
Possible for Fall of 2016 or Fall of 2017
Requires Approval by:
Miami University Board of Trustees
Ohio Department of Higher Education
7
Attachment A
Overall Page 19 of 253
Attachment Page 13 of 16
Attachment A
September 24, 2015
Tuition Promise
Other Tuition Guaranteed Universities
Ohio University
Ohio Guarantee
https://www.ohio.edu/guarantee/
The
U of Dayton
https://www.udayton.edu/apply/undergraduate/cost/index.php
William & Mary
https://www.wm.edu/sites/wmpromise/tuition/index.php
U Kansas
http://affordability.ku.edu/costs/compact
Tuition Compact
U of Illinois
Tuition Program
http://www.registrar.illinois.edu/tuition-fee-rates
UG Guaranteed
8
Attachment A
Overall Page 20 of 253
Attachment Page 14 of 16
Attachment A
Tuition Promise
September 24, 2015
Miami Tuition Promise – Next Steps
Develop details of the Miami Tuition Promise
• Consult with Miami University Board of Trustees
• Further consultation with Fiscal Priorities
9
Attachment A
Overall Page 21 of 253
Attachment Page 15 of 16
Attachment A
Tuition Promise
September 24, 2015
Questions?
Attachment A
Overall Page 22 of 253
Attachment Page 16 of 16
Attachment B
September 24, 2015
Higher Education Task Force
September 24, 2015
Attachment B
Overall Page 23 of 253
Attachment Page 1 of 12
Attachment B



Higher Education Task Force
September 24, 2015
Greater efficiency in expense management
and resource generation
Maintain or improve the quality of higher
education in Ohio
Reduce student costs
Attachment B
Overall Page 24 of 253
Attachment Page 2 of 12
Attachment B


Higher Education Task Force
September 24, 2015
Ensure savings benefit students (cost and/or
quality)
Focus institutional priorities on affordability
and efficiency
◦ Every institution has a five year target for cost
reduction and revenue generation (Miami began in
2011)
◦ Annual progress reports (Miami began in 2011)
◦ Board of Trustees responsible for implementation
of these plans (Miami began in 2011)
Attachment B
Overall Page 25 of 253
Attachment Page 3 of 12
Attachment B
Higher Education Task Force
September 24, 2015
Procurement:
•
•
Required participation in statewide procurement
contracts unless exempted by the Board of
Trustees (likely to be recommended for
endorsement by the Board of Trustees)
New sourcing opportunities
− Natural gas
− Copiers/printers
− Computers (standard office use)
− Travel services
− Outbound shipping
− Scientific equipment
− Office supplies
Attachment B
Overall Page 26 of 253
Attachment Page 4 of 12
Attachment B
Higher Education Task Force
September 24, 2015
Review of Outsourcing, Collaborations and
Private Partner Opportunities (Strategy needs
to be developed):
•
•
•
•
•
•
•
•
Dining (Done)
Facility maintenance (Assess)
Housing (Done)
IT help desk (Assess)
Custodial (Assess)
Grounds and landscaping (Assess)
Student health insurance (Done)
Real estate management
Attachment B
Overall Page 27 of 253
Attachment Page 5 of 12
Attachment B
Higher Education Task Force
September 24, 2015
Administrative Cost Reforms:
•
•
•
•
•
•
Cost diagnostics (Refine existing approaches)
Productivity measures (Develop for all administrative
units)
Organizational structure (Evaluated by Accenture)
State review of health care costs (Miami
recommendation)
Data centers (Discuss regional options)
Facility utilization (Provost and Facility Planning
currently assessing)
Attachment B
Overall Page 28 of 253
Attachment Page 6 of 12
Attachment B
Higher Education Task Force
September 24, 2015
Textbook Affordability:
•
•
•
•
Lower cost to procure (RFP for online vendor
to be issued) (Senate Challenge Proposal)
Greater standardization in requirements
(Open Educational Resources Committee
formed)
Open educational resource (see above)
Statewide repository of educational resources
(greatest opportunity for savings but most
challenging- a Miami recommendation)
Attachment B
Overall Page 29 of 253
Attachment Page 7 of 12
Attachment B
Higher Education Task Force
September 24, 2015
Time to Degree:
•
•
•
•
•
Timely graduation through full-time enrollment (at
least 15 credit hours) (Miami Senate Challenge
Proposal)
Graduation incentives (Consider for regional
campuses)
Time to degree 65/120 for most majors (Miami
Senate Challenge Proposal)
Proactive advising and greater use of data analytics
(Miami Senate Challenge Proposal)
Increased use of summer and nonstandard terms
(Miami Senate Challenge Proposal)
Attachment B
Overall Page 30 of 253
Attachment Page 8 of 12
Attachment B
September 24, 2015
Higher Education Task Force
Duplicative Programs and Underenrolled Courses and Programs:
•
•
Review of all courses and programs every five years
(Provost initiating this assessment)
Greater regional collaboration
Attachment B
Overall Page 31 of 253
Attachment Page 9 of 12
Attachment B
Higher Education Task Force
September 24, 2015
Policy Reforms:
•
•
More efficient process for selling or leasing
university real estate
Legislative clarification for university
insurance consortium
Attachment B
Overall Page 32 of 253
Attachment Page 10 of 12
Attachment B
Higher Education Task Force
September 24, 2015
Responsibility:
•
•
•
Board of Trustees
Department of Higher Education
Inter-University Council Purchasing Group
Attachment B
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Attachment Page 11 of 12
Attachment B
September 24, 2015
Higher Education Task Force
Questions?
Attachment B
Overall Page 34 of 253
Attachment Page 12 of 12
Attachment C
September 24, 2015
Capital, Construction and Housing
Business Session
Item 4a
Cole Service Building Oxford, Ohio 45056‐3609 (513) 529‐7000 (513) 529‐1732 Fax www.pfd.muohio.edu Status of Capital Projects Executive Summary
September 24, 2015
1. Projects completed:
Ten major projects were completed since the last report. The East Quad project renovated five residence halls
and constructed a new dining facility now known as Garden Commons. The renovation dramatically
improved the living conditions and amenities inside the buildings, but also impacted the outdoor quadrangle
spaces in a very positive way. Bishop Woods is seeing plenty of use with the completion of pedestrian
pathways, outdoor meeting spaces, and classroom activities. The Hayden Park Addition – Baseball Support
Facility is receiving rave reviews from the student athletes, coaching staff, donors and fans as the team moves
into its new home. Other remaining projects addressed necessary utility, parking, infrastructure, and
modernization issues throughout the campus. Seventeen projects under $500,000 were completed since the
last report. All projects were completed within budget and are anticipated to return 4% of the total project
revenues.
2. Projects added:
Three new major projects and one project under $500,000 were added during this reporting period. Hamilton
and Clawson Halls Renovation continues the Long Range Housing Master Plan. An addition is being
planned for Clawson Hall. Western Campus Geothermal Infrastructure Phase 2 project builds-out the
remainder of the geothermal plant. The project is expected to install 400 additional geothermal wells
allowing the remainder of the Western Campus to be served by the system. The final new project replaces
and repairs roofs on several campus buildings.
3.
Projects in progress:
The North Quad Renovation is underway and making terrific progress. The project renovates four residence
halls and one dining facility -- Flower, Hahne, Brandon, and Hepburn Halls, and Martin Dining Hall. The
project addresses significant utility, landscape and hardscape improvements in a similar fashion to the
recently completed East Quad Renovation project. Gunlock Family Athletic Performance Center is just
beginning with demolition to the North Stands at Yager. The Shideler Hall renovation continues to make
steady progress. Drywall installation is nearing completion and casework is being installed. Permanent
mechanical and electrical systems are supplying the building. The masonry work on the addition is now
complete.
Respectfully submitted,
Cody J. Powell, PE
Associate Vice President –
Facilities Planning & Operations
Attachment C
Overall Page 35 of 253
Attachment Page 1 of 71
Attachment C
Capital, Construction and Housing
September 24, 2015
June 25, 2015
Page 1
Miami University
Physical Facilities Department
Status of Capital Projects Report
TABLE OF CONTENTS
Page Number
PROJECT SYNOPSIS ________________________________________________________________ 3
UNDER CONSTRUCTION ____________________________________________________________ 5
Requiring Board of Trustees Approval:
Gunlock Family Athletic Performance Center _________________________________________ 5
North Quad Renovation __________________________________________________________ 6
Shideler Hall Renovation _________________________________________________________ 7
Projects Between $500,000 and $2,500,000:
Culinary Support Center Rehabilitation ______________________________________________ 9
Engineering Quad Simultaneous Heating and Cooling Conversion_________________________ 9
IN DESIGN _________________________________________________________________________ 11
Armstrong Student Center, Phase 2 _________________________________________________ 11
Hamilton and Clawson Halls Renovation ____________________________________________ 11
Middletown Campus – Gardner Harvey Library Renovation _____________________________ 12
Shriver Center Renovations – Phase 1 _______________________________________________ 12
Western Campus Geothermal Infrastructure Phase 2 ____________________________________ 13
Withrow Court Program Relocation _________________________________________________ 14
IN PLANNING ______________________________________________________________________ 15
Hamilton Campus – Knightsbridge Building Renovation ________________________________ 15
Roof Replacements/Repairs 2016 __________________________________________________ 15
COMPLETED PROJECTS ____________________________________________________________ 17
Bishop Woods Landscape Restoration _______________________________________________ 17
East Quad Renovation ___________________________________________________________ 18
Hamilton Campus – Mosler Lab and CIT Office Renovations ____________________________ 19
Harris Drive Parking Lots ________________________________________________________ 19
Hayden Park Addition – Baseball Support Facility _____________________________________ 20
HDRBS MEP Improvements Summer 2015 __________________________________________ 21
Morris Hall Student Room Renovations _____________________________________________ 21
(Old) Talawanda High School Demolition and Site Work _______________________________ 22
Peabody Hall Renovations ________________________________________________________ 22
Roof Replacement/Repairs 2015 ___________________________________________________ 23
SUMMARY OF PROJECTS LESS THAN $500,000 _______________________________________ 25
GLOSSARY OF TERMS ______________________________________________________________ 27
Attachment C
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Attachment C
Capital, Construction and Housing
September 24, 2015
June 25, 2015
Page 2
Miami University
Physical Facilities Department
Status of Capital Projects Report
Intentionally blank
Attachment C
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Attachment Page 3 of 71
Attachment C
September 24, 2015
Capital, Construction and Housing
June 25, 2015
Page 3
Miami University
Physical Facilities Department
Status of Capital Projects Report
Summary of Active Projects
Number of Projects
Under Construction
In Design
In Planning
Projects Under $500,000
Value
5
6
2
72
$149,433,210
$104,820,000
$2,950,000
$13,445,627
Total
$270,648,837
New Projects Over $500,000
Hamilton and Clawson Halls Renovation
Western Campus Geothermal Infrastructure Phase 2
Roof Replacement/Repairs 2016
Page 11, Item 2
Page 13, Item 5
Page 15, Item 2
Projects Completed Since Last Report
Bishop Woods Landscape Restoration
East Quad Renovation
Hamilton Campus – Mosler Lab and CIT Office
Renovations
Harris Drive Parking Lots
Hayden Park Addition – Baseball Support Facility
HDRBS MEP Improvements Summer 2015
Morris Hall Student Room Renovations
(Old) Talawanda High School Demolition and Site Work
Peabody Hall Renovations
Roof Replacement/Repairs 2015
Total
Attachment C
Overall Page 38 of 253
$1,000,000
$93,330,000
$1,250,000
$714,600
$3,675,000
$1,250,000
$872,034
$2,400,000
$1,900,000
$834,000
$107,225,634
Attachment Page 4 of 71
Attachment C
Capital, Construction and Housing
September 24, 2015
June 25, 2015
Page 4
Miami University
Physical Facilities Department
Status of Capital Projects Report
Intentionally blank
Attachment C
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Attachment Page 5 of 71
Attachment C
September 24, 2015
Capital, Construction and Housing
June 25, 2015
Page 5
Miami University
Physical Facilities Department
Status of Capital Projects Report
UNDER CONSTRUCTION
(Under Contract)
Projects Requiring Board of Trustees Approval
1. Gunlock Family Athletic Performance Center: (Previous Report – In Design)
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.
GMP negotiations continue and expect to be complete in September. Pole barn construction (GMP-1) was completed
and the north Yager stands have been demolished. The 30-second clock was relocated from the north stands. Power
to TV trucks, phone and data for cable TV was moved to the west side of the Dauch Indoor Sports Center.
Delivery Method: Construction Manager at Risk
Project Cost
Design and Administration
Cost of Work
Contingency
Owner Costs
Total
Funding Source
$2,050,000
$19,200,000
$650,000
$1,100,000
$23,000,000
Gifts
$23,000,000
Total
$23,000,000
Contingency Balance: 100%
Construction Complete: 1%
Project Completion: November 2016
Under Construction
Attachment C
Overall Page 40 of 253
Attachment Page 6 of 71
Attachment C
Capital, Construction and Housing
September 24, 2015
June 25, 2015
Page 6
Miami University
Physical Facilities Department
Status of Capital Projects Report
2. 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. Hahne Hall will receive an addition to accommodate approximately
100 more beds. 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. The project
will also include a replacement of the existing tunnel top adjacent to the project site.
Demolition is complete in all four residence halls. The focus is now on interior demolition in Martin Dining Hall.
Construction of the Hahne addition up to the third floor is complete. Wall framing and rough-in of MEP infrastructure
is occurring in the residence halls. Hahne Hall is first in the sequence. Installation of gypsum wallboard began in
Hahne early in September. The other buildings follow in approximate 3-week intervals. Window installation is
proceeding and is approximately 50% complete in all buildings. Roofing is similar, with each of the residence halls
approaching 60% complete. Installation of the heating hot water lines from the North Chiller Plant to McFarland Hall
and Martin Dining Hall is complete. Deep storm sewers and water lines are 70% complete, and underground electric
is underway. Relocation of the overhead power lines is complete and the old utility poles have been removed.
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: 98%
Construction Complete: 30%
Project Completion: August 2016
Under Construction
Attachment C
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Attachment Page 7 of 71
Attachment C
September 24, 2015
Capital, Construction and Housing
June 25, 2015
Page 7
Miami University
Physical Facilities Department
Status of Capital Projects Report
3. 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.
The building exterior is nearly complete, awaiting final trim, porch construction and entrance systems. On the interior
final finishes including painting, lighting, ceilings, casework, and flooring are underway. Major MEP and fire
protection systems are installed and being commissioned. Mechanical controls and IT infrastructure has started.
Laboratory casework and fume hoods are being connected. Site concrete and landscaping will continue through the
fall.
Delivery Method: Construction Manager at Risk
Project Cost
Design and Administration
Cost of Work
Contingency
Owner Costs
Total
Contingency Balance: 20%
Construction Complete: 80%
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
Attachment C
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Attachment C
Capital, Construction and Housing
September 24, 2015
June 25, 2015
Page 8
Miami University
Physical Facilities Department
Status of Capital Projects Report
Intentionally blank
Under Construction
Attachment C
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Attachment Page 9 of 71
Attachment C
Capital, Construction and Housing
September 24, 2015
June 25, 2015
Page 9
Miami University
Physical Facilities Department
Status of Capital Projects Report
UNDER CONSTRUCTION
(Under Contract)
Projects Between $500,000 and $2,500,000
1. 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 will accommodate three classrooms, including a computer lab and the Staff Development Offices. 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). Work is complete and move in is scheduled for September. This will be the
last report.
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: 25%
Construction Complete: 98%
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.
Under Construction
Attachment C
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Attachment Page 10 of 71
Attachment C
September 24, 2015
Capital, Construction and Housing
June 25, 2015
Page 10
Miami University
Physical Facilities Department
Status of Capital Projects Report
2. 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.
Work in the Engineering Quad is complete and online. The Hughes Hall process water loop is scheduled for activation
in late September. This will be the last report.
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: 95%
Project Completion: September 2015
(Revised since last report July 2015)
Under Construction
Attachment C
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Attachment C
September 24, 2015
Capital, Construction and Housing
June 25, 2015
Page 11
Miami University
Physical Facilities Department
Status of Capital Projects Report
IN DESIGN
(Pre-Contract)
1. Armstrong Student Center, Phase 2: (BOT Apr ’13) (Previous Report – In Planning)
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 two-story atrium 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.
The GMP was negotiated with the Construction Manager at Risk (CMR) in late August. The CMR anticipates bidding
the work in October 2015. Preliminary project schedules indicate contractor mobilizing in February.
Delivery Method:
Construction Manager at Risk
Estimated Budget: $23,600,000
Estimated Start: January 2016
Estimated Completion: July 2017
Funding Source
TBD
$23,600,000*
Total
$23,600,000
*$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.
2. Hamilton and Clawson Halls Renovation: (New Project This Report)
Heflin
This project will renovate Hamilton and Clawson Residence Halls as a continuation of the 2010 Housing and Dining
Master Plan. Each building will receive a comprehensive interior renovation and upgrade of all building systems, fire
suppression, energy efficiency, accessibility improvements, landscaping, and site utility connections, at which time
Clawson Hall will be serviced by the new Phase II Geothermal system.
The Hamilton Hall renovation will repurpose Hamilton Dining Hall, providing space for additional sorority suites and
multipurpose space, in addition to improved common living areas for the residents. The Clawson Hall renovation will
also provide improved common living areas, and the building will receive a new addition anticipated to support
approximately 80 additional beds and the deconstruction of Mary Lyon Hall.
The project is currently in design with schematic design documents expected for early October 2015 and final
construction documentation slated for February 2016.
Delivery Method: Design/Build
Estimated Budget: $48,000,000
Estimated Start:
May 2016
Estimated Completion: August 2017
Funding Source
2014 HDRBS Bonds
$48,000,000
Total
$48,000,000
In Design
Attachment C
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Attachment Page 12 of 71
Attachment C
September 24, 2015
Capital, Construction and Housing
June 25, 2015
Page 12
Miami University
Physical Facilities Department
Status of Capital Projects Report
3. 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, with documents due for review in early September. During schematic design, it
was discovered that ADA improvements were necessary. The increase in the scope of work has created a need to shift
the construction schedule.
Delivery Method: Multiple Prime Contractors
Estimated Budget: $500,000
Estimated Start: December 2015
(Revised since last report – July 2015)
Estimated Completion: June 2015
(Revised since last report – October 2015)
Funding Source
State
$500,000
Total
$500,000
4. 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-the-art 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 whole-building
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 been confirmed and the Design Development documents represent
the scope of Phase 1 as noted above. Some elements under consideration for phase 1 have been shifted to phase 2 while
they are studied from a business perspective. Shifting those elements to phase 2 has allowed phase 1 to maintain a
November start for abatement and demolition activity. Enabling projects in Shriver, Campus Avenue Building (CAB),
and Scott Dining Hall began in early September in order to relocate staff out of the work areas in Shriver and into
temporary locations for the duration of construction.
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.
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.
In Design
Attachment C
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Attachment Page 13 of 71
Attachment C
September 24, 2015
Capital, Construction and Housing
June 25, 2015
Page 13
Miami University
Physical Facilities Department
Status of Capital Projects Report
Shriver Center Renovations – Phase 1 (continued):
Delivery Method:
Construction Manager at Risk
Estimated Budget: $20,000,000
(Revised since last report - $10,500,000)
Estimated Start: November 2015
Estimated Completion: January 2017
Funding Source
Local
Shriver CR&R
HDRBS CR&R
UEA CR&R
$16,295,000*
$2,805,000
$800,000
$100,000
Total
$20,000,000
*$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.
5. Western Campus Geothermal Infrastructure, Phase 2: (New Project This Report)
Archibald
The University introduced geothermal for heating/cooling needs for Western Campus in the first phase of this project
in 2013-2014. The intent of the first phase was to enable new construction on the Western Campus to receive
heating/cooling needs from the new geothermal plant and leave the existing campus buildings on the existing central
heating and cooling plants. During the first phase, plans were made for future expansion of the geothermal system to
convert existing buildings on Western Campus over to geothermal in subsequent phases.
The existing geothermal system will be expanded to include approximately 400 additional deep wells. The project will
all allow 2,500 more tons of available heating/cooling capacity to the geothermal plant. This project will address the
infrastructure needs for connecting five (5) existing buildings onto the Western Campus geothermal system. The
Site/Infrastructure/Utility schedule of work, specifically construction, should be completed concurrent with other
campus projects to ensure timely completion of the overall Western development.
The project is in schematic design.
Delivery Method: Construction Manager at Risk
Estimated Budget: $9,000,000
Estimated Start: April 2016
Estimated Completion: July 2017
Funding Source
Local
$9,000,000
Total
$9,000,000
In Design
Attachment C
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6. Withrow Court Program Relocation:
Heflin
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 requiring 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). Intramural offices will move to Phillips Hall.
The project will bid in late September with construction anticipated to begin in November. Chestnut Field House,
Phillips Hall, and Howe Writing Center renovations are anticipated to be complete in January 2016. King Library
Special Collections/Archives anticipate completion in February 2016. Minor renovations to Yager Stadium will be
completed in Spring 2016.
Delivery Method: General Contractor
Estimated Budget: $3,720,000
Estimated Start: November 2015
Estimated Completion: May 2016
Funding Source
Local
$3,720,000
Total
$3,720,000
In Design
Attachment C
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IN PLANNING
(Pre-A&E)
1. 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
2. Roof Replacement/Repairs 2016: (New Project This Report)
Moss
This project will provide for the replacement and/or repairs at Alumni, Millett and Ogden Halls. At Alumni Hall, work
will occur in the Center and East High Bay Areas. Work at Millet Hall will include the replacement of the lower
concourse level roof, installation of new flashing counter flashing at columns, and the relocation and addition of new
roof drains. All of the copper will be replaced at Ogden Hall.
Proposed Budget: $2,950,000.00
Desired Start: May 2016
Desired Completion: August 2016
Funding Source
University Building CR&R
HDRBS CR&R
Total
$2,200,000
$750,000
$2,950,000
In Planning
Attachment C
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Intentionally blank
In Planning
Attachment C
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COMPLETED PROJECTS
1. Bishop Woods Landscape Restoration:
Cirrito
This project improved safety, pedestrian circulation and recreated the mature high canopy, diverse forest ecosystem
that was once present on the site. The work included removal of invasive species, thinning of saplings, and
reintroduction of appropriate woody and herbaceous species. The improvements 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
was created to allow for informal gatherings within the confines of the woods. Circulation improvements realigned
paved pathways to better serve student migration through the area by linking destinations and adjacent sidewalks.
Safety improvements include the placement of walkway lighting using “dark sky friendly” pole-mounted LED lighting
fixtures to illuminate walkways.
Delivery Method: Design/Build
Project Revenue
Design and Administration
Cost of Work
Contingency
Owner Costs
Total
$77,000
$800,000
$80,000
$43,000
$1,000,000
Project Expense
Design and Administration
Cost of Work
Contingency
Owner Costs
Total
$77,000
$720,000
$48,000
$43,000
$888,000
Est. Contingency Balance Returned: $32,000
Est. Contingency Balance Returned Percent of Total: 60%
Completed Projects
Attachment C
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Est. Bid Savings / VE: $80,000
Est. Final Total: $112,000
2. East Quad Renovation: (BOT Feb ’14)
Bell
This project renovated Collins, Dennison, Dorsey, McBride and Symmes Residence Halls. Erickson Dining Hall was
converted into residence hall space as a continuation of Dennison Hall, and a new dining hall, Garden Commons, was
constructed as an addition to Symmes Hall. The project also renovated a portion of the North Chiller Plant at Billings
Hall, and the included a conversion of the Marcum Conference Center and Wilson Hall from steam to hot water. The
work included related improvements to site utilities and infrastructure as well as landscaping for the identified
buildings. The renovations included a comprehensive upgrade 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 were designed into the project.
Delivery Method: Design / Build
Project Revenue
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
Project Expense
Design and Administration
Cost of Work
Contingency
Owner Costs
Total
$6,978,627
$73,126,996
$4,795,517
$5,928,860
$90,830,000
Est. Contingency Balance Returned: $2,500,000
Est. Contingency Balance Returned Percent of Total: 34%
Completed Projects
Attachment C
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Est. Bid Savings / VE: $0
Est. Final Total: $2,500,000
3. Hamilton Campus – Mosler Lab and CIT Office Renovations:
Porchowsky
This project included 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. A five-office
suite was replaced with a nine-office suite, reception area and conference room.
Delivery Method: Single Prime Contractor
Project Revenue
Design and Administration
$88,211
Cost of Work
$789,789
Contingency
$125,000
Owner Costs
$247,000
Total
$1,250,000
Project Expense
Design and Administration
Cost of Work
Contingency
Owner Costs
Total
$88,211
$743,000
$35,000
$190,000
$1,056,211
Est. Contingency Balance Returned: $90,000
Est. Contingency Balance Returned Percent of Total: 72%
Est. Bid Savings: $103,789
Est. Final Total: $193,789
4. Harris Drive Parking Lots:
Cirrito
This project constructed 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 included the reconstruction of the Harris Dining Hall service dock pavement and the
repaving of Harris Drive from Maple Street to Oak Street.
Delivery Method: Single Prime Contractor
Project Revenue
Design and Administration
Cost of Work
Contingency
Owner Costs
Total
$40,000
$620,000
$50,000
$4,600
$714,600
Project Expense
Design and Administration
Cost of Work
Contingency
Owner Costs
Total
$40,000
$620,000
$18,000
$4,600
$682,600
Est. Contingency Balance Returned: $32,000
Est. Contingency Balance Returned Percent of Total: 64%
Est. Bid Savings / VE: $0
Est. Final Total: $32,000
Completed Projects
Attachment C
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5. Hayden Park Addition – Baseball Support Facility: (BOT Feb ’14)
Morris
This project constructed an addition to Hayden Park along the third baseline of McKie Field. The facility includes
offices for the coaches, instructional and training spaces for players, locker rooms, an equipment room, an umpire room,
and support spaces. This project supported the move of some services from Withrow Court to the Hayden Park facility.
Delivery Method: Construction Manager at Risk
Project Revenue
Design and Administration
Cost of Work
Contingency
Owner Costs
Total
$266,000
$3,025,000
$236,000
$148,000
$3,675,000*
Project Expense
Design and Administration
Cost of Work
Contingency
Owner Costs
Total
$266,000
$3,025,000
$207,000
$148,000
$3,646,000
*Reflects the new total project cost approved by the Board in
December 2014
Est. Contingency Balance Returned: $29,000
Est. Contingency Balance Returned Percent of Total: 12%
Est. Bid Savings / VE: $0
Completed Projects
Attachment C
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Est. Final Total: $29,000
6. HDRBS MEP Improvements Summer 2015:
Archibald
This project involved mechanical, electrical, and plumbing improvements in ten residence halls, four dining halls, two
recreational facilities, and one guest facility. The upgrades included: 1) resolve to overheat and ventilation issues in
mechanical spaces; 2) replacement of existing water softeners with Watts OneFlow style decalcifiers; 3) energy
efficiency improvements to heating systems; 4) added redundancy to critical mechanical systems; and 5) control system
upgrades.
Delivery Method: Single Prime Contractor
Project Revenue
Design and Administration
Cost of Work
Contingency
Owner Costs
Total
$112,000
$1,000,000
$136,500
$1,500
$1,250,000
Project Expense
Design and Administration
Cost of Work
Contingency
Owner Costs
Total
$112,000
$1,000,000
$27,500
$1,500
$1,141,000
Est. Contingency Balance Returned: $109,000
Est. Contingency Balance Returned Percent of Total: 80%
Est. Bid Savings / VE: $0
Est. Final Total: $109,000
7. Morris Hall Student Room Renovations:
Russell
This project provided new ceilings, light fixtures and switching, painting and general repairs to all of the student rooms.
The project is complete and students have moved into the residence hall on schedule.
Delivery Method: Single Prime Contractor
Project Revenue
Design and Administration
Cost of Work
Contingency
Owner Costs
Total
$58,071
$767,338
$40,000
$6,625
$872,034
Project Expense
Design and Administration
Cost of Work
Contingency
Owner Costs
Total
$58,071
$767,338
$39,000
$6,625
$871,034
Est. Contingency Balance Returned: $1,000
Est contingency Balance Returned Percent of Total: 3%
Est. Bid Savings/ VE: $0
Est. Final Total: $1,000
Completed Projects
Attachment C
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June 25, 2015
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8. (Old) Talawanda High School Demolition and Site Work:
Archibald/Cirrito
This project razed the existing Talawanda High School at 101 W. Chestnut Street, along with the classroom trailers and
grandstands. After the building was cleared, a new parking lot was installed with new LED lighting, and the back fields
were regraded and reseeded to create a large athletic turf. Existing utilities were rerouted to support the existing
structures that remained.
Delivery Method: Single Prime Contractor
Project Revenue
Design and Administration
Cost of Work
Contingency
Owner Costs
Total
$98,500
$1,900,000
$401,000
$500
$2,400,000
Project Expense
Design and Administration
Cost of Work
Contingency
Owner Costs
Total
$127,950
$1,469,730
$381,000
$1,320
$1,980,000
Est. Contingency Balance Returned: $20,000
Est. Contingency Balance Returned Percent of Total: 5%
Est. Bid Savings / VE: $20,000
Reduction in Scope Return of Funds: $400,000
Est. Final Total: $420,000
9. Peabody Hall Renovation
Rein
This project replaced major mechanical room systems and configured the building for future integration to the Western
Campus heating and cooling loop. The chiller was replaced, addressing a deferred maintenance item. Funding
allocated to the building for interior modifications in student rooms, offices, classrooms, and common spaces is being
rolled into the next phase of the project.
Delivery Method: Single Prime Contractor
Project Revenue
Design and Administration
Cost of Work
Contingency
Owner Costs
Total
$65,000
$1,650,000
$150,000
$35,000
$1,900,000
Project Expense
Design and Administration
Cost of Work
Contingency
Owner Costs
Total
$65,000
$600,000
$27,500
$7,500
$700,000
Est. Contingency Balance Returned: $122,500
Est. Contingency Balance Returned Percent of Total: 82%
Est. Bid Savings / VE: $100,000
Reduction in Scope Return of Funds: $977,500
Est. Final Total: $1,200,000
Completed Projects
Attachment C
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10. Roof Replacement/Repairs 2015:
Moss
This project replaced the roofs at Laws Hall, Bachelor Hall and the South Chiller Plant. At Laws Hall, the wood cooling
tower was removed and four safety tie-off points on the roof were added.
Delivery Method: Single Prime Contractor
Project Revenue
Design and Administration
Cost of Work
Contingency
Owner Costs
Total
$95,700
$669,020
$69,280
$0
$834,000
Funding Expense
Design and Administration
Cost of Work
Contingency
Owner Costs
Total
$92,251
$669,020
$41,029
$0
$802,300
Est. Contingency Balance Returned: $28,251
Est contingency Balance Returned Percent of Total: 41%
Est. Bid Savings/ VE: $3,449
Est. Final Total: $31,700
Completed Projects
Attachment C
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Completed Projects
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Projects Between $50,000 and $500,000
Project
Airport RSA Grading Project
Armstrong Student Center – Pavilion Audiovisual Upgrades
Art Building – Room 245 Upgrade
Art Building – Classroom 17 Upgrade
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 – Souers Recital Hall – Dimming System Replacement
Central Campus Electrical Modifications – Phase II
Classroom Chair Replacement (17 classrooms)
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
Emergency Phones Phase II
Engineering Building – Fume Hood Exhaust Fan Resolution
Engineering Building – Lab Improvements 2015
Engineering Building – SEAS – Paper Reconfiguration
Farmer School of Business – Exterior Entrance Door Repairs
Goggin Ice Center – Stair Repair/Replacement
Hamilton Campus – One Stop Enrollment Management Center
Hamilton Campus – Rentschler Hall Entry Reconstruction
Hamilton Campus – University Hall Emergency Generator Installation
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 – Office of Undergraduate Research
Kreger Hall Furniture Package
Maplestreet Station – Starbucks Renovation
Marcum Conference Center –Building Window Replacement
Marcum Conference Center – Rework Curtain Drain
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 – SWORD Storm Water/Chiller Improvements
Millett Hall - Practice Gym Floor Replacement
Attachment C
Overall Page 60 of 253
Budget
$128,320
$75,000
$72,675
$80,000
$440,000
$110,000
$50,000
$202,000
$150,000
$54,000
$230,665
$189,685
$200,000
$275,000
$350,000
$187,000
$465,000
$100,000
$165,000
$75,000
$150,000
$80,000
$260,160
$180,000
$100,000
$180,000
$195,000
$110,000
$75,000
$50,000
$260,000
$160,000
$200,000
$330,000
$385,000
$490,000
$300,000
$325,000
$104,000
$50,000
$55,000
$131,680
$90,000
$85,000
$175,000
$171,560
$200,000
$145,000
Attachment Page 26 of 71
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September 24, 2015
Capital, Construction and Housing
June 25, 2015
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Miami University
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Status of Capital Projects Report
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 – Envelope Evaluation
Recreational Sports Center – Hardscape Repairs
Recreational Sports Center – Outdoor Pursuits Center
Regional Campuses – Classroom Technology Upgrade 2015
Tennis Courts Resurfacing
Upham Hall Emergency Generator Upgrade
Upham Hall – Religion and History Suite Renovation
Upham Hall – Second Floor Renovation
Utility Group Control Automation Upgrades
Utility Group Network Reconfiguration
VOA – AV Upgrades
Western Campus Bridge Reconstruction
Western Residence Halls – Closet Additions
Yager Stadium – ICA Storage Building
$400,000
$200,000
$398,022
$145,850
$176,200
$75,000
$66,000
$90,000
$262,250
$65,000
$145,000
$100,000
$90,000
$306,000
$255,110
$94,700
$292,750
$320,000
$200,000
$150,000
$97,000
$400,000
$225,000
$255,000
Projects Closed Between $50,000 and $500,000
Project
Original Budget
Art Building/Museum – Fire Alarm System Installation 2015
Art Museum Drapery Replacement
Center for Performing Arts - Emergency Generator Replacement
Culinary Support Center – High Bay & Corridor Lighting Retrofit
E & G Buildings – Elevator Repair and Renovation 2015
E & G Buildings – VAV Box Occupancy Sensors Installation
Hamilton Campus – Phelps Hall ADA Ramp
Hamilton Campus – Retro-commissioning
King Library Dean’s Suite
Lewis Place Repairs 2014
MacMillan Hall – Global Initiatives Renovation
Middletown Campus – Retro-commissioning
Recreational Sports Center – Clock Wall Upgrade
Steam Plant Locker Room Renovations
Thomson Hall Roof Replacement
Williams Hall – East Wall Waterproofing
Yager Stadium – Cradle of Coaches Plaza – John Harbaugh Statue
Attachment C
Overall Page 61 of 253
$235,000
$20,000
$95,000
$75,000
$275,000
$150,000
$226,500
$126,243
$63,000
$316,400
$65,700
$122,000
$50,000
$81,500
$470,000
$80,000
$158,166
Returned Funds
$20,000
$0
$12,655
$10,390
$25,000
$1,070
$9,410
$24,750
$2,525
$101,880
$503
$20,600
$41,225
$8,685
$29,805
$38,205
$1,445
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Capital, Construction and Housing
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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September 24, 2015
September 24, 2015
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September 24, 2015
Bishop Woods
Attachment C
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September 24, 2015
Bishop Woods
Attachment C
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September 24, 2015
Classroom Enhancement Projects – Matching Funds
Attachment C
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Attachment C
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September 24, 2015
Classroom Enhancement Projects – Matching Funds
Attachment C
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Capital, Construction and Housing
September 24, 2015
North Quad Renovation
Project Cost: $98,300,000
Completion Date/% Comp: August 2016/30%
Contingency/Balance: $8,397,813/98%
Attachment C
Cost of Work: $79,380,873
Project Delivery Method: Design Build
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Attachment C
Capital, Construction and Housing
September 24, 2015
Shideler Hall
Project Cost: $25,000,000
Completion Date: January 2016/80%
Contingency/Balance: $1,417,394/20%
Attachment C
Cost of Work: $20,039,255
Project Delivery Method: Construction Manager at Risk
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Attachment C
Capital, Construction and Housing
September 24, 2015
Shideler Hall
Attachment C
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Attachment C
Capital, Construction and Housing
September 24, 2015
Questions?
Attachment C
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Attachment C
Capital, Construction and Housing
September 24, 2015
September 24, 2015
Attachment C
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Attachment C
Capital, Construction and Housing
September 24, 2015
September 24, 2015
Attachment C
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Attachment C
Capital, Construction and Housing
September 24, 2015
Oxford Campus Capital Plan
Project
Fiscal Year
Estimated Project
Cost
Sources of Funding
Hughes Hall "C" Wing Renovation
FY17
$11,000,000
1. Operating Budget ($5.5M allocation for
Educational & General Bldgs Repair &
Replacement)
2. Academic Units Operating Budget ($5.5M)
Pearson Hall Renovation Phase One
FY18/FY19
$30,100,000
1. State Capital Appropriation
2. Local Match if full appropriation request is not
granted (up to $8M projected)
$30,000,000
1. State Capital Appropriation
2. Local Match if full appropriation request is not
granted
$32,200,000
1. State Capital Appropriation
2. Local Match if full appropriation request is not
granted
Pearson Hall Renovation Phase Two
Bachelor Hall Renovation
Attachment C
FY20/FY21
FY22
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Attachment C
Capital, Construction and Housing
September 24, 2015
Academic Building
Renovation/Construction Status –
STEM Focus
Hughes C-Wing
Pearson Hall
Bachelor Hall
Planned Demolition
To Be Renovated
Construction or
Renovation Complete
NN
Attachment C
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Attachment C
Capital, Construction and Housing
September 24, 2015
Academic & Administrative Project Funding
• Academic & Admin Bldgs.
require $24M annual
investment to maintain
stasis
• Does not address existing
backlog of $325M
$25,000,000
$24M annual need
$20,000,000
$15,000,000
Local Funding - Classroom Modernization
Local Funding - Basic Bldg Needs
State Funding - Capital Appropriations
$10,000,000
$5,000,000
$0
FY13
Attachment C
FY14
FY15
FY16
Overall Page 76 of 253
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Attachment C


Capital, Construction and Housing
September 24, 2015
Hamilton Campus
◦ FY 17-18: Roof Replacements, $950,000
◦ FY 19-20: Electrical Systems Replacement, $1,200,000
◦ FY 21-22: Building Envelope Replacements/Repairs $1,400,000
Middletown Campus
◦ FY 17-18: Electrical Systems Replacement, Johnston Hall
$500,000
◦ FY 19-20: Electrical Systems Replacement, Finkleman Auditorium
$700,000
◦ FY 21-22: Outdoor lighting & LED upgrades on campus exterior
$600,000
Attachment C
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Attachment C
Capital, Construction and Housing
September 24, 2015
Questions?
Attachment C
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Attachment C
Capital, Construction and Housing
September 24, 2015
September 24, 2015
Attachment C
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Attachment C
Capital, Construction and Housing
September 24, 2015
September 2015
Attachment C
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Attachment C
Capital, Construction and Housing
Attachment C
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September 24, 2015
Attachment Page 47 of 71
Attachment C
Existing
Beds
Master
Plan
Proposed
Design
Clawson Hall
123
101
235
Hamilton Hall
181
166
183
Total
304
267
418
New Beds Available Fall 2017
Attachment C
September 24, 2015
Capital, Construction and Housing
Overall Page 82 of 253
114
Attachment Page 48 of 71
Attachment C
Attachment C
September 24, 2015
Capital, Construction and Housing
Available Bond Proceeds
$74,434,254
Available CR&R Funding
$66,100,000
Total Available Funding
$140,534,254
Hamilton & Clawson Renovations
(Complete Fall 2017)
$48,000,000
New 350 - Bed Residence Hall
(Complete Fall 2018)
$38,000,000
Total
$54,534,254
Overall Page 83 of 253
Attachment Page 49 of 71
Attachment C
Capital, Construction and Housing
September 24, 2015
Long Range Housing Master Plan
Status
Planned Demolition
To Be Renovated
Construction or
Renovation Complete
NN
Attachment C
Overall Page 84 of 253
Attachment Page 50 of 71
Attachment C
Existing
Ogden
September 24, 2015
Capital, Construction and Housing
Master Plan estimate
x $100K/bed
170
158
Swing
229
212
0
Wells
147
137
145
Bell Tower
(385)
160
NA
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
$16,000,000
$16,800,000
$17,640,000
$18,522,000
$19,448,100
$20,420,505
$21,441,530
$22,513,607
$23,639,287
$24,821,251
$26,062,314
$8,000,000
$8,400,000
$8,820,000
$9,261,000
$9,724,050
$10,210,253
$10,720,765
$11,256,803
$11,819,644
$12,410,626
$13,031,157
$700,000
$735,000
$771,750
$810,338
$850,854
$893,397
$938,067
$984,970
$1,034,219
$1,085,930
$1,140,226
$14,500,000
$15,225,000
$15,986,250
$16,785,563
$17,624,841
$18,506,083
$19,431,387
$20,402,956
$21,423,104
$22,494,259
$23,618,972
81
0
0
$500,000
$525,000
$551,250
$578,813
$607,753
$638,141
$670,048
$703,550
$738,728
$775,664
$814,447
Richard
197
175
190
$19,000,000
$19,950,000
$20,947,500
$21,994,875
$23,094,619
$24,249,350
$25,461,817
$26,734,908
$28,071,653
$29,475,236
$30,948,998
Porter
182
177
180
$18,000,000
$18,900,000
$19,845,000
$20,837,250
$21,879,113
$22,973,068
$24,121,722
$25,327,808
$26,594,198
$27,923,908
$29,320,103
Minnich
235
216
225
$22,500,000
$23,625,000
$24,806,250
$26,046,563
$27,348,891
$28,716,335
$30,152,152
$31,659,760
$33,242,747
$34,904,885
$36,650,129
Scott
271
241
250
$25,000,000
$26,250,000
$27,562,500
$28,940,625
$30,387,656
$31,907,039
$33,502,391
$35,177,511
$36,936,386
$38,783,205
$40,722,366
Dodds
205
193
200
$20,000,000
$21,000,000
$22,050,000
$23,152,500
$24,310,125
$25,525,631
$26,801,913
$28,142,008
$29,549,109
$31,026,564
$32,577,893
MacCracken
196
180
185
$18,500,000
$19,425,000
$20,396,250
$21,416,063
$22,486,866
$23,611,209
$24,791,769
$26,031,358
$27,332,926
$28,699,572
$30,134,551
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$20,000,000
$21,000,000
$22,050,000
$23,152,500
$24,310,125
$25,525,631
$26,801,913
$28,142,008
$29,549,109
$31,026,564
$32,577,893
Mary Lyon
1911
1394
216
192
$12,000,000
$12,600,000
$13,230,000
$13,891,500
$14,586,075
$15,315,379
$16,081,148
$16,885,205
$17,729,465
$18,615,939
$19,546,736
Morris
352
327
340
$34,000,000
$35,700,000
$37,485,000
$39,359,250
$41,327,213
$43,393,573
$45,563,252
$47,841,414
$50,233,485
$52,745,159
$55,382,417
Emerson
324
301
315
$31,500,000
$33,075,000
$34,728,750
$36,465,188
$38,288,447
$40,202,869
$42,213,013
$44,323,663
$46,539,846
$48,866,839
$51,310,181
Tappan
294
273
285
$28,500,000
$29,925,000
$31,421,250
$32,992,313
$34,641,928
$36,374,025
$38,192,726
$40,102,362
$42,107,480
$44,212,854
$46,423,497
Havighurst
311
270
290
$29,000,000
$30,450,000
$31,972,500
$33,571,125
$35,249,681
$37,012,165
$38,862,774
$40,805,912
$42,846,208
$44,988,518
$47,237,944
Thompson
194
0
0
$500,000
$525,000
$551,250
$578,813
$607,753
$638,141
$670,048
$703,550
$738,728
$775,664
$814,447
Peabody
145
135
145
$14,500,000
$15,225,000
$15,986,250
$16,785,563
$17,624,841
$18,506,083
$19,431,387
$20,402,956
$21,423,104
$22,494,259
$23,618,972
Stanton
Harris (683)
McKee
Miami Inn
200
na
75
0
0
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
0
-104
0
$500,000
$525,000
$551,250
$578,813
$607,753
$638,141
$670,048
$703,550
$738,728
$775,664
$814,447
$333,200,000
$525,000
$52,368,750
$43,410,938
$71,350,217
$49,136,840
$61,644,399
$44,323,663
$42,846,208
$44,988,518
$24,433,419
$435,027,953
• Assumes $100K/Bed renovation cost
• Assumes 5% annual escalation
• Does not include cost to construct new
residence hall on Withrow Court site
Attachment C
Overall Page 85 of 253
Attachment Page 51 of 71
Attachment C
Capital, Construction and Housing
September 24, 2015
Long Range Housing Master Plan
Status
Hamilton Hall
Mary Lyon
Planned Demolition
To Be Renovated
Clawson Hall
Construction or
Renovation Complete
NN
Attachment C
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Attachment C
Capital, Construction and Housing
September 24, 2015
Clawson Hall Site Plan
Attachment C
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Attachment C
Capital, Construction and Housing
September 24, 2015
Site Evaluation Ball Field (Tennis Court) Site
4 Story_346 Beds
Attachment C
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Attachment C
Capital, Construction and Housing
September 24, 2015
Site Evaluation Ball Field (Tennis Court) Site
Attachment C
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Attachment C
Capital, Construction and Housing
September 24, 2015
Questions?
Attachment C
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Attachment C
Capital, Construction and Housing
September 24, 2015
Agenda Item 4c1
Finance and Business Services
Resolution #
RESOLUTION
WHEREAS, the Butler County Board Commissioners (“Butler County”)
has planned improvements to Bonham Road that include the replacement of the
bridge over Four Mile Creek and the installation of pedestrian walkways from the
Miami University east stadium parking lot to Yager Stadium Drive (“Bonham
Road Improvements”);
WHEREAS, the Bonham Road Improvements require an expansion of an
existing right of way across Miami University property as set forth and described
in the attached EASEMENT FOR ROAD PUPOSES;
WHEREAS, construction of the Bonham Road Improvements will require
the granting of the attached TEMPORARY EASEMENT to allow contractors
access to the property;
WHERAS, the Board of Trustees has the authority under Ohio Revised
Code Section 3345.18 to grant to Butler County such easements for street, road
and highway purposes,
NOW, THEREFORE, BE IT RESOLVED: that the Board of Trustees
approves the TEMPORARY EASEMENT and the EASEMENT FOR ROAD
PURPOSES, subject to the terms and conditions set forth therein.
BE IT FURTHER RESOLVED that the Senior Vice President for Finance
and Business Services be authorized to sign the TEMPORARY EASEMENT and
the EASEMENT FOR ROAD PURPOSES.
September 25, 2015
Attachment C
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Attachment C
Capital, Construction and Housing
Attachment C
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September 24, 2015
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Attachment C
Capital, Construction and Housing
Attachment C
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September 24, 2015
Attachment Page 59 of 71
Attachment C
Capital, Construction and Housing
Attachment C
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September 24, 2015
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Attachment C
Capital, Construction and Housing
Attachment C
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September 24, 2015
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Attachment C
Capital, Construction and Housing
Attachment C
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September 24, 2015
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Attachment C
Capital, Construction and Housing
Attachment C
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September 24, 2015
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Attachment C
Capital, Construction and Housing
Attachment C
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September 24, 2015
Attachment Page 64 of 71
Attachment C
Capital, Construction and Housing
Attachment C
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September 24, 2015
Attachment Page 65 of 71
Attachment C
Capital, Construction and Housing
September 24, 2015
Business Session
Item 4c2
RESOLUTION R20xx-15
WHEREAS, each biennium Ohio’s public colleges and universities are asked to submit a
six-year Capital Improvements Request in accordance with capital funding guidelines provided
by the Ohio Office of Budget and Management and the Ohio Department of Higher Education;
and
WHEREAS, the proposed capital improvement plan aligns with the criteria identified in
the previous biennium’s Ohio’s Higher Education Capital Funding Commission’s guiding
principles, the university’s current academic priorities and existing facility condition needs;
NOW, THEREFORE, BE IT RESOLVED: that the Board of Trustees hereby authorizes
the 2017-2022 Capital Improvements plan and 2017-2018 funding request; and
BE IT FURTHER RESOLVED: that the Senior Vice President for Finance and Business
Services and Treasurer is hereby authorized to amend the 2017-2022 Capital Improvements Plan
and Funding Request as may be required to conform to the instructions when received from Ohio’s
Higher Education Capital Funding Commission and/or changes in the allocation distribution made
by the Ohio Office of Budget and Management and the Ohio Department of Higher Education.
Attachment C
Overall Page 100 of 253
Attachment Page 66 of 71
Attachment C
Capital, Construction and Housing
September 24, 2015
Six-Year Capital Program Request
FY 2017 - FY 2022
Oxford Campus
Project Amount
FY 2017 - FY 2018
Pearson Hall Renovation Phase 1
$30,100,000
FY 2019 - FY 2020
Pearson Hall Renovation Phase 2
$30,000,000
FY 2019 - FY 2020
Bachelor Hall Renovation
$32,200,000
Hamilton Campus
Project Amount
FY 2017 - FY 2018
Academic/Administrative Renovation Projects
Roof Replacements
$950,000
FY 2019 - FY 2020
Academic/Administrative Renovation Projects
Electrical Systems Replacements
$1,200,000
FY 2021 - FY 2022
Academic/Administrative Renovation Projects
Building Envelope Replacements/Repairs
$1,400,000
Middletown Campus
Project Amount
FY 2017 - FY 2018
Academic/Administrative Renovation Projects
Electrical Systems Replacements Johnston Hall
$500,000
FY 2019 - FY 2020
Academic/Administrative Renovation Projects
Electrical System Replacement Finkleman Auditorium
$700,000
FY 2021 - FY 2022
Academic/Administrative Renovation Projects
Lighting Replacements/Improvements - Campus Wide
$600,000
Attachment C
Overall Page 101 of 253
Attachment Page 67 of 71
Attachment C
Capital, Construction and Housing
September 24, 2015
9/24/15 Agenda Item 4c3
Finance and Business Services
RESOLUTION R2015WHEREAS, the opening of Armstrong Student Center fulfilled the vision
to provide adequate student-centered activity and meeting space; and
WHEREAS, movement of these functions to the new Armstrong Student
Center vacated space within Shriver Center; and
WHEREAS, the Shriver Center Phase 1 Renovation project provides
improved services for existing students, prospective students, returning alums,
and visitors to our campus; and
WHEREAS, Miami University has identified local funds in the amount of
$20,000,000 for the Shriver Center Phase 1 Renovation project; and
WHEREAS, the $20,000,000 budget includes a cost of work estimate of
approximately $14,925,000; and
WHEREAS, the receipt of Guaranteed Maximum Price is planned for
October 2015; 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
hereby authorizes the Sr. Vice President for Finance and Business Services and
Treasurer, in accordance with all State guidelines, to proceed with the award of
contracts for the Shriver Center Phase 1 Renovation project with a total project
budget not to exceed $20,000,000.
Attachment C
Overall Page 102 of 253
Attachment Page 68 of 71
Attachment C
September 24, 2015
Capital, Construction and Housing
Executive Summary
for the
Shriver Center Renovation Phase 1
September 24, 2015
As a result of many functions relocating to the new Armstrong Student Center, this project will
initiate renovations to Shriver Center. The scope of Phase 1 includes the following elements First Floor: Admission Welcome Center including pre-function space, a 250-seat auditorium,
admission offices, counseling rooms, and support spaces; expanded bookstore retail space; a
new convenience store; and renovated circulation and restroom spaces. Second Floor:
consolidation of the catering kitchen; an event planning and building management office suite;
renovated main lobby, renovated circulation and restrooms. Third Floor: Rinella Learning
Center, Student Disability Services, and renovated circulation and restrooms. Infrastructure
improvements include mechanical, electrical, and plumbing upgrades, adding whole-building
fire protection, and new passenger and freight elevators.
Funding for this project will be from local funds:
Project component:
Budget:
Est. Consulting Services:
Est. Cost of Work:
Est. Owner’s Costs (FFE, A/V, etc):
Contingency:
$2,072,000
$14,925,000
$1,522,000
$1,481,000
Total:
$20,000,000
Attachment C
Overall Page 103 of 253
Funding Source:
Local Funds
Local Funds
Local Funds
Local Funds
Attachment Page 69 of 71
Attachment C
Capital, Construction and Housing
September 24, 2015
9/24/15 Agenda Item 4c4
Finance and Business Services
RESOLUTION R2015WHEREAS, the Armstrong Student Center East Wing (Phase 2) project
will result in the renovation the building currently known as Culler Hall and the
construction of an addition connecting it to the Armstrong Student Center; and
WHEREAS, Miami University has identified gifts and local funds in the
amount of $23,600,000 for the Armstrong Student Center East Wing (Phase 2)
project; and
WHEREAS, the $23,600,000 total project budget includes receipt of the
$18,428,075 Guaranteed Maximum Price from the Construction Manager at Risk;
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
hereby authorizes the Sr. Vice President for Finance and Business Services and
Treasurer, in accordance with all State guidelines, to proceed with the award of
contracts for the Armstrong Student Center East Wing (Phase 2) project with a
total project budget not to exceed $23,600,000.
Attachment C
Overall Page 104 of 253
Attachment Page 70 of 71
Attachment C
September 24, 2015
Capital, Construction and Housing
Executive Summary
for the
Armstrong Student Center East Wing (Phase 2)
September 24, 2015
This project completes the Armstrong Student Center through 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 addresses needed rehabilitation to the core and shell
of Culler Hall. The Phase 2 renovation of Culler Hall will be joined to the completed Phase 1
by a connected two-story atrium 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. Upgraded
finishes will include casework, flooring, lighting, and ceilings. The work will improve
circulation, functionality, egress and ADA accessibility. Exterior improvements include brick
tuck pointing, foundation water proofing, drainage, roofing and window replacements.
Project component:
Budget:
Est. Consulting Services:
Est. Cost of Work:
Est. Owner’s Costs:
Owner’s Contingency:
$2,094,100
$18,428,075
$2,077,825
$1,000,000
Total:
$23,600,000
Attachment C
Overall Page 105 of 253
Funding Source:
Gifts and Local Funds
Gifts and Local Funds
Gifts and Local Funds
Gifts and Local Funds
Attachment Page 71 of 71
Attachment D
Operating Results
September 24, 2015
Miami University
Financial Highlights
Year Ended June 30, 2015
Finance and Audit Committee
UNRESTRICTED GENERAL FUND SUMMARY
A majority of the university operations flow through the general fund. In FY15, general fund
revenues were $426.6 million of the $704.2 million in total revenues. The narrative section of the
report is followed by a schedule summarizing all university operating budget results and four
detailed schedules for the general fund budget results for each campus. The general fund highlights
in the campus schedules are as follows:
•
•
•
•
Net general fund revenues for all three campuses and the Voice of America Learning Center
(VOALC) were $426.6 million, exceeding the original budget of $404.5 million by $22.1
million (5.5%). Total net revenues on the Oxford campus were $381.6 million, or $22.9
million (6.4%) higher than the $358.7 million budget. Total net revenues for Hamilton were
$27.4 million, or $1.1 million (3.8%) below the $28.5 million budget. Total net revenues
for the Middletown campus were $17.6 million, $236,223 (1.4%) above the budget. Total
revenues for the VOALC were $44,664, $14,664 (48.9%) above budget.
General Fund investment income exceeded budget in a difficult investment
environment. Dividend and interest income totaled over $7.66 million versus the $4.325
million budget. Mark to market activity produced marginal unrealized gains. Total net
budget surplus for General Fund investments was nearly $3.1 million, all of which was
allocated to the reserve for investment fluctuations.
General fund expenses before transfers and year-end adjustments for all three campuses and
the VOALC were $338.5 million, or $13.1 million (3.7%) below the $351.6 million budget.
Total expenses on the Oxford campus were $297.4 million, or $11.1 million (3.6%) below
the $308.5 million budget. Total expenses for Hamilton were $23.5 million, or $755,709
(3.1%) below the $24.3 million budget. Total expenses for Middletown were $16.8 million,
or $1.3 million (7.3%) below the $18.1 million budget. Total expenses for the VOALC
were $732,446, or $63,256 (9.5%) above the $669,190 budget.
The combined general fund surplus before year-end adjustments for all 3 campuses and the
VOALC was $41.2 million. Oxford operations ended the fiscal year with a $39.1 million
surplus as compared to the $6.4 million surplus assumed in the budget. Hamilton
operations ended the fiscal year with a $375,548 surplus versus $684,177 surplus assumed
in the budget. Middletown operations ended the fiscal year with a surplus of $1.7 million.
The Middletown general fund budget plan both assumed a balanced budget as a result of a
transfer of $1.5 million transfer from the Hamilton campus. The VOALC operations ended
the fiscal year with deficit of $51,308. The VOALC general fund budget assumed a
balanced budget. Details for each campus are provided in the sections below.
Oxford Unrestricted General Fund
General revenues for Oxford were $381.6 million, or $22.9 million (6.4%) above budget. Net
instructional revenue for the year was $280.4 million, or $16.6 million (6.3%) above budget.
General fee revenue for the year was $32.4 million, or $1.2 million (3.9%) above budget. State
appropriations were $56.2 million, or $1.9 million more than the $54.4 million budget due to a midyear recalculation of the formula by the Ohio Board of Regents. Investment income was $7.4
million (71.3%) above the $4.3 million budget.
Total expenses for Oxford were below budget by $11.1 million (3.6%). Several categories of
expense contributed to the positive performance.
Attachment D
Overall Page 106 of 253
Attachment Page 1 of 46
Attachment D
•
•
•
•
Operating Results
September 24, 2015
Salary and benefit expenses were $13.3 million below budget.
Undergraduate financial aid is represented in two lines in the financial report. Aid is
reported as a discount to revenue for scholarships awarded to new and continuing students
under the university’s merit aid programs. Expenses in this category of aid can fluctuate due
to student yield and retention. This category of aid was $1.4 million (2.8%) lower than the
$51.3 million budget. A second category of undergraduate scholarships, recognized in the
report under expenses, is for categorical scholarship awards and are managed on a
budgetary basis. Scholarships in this category were $951,321 under budget.
Graduate assistant fee waivers were $4.2 million less than budget. Graduate fellowships and
student waivers were over budget by $3.4 million due to spending being transferred from the
academic divisions into the graduate school. The overage is offset by underspending in the
other academic divisions.
Utilities expenses were $162,210 less then budget. Departmental support costs were
$4.6 million more than budget. Spending in departmental support costs reflects the
expenditure of accumulated carry forward balances that are not included in the current year
operating budget and for various capital investments.
This year’s positive financial performance allowed for a number of year end transfers to occur on
the Oxford campus. Transfers were made to the reserve for investment fluctuation ($3.0 million)
and the health care stabilization fund ($2.8 million). Transfers were made for capital projects at
Hughes Hall ($3 million), Pearson Hall ($2.5 million), the Creative Arts Center ($2 million) and
the Shriver Center ($2 million). A transfer of $24.7 million was made to departmental carry
forward related to earnings from surplus net instructional revenue generated by the academic
divisions as part of the new budget model. Carry forward balances from prior years related to
expense budgets for the Oxford campus decreased by $15.1 million and $12.3 million in expense
related carry forward was generated in FY15 resulting for a net decrease in expense related carry
forward for Oxford of $2.8 million.
Hamilton and Middletown General Fund
The Hamilton general fund end the fiscal year with a surplus of approximately $375,458. Net
instructional revenues were $18.7 million or $1.4 million (7%) below the $20.1 million budget. The
general fee was $99,698 (8.4%) below the $1.2 million budget. Underperformance in the enrollment
driven revenues was offset by favorable budget to actual performance in state subsidy which
exceeded budget by $384,486 (5.6%). Under spending occurred in salaries ($485,327), and health
care ($921,374) and utilities ($115,374) . Departmental support expenses were over the $5.1 million
budget by $547,673 as accumulated carryforward balances, which are not part of the original budget,
were expensed during the fiscal year.
The Middletown campus general fund had a surplus of $1.7 million. Net tuition for the campus
came in $108,428 below budget due primarily due to students participating in the English Language
Center. Also, state subsidy for the campus exceed budget by $472,624 (10.1%). Lower than
budgeted spending in salaries ($637,102), and health care ($747,070) contributable favorably to the
campus’ year end result. The Middletown budget included a $1.5 million transfer from the Hamilton
campus in support of their operations.
Voice of America Learning Center (VOALC)
Funding for the VOALC is transferred from the other campuses as follows: Oxford (50%),
Hamilton (25%), and Middletown (25%). The VOALC deficit of $51,308 primarily resulted from
unbudgeted spending in the support expenditures for capital improvements at the facility.
Investments
Global capital markets struggled to gain traction during most of the fiscal year as the multiyear
period of economic expansion showed signs of maturation. Central banks continued to play an
Attachment D
Overall Page 107 of 253
Attachment Page 2 of 46
Attachment D
Operating Results
September 24, 2015
outsized role in economies and markets. Even though the US Federal Reserve reduced its bond
purchasing program and contemplated the beginning of an interest rate tightening cycle, Europe,
Japan, and China intensified their extraordinary monetary stimulus efforts. Another dip in US GDP
growth over the winter overshadowed steadily improving labor statistics, while weak energy and
commodity prices renewed fears of global deflation. The non-endowment continued to be
challenged by near zero short term interest rates. Ongoing efforts to reallocate strong net cash flows
into longer term investments helped, but most markets posted modest or negative results. Concerns
over China’s economic growth and their policies to address the slowing pace of activity unsettled
investors as the fiscal year ended.
DESIGNATED AND RESTRICTED FUNDS
The designated and restricted funds consist of numerous individual accounts. Designated funds are
small self-supporting operations that are primarily managed by chairs, directors, and other
department heads. Total designated and restricted fund balances increased by approximately $10.3
and $5.1 million, respectively. Total restricted fund revenues were over budget by $3.6 million, while
expenditures were under budget by $1.5 million. In total, 80% of the activity in restricted fund
accounts are attributable to federal grants and contracts ($32.0 million) and donor restricted gifts
($25.0 million).
BUDGET CONTINGENCIES
Included in the attachments is a detail schedule providing information on the status of the reserves.
Total reserves increased $53.4 million or 13.1 percent and now are 89.2% of expenditures as
compared to 90.6% last fiscal year. Also enclosed is a separate schedule summarizing the budget
carry forward reserve.
AUXILIARIES
The “Financial Analysis – Auxiliary Units” report provides details for each auxiliary enterprise.
Generally, auxiliary enterprises performed well and were self-sustaining. However, Intercollegiate
Athletics ended the year with a $747,875 deficit. The deficit is primarily attributable to lower than
budgeted conference revenues, several revenue diversification initiatives not coming to fruition and
lower than budgeted performance in restricted fund revenues. Parking and Transportation also
ended the year with a $25,758 deficit due to unbudgeted capital expenses. Other Auxiliary, which
includes Student Facilities, had a deficit of $375,550 due to capital projects being funded from
operations. Each of the auxiliaries ending the year in deficit had sufficient fund balances to absorb
the deficit.
Auxiliary revenues exceeded budget by $3.2 million. The revenue variance was a result of
telecommunications sales, and printing services in the Shriver Center, as well as sales of
merchandise at the Recreation Center, and surplus general fee. The additional general fee support
was transferred to the student facilities CR&R for future capital projects.
Auxiliary expenses were under budget by $2.2 million. The positive performance is primarily
attributable to lower than expected spending for salaries, benefits and utilities. As a result of
performance, auxiliaries had the capacity to transfer $3.4 million to reserves above what had
been budgeted. The largest portion ($1.5 million) of the additional reserve set aside occurred in
the Utility Enterprise.
Attachment D
Overall Page 108 of 253
Attachment Page 3 of 46
Attachment D
September 24, 2015
Operating Results
Miami University
Total Budget vs Actual
As of June 30, 2015
Oxford
Hamilton
Middletown
$ 315,413,173
56,238,999
9,986,622
$ 381,638,794
$ 20,032,811
7,209,658
153,013
$ 27,395,482
$ 12,332,137
5,134,326
97,374
$ 17,563,838
Auxiliary Enterprises
Revenue
General Fee Support
Total Auxiliary Funds
146,144,916
29,393,128
175,538,045
0
333,998
333,998
0
16,642
16,642
Other Funds
Designated
Restricted
Total Other Funds
32,314,338
55,854,148
88,168,486
607,121
7,583,016
8,190,136
877,285
4,441,570
5,318,855
$ 645,345,325
$ 35,919,616
$ 22,899,335
$ 206,303,731
30,377,214
11,481,560
49,263,101
83,551,165
$ 380,976,771
$ 17,247,387
0
0
6,284,774
3,729,024
$ 27,261,185
$ 12,424,234
0
0
4,395,145
355,697
$ 17,175,077
Auxiliary Enterprises
Expenditures
Net Transfers
Total Auxiliary Funds
112,502,396
63,007,684
175,510,080
0
333,998
333,998
0
16,642
16,642
Other Funds
Designated
Restricted
Total Other Funds
22,426,336
51,016,912
73,443,248
425,325
7,491,815
7,917,139
653,279
4,266,277
4,919,556
$ 629,930,099
$ 35,512,322
$ 22,111,274
$662,023
9,888,002
4,837,236
27,965
$134,297
181,796
91,201
0
$388,761
224,006
175,294
0
$15,415,226
$407,294
$788,061
REVENUES:
General Fund
Tuition & Fees, Net
State Appropriations
Other Income
Total General Funds
Total Revenues
EXPENDITURES AND TRANSFERS:
General Fund
Salaries & Benefits
Graduate Fellowships & Fee Waivers
Undergraduate Scholarships & Fee Waivers
Support (non-personnel)
Net Transfers
Total General Funds
Total Expenditures and Transfers
NET INCREASE/(DECREASE) IN FUND BALANCE
General Fund
Designated Funds
Restricted Funds
Auxiliary Enterprise Funds
Total Net Increase/(Decrease) in Fund
Balance
Attachment D
Overall Page 109 of 253
VOALC
Total
347,778,121
68,582,983
10,281,673
426,642,777
$ 331,322,982
65,833,898
7,360,816
$ 404,517,696
0
0
0
$ 146,144,916
$ 29,743,768
$ 175,888,685
$ 147,899,857
25,181,364
$ 173,081,221
11
23,257
23,268
$ 33,798,755
$ 67,901,991
$ 101,700,746
$31,860,118
$64,279,980
$96,140,098
$
67,932
$ 704,232,208
$673,739,015
$
314,064
0
0
418,382
(706,649)
25,797
$
$
$
$0
0
44,664
44,664
$
$
$
$
Original
Budget
$
$
$
$
$
$
236,289,417
30,377,214
11,481,560
60,361,402
86,929,237
425,438,830
$ 252,208,462
31,153,400
12,432,881
55,843,477
45,746,688
$ 397,384,908
0
0
0
$ 112,502,396
$ 63,358,324
$ 175,860,720
$ 117,190,821
$ 55,890,400
173,081,221
1,533
1,269
2,802
$ 23,506,472
$ 62,776,272
$ 86,282,745
$31,860,118
$64,279,980
$96,140,098
28,599
$ 687,582,295
$ 666,606,227
$18,867
(1,522)
21,988
0
$1,203,948
$10,292,282
$5,125,719
$27,965
$7,132,788
0
0
0
$39,333
$16,649,913
$7,132,788
Attachment Page 4 of 46
Attachment D
September 24, 2015
Operating Results
MIAMI UNIVERSITY
FY2015 Year End Results
Oxford General Fund Only
As Of June 30, 2015
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
End-of-Year
Forecast
Budget to
Actuals
YTD Actuals
$ 315,053,264
$ 51,280,135
$ 263,773,129
$ 31,165,178
$
2,294,000
$ 297,232,307
$ 330,231,938 $
$ 49,841,149 $
$ 280,390,789 $
$ 32,372,459 $
$
2,649,925 $
$ 315,413,173 $
15,178,674
(1,438,986)
16,617,660
1,207,281
355,925
18,180,866
$ 328,416,564
$ 49,782,297
$ 278,634,267
$ 31,597,839
$
2,538,544
$ 312,770,650
$ 54,347,024
$
4,325,000
$
2,789,414
$ 358,693,745
$ 56,238,999
$
7,409,048
$
2,577,574
$ 381,638,794
$
$
$
$
1,891,975
3,084,048
(211,840)
22,945,049
$ 56,080,674
$
5,967,422
$
2,789,414
$ 377,608,160
EXPENDITURES:
Salaries & Benefits
Graduate Assistant Fee Waivers
Graduate Fellowships & Student Waivers
Utilities
Undergraduate Scholarships & Student Waivers
Departmental Support Expenditures
Multi-year Expenditures
Total Expenditures
$ 219,652,954
$ 20,770,946
$ 10,382,454
$ 13,386,196
$ 12,432,881
$ 26,231,811
$
5,671,742
$ 308,528,984
$ 206,303,731
$ 16,550,403
$ 13,826,811
$ 13,223,986
$ 11,481,560
$ 30,867,643
$
5,171,472
$ 297,425,606
$
$
$
$
$
$
$
$
(13,349,223)
(4,220,543)
3,444,357
(162,210)
(951,321)
4,635,832
(500,270)
(11,103,378)
$ 211,520,575
$ 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)
$
$
$
$
$
$
(28,766,101)
(7,986,501)
(5,063,698)
(577,681)
(2,675,861)
(45,069,842)
$
$
$
$
$
$
11,746
(6,501)
554,191
2
(1,913,130)
(1,353,692)
$
$
$
$
$
$
(28,777,847)
(7,980,000)
(5,617,889)
(577,683)
(762,731)
(43,716,150)
Net Revenues/(Expenditures) Before Adjustments
$
6,448,611
$
39,143,346
$
32,694,735
$
33,383,188
ADJUSTMENTS:
Departmental Budgetary Carryforward
Departmental Revenue Carryforward
Reserve for Investment Fluctuations
Reserve for Encumbrances
Reserve for Future Budgets
Reserve for Health Care Stabilization
Hughes Hall Project
Pearson Hall Project
Creative Arts Center Project
Reserve for Future Capital Projects
Other
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
2,835,114
(24,670,060)
(3,030,277)
1,027,592
(2,000,000)
(2,758,923)
(3,000,000)
(2,500,000)
(2,000,000)
(2,000,000)
(384,769)
$
$
$
$
$
$
$
$
$
$
$
2,835,114
(24,670,060)
(3,030,277)
1,027,592
(2,000,000)
(2,758,923)
(3,000,000)
(2,500,000)
(2,000,000)
(2,000,000)
(384,769)
$
$
$
$
$
$
$
$
$
$
$
(5,066,189)
-
State Appropriations
Investment Income
Other Revenue
Total Revenues
Net Increase/(Decrease) in Fund Balance
Attachment D
$
6,448,611
$
Overall Page 110 of 253
662,023
$
(5,786,588) $
28,316,999
Attachment Page 5 of 46
Attachment D
September 24, 2015
Operating Results
MIAMI UNIVERSITY
FY2015 Year End Results
Hamilton General Fund Only
As of June 30, 2015
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
End-of-Year
Forecast
Budget to
Actuals
YTD Actuals
$
$
$
$
$
$
20,847,554
715,000
20,132,554
1,185,610
227,000
21,545,164
$
$
$
$
$
$
19,328,240
604,865
18,723,375
1,085,912
223,524
20,032,811
$
$
$
$
$
$
(1,519,314)
(110,135)
(1,409,179)
(99,698)
(3,476)
(1,512,353)
$
$
$
$
$
$
19,409,333
758,484
18,650,849
1,092,105
226,830
19,969,784
$
$
$
$
6,825,172
30,000
66,000
28,466,336
$
$
$
$
7,209,658
62,113
90,900
27,395,482
$
$
$
$
384,486
32,113
24,900
(1,070,854)
$
$
$
$
7,131,581
30,000
75,325
27,206,690
EXPENDITURES:
Salaries & Benefits
Graduate Assistant Fee Waivers
Utilities
Departmental Support Expenditures
Multi-year Expenditures
Total Expenditures
$
$
$
$
$
$
18,462,239
709,000
5,116,631
24,287,870
$
$
$
$
$
$
17,247,387
593,626
5,664,304
26,844
23,532,161
$
$
$
$
$
$
(1,214,852)
(115,374)
547,673
26,844
(755,709)
$
$
$
$
$
$
17,113,023
591,776
5,498,450
10,621
23,213,870
DEBT SERVICE AND TRANSFERS:
General Fee
Capital, Renewal & Replacement
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)
$
$
$
$
$
$
$
(333,998)
(1,242,729)
(288,840)
(1,517,796)
(104,410)
(3,487,773)
$
$
$
$
$
$
$
99,698
11,224
1
3
(104,410)
6,516
$
$
$
$
$
$
$
(433,696)
(1,253,953)
(288,841)
(1,517,799)
(3,494,289)
State Appropriations
Investment Income
Other Revenue
Total Revenues
Net Revenues/(Expenditures) Before Adjustments $
ADJUSTMENTS:
Departmental Budgetary Carryforward
Departmental Revenue Carryforward
Reserve for Investment Fluctuations
Reserve for Encumbrances
Reserve for Future Budgets
Net Increase/(Decrease) in Fund Balance
Attachment D
$
$
$
$
$
$
684,177
684,177
$
375,548
$
(308,629) $
$
$
$
$
$
(328,479)
87,228
-
$
$
$
$
$
(328,479)
87,228
-
$
$
$
$
$
(1,074,000)
-
$
134,297
$
(549,880) $
(575,469)
Overall Page 111 of 253
498,531
Attachment Page 6 of 46
Attachment D
September 24, 2015
Operating Results
MIAMI UNIVERSITY
FY2015 Year End Results
Middletown General Fund Only
As of June 30, 2015
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
End-of-Year
Forecast
Budget to
Actuals
YTD Actuals
$
$
$
$
$
$
12,371,134
630,000
11,741,134
725,677
78,700
12,545,511
$
$
$
$
$
$
12,308,783
676,077
11,632,706
594,102
105,330
12,332,137
$
$
$
$
$
$
(62,351)
46,077
(108,428)
(131,575)
26,630
(213,374)
$
$
$
$
$
$
12,017,779
811,247
11,206,532
595,487
78,700
11,880,719
$
$
$
$
4,661,702
120,402
17,327,615
$
$
$
$
5,134,326
42,859
54,515
17,563,838
$
$
$
$
472,624
42,859
(65,887)
236,223
$
$
$
$
5,053,183
120,402
17,054,304
EXPENDITURES:
Salaries & Benefits
Graduate Assistant Fee Waivers
Utilities
Departmental Support Expenditures
Multi-year Expenditures
Total Expenditures
$
$
$
$
$
$
13,778,229
523,500
3,850,447
18,152,176
$
$
$
$
$
$
12,424,234
459,611
3,908,621
26,913
16,819,380
$
$
$
$
$
$
(1,353,995)
(63,889)
58,174
26,913
(1,332,796)
$
$
$
$
$
$
12,860,042
450,291
3,850,447
52,644
17,213,424
DEBT SERVICE AND TRANSFERS:
General Fee
Capital, Renewal & Replacement
Debt Service
Support for VOALC (25%)
Support From Hamilton
Other Miscellaneous Operational Transfers
Total Debt Service and Transfers
$
$
$
$
$
$
$
131,575
(14,822)
56,136
1
(2)
(15,870)
157,018
$
$
$
$
$
$
$
(148,217)
(256,180)
(288,841)
1,517,799
824,561
Net Revenues/(Expenditures) Before Adjustments
$
ADJUSTMENTS:
Departmental Budgetary Carryforward
Departmental Revenue Carryforward
Reserve for Investment Fluctuations
Reserve for Encumbrances
Reserve for Future Budgets
State Appropriations
Investment Income
Other Revenue
Total Revenues
Net Increase/(Decrease) in Fund Balance
Attachment D
(148,217)
(256,180)
(288,841)
1,517,799
824,561
$
$
$
$
$
$
$
(16,642)
(14,822)
(200,044)
(288,840)
1,517,797
(15,870)
981,579
$
$
$
$
$
$
$
-
$
1,726,037
$
1,726,037
$
665,441
$
$
$
$
$
-
$
$
$
$
$
(1,272,791)
(64,485)
-
$
$
$
$
$
(1,272,791)
(64,485)
-
$
$
$
$
$
(938,752)
-
$
-
$
$
(273,311)
Overall Page 112 of 253
388,761
$
388,761
Attachment Page 7 of 46
Attachment D
September 24, 2015
Operating Results
MIAMI UNIVERSITY
FY2015 Year End Results
Voice of America Learning Center General Fund Only
As of June 30, 2015
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
End-of-Year
Forecast
Budget to
Actuals
YTD Actuals
$
$
$
$
$
$
-
$
$
$
$
$
$
-
$
$
$
$
$
$
-
$
$
$
$
$
$
-
$
$
$
$
30,000
30,000
$
$
$
$
44,664
44,664
$
$
$
$
14,664
14,664
$
$
$
$
40,000
40,000
EXPENDITURES:
Salaries & Benefits
Graduate Assistant Fee Waivers
Utilities
Departmental Support Expenditures
Multi-year Expenditures
Total Expenditures
$
$
$
$
$
$
315,040
59,900
294,250
669,190
$
$
$
$
$
$
314,064
55,343
363,039
732,446
$
$
$
$
$
$
(976)
(4,557)
68,789
63,256
$
$
$
$
$
$
315,040
59,900
301,250
676,190
DEBT SERVICE AND TRANSFERS:
General Fee
Capital, Renewal & Replacement
Debt Service
Support for VOALC
Other Miscellaneous Operational Transfers
Total Debt Service and Transfers
$
$
$
$
$
$
(35,300)
(480,875)
1,155,365
639,190
$
$
$
$
$
$
(35,300)
(480,875)
1,155,361
(2,712)
636,474
$
$
$
$
$
$
-
$
$
$
(4) $
(2,712) $
(2,716) $
Net Revenues/(Expenditures) Before Adjustments
$
-
$
(51,308) $
(51,308) $
ADJUSTMENTS:
Departmental Budgetary Carryforward
Departmental Revenue Carryforward
Reserve for Investment Fluctuations
Reserve for Encumbrances
Reserve for Future Budgets
$
$
$
$
$
-
$
$
$
$
$
70,175
-
$
$
$
$
$
70,175
-
$
$
$
$
$
-
$
-
$
18,867
$
18,867
$
3,000
State Appropriations
Investment Income
Other Revenue
Total Revenues
Net Increase/(Decrease) in Fund Balance
Attachment D
Overall Page 113 of 253
(35,300)
(480,875)
1,155,365
639,190
3,000
Attachment Page 8 of 46
Attachment D
September 24, 2015
Operating Results
MIAMI UNIVERSITY
Financial Analysis - by Operational Unit
FY2015 / FY2014 / FY2013
FY2015
FY2013
FY2014
Year-end Actual
Year-end Actual
Salary
$
46,952,076
$
48,100,556
$
50,989,977
$
49,577,235
$
Benefits
$
13,499,837
$
12,682,905
$
17,332,656
$
13,531,242
$
Scholarships & Fellowships
$
9,371,509
$
9,103,717
$
10,360,000
$
8,688,453
$
Departmental Support Expenses
$
3,983,660
$
4,221,714
$
6,999,444
$
2,887,680
Total Expenses
$
73,807,082
$
74,108,892
$
85,682,077
$
74,684,610
Original Budget
Year-end Actual
Variance
% of '15 Budget
% Change from '14 YTD
(1,412,742)
97%
3%
(3,801,414)
78%
7%
(1,671,547)
84%
-5%
$
(4,111,764)
41%
-32%
$
(10,997,467)
87%
1%
College of Arts & Sciences
College of Education, Health, and Society
Salary
$
11,598,400
$
12,132,366
$
12,758,177
$
12,660,948
$
(97,229)
99%
4%
Benefits
$
3,479,524
$
3,149,679
$
4,481,596
$
3,555,743
$
(925,853)
79%
13%
Scholarships & Fellowships
$
1,587,145
$
1,716,761
$
2,460,100
$
1,607,878
$
(852,222)
65%
-6%
Departmental Support Expenses
$
1,592,367
$
1,474,216
$
2,322,200
$
1,051,840
$
(1,270,360)
45%
-29%
Total Expenses
$
18,257,436
$
18,473,022
$
22,022,073
$
18,876,409
$
(3,145,664)
86%
2%
Salary
$
6,313,828
$
6,565,594
$
6,471,100
$
6,622,190
$
151,090
102%
1%
Benefits
$
2,018,411
$
1,879,312
$
2,436,827
$
1,954,333
$
(482,494)
80%
4%
Scholarships & Fellowships
$
591,964
$
619,839
$
595,700
$
505,709
$
(89,991)
85%
-18%
Departmental Support Expenses
$
812,864
$
697,737
$
667,817
$
525,757
$
(142,060)
79%
-25%
Total Expenses
$
9,737,067
$
9,762,482
$
10,171,444
$
9,607,989
$
(563,455)
94%
-2%
Salary
$
19,232,431
$
17,708,566
$
17,746,318
$
20,391,366
$
115%
15%
Benefits
$
6,269,421
$
6,002,199
$
6,861,081
$
5,990,636
$
(870,445)
87%
0%
Scholarships & Fellowships
$
661,368
$
505,930
$
854,700
$
494,014
$
(360,686)
58%
-2%
Departmental Support Expenses
Total Expenses
$
$
2,067,815
28,231,035
$
$
2,036,979
26,253,674
$
$
3,301,666
28,763,765
$
$
1,176,750
28,052,766
$
$
(2,124,916)
(710,999)
36%
98%
-42%
7%
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
$
$
$
$
$
9,117,628
2,692,484
1,273,236
722,677
13,806,025
$
$
$
$
$
(124,860)
(735,091)
(203,064)
(479,390)
(1,542,405)
99%
79%
86%
60%
90%
1%
9%
-8%
-51%
-4%
College of Engineering and Computing
Farmer School of Business
Attachment D
Overall Page 114 of 253
2,645,048
Attachment Page 9 of 46
Attachment D
September 24, 2015
Operating Results
MIAMI UNIVERSITY
Financial Analysis - by Operational Unit
FY2015 / FY2014 / FY2013
FY2015
FY2013
FY2014
Year-end Actual
Year-end Actual
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
$
$
$
$
$
2,420,009
495,082
14,873,780
252,783
18,041,654
$
$
$
$
$
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
$
$
$
$
$
$
14,916,769
4,914,600
63,168,830
27,598
8,854,796
91,882,593
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
$
$
$
$
$
$
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
7,315,377
2,552,995
1,953,199
11,821,571
$
$
$
$
7,788,857
2,417,137
1,910,247
12,116,241
$
$
$
$
3,344,745
1,159,471
4,297,354
8,801,570
$
$
$
$
3,864,846
1,196,472
5,182,721
10,244,039
$
$
$
$
Other Finance & Business Services Departments
Salary
$
Benefits
$
Departmental Support Expenses
$
Total Expenses
$
Original Budget
Year-end Actual
Variance
% of '15 Budget
% Change from '14 YTD
295,358
(90,623)
1,806,792
(276,697)
1,734,830
114%
85%
114%
48%
111%
53%
0%
7%
-18%
11%
$
$
$
$
$
$
(850,599)
(1,333,698)
(1,787,365)
(12,402)
190,290
(3,793,774)
95%
79%
97%
0%
102%
96%
5%
16%
11%
-44%
4%
10%
115,706,145
33,134,120
90,611,900
27,598
15,472,283
254,952,046
$
$
$
$
$
$
606,066
(8,239,618)
(3,158,083)
(12,402)
(8,214,897)
(19,018,934)
101%
80%
97%
0%
65%
93%
6%
7%
8%
-44%
-17%
5%
$
$
$
$
$
11,940,718
3,741,925
13,159,466
783,856
29,625,965
$
$
$
$
$
(566,369)
(1,344,699)
(186,690)
674,156
(1,423,602)
95%
74%
99%
715%
95%
3%
3%
2%
1%
2%
7,922,062
3,202,754
2,011,008
13,135,824
$
$
$
$
8,035,713
2,470,382
1,201,466
11,707,561
$
$
$
$
113,651
(732,372)
(809,542)
(1,428,263)
101%
77%
60%
89%
3%
2%
-37%
-3%
4,458,543
1,741,002
3,863,534
10,063,079
$
$
$
$
4,060,901
1,230,793
3,957,743
9,249,437
$
$
$
$
(397,642)
(510,209)
94,209
(813,642)
91%
71%
102%
92%
5%
3%
-24%
-10%
President
Salary
Benefits
Departmental Support Expenses
Total Expenses
Attachment D
$
$
$
$
Overall Page 115 of 253
Attachment Page 10 of 46
Attachment D
September 24, 2015
Operating Results
MIAMI UNIVERSITY
Financial Analysis - by Operational Unit
FY2015 / FY2014 / FY2013
FY2015
FY2013
FY2014
Year-end Actual
Year-end Actual
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
$
$
$
$
5,031,600
2,457,350
(1,788,320)
5,700,630
$
$
$
$
(737,415)
(724,805)
(2,106,036)
(3,568,256)
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
$
$
$
$
4,127,538
1,312,412
350,349
5,790,299
$
$
$
$
$
$
$
$
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
$
$
$
$
7,195,604
2,278,002
1,714,435
11,188,041
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
$
$
$
$
626
11,123
849,447
861,196
Grand Total
Salary
Benefits
Scholarships & Fellowships
Utilities
Departmental Support Expenses
Admin Service Charge
Multi Year Accounts
Total Expenses
$
$
$
$
$
$
$
$
Original Budget
Year-end Actual
Variance
% of '15 Budget
% Change from '14 YTD
87%
77%
-563%
62%
-4%
-1%
40%
-11%
(147,615)
(470,826)
(92,418)
(710,859)
97%
74%
79%
89%
3%
0%
-45%
-3%
$
$
$
$
(1,350,050)
(1,182,986)
(1,336,009)
(3,869,045)
84%
66%
56%
74%
-7%
-8%
-34%
-13%
$
$
$
$
(1,793,358)
(536,188)
(5,694,195)
(8,023,741)
0%
2%
13%
10%
0%
101%
4%
28%
$
$
$
$
$
$
$
$
(4,272,732)
(13,741,703)
(3,158,083)
(199,092)
(17,484,732)
42,995
(561,249)
(39,374,596)
97%
77%
97%
99%
66%
99%
90%
91%
4%
5%
8%
2%
-23%
6%
9%
3%
Student Affairs
Information Technology
Salary
Benefits
Departmental Support Expenses
Total Expenses
Centrally Budgeted Funds
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
$
$
$
$
$
$
$
$
160,371,577
60,377,810
93,769,983
13,386,156
34,354,249
(8,122,398)
5,671,742
359,809,119
$
$
$
$
$
$
$
$
156,098,845
46,636,107
90,611,900
13,187,064
22,541,259
(8,079,403)
5,110,493
326,106,265
Note: Excludes Transfers
Attachment D
Overall Page 116 of 253
Attachment Page 11 of 46
Attachment D
September 24, 2015
Operating Results
MIAMI UNIVERSITY
Financial Analysis - Auxiliary Units (Oxford Campus)
FY2015/FY2014/FY2013
FY2013
Year-end Actual
FY2014
Year-end Actual
Original Budget
FY2015
Variance
Year-end Actual
% of '15 Budget
% Change from '14
7%
0%
7%
3%
3%
10%
561%
14%
0%
38%
15%
-39%
-37%
-98%
0%
2%
0%
2%
-10%
-3%
-19%
3280%
56%
-2%
-18%
1%
2%
5%
-53%
Residence & Dining Halls
Revenue
General Fee Support
Total Sources
Salary
Benefits
Utilites
Charge Outs
Operating Expenses
Inventory Purchases
Debt Service
Total Uses
Net Before Transfers
Net Transfers
Net Total
$
$
$
$
$
$
$
$
$
$
$
$
$
$
81,287,838
81,287,838
14,990,150
4,153,013
5,373,101
(917,237)
27,197,622
372
19,882,994
70,680,014
10,607,824
(10,563,937)
43,887
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
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
1,591,933
(1,559,069)
32,864
$
$
$
$
$
$
$
$
$
$
$
$
$
$
88,831,152
88,831,152
15,344,766
3,938,126
5,614,894
(407,594)
29,339,543
$
$
$
$
$
$
$
$
$
22,303,542 $
76,133,276 $
12,697,875 $
(12,261,837) $
436,038 $
96,593,023
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
(9,258,114)
-
$
$
$
$
$
$
$
$
$
$
$
$
95,376,089
95,376,089
15,732,386
4,046,864
6,179,598
(2,695,243)
33,518,415
13,939
30,866,290
87,662,249
7,713,839
(7,706,422)
7,417
$
$
$
$
$
$
$
$
$
$
$
$
$
$
(1,216,934)
(1,216,934)
447,329
(1,083,132)
(274,211)
(1,295,751)
950,908
(8,061)
1,590,258
327,340
(1,544,275)
1,551,692
7,417
99%
0%
99%
103%
79%
96%
193%
103%
63%
105%
100%
83%
83%
26,044,832
855,000
26,899,832
4,232,203
1,046,556
413,065
(688,444)
5,247,135
14,127,443
47,326
24,425,284
2,474,548
(2,416,642)
57,906
$
$
$
$
$
$
$
$
$
$
$
$
$
$
2,217,487
2,217,487
(311,561)
(391,318)
(64,139)
(1,030,098)
2,329,374
430,358
0
962,616
1,254,871
(1,196,965)
57,906
109%
100%
109%
93%
73%
87%
-202%
180%
103%
100%
104%
203%
198%
Shriver Center
Revenue
General Fee Support
Total Sources
Salary
Benefits
Utilities
Charge Outs
Operating Expenses
Inventory Purchases
Debt Service
Total Uses
Net Before Transfers
Net Transfers
Net Total
Attachment D
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
2,426,430
(2,303,909)
122,521
$
$
$
$
$
$
$
$
$
$
$
$
$
$
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
(1,219,677)
(0)
$
$
$
$
$
$
$
$
$
$
$
$
Overall Page 117 of 253
Attachment Page 12 of 46
Attachment D
September 24, 2015
Operating Results
MIAMI UNIVERSITY
Financial Analysis - Auxiliary Units (Oxford Campus)
FY2015/FY2014/FY2013
FY2013
Year-end Actual
FY2014
Year-end Actual
Original Budget
FY2015
Variance
Year-end Actual
% of '15 Budget
Marcum Conference Center
Revenue
General Fee Support
Total Sources
Salary
Benefits
Utilities
Charge Outs
Operating Expenses
Inventory Purchases
Debt Service
Total Uses
Net Before Transfers
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
192,921
(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
87,605
(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
(91,119)
0
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
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
623,375
1,704,366
23,252,694
(271,979)
438,675
166,696
$
$
$
$
$
$
$
$
$
$
$
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
$
$
$
$
$
$
436,248
1,392,619
23,870,866
(1,141,252)
1,632,054
490,802
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
1,428,869
1,428,869
535,093
144,168
137,654
(43,000)
454,496
24,525
1,252,936
175,932
(141,119)
34,813
$
$
$
$
$
$
$
$
$
$
$
$
$
$
(48,821)
(48,821)
(60,378)
(42,608)
(49,920)
(89,652)
85,898
23,025
(133,635)
84,813
(50,000)
34,813
97%
0%
97%
90%
77%
73%
-92%
123%
1635%
0%
90%
193%
155%
5,987,974
16,107,965
692,406
1,112,975
23,901,320
7,618,940
2,314,442
9,869
(123,173)
13,628,179
746,950
1,349,553
25,544,760
(1,643,440)
895,565
(747,875)
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
(557,197)
(590,003)
92,950
(612,469)
(1,666,719)
(33,200)
(620,656)
6,869
(123,173)
635,011
(6,325)
147,494
(375,891)
(369,871)
(1,296,848)
548,973
(747,875)
91%
96%
116%
65%
93%
100%
79%
329%
0%
105%
0%
0%
125%
78%
99%
474%
258%
% Change from '14
0%
-31%
0%
-31%
-44%
-29%
-22%
507%
-28%
372%
-100%
-36%
101%
661%
-50%
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
Total Uses
Net Before Transfers
Net Transfers
Net Total
Attachment D
$
$
$
$
$
$
$
$
$
$
599,456 $
1,725,444 $
25,914,631 $
(346,592) $
346,592 $
$
Overall Page 118 of 253
11%
2%
80%
-9%
5%
-1%
-3%
12%
5%
13%
0%
0%
71%
-3%
7%
44%
-45%
-252%
Attachment Page 13 of 46
Attachment D
September 24, 2015
Operating Results
MIAMI UNIVERSITY
Financial Analysis - Auxiliary Units (Oxford Campus)
FY2015/FY2014/FY2013
FY2013
Year-end Actual
FY2014
Year-end Actual
Original Budget
FY2015
Variance
Year-end Actual
% of '15 Budget
% Change from '14
Recreation Center
Revenue
General Fee Support
Total Sources
Salary
Benefits
Utilities
Charge Outs
Operating Expenses
Inventory Purchases
Debt Service
Total Uses
Net Before Transfers
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
651,141
(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
821,851
(726,064)
95,787
$
$
$
$
$
$
$
$
$
$
$
$
$
$
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
(805,244)
-
$
$
$
$
$
$
$
$
$
$
$
$
$
$
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
631,136
(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
604,108
(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
(264,563)
-
$
$
$
$
$
$
$
$
$
$
$
$
3,191,209
3,706,729
6,897,938
2,660,057
599,473
717,230
1,429,918
312,791
5,719,468
1,178,470
(1,105,247)
73,223
$
$
$
$
$
$
$
$
$
$
$
$
$
$
404,497
(2)
404,495
7,022
(143,541)
(1,532)
(325,625)
343,655
151,291
31,269
373,226
(300,003)
73,223
115%
100%
106%
100%
81%
100%
0%
132%
194%
0%
101%
146%
137%
13%
-18%
-6%
4%
13%
-5%
0%
35%
67%
-100%
-12%
43%
52%
-24%
3,529,955
2,182,739
5,712,694
1,156,649
323,471
950,515
414,371
203,240
2,039,936
5,088,182
624,512
(579,832)
44,681
$
$
$
$
$
$
$
$
$
$
$
$
$
$
41,152
3
41,155
(85,801)
(91,514)
(176,541)
(53,857)
63,179
25,740
0
(318,794)
359,949
(315,269)
44,681
101%
100%
101%
93%
78%
84%
0%
118%
115%
100%
94%
236%
219%
0%
-3%
-1%
-6%
5%
-5%
0%
16%
-8%
0%
-1%
3%
4%
-3%
Goggin Ice Arena
`
Revenue
General Fee Support
Total Sources
Salary
Benefits
Utilities
Charge Outs
Operating Expenses
Inventory Purchases
Debt Service
Total Uses
Net Before Transfers
Net Transfers
Net Total
Attachment D
$
$
$
$
$
$
$
$
$
$
$
$
Overall Page 119 of 253
Attachment Page 14 of 46
Attachment D
September 24, 2015
Operating Results
MIAMI UNIVERSITY
Financial Analysis - Auxiliary Units (Oxford Campus)
FY2015/FY2014/FY2013
FY2013
Year-end Actual
FY2014
Year-end Actual
Original Budget
FY2015
Variance
Year-end Actual
% of '15 Budget
% Change from '14
100%
100%
100%
94%
79%
0%
131%
105%
0%
100%
100%
60%
100%
-3%
0%
-3%
-4%
-1%
0%
26%
6%
0%
-11%
-3%
32%
-676%
-164%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
-100%
0%
-100%
-100%
-100%
-100%
0%
-100%
0%
0%
-100%
-100%
-100%
-100%
Parking and Transportation
Revenue
General Fee Support
Total Sources
Salary
Benefits
Utilities
Charge Outs
Operating Expenses
Inventory Purchases
Debt Service
Total Uses
Net Before Transfers
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
260,116
(259,773)
343
$
$
$
$
$
$
$
$
4,130,539
200,000
4,330,539
448,533
132,777
(15,575)
1,798,245
$
$
$
$
$
$
$
$
4,009,620
200,000
4,209,620
459,598
166,046
(15,000)
1,818,516
$
$
$
$
$
1,937,403
4,301,383
29,155
11,171
40,326
$
$
$
$
$
1,716,099
4,145,259
64,361
(64,361)
-
$
$
$
$
$
$
$
$
$
$
$
$
$
$
809,310
809,310
49,728
10,241
738,599
29,926
828,493
(19,183)
(28,199)
(47,382)
$
$
$
$
$
$
$
$
$
$
$
$
$
$
1,087,432
1,087,432
54,859
18,246
885,537
36,765
995,407
92,025
(79,420)
12,605
$
$
$
$
$
$
1,019,500
1,019,500
60,178
24,372
828,000
$
$
$
$
$
$
$
$
$
$
$
$
3,999,221
200,003
4,199,224
429,872
130,932
(19,603)
1,903,328
1,716,098
4,160,626
38,597
(64,355)
(25,758)
$
$
$
$
$
$
$
$
$
$
$
$
$
$
(10,399)
3
(10,396)
(29,726)
(35,115)
(4,603)
84,812
(1)
15,367
(25,764)
6
(25,758)
$
$
$
$
$
$
$
$
$
$
$
$
$
$
(1,019,500)
(1,019,500)
(60,178)
(24,372)
(828,000)
(50,985)
(963,535)
(55,965)
55,965
-
Telecommunications
Revenue
General Fee Support
Total Sources
Salary
Benefits
Utilities
Charge Outs
Operating Expenses
Inventory Purchases
Debt Service
Total Uses
Net Before Transfers
Net Transfers
Net Total
Attachment D
$
$
$
$
$
$
$
$
$
$
$
$
$
$
50,985 $
$
$
963,535 $
55,965 $
(55,965) $
$
Overall Page 120 of 253
-
Attachment Page 15 of 46
Attachment D
September 24, 2015
Operating Results
MIAMI UNIVERSITY
Financial Analysis - Auxiliary Units (Oxford Campus)
FY2015/FY2014/FY2013
FY2013
Year-end Actual
FY2014
Year-end Actual
Original Budget
FY2015
Variance
Year-end Actual
% of '15 Budget
% Change from '14
Utility Enterprise
Revenue
$
Total Sources $
$
$
$
Salary
Benefits
Utilities
Charge Outs
Expense Recovery
Operating Expenses
Inventory Purchases
Debt Service
Total Uses
Net Before Transfers
Net Transfers
Net Total
1,033,863
360,958
12,734,983
$
$
$
$
$
$
$
$
$
$
$
$
(24,395,392)
1,317,045
2,457,707
(6,490,836)
6,490,836
(6,457,260)
33,576
$
$
$
$
$
$
$
$
$
$
$
$
$
$
(22,515,171) $
1,384,738 $
331
2,428,526 $
(6,343,559) $
6,343,559 $
(6,274,088) $
69,471 $
$
$
$
$
$
$
$
$
$
$
$
$
$
$
1,848,419
752,469
2,600,888
1,287,326
433,343
279,630
120,707
2,121,007
479,881
(475,155)
4,726
$
$
$
$
$
$
$
$
$
$
$
$
$
$
1,736,418
624,649
2,361,067
985,363
305,503
1,682
500,155
133,673
1,926,377
434,690
(83,411)
351,279
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
(5,399,432)
-
$
$
$
$
$
$
$
$
$
$
$
$
1,258,056
425,303
10,470,089
(23,175,972)
1,216,450
2,407,322
(7,398,751)
7,398,751
(6,964,248)
434,503
$
$
$
$
$
$
$
$
$
$
$
$
$
$
(120,974)
(130,799)
(1,882,360)
5,000
594,482
(464,669)
0
(1,999,319)
1,999,319
(1,564,816)
434,503
0%
0%
91%
76%
85%
0%
97%
72%
0%
100%
137%
137%
129%
0%
0%
9%
11%
-3%
0%
3%
-12%
-100%
-1%
17%
17%
11%
525%
1,853,078
477,049
2,330,127
865,807
274,447
5,398
723,080
109,335
1,978,067
352,060
(165,439)
186,621
$
$
$
$
$
$
$
$
$
$
$
$
$
$
55,778
(2)
55,776
(85,841)
(108,498)
5,398
(36,239)
(5,665)
(230,845)
286,621
(100,000)
186,621
103%
100%
102%
91%
72%
0%
0%
95%
95%
0%
90%
538%
253%
7%
-24%
-1%
-12%
-10%
221%
0%
45%
-18%
0%
3%
-19%
98%
-47%
Student Health Services
Revenue
General Fee Support
Total Sources
Salary
Benefits
Utilities
Charge Outs
Operating Expenses
Inventory Purchases
Debt Service
Total Uses
Net Before Transfers
Net Transfers
Net Total
Attachment D
$
$
$
$
$
$
$
$
$
$
$
$
$
$
1,797,300
477,051
2,274,351
951,648
382,945
759,319
115,000
2,208,912
65,439
(65,439)
-
$
$
$
$
$
$
$
$
$
$
$
$
Overall Page 121 of 253
Attachment Page 16 of 46
Attachment D
September 24, 2015
Operating Results
MIAMI UNIVERSITY
Financial Analysis - Auxiliary Units (Oxford Campus)
FY2015/FY2014/FY2013
FY2013
Year-end Actual
FY2014
Year-end Actual
Original Budget
FY2015
Variance
Year-end Actual
% of '15 Budget
Armstrong - Student Affairs
Revenue
General Fee Support
Total Sources
Salary
Benefits
Utilities
Charge Outs
Operating Expenses
Inventory Purchases
Debt Service
Total Uses
Net Before Transfers
Net Transfers
Net Total
$
$
$
$
$
$
$
$
$
$
$
$
$
$
-
$
$
$
$
$
$
1,690,773
1,690,773
141,593
36,952
140,881
$
$
$
$
$
$
4,142,026
700,000
4,842,026
376,241
84,095
330,134
$
185,098
$
533,408
$
$
$
$
$
553,299
1,057,823
632,949
(581,623)
51,326
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
184,396
4,541,070
4,725,466
67,328
17,139
465,205
349,947
899,618
3,825,848
(3,972,012)
(146,164)
$
$
$
$
$
2,392,272
3,716,150
1,125,876
(1,125,876)
-
$
$
$
$
$
$
$
$
$
$
$
$
3,778,234
699,997
4,478,231
334,192
66,444
275,395
701,089
2,407,128
3,784,248
693,983
(647,121)
46,862
$
$
$
$
$
$
$
$
$
$
$
$
$
$
(363,792)
(3)
(363,795)
(42,049)
(17,651)
(54,739)
167,681
14,856
68,098
(431,893)
478,755
46,862
193,706
5,163,646
5,357,353
66,003
18,744
815,995
345,510
1,246,252
4,111,101
(4,486,650)
(375,550)
$
$
$
$
$
$
$
$
$
$
$
$
$
$
22,495
4,801,768
4,824,264
(3,402)
(3,855)
383,225
(100)
(1)
375,867
4,448,397
(4,823,946)
(375,550)
91%
100%
92%
89%
79%
83%
0%
131%
0%
101%
102%
62%
57%
Other Auxiliary
Revenue
General Fee Support
Total Sources
Salary
Benefits
Utilities
Charge Outs
Operating Expenses
Inventory Purchases
Debt Service
Total Uses
Net Before Transfers
Net Transfers
Net Total
Attachment D
$
$
$
$
$
$
$
$
$
$
$
$
$
$
209,120
2,835,318
3,044,438
64,925
20,302
203,421
344,998
633,645
2,410,793
(1,881,757)
529,036
171,211
361,878
533,089
69,405
22,599
$
$
$
$
$
$
$
$
$
$
$
$
$
432,770
100
345,511
870,385
(337,296)
337,296
-
$
$
$
$
$
$
Overall Page 122 of 253
113%
1427%
1005%
95%
83%
0%
0%
189%
0%
100%
143%
-1219%
-1330%
% Change from '14
0%
123%
0%
165%
136%
80%
95%
0%
279%
0%
335%
258%
10%
11%
-9%
0%
5%
14%
13%
-2%
9%
0%
0%
75%
0%
-1%
39%
7%
13%
157%
Attachment Page 17 of 46
Attachment D
September 24, 2015
Operating Results
MIAMI UNIVERSITY
Financial Analysis - Auxiliary Units (Oxford Campus)
FY2015/FY2014/FY2013
FY2013
Year-end Actual
FY2014
Year-end Actual
Original Budget
Year-end Actual
FY2015
Variance
% of '15 Budget
% Change from '14
100%
117%
0%
0%
102%
99%
78%
85%
97%
548%
108%
104%
104%
125%
78%
99%
131%
132%
6%
2%
80%
-9%
5%
-1%
1%
-4%
3%
528%
17%
-1%
28%
71%
-3%
9%
-14%
-7%
-116%
Total Auxiliary
Revenue
General Fee Support
Designated Revenue
Restricted Revenue
Total Sources
Salary
Benefits
Utilities
Expense Recovery
Charge Outs
Operating Expenses
Inventory Purchases
Debt Service
Designated Expense
Restricted Expense
Total Uses
Net Before Transfers
Net Transfers
Net Total
Attachment D
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
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)
(1,045,112)
47,759,370
17,243,093
27,654,692
623,375
1,704,366
136,472,802
23,025,418
(22,225,110)
800,308
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
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
26,854,843
(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)
(651,704)
55,560,606
14,181,010
38,224,498
599,456
1,725,444
155,698,763
17,665,902
(17,665,902)
(0)
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Overall Page 123 of 253
145,383,166
29,393,128
692,406
1,112,975
176,581,676
34,889,259
9,390,845
19,158,812
(23,175,972)
(3,569,463)
60,052,456
14,791,271
39,829,612
746,950
1,349,553
153,463,323
23,118,353 $
(23,381,510)
(263,157) $
(475,235)
4,211,764
92,950
(612,469)
3,217,011
(378,758)
(2,693,058)
(3,319,176)
594,482
(2,917,759)
4,491,851
610,261
1,605,114
147,494
(375,891)
(2,235,441)
5,452,451
(5,715,608)
(263,157)
Attachment Page 18 of 46
Attachment D
September 24, 2015
Operating Results
Residence and Dining Halls
Net Increase for Fiscal Year
Fiscal Year 2015 - 2009
Revenues
Expenses
Salaries & Benefits
Operating Expenses & Food Purchases
FY15
95,379,311
FY14
88,831,459
FY13
81,287,838
FY12
78,756,210
FY11
76,033,181
FY10
73,504,118
FY09
68,559,447
19,779,250
37,262,741
19,282,892
34,963,967
19,143,162
31,912,746
20,522,868
32,959,940
21,083,130
31,815,715
26,154,177
26,335,723
29,185,462
27,819,033
Total Expenses
57,041,991
54,246,859
51,055,908
53,482,808
52,898,845
52,489,900
57,004,495
Net Income Before Debt Service and
Transfers
38,337,320
34,584,600
30,231,930
25,273,402
23,134,336
21,014,218
11,554,952
(30,866,290)
(7,706,422)
(22,303,542)
(11,845,020)
(19,882,993)
(10,305,050)
(11,906,810)
(13,339,934)
(5,816,005)
(17,216,813)
(3,760,628)
(17,089,500)
(3,796,186)
(7,708,962)
Debt Service and Transfers
Debt Service
Capital Projects
Net Increase for fiscal Year
Total All Fund Balances and Reserves
Attachment D
7,417
436,038
43,887
26,658
101,518
164,090
49,804
66,164,901
60,014,075
51,780,699
44,436,411
36,052,128
23,696,971
12,419,095
Overall Page 124 of 253
Attachment Page 19 of 46
Attachment D
September 24, 2015
Operating Results
MIAMI UNIVERSITY
Budget Contingency Reserves and Other Unrestricted Funds Available for Designated Purposes
All Campuses
Central Reserves - Oxford Campus
Unallocated Fund Balance
Reserve for Future Budgets
Reserve for Investment Fluctuations
Reserve for Health Care Stabilization
Reserve for Financial Aid
Renewals and Replacement Funds
Encumbrances/Purchase Orders
Other
Total Central Reserves - Oxford
Carryforward and Designated Funds - Oxford Campus
Departmental Budget Carry Forward
Designated Funds
President Carryforward
President Designated Funds
President Subtotal
Provost - CAS Carryforward
Provost - CAS Designated Funds
Provost - EHS Carryforward
Provost - EHS Designated Funds
Provost - BUS Carryforward
Provost - BUS Designated Funds
Provost - EAS Carryforward
Provost - EAS Designated Funds
Provost - SCA Carryforward
Provost - SCA Designated Funds
Provost - Other Carryforward
Provost - Other Designated Funds
Provost Total Carryforward
Provost Total Designated Funds
Provost Subtotal
Finance and Business Services Carryforward
Finance and Business Services Designated Funds
Finance and Business Services Subtotal
Miami University Central Carryforward
Miami University Central Designated Funds
Miami University Central Subtotal
Physical Facilities Carryforward
Physical Facilities Designated Funds
Physical Facilities Subtotal
Attachment D
Overall Page 125 of 253
FY2015
FY2014
$3,908,946
12,744,512
23,874,823
15,000,000
6,485,129
$3,246,923
10,744,512
20,844,546
12,241,077
6,264,904
10,035,313
3,559,330
1,547,953
77,156,007
15,821,250
4,976,475
1,547,953
75,687,640
$88,038,419
49,814,153
1,298,831
(173,959)
1,124,872
27,629,481
8,650,844
15,685,998
1,470,829
12,451,005
9,081,905
3,153,227
1,186,677
4,583,099
570,296
9,478,337
9,231,988
72,981,147
30,192,539
103,173,686
3,145,311
806,322
3,951,633
3,370,649
3,769,372
7,140,021
305,606
1,256,801
1,562,407
$66,203,472
39,926,150
668,141
(187,172)
480,969
19,308,338
6,912,556
10,083,434
1,486,435
9,279,370
6,166,340
2,588,859
807,079
3,964,685
423,226
9,388,475
7,521,846
54,613,161
23,317,482
77,930,643
3,018,095
350,726
3,368,821
1,932,105
2,679,028
4,611,133
282,640
1,227,622
1,510,262
Attachment Page 20 of 46
Attachment D
September 24, 2015
Operating Results
MIAMI UNIVERSITY
Budget Contingency Reserves and Other Unrestricted Funds Available for Designated Purposes
All Campuses
FY2015
597,516
1,357,323
1,954,839
963,490
1,958,953
2,922,443
1,440,261
8,480,439
9,920,700
3,935,608
2,166,363
6,101,971
137,852,5712
FY2014
339,436
1,225,172
1,564,608
995,096
1,885,763
2,880,859
1,217,163
7,539,528
8,756,691
3,137,634
1,888,001
5,025,635
106,129,6220
$215,008,579
$181,817,262
$2,349,296
4,872,756
$2,214,999
4,872,756
14,738,212
2,292,757
1,057,795
140,052
160,739
$25,611,607
14,116,222
1,964,278
875,999
227,280
160,739
$24,432,273
$1,260,578
0
$871,817
0
Renewals and Replacement Funds
Departmental Budget Carry Forward
Designated Funds
Encumbrances/Purchase Orders
Other
Middletown Campus Reserves
2,373,533
3,573,295
880,377
116,736
151,811
$8,356,330
2,771,191
2,300,504
656,371
52,251
151,811
$6,803,945
Central, Carryforward and Designated Funds - VOA
Unallocated Fund Balance
$70,810
$51,943
Renewals and Replacement Funds
Departmental Budget Carry Forward
Designated Funds
Encumbrances/Purchase Orders
Voice of America Learning Center Reserves
196,376
65,092
21,549
28,144
$381,970
157,981
135,267
23,071
25,431
$393,693
Enrollment Management & Student Success Carryforward
Enrollment Management & Student Success Designated Funds
Enrollment Management & Student Success Subtotal
Student Affairs Carryforward
Student Affairs Designated Funds
Student Affairs Subtotal
University Advancement Carryforward
University Advancement Designated Funds
University Advancement Subtotal
Information Technology Services Carryforward
Information Technology Services Designated Funds
Information Technology Services Subtotal
Oxford Campus Carryfoward and Designated Funds
Total Oxford Campus
Central, Carryforward and Designated Funds - Hamilton Campus
Unallocated Fund Balance
Reserve for Future Budgets
Renewals and Replacement Funds
Departmental Budget Carry Forward
Designated Funds
Encumbrances/Purchase Orders
Other
Hamilton Campus Reserves
Central, Carryforward and Designated Funds - Middletown Campus
Unallocated Fund Balance
Reserve for Future Budgets
Attachment D
Overall Page 126 of 253
Attachment Page 21 of 46
Attachment D
September 24, 2015
Operating Results
MIAMI UNIVERSITY
Budget Contingency Reserves and Other Unrestricted Funds Available for Designated Purposes
All Campuses
FY2015
FY2014
Auxiliary Enterprise Funds
Renewals and Replacement Funds
Unallocated Auxiliary Enterprise Fund Balance
Departmental Budget Carry Forward and Other
Auxiliary Enterprise Funds Reserves
$102,252,771
6,780,462
794,330
$109,827,563
$88,075,680
5,740,986
794,330
$94,610,996
Funds Designated as Quasi-endowments
Quasi-endowment for University Improvement
Quasi-endowment to Further Academic Goals
Boadway Unrestricted Quasi-endowment Fund
$5,999,128
7,610,432
1,914,303
$6,250,779
7,929,674
1,994,605
Other Board Designated Quasi-endowment Funds
59,367,514
59,455,592
Total Funds Designated as Quasi-endowments
$74,891,377
$75,630,650
$434,077,426
$383,688,819
$52,791,669
$39,796,469
$486,869,095
$423,485,288
Total Reserves
Capital Project Funds Authorized But Not Expended
Total Unrestricted E&G Expenditures
Total Central Reserves as a Percent of Expenditures
14.81%
14.85%
Total Reserves as a Percent of Expenditures
89.16%
90.60%
Attachment D
Overall Page 127 of 253
Attachment Page 22 of 46
Attachment D
September 24, 2015
Operating Results
MIAMI UNIVERSITY
FY2015 Budget-To-Actual and Endowment Fund Activity
As of June 30, 2015
FY2015
Original
Budget
Oxford General Fund Investments
Dividends and Interest (net of fees)
$4,325,000
Realized Gains/(Losses)
Unrealized Gains - change in market value
Mark to market as of June 30
Allocations to Other Funds
Total Unrestricted General Fund Investment Income
$4,325,000
FY2015
YTD
Actual
$7,664,360
Budgetto-Actual
Variance
$3,339,360
(194,370)
(194,370)
917,828
917,828
(978,256)
(978,256)
$7,409,562
$3,084,562
Endowment and Quasi-endowment Funds
Endowment
Funds
QuasiEndowment
Beginning Balance
$97,225,874
$84,027,896 $181,253,770
Dividends and Interest (net of fees)
46,173
Reinvested Realized Gains/(Losses) - (net of administrative fees)
Realized gains remaining after spending distribution
Unrealized Gains - change in market value
Mark to market as of June 30
16,020
Total
Endowment
62,193
(1,337,450)
(1,220,793)
(2,558,243)
(2,370,856)
(2,100,643)
(4,471,499)
Gifts
831,390
1,291,363
2,122,753
Other
(277,821)
1,000,069
722,248
Total Endowment and Quasi-endowment funds
$94,117,310
Investment Earnings Distributed to Expendable Funds
Attachment D
Overall Page 128 of 253
$4,355,062
$83,013,912 $177,131,222
$3,871,760
$8,226,822
Attachment Page 23 of 46
Attachment D
Operating Results
Attachment D
Overall Page 129 of 253
September 24, 2015
Attachment Page 24 of 46
Attachment D
Operating Results
Attachment D
Overall Page 130 of 253
September 24, 2015
Attachment Page 25 of 46
Attachment D
September 24, 2015
Operating Results
Miami University
CarryForward (CF) Change
FY13 Year
% of
End Balance Campus
FY14 Year
FY14 Year
FY14 Year End
% of
% of
End Balance
End Revenue
Campus
Campus
Balance
Including
CF
Revenue CF
FY15 Year
FY15 Year End
% of
Variance
End Revenue
Campus FY15 to FY14
Balance
CF
FY15 Year
End Balance
Including
Revenue CF
% of
Campus
Variance FY15
to FY14
Including
Revenue CF
Oxford
President
Provost
Strategic Investment Funds
Finance & Business Services
Physical Facilities
Miami University Central
Enrollment Mgmt Stu.Success
Student Affairs
University Advancement
Information Technology Service
Sub-Total - Oxford
$
$
$
$
$
$
$
$
$
$
$
1,509,334
43,169,128
5,174,268
2,722,868
393,631
336,600
881,200
1,487,782
3,653,127
59,327,937
2.5%
72.8%
8.7%
4.6%
0.7%
0.6%
0.0%
1.5%
2.5%
6.2%
$
$
$
$
$
$
$
$
$
$
$
668,141
44,098,601
1,674,268
3,018,095
282,640
1,932,105
995,096
1,217,163
3,137,634
57,023,743
1.2%
77.3%
2.9%
5.3%
0.5%
3.4%
0.0%
1.7%
2.1%
5.5%
100%
$
$ 9,179,729
$
$
$
$
$
$
$
$
$ 9,179,729
$
668,141
$ 53,278,330
$ 1,674,268
$ 3,018,095
$
282,640
$ 1,932,105
$
$
995,096
$ 1,217,163
$ 3,137,634
$ 66,203,472
1.0%
80.5%
2.5%
4.6%
0.4%
2.9%
0.0%
1.5%
1.8%
4.7%
100%
$
$
$
$
$
$
$
$
$
$
$
1,298,831
48,311,086
3,145,311
305,606
3,370,649
597,516
963,490
1,440,261
3,935,608
63,368,358
2.0%
76.2%
0.0%
5.0%
0.5%
5.3%
0.9%
1.5%
2.3%
6.2%
100%
$
630,690 $
$ (4,967,244) $ 24,670,060
$ (1,674,268) $
$
127,216 $
$
22,966 $
$ 1,438,544 $
$
597,516 $
$
(31,606) $
$
223,098 $
$
797,974 $
$ (2,835,114) $ 24,670,060
$ 1,298,831
$ 72,981,146
$
$ 3,145,311
$
305,606
$ 3,370,649
$
597,516
$
963,490
$ 1,440,261
$ 3,935,608
$ 88,038,418
1.5%
82.9%
0.0%
3.6%
0.3%
3.8%
0.7%
1.1%
1.6%
4.5%
100%
$
630,690
$ 19,702,816
$ (1,674,268)
$
127,216
$
22,966
$ 1,438,544
$
597,516
$
(31,606)
$
223,098
$
797,974
$ 21,834,946
Regional Campuses
Hamilton Campus
Middletown Campus
VOA Learning Center
Sub-Total Regionals
$ 3,026,344
$ 3,006,376
$
153,686
$ 6,186,406
48.9%
48.6%
2.5%
$
$
$
$
1,964,278
2,300,504
135,267
4,400,049
44.6%
52.3%
3.1%
100%
$
$
$
$
$
$
$
$
44.6%
52.3%
3.1%
100%
$
$
$
$
2,292,757
3,573,295
65,092
5,931,144
38.7%
60.2%
1.1%
100%
$
$
$
$
$
$
$
$
38.7%
60.2%
1.1%
100%
$
$
$
$
Total Fiscal Year Accounts
Total Multi-Year Accounts
$ 65,514,343
$
-
$
$
61,423,792
-
$ 9,179,729
$
-
$ 70,603,521
$
-
$
$
69,299,502
-
$ (1,304,019) $ 24,670,060
$
$
-
$ 93,969,562
$
-
$ 23,366,041
$
-
Total Carry Forward
$ 65,514,343
$
61,423,792
$ 9,179,729
$ 70,603,521
$
69,299,502
$ (1,304,019) $ 24,670,060
$ 93,969,562
$ 23,366,041
Year Over Year Change
$ 7,576,435
$
(4,090,551)
$ 9,179,729
$
$
7,875,710
$ 15,490,331
$ 23,366,041
Fiscal Year Accounts:
Attachment D
100%
100%
-
1,964,278
2,300,504
135,267
4,400,049
5,089,178
Overall Page 131 of 253
328,479
1,272,791
(70,175)
1,531,095
$
$
$
$
-
2,292,757
3,573,295
65,092
5,931,144
328,479
1,272,791
(70,175)
1,531,095
Attachment Page 26 of 46
Attachment D
Operating Results
September 24, 2015
September 24, 2015
Attachment D
Overall Page 132 of 253
Attachment Page 27 of 46
Attachment D
September 24, 2015
Operating Results
FY
2015
FY
2014
FY
2007
Change
Central Reserves
$67,120,694
$59,866,390
$33,031,874
$34,088,820
Quasi-Endowment
74,891,377
75,630,650
81,211,932
(6,320,555)
Subtotal
$142,012,071
$135,497,040
$114,243,806
$27,768,265
Less: Pension Liability
256,164,264
286,310,317
0
256,164,264
($114,152,193)
($150,813,277)
Renewal and Replacement
$10,035,313
$15,821,250
Moody's AA Reserve Requirement
(63% of Outstanding Debt)
$395,876,000
$413,036,000
Description
Attachment D
Overall Page 133 of 253
$114,243,806 ($228,395,399)
$6,689,592
$3,345,721
$147,760,000 $248,116,000
Attachment Page 28 of 46
Attachment D
September 24, 2015
Operating Results
FY
2015
FY
2014
FY
2007
Change
Arts & Science
$36,280,325
$26,220,894
$5,347,075
$30,933,250
EHS
17,156,827
11,569,869
2,910,009
14,246,818
Farmer
21,532,910
15,445,710
2,235,181
19,297,729
Engineering
4,339,904
3,395,938
1,411,346
2,928,558
Creative Arts
5,153,395
4,387,911
825,467
4,327,928
Provost-Other
18,710,325
16,910,321
11,801,584
6,908,741
Description
Subtotal Oxford Campus $103,173,686 $77,930,643 $24,530,662 $78,643,024
Regional Campuses
Total Provost
Attachment D
34,349,907
31,629,911
6,275,223
28,074,684
$137,523,593 $109,560,554 $30,805,885 $106,717,708
Overall Page 134 of 253
Attachment Page 29 of 46
Attachment D
September 24, 2015
Operating Results
FY
2015
FY
2014
FY
2007
Change
Enrollment Management
$1,954,839
$1,564,608
N/A
$1,954,839
Student Affairs
2,922,443
2,880,859
968,057
1,954,386
Advancement
9,920,700
8,756,691
4,947,258
4,973,442
Information Technology
6,101,971
5,025,635
2,908,681
3,193,290
Finance, Business, Facilities,
and Central Budgets
12,654,061
9,490,216
6,195,318
6,458,743
Description
Total $33,554,014 $27,718,009 15,019,314 $18,534,700
Attachment D
Overall Page 135 of 253
Attachment Page 30 of 46
Attachment D
September 24, 2015
Operating Results
Description
FY
2015
FY
2014
FY
2013
Change
Auxiliaries
$109,827,563
$94,610,996
$17,201,781
$92,625,782
Estimated Facility Expenditures
Attachment D
Overall Page 136 of 253
$300,000,000
Attachment Page 31 of 46
Attachment D
September 24, 2015
Operating Results
Residence and Dining Halls
Net Increase for Fiscal Year
Fiscal Year 2015 - 2009
FY15
Revenues
FY14
FY13
FY12
FY11
FY10
FY09
95,379,311
88,831,459
81,287,838
78,756,210
76,033,181
73,504,118
68,559,447
Salaries & Benefits
19,779,250
19,282,892
19,143,162
20,522,868
21,083,130
26,154,177
29,185,462
Operating Expenses & Food Purchases
37,262,741
34,963,967
31,912,746
32,959,940
31,815,715
26,335,723
27,819,033
Total Expenses
57,041,991
54,246,859
51,055,908
53,482,808
52,898,845
52,489,900
57,004,495
Net Income Before Debt Service and
Transfers
38,337,320
34,584,600
30,231,930
25,273,402
23,134,336
21,014,218
11,554,952
(30,866,290)
(22,303,542)
(19,882,993)
(11,906,810)
(5,816,005)
(3,760,628)
(3,796,186)
(7,463,813)
(11,845,020)
(10,305,050)
(13,339,934)
(17,216,813)
(17,089,500)
(7,708,962)
7,417
436,038
43,887
26,658
101,518
164,090
49,804
66,164,901
60,014,075
51,780,699
44,436,411
36,052,128
23,696,971
12,419,095
Expenses
Debt Service and Transfers
Debt Service
Capital Projects
Net Increase for fiscal Year
Total All Fund Balances and Reserves
Attachment D
Overall Page 137 of 253
Attachment Page 32 of 46
Attachment D
September 24, 2015
Operating Results
Questions?
Attachment D
Overall Page 138 of 253
Attachment Page 33 of 46
Attachment D
Operating Results
September 24, 2015
September 24, 2015
Attachment D
Overall Page 139 of 253
Attachment Page 34 of 46
Attachment D
Operating Results
September 24, 2015
September 24, 2015
Attachment D
Overall Page 140 of 253
Attachment Page 35 of 46
Attachment D
September 24, 2015
Operating Results
Budget Productivity Improvement FY 2010 0 FY 2016*
Fall 2009 FTE
% of Total Fall 15 FTE
% of Total
Annual
Tuition
FY 2010 Revenue
FY 2016 Revenue
Impact
Resident
9,731
68.0%
9,276
57.7%
$ 13,533
$ 131,689,623
$ 125,532,108
$ (6,157,515)
Non Resident
4,587
32.0%
6,798
42.3%
$ 30,233
$ 138,677,854
$ 205,522,574
$ 66,844,721
New Revenue From Enrollment Growth and Mix
$ 270,367,477
$ 331,054,682
$ 60,687,206
Winter Term Net Revenue
$
$
$
-
7,100,000
7,100,000
Strategic Priorities
$ 30,807,163
2020 Productivity Goal
$
1,441,496
Total Productivity Improvement
$ 100,035,865
* Additional budget reductions totaling $32,055,324 were accomplished in FY 2010 and FY 2011 prior to Strategic Priorities and 2020 initiatives.
Attachment D
Overall Page 141 of 253
Attachment Page 36 of 46
Attachment D
Operating Results
September 24, 2015
Net Tuition Revenue Normalized for Price Changes for First Time Degree Seeking Students and Total Undergraduate
Scholarships
Oxford - UG - Financial Aid Includes Redhawk (#2550) & Foreign Student Fee Waivers (#1162) Accounts Only
FY2011
FY2012
FY2013
FY2014
FY2015
FY2016
-
Total Tuition Financial Aid Net Tuition
Normalized for Normalized for Normalized for Discount
Price Change Price Change Price Change
Rate
$ 34,079,973 $ 5,015,643 $ 29,064,329 14.7%
Fall 2010
$ 35,294,703 $ 5,915,151 $ 29,379,552 16.8%
Fall 2011
$ 36,962,747 $ 6,388,674 $ 30,574,074 17.3%
Fall 2012
$ 36,175,165 $ 8,805,499 $ 27,369,665 24.3%
Fall 2013
$ 34,297,902 $ 7,970,305 $ 26,327,597 23.2%
Fall 2014
Fall 2015 Budget $ 35,445,485 $ 9,684,324 $ 25,761,161 27.3%
Attachment D
Overall Page 142 of 253
Total
Undergraduate
Total
Undergraduate
Scholarship
Actual Expense % Change Enrollment % Change
$ 24,174,246
14,872
$ 29,995,113 24.1%
14,936
0%
$ 38,704,399 29.0%
15,081
1%
$ 47,699,706 23.2%
15,462
3%
$ 54,820,262 14.9%
15,681
1%
$ 63,043,534 15.0%
16,517
5%
Attachment Page 37 of 46
Attachment D
September 24, 2015
Operating Results
Long Range Budget Model
Projected Undergraduate Enrollment
(Assumes Classes of 3,650 and 300 ACE)
16,500
16,000
15,994
15,987
16,019
16,044
FY 2016
FY 2017
FY 2018
FY 2019
15,925
15,971
15,981
15,988
FY 2021
FY 2022
FY 2023
15,542
15,500
15,381
14,968
15,000
14,844
14,742
14,618
14,500
14,000
13,500
FY 2010
Attachment D
FY 2011
FY2012
FY2013
FY 2014
FY2015
Overall Page 143 of 253
FY 2020
Attachment Page 38 of 46
Attachment D
Operating Results
September 24, 2015
Long Range Budget Assumptions
• Incoming classes of 3650, 44% non-resident
• Tuition freeze for resident students in FY 2017, then 2% inflationary
increase in tuition each year
• State Share of Instruction grows 4% from FY16 to FY17, is frozen in FY 2018
followed by 2% increases for two years with every third year frozen
• 3% salary increment pool each year
• Benefit cost grow by added cost of salary increment (3%)
• $1 million added per year for program improvements
• A onetime investment in new faculty lines is added in FY 2017 ($2.5
million)
• A onetime investment for increased compensation for per credit hour
faculty is added in FY 2017 ($510,270)
• Non personnel inflation trend set at 2%
• 0.5% productivity
Attachment D
Overall Page 144 of 253
Attachment Page 39 of 46
Attachment D
September 24, 2015
Operating Results
Oxford Campus Long Range Budget Plan - Updated 9/24/2015
FY 2016 - FY 2023
FY 2016 Budget
FY 2016 Est
FY 2017
FY 2018
FY 2019
FY 2020
FY 2021
FY 2022
FY 2023
Baseline Revenues
Undergraduate Tuition
$
319,877,495
$
321,625,419
$
335,548,839
$
345,402,922
$
353,485,883
$
357,879,607
$
365,861,314
$
373,303,538
$
Undergraduate Financial Aid
$
70,332,414
$
70,332,414
$
76,663,233
$
80,556,702
$
87,057,007
$
91,010,704
$
94,421,683
$
97,087,607
$
99,029,359
$
249,545,081
$
251,293,005
$
258,885,607
$
264,846,220
$
266,428,876
$
266,868,904
$
271,439,631
$
276,215,931
$
281,823,370
Graduate Tuition
$
36,663,739
$
36,495,241
$
37,684,388
$
38,438,076
$
39,206,837
$
39,990,974
$
40,790,794
$
41,606,609
$
42,438,742
Graduate Financial Aid
$
30,677,702
$
30,677,702
$
30,675,662
$
31,289,175
$
31,914,959
$
32,553,258
$
33,204,323
$
33,868,410
$
34,545,778
$
5,986,037
$
5,817,539
$
7,008,726
$
7,148,901
$
7,291,879
$
7,437,716
$
7,586,470
$
7,738,200
$
7,892,964
Total Net Tuition Revenue
$
255,531,118
$
257,110,544
$
265,894,333
$
271,995,121
$
273,720,754
$
274,306,620
$
279,026,101
$
283,954,131
$
289,716,334
State Support
$
58,489,038
$
60,978,762
$
63,417,912
$
63,417,912
$
64,686,271
$
65,979,996
$
65,979,996
$
67,299,596
$
68,645,588
Investment Income
$
4,325,000
$
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
$
1,444,000
$
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
$
Undergraduate Net Tuition Revenue
Graduate Net Tuition Revenue
Total Baseline Revenues
Current FY Initiative Revenue & Winter Term
Adjusted Total Revenue
-
$
319,789,156
$
-
$
18,386,407
$
$
338,175,563
323,858,306
$
-
$
18,386,407
$
$
342,244,713
337,110,125
$
-
$
9,964,914
$
$
347,075,040
344,240,371
$
354,404,583
348,939,409
$
$
-
$
10,367,497
$
1.4%
Year Over Year % Change
-
$
10,164,213
$
$
359,306,906
350,849,648
$
2.1%
-
$
10,574,847
$
$
361,424,495
356,600,390
$
1.4%
-
$
10,786,344
$
$
367,386,734
362,879,906
$
0.6%
$
-
$
11,002,071
$
380,852,729
373,881,976
371,020,624
$
11,222,112
$
1.6%
382,242,736
1.8%
2.2%
Baseline Expenses
Salaries
$
Promotion & Tenure and Faculty Market Increase
161,034,051
$
$
1,190,000
161,034,051
$
$
1,190,000
170,569,129
$
$
1,204,100
178,815,803
$
$
1,218,623
185,149,405
$
$
513,582
191,025,304
$
$
528,989
197,106,553
$
$
544,859
203,379,882
$
$
561,205
209,851,926
$
578,041
Health Care
$
29,811,722
$
29,811,722
$
31,402,426
$
32,318,700
$
33,260,773
$
34,230,334
$
35,228,157
$
36,255,067
$
37,311,912
Other Benefits
$
30,379,790
$
30,379,790
$
32,796,530
$
33,365,106
$
34,018,585
$
35,039,143
$
36,090,317
$
37,173,026
$
38,288,217
Utilities
$
13,381,375
$
13,381,375
$
13,794,216
$
14,207,058
$
14,632,284
$
15,069,896
$
15,520,264
$
15,983,761
$
16,460,769
Non-Personnel Expenses
$
32,391,726
$
32,391,726
$
32,752,498
$
33,427,547
$
34,116,098
$
34,818,420
$
35,534,789
$
36,265,485
$
Capital Expenses & Debt
General Fee Allocation
$
$
Prior Strategic Priorities Savings
$
Total Baseline Expenses
$
14,629,323
30,151,928
312,969,915
$
$
14,629,323
30,151,928
$
$
312,969,915
$
$
16,990,868
30,546,254
$
$
330,056,021
$
$
16,954,551
31,224,360
$
$
341,531,747
$
$
16,963,788
31,904,272
$
$
350,558,786
$
$
16,657,185
32,319,677
$
$
359,688,947
$
$
16,633,973
33,064,108
$
$
369,723,019
$
$
16,627,977
33,752,671
$
$
379,999,074
37,010,794
$
$
16,597,516
34,449,249
$
$
390,548,424
Adjustments to Expense
SPTF
$
(258,407)
$
(258,407)
$
(66,886)
$
Productivity
$
(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)
3,237,139
Winter Term Costs
$
2,632,090
$
2,632,090
$
2,711,053
$
2,792,385
$
2,876,156
$
2,962,441
$
3,051,314
$
3,142,853
$
Adjustment to Expense
$
192,901
$
192,901
$
192,901
$
192,901
$
192,901
$
192,901
$
192,901
$
192,901
$
192,901
New Investments
$
6,749,496
$
6,749,496
$
3,600,207
$
1,000,000
$
1,000,000
$
1,000,000
$
1,000,000
$
1,000,000
$
1,000,000
Adjusted Total Expenses
$
321,763,030
$
321,763,030
$
Surplus/Deficit
$
Attachment D
334,775,245
$
4.0%
Year Over Year % Change
16,412,533
$
20,481,683
$
12,299,795
342,609,872
$
2.3%
$
11,794,711
Overall Page 145 of 253
350,537,518
$
2.3%
$
8,769,388
358,576,715
$
2.3%
$
2,847,780
367,528,297
$
2.5%
$
(141,563)
376,730,385
$
2.5%
$
(2,848,409)
386,214,343
2.5%
$
Attachment Page 40 of 46
(3,971,607)
Attachment D
September 24, 2015
Operating Results
Oxford Campus Long Range Budget Plan - Updated 9/24/2015 - Version 2
FY 2016 - FY 2023
FY 2016 Budget
FY 2016 Est
FY 2017
FY 2018
FY 2019
FY 2020
FY 2021
FY 2022
FY 2023
Baseline Revenues
Undergraduate Tuition
$
319,877,495
$
321,625,419
$
335,548,839
$
345,402,922
$
353,485,883
$
357,879,607
$
365,861,314
$
373,303,538
$
Undergraduate Financial Aid
$
70,332,414
$
70,332,414
$
75,893,367
$
77,131,480
$
80,171,957
$
80,849,499
$
82,397,217
$
83,975,890
$
85,586,137
$
249,545,081
$
251,293,005
$
259,655,473
$
268,271,442
$
273,313,926
$
277,030,109
$
283,464,096
$
289,327,648
$
295,266,593
Graduate Tuition
$
36,663,739
$
36,495,241
$
37,684,388
$
38,438,076
$
39,206,837
$
39,990,974
$
40,790,794
$
41,606,609
$
42,438,742
Graduate Financial Aid
$
30,677,702
$
30,677,702
$
30,675,662
$
31,289,175
$
31,914,959
$
32,553,258
$
33,204,323
$
33,868,410
$
34,545,778
$
5,986,037
$
5,817,539
$
7,008,726
$
7,148,901
$
7,291,879
$
7,437,716
$
7,586,470
$
7,738,200
$
7,892,964
Total Net Tuition Revenue
$
255,531,118
$
257,110,544
$
266,664,199
$
275,420,343
$
280,605,804
$
284,467,825
$
291,050,567
$
297,065,848
$
303,159,557
State Support
$
58,489,038
$
60,978,762
$
63,417,912
$
63,417,912
$
64,686,271
$
65,979,996
$
65,979,996
$
67,299,596
$
68,645,588
Investment Income
$
4,325,000
$
4,325,000
$
5,325,000
$
6,325,000
$
8,000,000
$
8,000,000
$
9,000,000
$
9,000,000
$
10,000,000
Other Revenues
$
1,444,000
$
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
$
Undergraduate Net Tuition Revenue
Graduate Net Tuition Revenue
Total Baseline Revenues
Current FY Initiative Revenue & Winter Term
Adjusted Total Revenue
-
$
319,789,156
380,852,729
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
323,858,306
$
336,879,991
$
346,665,593
$
354,824,460
$
360,010,853
$
367,624,855
$
374,991,622
$
383,463,847
$
18,386,407
$
18,386,407
$
9,964,914
$
10,164,213
$
10,367,497
$
10,574,847
$
10,786,344
$
11,002,071
$
11,222,112
$
338,175,563
$
342,244,713
$
346,844,906
$
356,829,806
$
365,191,957
$
370,585,700
$
378,411,199
$
385,993,693
$
394,685,959
Discount Rate
22.0%
21.9%
Year Over Year % Change of Revenue
22.6%
22.3%
22.7%
22.6%
22.5%
22.5%
22.5%
1.3%
2.9%
2.3%
1.5%
2.1%
2.0%
2.3%
Baseline Expenses
Salaries
$
Promotion & Tenure and Faculty Market Increase
161,034,051
$
$
1,190,000
161,034,051
$
$
1,190,000
170,569,129
$
$
1,204,100
178,815,803
$
$
1,218,623
185,149,405
$
$
513,582
191,025,304
$
$
528,989
197,106,553
$
$
544,859
203,379,882
$
$
561,205
209,851,926
$
578,041
Health Care
$
29,811,722
$
29,811,722
$
31,402,426
$
32,318,700
$
33,260,773
$
34,230,334
$
35,228,157
$
36,255,067
$
37,311,912
Other Benefits
$
30,379,790
$
30,379,790
$
32,796,530
$
33,365,106
$
34,018,585
$
35,039,143
$
36,090,317
$
37,173,026
$
38,288,217
Utilities
$
13,381,375
$
13,381,375
$
13,794,216
$
14,207,058
$
14,632,284
$
15,069,896
$
15,520,264
$
15,983,761
$
16,460,769
Non-Personnel Expenses
$
32,391,726
$
32,391,726
$
32,752,498
$
33,427,547
$
34,116,098
$
34,818,420
$
35,534,789
$
36,265,485
$
Capital Expenses & Debt
$
14,629,323
General Fee Allocation
$
30,151,928
Prior Strategic Priorities Savings
$
Total Baseline Expenses
$
312,969,915
SPTF
$
Productivity
$
$
$
30,151,928
$
$
-
$
312,969,915
(258,407)
$
(258,407)
(522,965)
$
(522,965)
-
$
14,629,323
16,990,868
$
16,954,551
30,546,254
$
$
-
$
330,056,021
$
(66,886)
$
$
(1,718,051)
$
(2,907,161)
$
31,224,360
$
$
-
$
341,531,747
16,963,788
$
31,904,272
$
$
-
$
350,558,786
16,657,185
$
32,319,677
$
$
-
$
359,688,947
16,633,973
$
33,064,108
$
$
-
$
369,723,019
16,627,977
37,010,794
$
16,597,516
33,752,671
$
34,449,249
$
-
$
-
$
379,999,074
$
390,548,424
Adjustments to Expense
-
$
-
$
(2,907,161)
$
-
$
(2,907,161)
$
-
$
(2,907,161)
$
-
$
(2,907,161)
$
-
$
(2,907,161)
3,237,139
Winter Term Costs
$
2,632,090
$
2,632,090
$
2,711,053
$
2,792,385
$
2,876,156
$
2,962,441
$
3,051,314
$
3,142,853
$
Adjustment to Expense
$
192,901
$
192,901
$
192,901
$
192,901
$
192,901
$
192,901
$
192,901
$
192,901
$
192,901
New Investments
$
6,749,496
$
6,749,496
$
3,600,207
$
1,000,000
$
1,000,000
$
1,000,000
$
1,000,000
$
1,000,000
$
1,000,000
$
321,763,030
$
321,763,030
$
334,775,245
$
342,609,872
$
351,720,683
$
360,937,128
$
371,060,073
$
381,427,668
$
392,071,304
$
2,614,655
Adjusted Total Expenses
4.0%
Year Over Year % Change of Expense
Surplus/Deficit
$
Attachment D
16,412,533
$
20,481,683
$
12,069,661
2.3%
$
14,219,934
Overall Page 146 of 253
2.7%
$
13,471,274
2.6%
$
9,648,572
2.8%
$
7,351,126
2.8%
$
4,566,026
2.8%
Attachment Page 41 of 46
Attachment D
Operating Results
September 24, 2015
Questions?
Attachment D
Overall Page 147 of 253
Attachment Page 42 of 46
Attachment D
Operating Results
September 24, 2015
September 24, 2015
Attachment D
Overall Page 148 of 253
Attachment Page 43 of 46
Attachment D
September 24, 2015
Operating Results
Regional Campus Enrollments
15th Day Unduplicated Head Count
7,000
6,000
5,762
5,557
5,510
5,306
4,828
5,000
4,412
4,269
4,088
3,795
4,000
3,495
3,000
2,000
1,350
1,288
Fall 2011
Fall 2012
1,422
1,511
Fall 2013
Fall 2014
1,333
1,000
Lower Division
Attachment D
UpperDivision
Overall Page 149 of 253
Fall 2015
Total
Attachment Page 44 of 46
Attachment D
•
•
Operating Results
September 24, 2015
First year retention rate (62%)
High proportion of credit hours taught by
part-time faculty (almost 50%)
Attachment D
Overall Page 150 of 253
Attachment Page 45 of 46
Attachment D
September 24, 2015
Operating Results
Questions?
Attachment D
Overall Page 151 of 253
Attachment Page 46 of 46
Attachment E
September 24, 2015
Investments
Miami University
Non‐Endowment Pool
MIAMI UNIVERSITY
Value
% of
Pool
56,730,536
11.0%
Core Cash
120,581,646
23.3%
Long-Term Capital
Debt
Absolute Return
Total Long-Term Capital
109,176,852
230,002,326
339,179,179
21.1%
44.5%
65.7%
$516,491,361
100.0%
NON ENDOWMENT FUNDS
Operating Cash
Total
1
As of 6/30/2015
Attachment E
Business Session
Item 6
Overall Page 152 of 253
Attachment Page 1 of 18
Attachment E
September 24, 2015
Investments
Miami University Non‐Endowment
Asset Allocation History
Operating Cash % of Total
Core Cash
% of Total
LT Capital
% of Total
Total
6/30/2006
$32,700,314
19%
$30,387,673
18%
$109,644,490
63%
$172,732,477
6/30/2007
$31,416,194
17%
$31,917,518
17%
$126,594,510
67%
$189,928,222
6/30/2008
$24,723,957
15%
$33,443,611
20%
$110,806,074
66%
$168,973,642
6/30/2009
$34,076,486
25%
$34,220,706
25%
$67,056,432
50%
$135,353,624
6/30/2010
$56,232,060
34%
$36,307,329
22%
$72,216,470
44%
$164,755,859
6/30/2011
$53,806,834
23%
$77,792,835
33%
$101,106,033
43%
$232,705,702
6/30/2012
$60,762,031
21%
$86,919,652
30%
$141,271,762
49%
$288,953,445
6/30/2013
$50,044,874
14%
$116,747,875
33%
$182,693,616
52%
$349,486,365
6/30/2014
$58,558,213
13%
$119,121,007
27%
$267,200,489
60%
$444,879,709
6/30/2015
$56,730,536
11%
$120,581,646
23%
$339,179,179
66%
$516,491,361
$600,000,000
$500,000,000
$400,000,000
$300,000,000
$200,000,000
$100,000,000
$‐
Operating Cash
Core Cash
LT Capital
2
As of 6/30/2015
Attachment E
Overall Page 153 of 253
Attachment Page 2 of 18
Attachment E
Investments
September 24, 2015
Miami University Non‐Endowment
Performance History
FY2006
FY2007
FY2008
FY2009
FY2010
FY2011
FY2012
FY2013
FY2014
FY2015
Operating
Cash
5.0%
5.9%
4.0%
1.3%
0.7%
0.2%
0.1%
0.1%
0.1%
0.0%
Rates of Return
Core Long‐Term
Total
Cash
Capital
Non‐Endowment
2.1%
12.5%
8.3%
5.0%
16.0%
10.9%
4.8%
‐6.9%
‐2.7%
2.3%
‐19.7%
‐7.2%
6.4%
9.6%
4.9%
3.1%
5.8%
2.8%
4.1%
1.4%
1.9%
0.3%
8.1%
3.5%
2.1%
8.7%
5.2%
1.3%
2.4%
1.6%
3‐year: 5‐year:
7‐year:
10‐year:
3.4%
3.0%
1.6%
2.7%
3
As of 6/30/2015
Attachment E
Budgeted
Investment
Earnings
Reserve
$5,610,000 $14,850,000 $7,795,000 $14,850,000 $9,814,000 ($1,829,544)
$8,625,000 ($26,503,194)
$4,428,000 ($20,866,624)
$4,428,000 ($12,892,902)
$4,395,000 ($4,319,908)
$4,391,000 $5,505,327 $4,391,000 $20,844,546 $4,355,000 $23,874,823 Overall Page 154 of 253
Attachment Page 3 of 18
Attachment E
September 24, 2015
Investments
Miami University & Foundation Endowment
Type of Investment
Miami U.
Foundation
Percent of Total
Equity
Public Equity
Hedged Equity
Private/Venture Equity
$266,896,915
$159,690,101
$ 77,501,776
$ 29,705,037
58.06%
34.74%
16.86%
6.46%
50%-85%
25%-60%
10%-30%
5%-20%
Debt
Public Debt
Hedged Debt
Private Debt
$101,462,779
$ 29,297,529
$ 64,529,992
$ 7,635,258
22.07%
6.37%
14.04%
1.66%
10%-35%
5%-15%
5%-20%
0%-10%
Real Assets
Public Real Assets
Hedged Real Assets
Private Real Assets
$ 64,147,164
$ 20,001,624
$
471,577
$ 43,673,964
13.96%
4.35%
0.10%
9.50%
5%-20%
0%-10%
0%-10%
0%-10%
Cash
Total
$ 27,164,264
$459,671,121
5.91%
100.00%
0%-10%
4
As of 6/30/2015
Attachment E
Strategic Range
Overall Page 155 of 253
Attachment Page 4 of 18
Attachment E
September 24, 2015
Investments
Miami University & Foundation Endowment
Asset Allocation History
6/30/2007
6/30/2008
6/30/2009
6/30/2010
6/30/2011
6/30/2012
6/30/2013
6/30/2014
6/30/2015
Equity
% of Total
$ 291,062,752 72%
$ 256,723,795 64%
$ 203,423,828 65%
$ 221,100,115 64%
$ 274,087,486 68%
$ 228,460,687 59%
$ 220,828,737 53%
$ 250,344,964 54%
$ 266,896,915 58%
Debt
% of Total Real Assets % of Total
Cash
% of Total
$ 56,595,535 14%
$ 20,212,691 5%
$ 36,382,844 9%
$ 64,180,949 16%
$ 40,113,093 10%
$ 40,113,093 10%
$ 71,980,739 23%
$ 28,166,376 9%
$ 9,388,792 3%
$ 82,912,543 24%
$ 34,546,893 10%
$ 10,364,068 3%
$ 72,552,570 18%
$ 40,306,983 10%
$ 16,122,793 4%
$ 85,188,731 22%
$ 54,211,011 14%
$ 19,361,075 5%
$ 108,331,078 26%
$ 66,665,279 16%
$ 24,999,480 6%
$ 109,694,992 24%
$ 75,193,590 16%
$ 24,528,110 5%
$ 101,462,779 22%
$ 64,147,164 14%
$ 27,164,264 6%
Total
$ 404,253,822 $ 401,130,929 $ 312,959,735 $ 345,468,929 $ 403,069,832 $ 387,221,504 $ 416,657,994 $ 459,761,656 $ 459,671,121 $500,000,000
$450,000,000
$400,000,000
$350,000,000
$300,000,000
$250,000,000
$200,000,000
$150,000,000
$100,000,000
$50,000,000
$0
6/30/2007
6/30/2008
6/30/2009
6/30/2010
Equity
Debt
6/30/2011
Real Assets
6/30/2013
6/30/2014
6/30/2015
Cash
5
As of 6/30/2015
Attachment E
6/30/2012
Overall Page 156 of 253
Attachment Page 5 of 18
Attachment E
September 24, 2015
Investments
Miami University & Foundation Endowment Performance History
25.0%
21.6%
19.5%
20.0%
15.1%
14.4%
15.0%
12.5%
11.3%
10.0%
5.0%
1.5%*
0.0%
-1.3%
-5.0%
-3.6%
-10.0%
-15.0%
-20.0%
-22.4%
-25.0%
3‐year:
5‐year:
7‐year: 10‐year:
9.2%
7.9%
4.1%
5.9%
* FY2015 performance is preliminary & excludes private capital
6
As of 6/30/2015
Attachment E
Overall Page 157 of 253
Attachment Page 6 of 18
Attachment E
September 24, 2015
Investments
Miami University & Foundation Endowment
Annual Earnings Distributions
$25,000,000.00
$20,000,000.00
$15,000,000.00
$10,000,000.00
$5,000,000.00
$0.00
2006
2007
2008
2009
2010
University Endowment
2011
2013
2014
2015
Foundation
7
As of 6/30/2015
Attachment E
2012
Overall Page 158 of 253
Attachment Page 7 of 18
Attachment E
September 24, 2015
Investments
Miami University & Foundation Endowment
Programs Supported by Endowments
Campus Improvements 3%
Student Services, Athletics
3%
Institutional Support & Other
9%
Scholarships 49%
Professorships, Research, Academic
36%
8
As of 6/30/2015
Attachment E
Overall Page 159 of 253
Attachment Page 8 of 18
Attachment E
Investments
September 24, 2015
September 24, 2015
Attachment E
Overall Page 160 of 253
Attachment Page 9 of 18
Attachment E
September 24, 2015
Investments
MIAMI UNIVERSITY
% of
NON ENDOWMENT FUNDS
Value
Pool
56,730,536
11.0%
Core Cash
120,581,646
23.3%
Long-Term Capital
Debt
Absolute Return
Total Long-Term Capital
109,176,852
230,002,326
339,179,179
21.1%
44.5%
65.7%
$516,491,361
100.0%
Operating Cash
Total
2
As of 6/30/2015
Attachment E
Overall Page 161 of 253
Attachment Page 10 of 18
Attachment E
September 24, 2015
Investments
Operating Cash % of Total
Core Cash
% of Total
LT Capital
% of Total
Total
6/30/2006
$32,700,314
19%
$30,387,673
18%
$109,644,490
63%
$172,732,477
6/30/2007
$31,416,194
17%
$31,917,518
17%
$126,594,510
67%
$189,928,222
6/30/2008
$24,723,957
15%
$33,443,611
20%
$110,806,074
66%
$168,973,642
6/30/2009
$34,076,486
25%
$34,220,706
25%
$67,056,432
50%
$135,353,624
6/30/2010
$56,232,060
34%
$36,307,329
22%
$72,216,470
44%
$164,755,859
6/30/2011
$53,806,834
23%
$77,792,835
33%
$101,106,033
43%
$232,705,702
6/30/2012
$60,762,031
21%
$86,919,652
30%
$141,271,762
49%
$288,953,445
6/30/2013
$50,044,874
14%
$116,747,875
33%
$182,693,616
52%
$349,486,365
6/30/2014
$58,558,213
13%
$119,121,007
27%
$267,200,489
60%
$444,879,709
6/30/2015
$56,730,536
11%
$120,581,646
23%
$339,179,179
66%
$516,491,361
$600,000,000
$500,000,000
$400,000,000
$300,000,000
$200,000,000
$100,000,000
$-
Operating Cash
Core Cash
3
As of 6/30/2015
Attachment E
LT Capital
Overall Page 162 of 253
Attachment Page 11 of 18
Attachment E
FY2006
FY2007
FY2008
FY2009
FY2010
FY2011
FY2012
FY2013
FY2014
FY2015
September 24, 2015
Investments
Operating
Cash
5.0%
5.9%
4.0%
1.3%
0.7%
0.2%
0.1%
0.1%
0.1%
0.0%
Rates of Return
Core Long-Term
Total
Cash
Capital
Non-Endowment
2.1%
12.5%
8.3%
5.0%
16.0%
10.9%
4.8%
-6.9%
-2.7%
2.3%
-19.7%
-7.2%
6.4%
9.6%
4.9%
3.1%
5.8%
2.8%
4.1%
1.4%
1.9%
0.3%
8.1%
3.5%
2.1%
8.7%
5.2%
1.3%
2.4%
1.6%
Budgeted
Earnings
$5,610,000
$7,795,000
$9,814,000
$8,625,000
$4,428,000
$4,428,000
$4,395,000
$4,391,000
$4,391,000
$4,355,000
Investment
Reserve
$14,850,000
$14,850,000
($1,829,544)
($26,503,194)
($20,866,624)
($12,892,902)
($4,319,908)
$5,505,327
$20,844,546
$23,874,823
4
As of 6/30/2015
Attachment E
Overall Page 163 of 253
Attachment Page 12 of 18
Attachment E
September 24, 2015
Investments
Type of Investment
Miami U.
Foundation
Percent of Total
Strategic Range
Equity
Public Equity
Hedged Equity
Private/Venture Equity
$266,896,915
$159,690,101
$ 77,501,776
$ 29,705,037
58.06%
34.74%
16.86%
6.46%
50%-85%
25%-60%
10%-30%
5%-20%
Debt
Public Debt
Hedged Debt
Private Debt
$101,462,779
$ 29,297,529
$ 64,529,992
$ 7,635,258
22.07%
6.37%
14.04%
1.66%
10%-35%
5%-15%
5%-20%
0%-10%
Real Assets
Public Real Assets
Hedged Real Assets
Private Real Assets
$ 64,147,164
$ 20,001,624
$
471,577
$ 43,673,964
13.96%
4.35%
0.10%
9.50%
5%-20%
0%-10%
0%-10%
0%-10%
Cash
Total
$ 27,164,264
$459,671,121
5.91%
100.00%
0%-10%
5
As of 6/30/2015
Attachment E
Overall Page 164 of 253
Attachment Page 13 of 18
Attachment E
6/30/2007
6/30/2008
6/30/2009
6/30/2010
6/30/2011
6/30/2012
6/30/2013
6/30/2014
6/30/2015
$
$
$
$
$
$
$
$
$
September 24, 2015
Investments
Equity
% of Total
Debt
% of Total
291,062,752
72%
$ 56,595,535
14%
256,723,795
64%
$ 64,180,949
16%
203,423,828
65%
$ 71,980,739
23%
221,100,115
64%
$ 82,912,543
24%
274,087,486
68%
$ 72,552,570
18%
228,460,687
59%
$ 85,188,731
22%
220,828,737
53%
$ 108,331,078
26%
250,344,964
54%
$ 109,694,992
24%
266,896,915
58%
$ 101,462,779
22%
Real Assets % of Total
$ 20,212,691
5%
$ 40,113,093
10%
$ 28,166,376
9%
$ 34,546,893
10%
$ 40,306,983
10%
$ 54,211,011
14%
$ 66,665,279
16%
$ 75,193,590
16%
$ 64,147,164
14%
$
$
$
$
$
$
$
$
$
Cash
% of Total
36,382,844
9%
40,113,093
10%
9,388,792
3%
10,364,068
3%
16,122,793
4%
19,361,075
5%
24,999,480
6%
24,528,110
5%
27,164,264
6%
$
$
$
$
$
$
$
$
$
Total
404,253,822
401,130,929
312,959,735
345,468,929
403,069,832
387,221,504
416,657,994
459,761,656
459,671,121
$500,000,000
$400,000,000
$300,000,000
$200,000,000
$100,000,000
$0
6/30/2007
6/30/2008
6/30/2009
6/30/2010
Equity
Debt
6/30/2011
Real Assets
6/30/2012
6/30/2013
6/30/2014
6/30/2015
Cash
6
As of 6/30/2015
Attachment E
Overall Page 165 of 253
Attachment Page 14 of 18
Attachment E
September 24, 2015
Investments
25.0%
21.6%
19.5%
20.0%
15.1%
14.4%
15.0%
12.5%
11.3%
10.0%
5.0%
1.5%*
0.0%
-1.3%
-5.0%
-3.6%
-10.0%
-15.0%
-20.0%
-22.4%
-25.0%
3-year:
5-year:
7-year:
10-year:
9.2%
7.9%
4.1%
5.9%
7
As of 6/30/2015
Attachment E
Overall Page 166 of 253
Attachment Page 15 of 18
Attachment E
September 24, 2015
Investments
$25,000,000.00
$20,000,000.00
$15,000,000.00
$10,000,000.00
$5,000,000.00
$0.00
2006
2007
2008
2009
2010
University Endowment
2011
2012
2013
2014
2015
Foundation
8
As of 6/30/2015
Attachment E
Overall Page 167 of 253
Attachment Page 16 of 18
Attachment E
September 24, 2015
Investments
Campus
Improvements 3%
Student Services,
Athletics
3%
Institutional
Support & Other
9%
Scholarships
49%
Professorships,
Research,
Academic
36%
9
As of 6/30/2015
Attachment E
Overall Page 168 of 253
Attachment Page 17 of 18
Attachment E
September 24, 2015
Investments
Questions?
Attachment E
Overall Page 169 of 253
Attachment Page 18 of 18
Attachment F
Quasi-Endowment
September 24, 2015
Business Session
Item 7
Quasi-Endowment
Resolution R2016WHEREAS, 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 Miami University Residence and Dining Halls auxiliary receives annual
distributions from two quasi-endowments to assist with the maintenance and renovation of
residence and dining facilities; and
WHEREAS, The Senior Vice President for Finance and Business Services recommends
that these two quasi-endowments be consolidated into one quasi-endowment, with the annual
distribution continued to be used for the maintenance and renovation of residence and dining
facilities; and
WHEREAS, The Miami University Residence and Dining Halls auxiliary accumulated
funds over fifteen years ago that are invested in the University’s Non-endowment Fund; and
WHEREAS, The Senior Vice President for Finance and Business Services has
recommended that these funds should be added to the Residence and Dining Hall quasiendowment; 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
consolidation of the Endowment for HDGS Facility Improvements quasi-endowment with the
Housing & Dining Improvements quasi-endowment into the Residence & Dining Facilities
Improvement Fund; and
BE IT FURTHER ESOLVED that $11,000,000.00 be added to the Residence & Dining
Facilities Improvement Fund from Residence and Dining Hall funds in the Non-endowment; and
BE IT FURTHER ESOLVED that the annual distributions of the Residence & Dining
Facilities Improvement Fund be used for the maintenance and renovation of the Miami
University residence and dining hall facilities.
Attachment F
Overall Page 170 of 253
Attachment Page 1 of 3
Attachment F
Quasi-Endowment
Attachment F
Overall Page 171 of 253
September 24, 2015
Attachment Page 2 of 3
Attachment F
Quasi-Endowment
Attachment F
Overall Page 172 of 253
September 24, 2015
Attachment Page 3 of 3
Attachment G
Legislative Update
September 24, 2015
September 24, 2015
Attachment G
Overall Page 173 of 253
Attachment Page 1 of 7
Attachment G
Legislative Update
September 24, 2015
All public colleges and universities in Ohio are
to develop and implement a plan to provide
in-state, undergraduate students the
opportunity to reduce their cost of earning a
degree (cost of attendance) by five (5) percent.
Attachment G
Overall Page 174 of 253
Attachment Page 2 of 7
Attachment G
Legislative Update
Tuition and Fees
$14,288
Books and Supplies
1,140
Room and Board
11,644
Transportation and Miscellaneous
Subtotal
Time to Graduate (First Time, Full Time)
Total Cost of Attendance
Attachment G
September 24, 2015
Overall Page 175 of 253
2,342
$29,414
4.1years
$120,597
Attachment Page 3 of 7
Attachment G
Legislative Update
September 24, 2015
Reduction in hours to graduate (4)
1.5%
Reduced online tuition for nonstandard terms
1.6%
Reduced textbook costs
1.0%
Increased scholarships
4.8%
8.9%
Attachment G
Overall Page 176 of 253
Attachment Page 4 of 7
Attachment G
September 24, 2015
Legislative Update
Summary Table B
Pathways Leading to Reduced Time to Degree by 1-2 semesters
Option offered by the
institution
No Overload Fee - 16
Cr.Hrs.
- 32
Cr.Hrs.
Nonstandard Term- 16
Cr.Hrs.
- 32
Cr.Hrs.
College Credit Plus- 16
Cr.Hrs.
Blended Path**** - 16
Cr.Hrs.
- 32
Cr.Hrs.
Tuition
and Fee
Savings
(Dollar
Amount)
$7,144
Room,
Board
and
Other
Savings
(Dollar
Amount)
$6,993
Percentage
of Cost of
Attendance
Saved
11.7%
Additional
Earnings***
(Dollar
Amount)
$24,850
Total
Dollar
Savings
(Dollar
Amount)
Percentage
of Cost of
Attendance
Saved
$38,987
32.3%
$14,288
$13,986
23.4%
$49,700
$77,974
64.7%
0
$6,993
5.8%
$24,850
$31,843
26.4%
0
$13,986
11.6%
$49,700
$63,686
52.8%
$7,144
$6,993
11.7%
$24,850
$38,987
32.3%
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
***Additional earnings are based on Payscale.com earnings information for Miami student early career earnings.
****The savings achieved per the Blended Path will vary from 26.4% to 65.0% depending on the actual pathway.
Attachment G
Overall Page 177 of 253
Attachment Page 5 of 7
Attachment G
•
•
Attachment G
Legislative Update
September 24, 2015
Review all courses and programs
Report all changes to tuition and fees
including course and program fees
Overall Page 178 of 253
Attachment Page 6 of 7
Attachment G
September 24, 2015
Legislative Update
Questions?
Attachment G
Overall Page 179 of 253
Attachment Page 7 of 7
Attachment H
Advancement Update
September 24, 2015
Board of Trustees
September 25, 2015
Attachment H
Overall Page 180 of 253
Attachment Page 1 of 24
Attachment H
Advancement Update
September 24, 2015
University Advancement Report
Tom Herbert, J.D.
Vice President, University Advancement
Executive Director, Miami University Foundation
Attachment H
Overall Page 181 of 253
Attachment Page 2 of 24
Attachment H
Advancement Update
September 24, 2015
2020 Plan Fundraising Update
Attachment H
Overall Page 182 of 253
Attachment Page 3 of 24
Attachment H
September 24, 2015
Advancement Update
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
$40,900,000
$37,200,000
$35,000,000
$30,000,000
$33,800,000
FY13
Attachment H
FY14
FY15
FY16
FY17
Overall Page 183 of 253
FY18
FY19
FY20
Attachment Page 4 of 24
Attachment H
September 24, 2015
Advancement Update
2020 Plan Fundraising Update
FY’15:
• Goal: $40,900,000
• Raised: $67,036,353 (164% of goal)
• Second-best year for total voluntary support
Attachment H
Overall Page 184 of 253
Attachment Page 5 of 24
Attachment H
Advancement Update
September 24, 2015
2020 Plan Fundraising Update
$70,000,000
$60,000,000
$50,000,000
$40,000,000
$30,000,000
$20,000,000
$10,000,000
$‐
FY’15
Attachment H
Overall Page 185 of 253
Attachment Page 6 of 24
Attachment H
Advancement Update
September 24, 2015
2020 Plan Fundraising Update
FY’16:
• Goal : $45,000,000
• Raised to date: $11,850,000 (26% of goal)
Attachment H
Overall Page 186 of 253
Attachment Page 7 of 24
Attachment H
Advancement Update
September 24, 2015
2020 Plan Fundraising Update
$50,000,000
$40,000,000
$30,000,000
$20,000,000
$10,000,000
$‐
FY’16
Attachment H
Overall Page 187 of 253
Attachment Page 8 of 24
Attachment H
Advancement Update
September 24, 2015
FY’15 Fiscal Year Performance
Attachment H
Overall Page 188 of 253
Attachment Page 9 of 24
Attachment H
Advancement Update
September 24, 2015
FY’15 Cash Received
FY’15 total
$38.0M
Attachment H
FY’14 total
$34.4M
3-year avg.
$35.6M
Overall Page 189 of 253
5-year avg.
$34.6M
Attachment Page 10 of 24
Attachment H
Advancement Update
September 24, 2015
FY’15 Cash to Annual Fund
FY’15 total
$4.19M
Attachment H
FY’14 total
$4.16M
3-year avg.
$3.96M
Overall Page 190 of 253
5-year avg.
$3.80M
Attachment Page 11 of 24
Attachment H
Advancement Update
September 24, 2015
FY’15 Planned Giving Commitments
FY’15 total
122 for $26.9M
Attachment H
FY’14 total
139 for $20.9M
Overall Page 191 of 253
Attachment Page 12 of 24
Attachment H
Advancement Update
September 24, 2015
Fundraising Focus FY’16
Attachment H
Overall Page 192 of 253
Attachment Page 13 of 24
Attachment H
Advancement Update
September 24, 2015
MoveInMiami
• Goal: 2,019 donors on Move In Day (20 hours, 19 minutes)
• Total: 3,281 donors, $672,757 (2014: $506,371)
Attachment H
Overall Page 193 of 253
Attachment Page 14 of 24
Attachment H
Advancement Update
September 24, 2015
Miami Promise Scholarship Campaign
• Publicly launched Fall ’14
• $100 million goal over 5 years
• Matching programs developed
• Scholarship stewardship upgraded
Attachment H
Overall Page 194 of 253
Attachment Page 15 of 24
Attachment H
September 24, 2015
Advancement Update
Miami Promise Scholarship Campaign FY goals
• FY’15: $18.0 million -- $19.8 million raised
• FY’16: $18.0 million -- $560,000 received to date
• FY’17: $18.7 million
• FY’18: $20.7 million
• FY’19: $24.6 million
Attachment H
Overall Page 195 of 253
Attachment Page 16 of 24
Attachment H
September 24, 2015
Advancement Update
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
$‐
FY’15
Attachment H
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 196 of 253
Attachment Page 17 of 24
Attachment H
September 24, 2015
Advancement Update
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 H
Overall Page 197 of 253
Jun‐19
Apr‐19
Feb‐19
Dec‐18
Oct‐18
Aug‐18
Jun‐18
Apr‐18
Feb‐18
Dec‐17
Oct‐17
Aug‐17
Jun‐17
Apr‐17
Feb‐17
Dec‐16
Oct‐16
Aug‐16
Jun‐16
Apr‐16
Feb‐16
Dec‐15
Oct‐15
Aug‐15
Jun‐15
Apr‐15
Feb‐15
Dec‐14
Oct‐14
Overall
Aug‐14
$‐
1‐Jul
$10,000,000
Attachment Page 18 of 24
Attachment H
Advancement Update
September 24, 2015
Campaign for Intercollegiate Athletics
• $80 million campaign publicly announced
• Raised $49.3 million to date
Attachment H
Overall Page 198 of 253
Attachment Page 19 of 24
Attachment H
September 24, 2015
Advancement Update
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 H
Overall Page 199 of 253
Attachment Page 20 of 24
Attachment H
Advancement Update
September 24, 2015
Armstrong Student Center East Wing
• Fundraising target: $6 million for East Wing
• $4.3 million raised to date
• In discussions for a $2 million commitment
Attachment H
Overall Page 200 of 253
Attachment Page 21 of 24
Attachment H
September 24, 2015
Advancement Update
The Humanities Center
• Fundraising target: $1.5 million (NEH Challenge Grant, by July 2019)
• FY’15 Fundraising goal of $150,000 achieved
• Raised to date: $246,000
• Goal to qualify for $150,000 FY’16 match: $450,000
Attachment H
Overall Page 201 of 253
Attachment Page 22 of 24
Attachment H
Advancement Update
September 24, 2015
New Advancement Initiatives
• What is next?
• Wealth Screening
• entire database to be completed in late September
• Crowdsourcing Implementation
• Allows for student projects to receive donor funding through
a direct web interface
• Staff Additions
• IT, Alumni Relations, Communications
Attachment H
Overall Page 202 of 253
Attachment Page 23 of 24
Attachment H
Advancement Update
September 24, 2015
Thank you!
Attachment H
Overall Page 203 of 253
Attachment Page 24 of 24
Attachment I
Admission Update
September 24, 2015
Admission Update
Board of Trustee Meeting
September 24, 2015
Susan K. Schaurer
Assistant Vice President & Director of Admission
Enrollment Management and Student Success
Attachment I
Overall Page 204 of 253
Attachment Page 1 of 9
Attachment I
Admission Update
September 24, 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:




Increase ACE Program enrollment (250)
Increase transfer enrollment (300)
Expand TOP Program (40)
Meet Net Tuition Revenue targets
Attachment I
Overall Page 205 of 253
Attachment Page 2 of 9
Attachment I
Admission Update
September 24, 2015
Application History 2010 - 2015
Note: Data are as of 8/27/2015
Attachment I
Overall Page 206 of 253
Attachment Page 3 of 9
Attachment I
Admission Update
September 24, 2015
Admission Trends
Note: Data are as of 8/27/2015
Attachment I
Overall Page 207 of 253
Attachment Page 4 of 9
Attachment I
Admission Update
September 24, 2015
2015 Profile Overview
Average ACTBest: 28.0 versus 27.6
Domestic Diversity: 13.7 % versus 13.2 %
Average GPA: 3.75 versus 3.70
Alumni Connection: 31.8 % versus 32.8 %
Average Academic Read Score: 13.7 versus
13.1 (Rigor of HS Curriculum)
Countries: 40 versus 48
Non-Resident: 44.1 % versus 43.5 %
International: 7.8 % versus 7.4 %
States: 39 versus 38
High Schools: 1,269 versus 1,158
Note: Data are as of 8/27/2015
Attachment I
Overall Page 208 of 253
Attachment Page 5 of 9
Attachment I
Admission Update
September 24, 2015
Divisional Trends
Note: Data are as of 8/27/2015
Attachment I
Overall Page 209 of 253
Attachment Page 6 of 9
Attachment I
Admission Update
September 24, 2015
Residency Trends
Note: Data are as of 8/27/2015
Attachment I
Overall Page 210 of 253
Attachment Page 7 of 9
Attachment I
Admission Update
September 24, 2015
Other Enrollment Goals
Transfers
• Fall 2015 enrollment goal is 300 students
• 224 confirmed students or a 7.8% YTD decrease versus fall 2014
American Culture and English (ACE) Program
• Fall 2015 enrollment goal is 250 first-year students
• 299 confirmed students or a 37.2% YTD increase versus fall 2014
Note: Year to date data as of 9/4/2015
Attachment I
Overall Page 211 of 253
Attachment Page 8 of 9
Attachment I
Admission Update
September 24, 2015
QUESTIONS?
Attachment I
Overall Page 212 of 253
Attachment Page 9 of 9
Attachment J
September 24, 2015
Internal Audit
Reporting Update
Item 3
To:
Finance and Audit Committee
From:
Barbara K. Jena, Director of Internal Audit and Consulting Services
Subject: Internal Audit & Consulting Services - September 2015 Reporting Update
Date:
September 04, 2015
Four high risk audit issues were added since the June 2015 report to the Finance and Audit Committee.
These issues arose during an audit of selected academic record updates on the Oxford and regional
campuses at both the undergraduate and graduate level. Record updates audited were course grade
changes and withdrawals from the University. Three recommendations for improvement pertain to
student withdrawals and one pertains to grade changes. Management's planned actions appear
responsive to the audit recommendations.
One open audit issue in the IT area was changed from moderate to high risk. This relates to
implementing methods to detect and correct exposed Personally Identifiable Information. There are
three other ongoing issues in the IT area pertaining to: 1) a process for identifying and addressing
network vulnerabilities; 2) tracking University-owned end user devices; and 3) training employees
regarding Miami’s information security practices. IACS continues to monitor the status of these issues
which are further described in the attached. Joe Bazeley and Troy Travis from IT Services plan to attend
the meeting to address any questions the Committee may have.
Audit Issue Status
Open audit
issues
6/5/2015
Risk Level
High
4
Added
4
Closed
0
Open audit
issues
9/4/2015
8
Attachment
Cc: David K. Creamer
Attachment J
Overall Page 213 of 253
Attachment Page 1 of 4
Attachment J
Line
Audit Name And Date
1 95.1 - Network
Penetration Testing 3/2014
2 94.1 - End User Device
Inventory 4/2014
September 24, 2015
Internal Audit
Open Internal Audit Issues
Date
Opened
Date
Due
Risk
Level
Division
Recommendation
Responsible
Person
3/20/2014
11/1/2015 High
IT Services
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.
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:
Management Response and Status
Joe Bazeley,
Assistant VP for
Security,
Compliance &
Risk
Management
In a 9/15 status update, Joe Bazeley stated, "All high and critical
findings in the initial report have been remediated. A process is being
finalized to categorize given risks to Miami's data, to communicate the
need for patching to the relevant IT support function, and to validate
the patch after it has been applied. The process will include specific
guidance for identifying which medium vulnerabilities need to be
remediated and which can be accepted. A request for funding is
included in the business case that is expected to be completed by
10/1/15. Assuming business case is funded, software is expected to be
operational by 11/1/15." IACS continues to monitor the status of this
issue.
Troy Travis, Asst
VP for
Enterprise
Operations;
• reduce the risk of copyright infringement as a result of a negative Phyllis Callahan,
software licensing audit;
Provost & Exec.
• reduce the risk that devices and any stored data are lost or stolen VP for Academic
with employee turnover;
Affairs
• 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.
In a 9/15 status update, Troy Travis states, "As previously reported,
representatives from across the university formed a team to research
the audit finding on end-user device inventory management and to
provide a recommendation to the Board of Trustees on the most
efficient and most effective way of mitigating the risk of lost end user
devices. Since the launch of the evaluation, the team has harvested
more detailed information regarding the scope of the audit finding.
While initially thought to be $10MM, research has revealed that the
solution space is closer to $4MM in total non-capital mobile
computing equipment. The team is currently working to assess the
University's materiality guidelines and acceptable risk threshold to
craft a solution that aligns with University strategy. With a better
understanding of achievable scope and acceptable risk, a lower cost
and less invasive solution can be made available. Our goal remains
mitigating unacceptable risk, while at the same time avoiding the need
to introduce costly, labor-intensive activities back into University
operations. Based on the results of this assessment, the team will
submit a proposal for recommended action to the Finance & Audit
Committee at the next meeting on December 3rd, 2015."
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.
IACS continues to monitor the status of this issue and will review the
team's proposal when it becomes available.
3 117.1 - Securing
Confidential
Information-Procedure
Review- 1/2015
1/16/2015
11/1/2015 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.
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."
As of 4/3/15, Joe Bazeley estimated 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.
Joe Bazeley states in his 9/15 update, "Creation of business case still in
progress. Expected completion date 10/1/15. Assuming business case
is funded, training will be available for individuals to take by 11/1/15.
A schedule for when employees need to have completed the training
will need to be worked out with Human Resources and Academic
Personnel." IACS continues to monitor the status of this issue.
2
Attachment J
Overall Page 214 of 253
Attachment Page 2 of 4
Attachment J
Line
Audit Name And Date
4 117.2 - Securing
Confidential
Information- Procedure
Review- 1/2015
September 24, 2015
Internal Audit
Open Internal Audit Issues
Date
Opened
Date
Due
Risk
Level
1/16/2015
11/1/2015 High
Division
IT Services
Recommendation
Responsible
Person
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 Response and Status
"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 Bazeley stated, "Work on the proof of
concept is underway, and we expect to have a process in production
by end of June 2015."
Joe Bazeley states in his 9/15 update, "Proof of concept of in-house
solution using open source software found to have numerous
deficiencies. Incorporating commercial software into the overall
security business case as funding will be required. Business case
expected to be completed by 10/1/15. Assuming business case is
funded, software is expected to be operational by 11/1/15." IACS
continues to monitor the status of this issue.
5 104.1 - Audit of
Academic Record
Updates - 7/2015
7/28/2015
1/1/2016 High
Enrollment
Management
& Student
Success
IACS recommends that the Office of the University Registrar work
David Sauter,
with the Office of Student Financial Assistance to revise current
University
procedures for determining withdrawal dates to align with federal
Registrar
regulation 34 CFR § 668.22. The University Registrar should work
with the Office of the Provost to enforce the procedures as needed.
Management concurred stating, "The Office of the University Registrar
concurs with the finding that current procedures are insufficient to
comply with the regulation to determine withdrawal dates.
The Office, in conjunction with the Office of Student Financial
Assistance, understands the need for review of policies and
procedures as well as the need to recommend revisions to the Office
of Provost. The two offices will continue to meet twice monthly
toward this compliance goal, as well as other critical initiatives. In
addition, a Lean initiative is nearly completed which will automate and
standardize the University withdrawal process.
Full compliance will occur no later than January 1, 2016."
6 104.2 - Audit of
Academic Record
Updates - 7/2015
7/28/2015
1/1/2016 High
Enrollment
Management
& Student
Success
IACS recommends that appropriate policies and procedures be
David Sauter,
established to document if a student began attendance in any
University
class. In order to obtain and maintain such documentation
Registrar
consistently and timely, the Office of the University Registrar should
work with the Office of Student Financial Assistance and the Office
of the Provost in designing and enforcing the policies and
procedures.
Management concurred stating, "The Office of the University Registrar
concurs with the finding that current procedures are insufficient to
comply with the regulation to determine if a student began attendance
in a class.
The Office, in conjunction with the Office of Student Financial
Assistance, understands the need for review of policies and
procedures as well as the need to recommend revisions to the Office
of Provost.
The two offices are meeting twice monthly toward this compliance
goal, and to review and resolve other critical issues.
Full compliance will occur no later than January 1, 2016."
3
Attachment J
Overall Page 215 of 253
Attachment Page 3 of 4
Attachment J
Line
Audit Name And Date
7 104.3 - Audit of
Academic Record
Updates - 7/2015
September 24, 2015
Internal Audit
Open Internal Audit Issues
Date
Opened
7/28/2015
Date
Due
Risk
Level
10/31/2015 High
Division
Enrollment
Management
& Student
Success
Recommendation
Responsible
Person
IACS recommends the Office of the University Registrar:
a. Standardize and improve withdrawal policies and procedures as
follows:
David Sauter,
University
Registrar
Management Response and Status
Management concurred stating, "The Office of the University Registrar
concurs with the finding that current withdrawal policies and
procedures are insufficient and need to be standardized and improved.
As stated in Management Response #1, a Lean initiative is nearly
completed which will automate and standardize the University
withdrawal process. The Office, in conjunction with the Offices of
Student Financial Assistance, Global Initiatives, Regional Records and
Registration, and Graduate School, as well as all other offices not
named, will utilize the automated process and utilize electronic
storage of same.
i. Create a standardized withdrawal form for all campuses and
withdrawal scenarios. The form should include information such as
reason for withdrawal, last date of attendance or never attended
information, registrar's date of receipt, processor and date posted.
This form should be completed by registrar staff if not provided
otherwise and supporting documentation attached.
ii. Retain all withdrawal documents in a central location either
electronically or in paper form.
Full compliance is anticipated early Fall 2015, including real-time
electronic processing and review and redefining as needed the
Enrollment Status codes and training for all users on the process."
iii. Process withdrawal requests in the timeframe required by
departmental procedures.
b. Define Withdrawal and Enrollment Status codes and their use to
improve input accuracy and consistency.
c. Retrain employees who process withdrawals, including the Office
of Student Financial Assistance and Global Initiatives, to gain
proficiency in the established policies and procedures, and to
minimize inaccurate input, incomplete documentation and nonexecution of required procedures.
8 104.4 - Audit of
Academic Record
Updates - 7/2015
7/28/2015
10/31/2015 High
Enrollment
Management
& Student
Success
IACS recommends the Office of the University Registrar continue
working with IT Services to automate the grade change process.
The automated process should be used by all campuses and include
these features:
a. email confirmations to the student and the instructor of record
b. workflow approvals
c. required fields such as the reason for the change
d. capability to attach supporting documentation if applicable
e. audit trail data such as registrar's date of receipt, processor and
date posted
f. trend analysis to detect possible fraud
David Sauter,
University
Registrar
Management concurred stating, "The Office of the University Registrar
concurs with the finding that the process of automating grade changes
continues until completed and that it be used across the University.
This automation has been under development and with minor
adjustments will be put into production. The automated process
includes workflow approvals, fields to indicate reason(s) for the
change, Google document capability, and audit trail data. The process
concludes by sending both the instructor and the student e-mail
notification that the grade has been changed for a class. Trend
analysis can be reviewed via Business Intelligence model under
development, either academic-unit-specific (e.g., department,
individual faculty member) or administrative offices (e.g., Provost).
Full compliance is anticipated early Fall 2015."
4
Attachment J
Overall Page 216 of 253
Attachment Page 4 of 4
Attachment K
September 24, 2015
Cash and Investments
Reporting Update
Item 4
REPORT ON CASH AND INVESTMENTS
Finance and Audit Committee
Miami University
September 24, 2015
Non-Endowment Fund
For the third fiscal quarter ending June 30, 2015, the non-endowment fund
returned -0.2% as most bond investments struggled. This result brings the performance
for the fiscal year to +1.6%. A summary of performance is attached.
At June 30, the operating cash balance was over $56.7 million, representing about
11% of the non-endowment fund. 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 implemented during the fiscal year moved $65 million away from operating
cash to long-term capital in an attempt to enhance the earnings potential of the overall
fund.
Current Funds
Operating Cash:
Short-term Investments*
Fair Value
% of Portfolio
$ 56,730,536
11.0%
Core Cash:
Intermediate-term Investments
$120,581,646
23.3%
Long-Term Capital:
Debt Investments
Absolute Return
Total Long-Term Capital
$109,176,852
$230,002,326
$339,179,179
21.1%
44.5%
65.7%
$516,491,360
100.0%
Total Current Fund Investments
*includes bank account balances not included on performance report
Endowment Fund
The endowment fund preliminary return was +0.3% for the fourth fiscal quarter
ending June 30, 2015. The performance for the fiscal year was +1.5%. Both of these
figures exclude the June quarter results for the private capital investments, which report
on a significant time lag. The final performance for the third fiscal quarter, after
receiving all the private capital valuations, was +2.1%. Results during the recent quarter
reflected solid results in hedged debt and global public equity strategies. Full year results
were tempered by a contraction in public real assets and public debt.
1
Attachment K
Overall Page 217 of 253
Attachment Page 1 of 13
Attachment K
Cash and Investments
September 24, 2015
The Miami University Foundation Investment Committee is scheduled to meet on
September 10th & 11th in New York. Please see the attached performance report for
additional endowment related details.
Bond Project Funds
Construction activity continued steadily through the spring months, and new
projects were launched with the completion of the academic year. Approximately $24.5
million in draws were made during the June quarter. As of June 30, 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
$ 5,281,228
$ 22,362,750
$142,872,221
$170,516,199
Attachments
Non-endowment Performance Summary as of 6/30/2015
MUF Treasurer’s Report as of 6/30/2015
2
Attachment K
Overall Page 218 of 253
Attachment Page 2 of 13
Attachment K
September 24, 2015
Cash and Investments
Miami University Non-Endowment
Summary of Investment Performance
Report for Periods Ending June 30, 2015
Annualized
Since
Qtr
CYTD
1Yr
3Yr
5Yr
Date
Market Value
Total Composite
-0.2%
1.3%
1.6%
3.4%
3.0%
1.6%
2.7%
3.5%
6/02
$499,381,264
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
0.0
0.0
0.1
0.0
0.1
0.0
0.0
0.0
0.0
0.0
0.1
0.0
-
0.1
0.1
0.0
0.1
0.1
0.1
0.1
0.1
-
0.4
0.1
0.2
0.1
-
1.7
1.3
1.8
1.3
-
1.7
1.3
0.1
0.1
1.8
1.3
0.2
0.1
0.2
0.0
6/02
39,620,440
10/08
464,099
6/02
21,678,127
10/08
2,399,283
7/12
15,078,931
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
-0.3
0.1
0.0
0.1
-0.6
0.1
0.0
0.0
-0.4
-0.4
0.0
-0.4
0.7
0.7
0.6
0.7
0.8
0.7
0.8
0.9
0.8
0.8
0.5
0.8
1.3
0.9
0.7
0.9
1.7
0.9
0.8
1.3
1.9
1.8
1.0
1.8
1.2
0.7
0.5
0.7
1.3
0.7
1.6
0.8
1.5
0.9
-
2.2
0.9
0.8
0.9
2.6
0.9
2.3
1.4
-
2.8
1.7
1.7
1.7
3.9
1.7
2.0
2.4
-
3.1
2.6
2.5
2.6
3.9
2.6
2.3
3.1
-
3.2
2.6
2.5
2.6
4.0
2.6
2.5
3.1
2.7
2.1
1.2
0.8
6/02
120,581,646
6/02
23,064,681
6/02
30,196,337
6/02
6,310,422
1/11
30,049,744
9/12
30,960,462
Long Term Capital
MSCI AC World Index
Barclays U.S. Aggregate Bond Index
-0.1
0.3
-1.7
2.1
2.7
-0.1
2.4
0.7
1.9
6.4
13.0
1.8
5.2
11.9
3.3
1.7
4.8
4.6
3.1
6.4
4.4
4.8
7.4
4.7
6/02
339,179,178
© 2015 Fund Evaluation Group, LLC
Attachment K
7Yr
10Yr
Inception
Confidential - For Client Use Only
Overall Page 219 of 253
Attachment Page 3 of 13
Attachment K
September 24, 2015
Cash and Investments
Miami University Non-Endowment
Summary of Investment Performance
Report for Periods Ending June 30, 2015
Annualized
Since
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
Qtr
CYTD
1Yr
3Yr
-0.5%
-1.7
-1.2
-1.7
0.5
0.8
-1.3
-1.7
-0.2
-1.0
0.8%
-0.1
0.4
-0.1
2.6
2.9
0.3
-0.1
0.1
-2.9
1.0%
1.9
1.9
1.9
2.9
2.2
2.2
1.9
-2.3
-7.1
4.1%
1.8
1.7
1.8
3.1
1.8
5.4
-0.5
5Yr
4.5%
3.3
3.2
3.3
4.5
3.3
-
© 2015 Fund Evaluation Group, LLC
Attachment K
7Yr
5.9%
4.6
4.8
4.6
5.9
4.6
-
10Yr
5.3%
4.4
4.6
4.4
5.4
4.4
-
Inception
Date
Market Value
5.4%
4.7
4.8
4.7
4.3
4.1
5.6
4.7
3.8
0.3
6/02
$109,176,852
6/02
22,095,745
1/13
27,595,197
6/02
27,005,622
5/11
32,480,288
Confidential - For Client Use Only
Overall Page 220 of 253
Attachment Page 4 of 13
Attachment K
September 24, 2015
Cash and Investments
Miami University Non-Endowment
Summary of Investment Performance
Report for Periods Ending June 30, 2015
Annualized
Since
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
GEM Realty Securities LP
MSCI U.S. REIT Index
HFRI Equity Hedge 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
Qtr
CYTD
1Yr
3Yr
5Yr
7Yr
0.0%
0.3
-1.7
0.6
0.3
0.2
1.0
0.0
0.6
1.0
-0.2
0.3
0.4
0.3
0.2
1.1
0.0
-1.7
-1.6
0.3
1.9
-0.9
0.3
0.2
0.4
0.3
0.2
2.7%
2.7
-0.1
4.2
2.7
2.7
3.9
2.5
2.4
5.0
2.4
1.2
3.3
2.7
2.7
1.5
2.5
-0.1
2.6
2.7
3.9
0.8
2.7
2.7
3.1
2.7
2.7
3.2%
0.7
1.9
6.5
0.7
3.9
-1.1
-0.5
-0.8
5.2
3.8
7.4
6.1
0.7
3.9
8.0
0.7
2.4
3.4
0.7
3.9
1.3
0.7
3.9
8.6%
13.0
1.8
11.3
13.0
6.3
9.6
6.2
17.3
8.6
13.0
6.3
7.3
13.0
6.3
11.1
13.0
6.3
6.0%
11.9
3.3
7.8
11.9
4.1
6.8
4.1
17.3
6.8
11.9
4.1
4.9
11.9
4.1
-
-0.5%
4.8
4.6
-
© 2015 Fund Evaluation Group, LLC
Attachment K
10Yr
1.7%
6.4
4.4
-
Inception
Date
Market Value
3.9%
7.4
4.7
7.1
11.6
4.2
5.0
4.2
5.3
7.5
4.3
16.6
-1.6
-5.1
0.1
6.5
11.1
3.8
1.4
1.5
1.7
3.2
9.8
6.5
5.0
11.6
4.2
10.7
10.7
5.2
6/02
$230,002,326
5/09
26,921,477
3/13
23,408,308
5/09
26,348,446
4/15
24,610,837
5/10
26,520,945
9/14
25,355,445
3/13
25,592,938
5/09
25,439,347
4/12
25,804,583
Confidential - For Client Use Only
Overall Page 221 of 253
Attachment Page 5 of 13
Attachment K
Cash and Investments
September 24, 2015
Miami University Non-Endowment
Summary of Investment Performance
Report for Periods Ending June 30, 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.
© 2015 Fund Evaluation Group, LLC
Attachment K
Confidential - For Client Use Only
Overall Page 222 of 253
Attachment Page 6 of 13
Attachment K
September 24, 2015
Cash and Investments
MIAMI UNIVERSITY FOUNDATION
TREASURER’S REPORT
June 30, 2015
The preliminary June 30, 2015 market value for the Miami University Foundation totaled
$459,671,121. Some of the private programs have not yet reported June 30 values. 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
$266,896,915
$159,690,101
$ 77,501,776
$ 29,705,037
58.06%
34.74%
16.86%
6.46%
50%-85%
25%-60%
10%-30%
5%-20%
Debt
Public Debt
Hedged Debt
Private Debt
$101,462,779
$ 29,297,529
$ 64,529,992
$ 7,635,258
22.07%
6.37%
14.04%
1.66%
10%-35%
5%-15%
5%-20%
0%-10%
Real Assets
Public Real Assets
Hedged Real Assets
Private Real Assets
$ 64,147,164
$ 20,001,624
$
471,577
$ 43,673,964
13.96%
4.35%
0.10%
9.50%
5%-20%
0%-10%
0%-10%
0%-10%
Cash
Total
$ 27,164,264
$459,671,121
5.91%
100.00%
0%-10%
- Some funds have been classified into more than one category.
Geographic Exposure
ASIA
9.8%
Liquidity
LAMA
3.2%
ILLIQUID
17.3%
< 7 DAYS
39.0%
EUROPE
19.2%
NORTH AMERICA
67.8%
Attachment K
35 TO 180 DAYS
43.7%
Overall Page 223 of 253
Attachment Page 7 of 13
Attachment K
Cash and Investments
September 24, 2015
During the fourth quarter of fiscal year 2015, the value of the combined endowment investment
pool decreased slightly from $461.3 million to $459.7 million. Investment returns were slightly positive
for the quarter and for the fiscal year. New cash gifts to the Miami University and the Miami University
Foundation endowments totaled $3,215,078 for the quarter which brings the total gifts to $18,118,474
fiscal year to date. The University’s endowed funds made an $8.2 million distribution to the University in
June. The annual distributions representing the Foundation’s endowed funds and the annual
administrative fee will occur in July
The investment committee met in May in Oxford, OH and again in June via teleconference. The
committee approved an $8 million commitment to a private mezzanine debt manager and endorsed the
amendment to the Pooled Investment Agreement. The committee will next meet in New York City on
September 10th & 11th.
For the March quarter, the Foundation reported a final total return of +2.1%. Preliminary
investment returns were +0.3%, for the June quarter, excluding the private programs, which report on a
significant time lag. Investment performance for the recent quarter was hindered by a sharp pullback in
the public equity market at the end of June. Full fiscal year 2015 results were a preliminary +1.5%,
before factoring in the results of private programs.
The tables on the following pages report each underlying manager’s returns for multiple time
periods, including the preliminary fourth fiscal quarter fiscal year to date.
Respectfully submitted,
Ellen Schubert
Treasurer
Attachment K
Overall Page 224 of 253
Attachment Page 8 of 13
Attachment K
September 24, 2015
Cash and Investments
Miami University Foundation
Summary of Investment Performance
Report for Periods Ending June 30, 2015
Annualized
Since
Qtr
CYTD
Date
Market Value
8.7%
8.8
6.9
8.2%
9.2
7.4
3.7%
3.8
6.9
6.0%
6.0
7.6
9.4%
7.8
4/93
$459,671,124
1.5
9.2
7.9
4.1
5.9
6.4
12/96
380,087,464
3.7
2.7
1.2
4.1
0.7
7.4
11.0
13.0
17.3
9.5
11.9
17.3
4.5
4.8
9.4
6.7
6.4
7.9
6.4
6.9
9.3
3/95
251,023,627
3.6
2.7
1.2
6.5
2.7
1.2
2.7
4.0
1.9
7.8
2.7
0.4
2.9
3.5
2.7
5.0
2.7
2.4
0.7
7.4
7.3
0.7
-0.2
0.7
6.4
7.3
11.9
0.7
-3.6
-5.1
4.5
0.7
4.3
0.7
11.4
13.0
17.3
15.7
17.7
2.8
3.7
12.3
13.0
-
10.0
11.9
17.3
17.1
17.5
-
3.8
4.8
9.4
11.4
9.7
-
5.8
6.4
7.9
-
6.1
6.0
7.7
12.5
11.5
4.7
6.1
7.1
6.4
7.2
4.6
0.3
0.3
2.9
0.9
12.3
11.2
8.5
6.1
12/96
159,690,101
12/12
26,723,993
10/13
19,846,510
10/07
18,988,745
12/13
4,837,821
3/15
27,044,618
8/11
10,257,373
10/11
30,269,073
10/13
21,721,968
Total Composite
MUF Custom Index1
CPI + 5.5%
0.5%
0.4
2.1
2.6%
1.8
3.2
Total Composite ex. Private Capital
0.3
2.9
Total Equity
MSCI AC World Index
S&P 500 Index
0.5
0.3
0.3
Public Equity
MSCI AC World Index
S&P 500 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
PIMCO RAE Fundamental Global Inst'l
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
0.4
0.3
0.3
2.2
0.3
-0.9
0.3
0.1
0.1
2.7
0.3
0.3
0.3
-1.4
0.7
1.0
0.3
-0.5
0.3
1Yr
0.9%
-1.5
5.6
3Yr
5Yr
© 2015 Fund Evaluation Group, LLC
Attachment K
7Yr
10Yr
Inception
Confidential - For Client Use Only
Overall Page 225 of 253
Attachment Page 9 of 13
Attachment K
September 24, 2015
Cash and Investments
Miami University Foundation
Summary of Investment Performance
Report for Periods Ending June 30, 2015
Annualized
Since
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
Private Equity
Thomson One All Private Equity Index
MSCI AC World Index
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
Qtr
CYTD
1Yr
3Yr
5Yr
-0.2%
0.3
1.9
1.0
-0.2
0.3
-3.2
1.7
0.3
2.4
0.3
-1.3
0.3
1.9
-2.5
0.3
1.9
4.2%
2.7
3.9
5.0
2.4
1.2
-3.0
3.5
1.2
13.5
1.2
2.9
2.7
3.9
1.5
2.7
3.9
7.7%
0.7
2.4
5.2
3.8
7.4
8.3
0.7
2.4
16.8
0.7
2.4
8.9%
13.0
8.4
9.7
6.2
17.3
3.9
13.0
8.4
13.0
13.0
8.4
6.1%
11.9
6.0
6.7
4.1
17.3
-
3.5%
4.8
3.2
4.3
1.3
9.4
-
2.6
0.0
0.3
3.1
1.6
2.7
5.7
4.7
0.7
12.4
13.0
13.0
14.3
13.7
11.9
8.5
7.3
4.8
2.8
12.5
0.0
0.0
6.2
9.9
0.0
0.0
5.0
4.2
0.0
3.2
13.2
1.6
-1.2
2.8
12.1
-0.4
3.3
4.2
2.6
0.4
5.8
8.3
-2.0
-2.6
12.7
23.2
3.6
1.3
11.8
5.7
-4.1
12.9
1.1
-13.6
-9.2
13.2
14.0
11.2
12.9
22.4
10.0
2.4
14.7
6.8
-6.0
-2.9
17.5
15.0
12.6
13.0
21.3
14.0
6.2
8.6
3.0
-2.3
-3.6
12.1
10.0
6.8
1.2
12.3
2.2
© 2015 Fund Evaluation Group, LLC
Attachment K
7Yr
10Yr
Inception
Date
Market Value
5.1%
6.4
5.4
6.8
3.3
7.7
2.4
3.9
1.0
22.0
3.7
3.1
10.7
6.6
12.0
10.7
6.6
12/01
$64,215,662
3/04
24,073,488
11/14
9,939,542
10/14
11,668,542
4/12
11,178,248
4/12
7,355,842
11.7
11.5
6.4
10.3
14.9
6.9
3/95
27,117,864
12.1
10.9
-0.8
2.1
15.9
11.7
-
7.2
3.2
5.8
2.4
10.2
-2.4
-3.9
-1.6
3.0
9.8
-5.4
3/95
6/00
3/95
10/98
6/00
3/02
11/05
8/07
2/08
10/08
9/05
26,504,727
95,613
1
1
118,536
668,438
1,966,728
8,016,711
9,902,887
3,818,018
1,917,794
5.6%
6.4
4.9
6.9
3.3
7.9
-
-
Confidential - For Client Use Only
Overall Page 226 of 253
Attachment Page 10 of 13
Attachment K
September 24, 2015
Cash and Investments
Miami University Foundation
Summary of Investment Performance
Report for Periods Ending June 30, 2015
Annualized
Since
Qtr
CYTD
1Yr
3Yr
Venture Capital Composite
Commonfund Venture Capital IV
Commonfund Venture Capital V
-3.4%
-3.0
-3.8
-1.9%
-0.1
-3.4
-0.5%
2.6
-3.4
-1.4%
0.9
0.4
4.4%
6.0
3.7
1.5%
4.3
-0.3
5.6%
7.5
2.8
Total Debt
Barclays Multiverse Index
1.1
-1.0
3.0
-2.9
2.4
-7.1
8.7
-0.5
8.0
2.3
7.2
2.8
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
0.0
-1.0
0.5
0.8
-1.4
-1.7
-0.1
-1.0
1.0
-2.9
2.6
2.9
0.2
-0.1
0.2
-2.9
-0.1
-7.1
2.9
2.2
2.0
1.9
-2.2
-7.1
4.2
-0.5
3.0
1.8
5.4
-0.5
4.8
2.3
4.3
3.3
-
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
1.6
0.7
0.9
0.0
0.6
0.9
0.0
0.6
1.6
0.0
0.6
4.2
0.0
-0.3
4.0
2.6
3.6
2.5
2.4
2.2
2.5
2.4
5.4
2.5
2.4
5.2
2.5
0.5
3.3
1.8
-1.1
-0.5
-0.8
1.3
-0.5
-0.8
8.6
-0.5
-0.8
-0.4
-0.5
-6.0
10.9
6.6
10.1
6.8
7.4
13.6
6.8
7.4
-
9.3
6.3
8.7
8.4
6.0
11.0
8.4
6.0
-
5Yr
© 2015 Fund Evaluation Group, LLC
Attachment K
7Yr
10Yr
Inception
Date
Market Value
11.3%
3.5
-5.9
4/96
3/99
1/00
$613,137
264,099
349,038
6.5
3.7
6.7
-
12/96
118,037,860
6.1
2.8
5.8
4.6
-
5.4
3.7
5.2
4.4
-
6.1
4.3
4.1
6.0
5.3
4.9
0.6
12/96
29,297,529
1/13
10,872,336
10/00
2,490,323
10/10
15,934,870
9.4
5.7
8.5
9.1
4.7
11.2
9.1
4.7
-
-
8.6
5.9
6.9
6.0
7.3
8.3
8.1
4.8
9.6
8.1
4.8
8.1
4.5
4.1
6/06
79,718,284
8/12
12,081,011
6/06
26,562,907
6/06
29,656,645
2/13
11,417,721
Confidential - For Client Use Only
Overall Page 227 of 253
Attachment Page 11 of 13
Attachment K
September 24, 2015
Cash and Investments
Miami University Foundation
Summary of Investment Performance
Report for Periods Ending June 30, 2015
Annualized
Since
Qtr
CYTD
1Yr
3Yr
5Yr
Private Debt
Thomson One Distressed Index
Commonfund Distressed Debt II
Commonfund Distressed Debt III
Goldman Sachs Distressed Opportunities
0.0%
0.0
0.0
0.0
0.0
1.1%
2.0
-2.9
3.0
0.6
3.2%
3.6
-5.9
3.0
4.6
11.4%
13.2
2.0
8.5
14.9
10.1%
12.1
4.3
8.4
11.8
Total Real Assets
0.0
-0.9
-11.9
3.8
5.4
Public Real Assets
CPI + 5%
Eagle Global MLP
Alerian MLP Index
RS Global Natural Resources
S&P North America Nat'l Resources Index
-1.6
2.0
-2.3
-6.1
0.5
-2.7
-2.8
3.0
-2.9
-11.0
-2.6
-4.1
-19.4
5.1
-12.9
-19.8
-31.8
-25.7
11.6
6.4
16.7
7.8
-
Private Real Assets
Thomson One Private Real Estate Index
S&P GSSI Natural Resources Index
NCREIF Timberland Index
0.7
0.0
-2.7
0.5
0.1
2.4
-4.1
2.3
-8.0
10.7
-25.7
10.0
1.0
0.0
0.0
0.0
3.0
1.7
1.2
-0.4
2.3
-
3.6
4.6
-2.4
9.4
-
Private Real Estate Composite
Metropolitan Real Estate Partners IV
Penn Square Global Real Estate
Penn Square Global Real Estate II
WCP Real Estate IV
Inception
Date
Market Value
7.4%
11.6
4.9
-
8.1%
13.1
6.0
1.2
5.5
6/03
$9,022,047
6/03
5/06
6/08
621,817
2,877,685
5,522,545
-1.5
3.5
5.9
9/95
63,445,373
-
-
-
12.3
6.4
16.5
7.8
-12.0
-0.5
10/11
20,001,624
10/11
14,425,061
6/13
5,576,563
2.1
13.7
3.0
9.8
4.2
13.4
5.4
6.1
-2.3
1.6
-2.9
4.3
2.9
7.9
5.6
8.0
5.6
10.6
7.9
9/95
43,443,749
8.3
7.4
4.6
14.0
-
8.1
3.2
6.5
-57.3
-
-7.4
-3.1
-2.4
-
-
-14.5
-13.6
-5.1
-76.3
3.0
5/06
5/06
1/08
2/10
3/15
15,740,036
2,679,019
4,970,908
2,937,809
5,152,300
© 2015 Fund Evaluation Group, LLC
Attachment K
7Yr
5.7%
9.8
2.3
4.0
5.5
10Yr
Confidential - For Client Use Only
Overall Page 228 of 253
Attachment Page 12 of 13
Attachment K
September 24, 2015
Cash and Investments
Miami University Foundation
Summary of Investment Performance
Report for Periods Ending June 30, 2015
Annualized
Since
Qtr
CYTD
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
0.6%
6.0
-1.9
1.5
1.8
3.4
0.0
-0.9
-0.7
-0.7%
8.5
-6.6
-2.2
-1.8
0.5
-1.0
-0.7
0.8
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
0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.1
0.0
0.1
0.0
1Yr
3Yr
5Yr
7Yr
10Yr
0.5%
3.0
1.1
4.1
0.3
-3.9
0.6
-
-12.8%
-12.3
-31.9
-18.4
-21.0
-13.7
-24.2
-0.6
3.5
-0.7%
10.0
-2.0
4.1
2.6
-2.1
-12.3
2.9
8.0
2.3%
13.2
5.4
8.8
7.5
1.8
-4.5
0.7
-
0.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.3
0.0
0.3
0.0
0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.2
0.0
0.2
0.0
-
-
Inception
Date
Market Value
7.5%
17.9
9.2
-
7.9%
15.3
-9.3
6.4
-10.0
0.1
-3.8
0.3
5.1
9/95
9/95
9/03
9/05
1/07
11/08
4/08
5/07
12/10
$27,703,713
97,684
1,460,523
1,228,136
2,426,014
7,048,476
3,954,112
7,929,832
3,558,936
-
0.1
0.0
0.0
0.0
0.1
0.0
0.0
0.0
0.2
0.0
0.2
0.0
6/11
27,164,264
6/11
15,434,613
6/11
112,258
6/11
32,814
6/11
2,573,811
6/11
9,010,768
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 December.
1 MUF Custom Index is composed 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 Commodity Index, and 5.0% S&P North America Nat Resources Index.
© 2015 Fund Evaluation Group, LLC
Attachment K
Confidential - For Client Use Only
Overall Page 229 of 253
Attachment Page 13 of 13
Attachment L
Reporting Update
Item 5 Lean Project Update
as of 09/1/2015
Completed Projects MU‐Lean Project Status Totals
Division
Finance and Business Services
Procurement Realized*
Intercollegiate Athletics
Advancement
Enrollment
Information Technology Services
Provost (including regionals)
Lean Project Total ‐ MU
September 24, 2015
Lean Summary
Active
165
Completed
600
Future
54
Total
819
0
3
10
8
8
194
1
8
23
12
4
648
0
1
0
0
0
55
1
12
33
20
12
897
Cost Avoidance Cost Reduction $10,631,080
$4,592,370
$8,120,904
$2,916,374
$2,540
$150,000
$37,000
$213,790
$329,878
$0
$421,113
$0
$2,223
$0
$19,544,738
$7,872,534
Revenue Generated
$4,191,512
$834,901
$1,015
$100,000
$37,705
$4,180
$0
$5,169,313
Total
$19,414,962
$11,872,179
$153,555
$350,790
$367,583
$425,293
$2,223
$32,586,585
*Procurement Realized through June 30, 2015. Procurement increment reported quarterly‐ April 2015 through June 2015. MU‐Lean Project Changes since 6‐1‐15 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 6‐1‐15 report
Newly Active
Newly Completed
Newly Future
New Total
‐35
98
5
68
0
2
‐2
0
5
‐30
0
0
2
1
1
102
0
1
0
0
0
6
0
3
0
1
6
78
New New Cost Avoidance Cost Reduction $1,920,364
$36,042
$982,140
$422,618
$0
$0
$0
$0
$250,750
$0
$13,950
$0
$0
$0
$3,167,204
$458,660
New Revenue Generated
‐$698,300
$163,971
$0
$0
$0
$0
$0
‐$534,329
New Total
$1,258,106
$1,568,729
$0
$0
$250,750
$13,950
$0
$3,091,535
*Completed project audit resulted in a correction of revenue. Attachment L
Overall Page 230 of 253
Attachment Page 1 of 1
Attachment M
September 24, 2015
Bond Refunding
Reporting Update
Item 6
FINAL SUMMARY - 2015 BOND ISSUE
Miami University
July 15, 2015
SERIES 2015 TAX-EXEMPT BONDS:
PAR AMOUNT:
$52,335,000
COUPON:
1.88%
INTEREST RATE (all-inclusive true interest cost):
1.928%
MATURITIES:
2016-2024
AVERAGE MATURITY:
4.89 years
CLOSING:
July 30, 2015
FIRST INTEREST PAYMENT:
March 1, 2016
WINNING BIDDER:
Huntington Public Capital
FINANCIAL ADVISOR:
John S. Vincent & Company
BOND COUNSEL:
Dinsmore & Shohl
TRUSTEE:
Bank of New York Mellon Trust Co
Attachment M
Overall Page 231 of 253
Attachment Page 1 of 2
Attachment M
September 24, 2015
Bond Refunding
SERIES 2015 BOND ISSUE
SOURCES AND USES OF FUNDS
SOURCES OF FUNDS
Par amount of Series 2015 bonds
$52,335,000
Total Sources
$52,335,000
USES OF FUNDS
Series 2005 Bonds Redemption (9/1/2015)
Costs of issuance
$52,220,000
115,000
Total Uses
$52,335,000
REFUNDING SAVINGS
Attachment M
Total Gross Savings
$6,578,817
Annual Gross Savings (range)
$576,253 – 669,045
PV of Savings at 2%
$5,976,352
PV as % of Refunded Principal
11.44%
Overall Page 232 of 253
Attachment Page 2 of 2
Attachment N
September 24, 2015
Bonds Payable
Summary of Bonds Payable
At June 30, 2015
Change in Bonds Payable
Bonds Payable
July 1, 2014
$641,065,000
Additions
0
Reductions
$21,280,000
End Balance
June 30, 2015
$619,785,000
Current
Portion
$25,195,000
Summary of Outstanding Bonds Payable
At June 30, 2015
Year End
June 30
2016
2017
2018
2019
2020
2021-2025
2026-2030
2031-2035
2036-2039
Total
Attachment N
Principal
$25,195,000
26,295,000
27,345,000
29,310,000
29,755,000
164,775,000
116,225,000
121,155,000
79,730,000
$619,785,000
Interest
$29,391,860
28,325,210
27,161,998
25,854,918
24,471,727
98,656,324
62,825,377
42,643,982
5,803,050
$345,134,446
Overall Page 233 of 253
Total
Annual Debt Service
$54,586,860
54,620,210
54,506,998
55,164,918
54,226,727
263,431,324
179,050,377
163,798,982
85,533,050
$964,919,446
Attachment Page 1 of 1
Attachment O
Moody's
Attachment O
Overall Page 234 of 253
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Attachment O
Moody's
Attachment O
Overall Page 235 of 253
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Attachment O
Moody's
Attachment O
Overall Page 236 of 253
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Attachment O
Moody's
Attachment O
Overall Page 237 of 253
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Attachment O
Moody's
Attachment O
Overall Page 238 of 253
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Attachment O
Moody's
Attachment O
Overall Page 239 of 253
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Moody's
Attachment O
Overall Page 240 of 253
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Attachment O
Moody's
Attachment O
Overall Page 241 of 253
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Attachment O
Moody's
Attachment O
Overall Page 242 of 253
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Attachment O
Moody's
Attachment O
Overall Page 243 of 253
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Attachment O
Moody's
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Moody's
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Attachment O
Moody's
Attachment O
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Moody's
Attachment O
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Moody's
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Moody's
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Attachment P
Spending Distribution
Attachment P
Overall Page 252 of 253
September 24, 2015
Attachment Page 1 of 2
Attachment P
Spending Distribution
Attachment P
Overall Page 253 of 253
September 24, 2015
Attachment Page 2 of 2
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