ࡱ>  SYbjbj ;P 8-T e(JdddddddgiVddd###d#d##N0\,aSN( ]0dd0e^$i8!<i`,a,a8idaDZ`@#4ddt"<ei : Agenda Board of Regents Finance Committee Wednesday, April 9, 2009; *10:00 a.m. 12:00 p.m. Valdez, Alaska *Times for meetings are subject to modifications within the April 8-9, 2009 timeframe. Committee Members: Carl Marrs, Committee Chair Fuller Cowell Mary K. Hughes, Committee Vice-Chair Erik Drygas Timothy Brady Cynthia Henry, Board Chair I. Call to Order II. Adoption of Agenda MOTION "The Finance Committee adopts the agenda as presented. I. Call to Order II. Adoption of Agenda III. Full Board Consent Agenda Approval of the Spending Allowance Rate for the Land Grant Endowments Acceptance of the Foundations Proposed Endowment Fee for the Land Grant Endowments Approval of FY11 Operating Budget Guidelines Approval of FY11 Capital Budget Guidelines Approval of Revision to FY10 Capital Budget Request for Additional Economic Stimulus Receipt Authority for the Alaska Region Research Vessel (ARRV) IV. New Business A. Report on Performance Evaluation Guidelines V. Future Agenda Items VI. Adjourn This motion is effective April 9, 2009." III. Full Board Consent Agenda A. Approval of the Spending Allowance Rate for the Land Grant Endowments Reference 16 The President recommends that: MOTION "The Finance Committee recommends that the Board of Regents approve a reduction in the annual spending allowance rate for the Land Grant Endowments from 5.0% to 4.5% effective for FY2010 and subsequent periods and directs the administration to update Policy 05.07.010 for the decrease in the spending rate. The motion is effective April 9, 2009. POLICY CITATION Regents Policy 05.07.010.E states, Withdrawal of earnings in any fiscal year will be limited to the unexpended accumulated earnings, both realized and unrealized, of the endowment as of the preceding December 31, up to a maximum amount equal to 5 percent of the average of the December 31 market values of the investable resources of the funds for the immediately preceding five years, RATIONALE AND RECOMMENDATION Background: The spending rate allowance is utilized to determine the amount of earnings that will be withdrawn from the Land-Grant Endowments for the support of university programs and activities. The spending rate allowance is a mechanism to help the board meet its responsibilities to current beneficiaries by providing fair and reasonable distributions today and to future beneficiaries by making prudent provisions to maintain the purchasing power of the endowment. The spending allowance methodology also provides a mechanism to smooth the distribution of earnings over time in order to mitigate the impact of the market and earnings volatility on program distributions. The UA Foundation Investment Committee reviews the endowment spending rates every year and recommends changes to the rate when it determines that a change is appropriate. Since the bear market of 2001, the general consensus of endowment administrators has been that, except for a few outliers, the probable earnings for endowments will not support a 5% distribution rate over long periods of time. Discussion and Analysis: Reference 16 is a graph prepared by the Association of Governing Boards that reflects difficulty of maintaining the purchasing power of an endowment at a 5% spending rate. Reference 16 provides an estimate of the earnings needed (Earnings Requirement) to support a spending rate at the current spending level of 5.0% for the Land Grant Endowments and 4.5% for the Foundations Pooled Endowments. The source of the forecasted earnings and inflation estimates utilized for the Earnings Requirement and Spending Analysis is the Commonfund Asset Planning Model, which is used by the Investment Committee to help establish the asset allocation targets for the portfolio. The earnings requirement needed to support the current spending and expense structure is 9.98% (48 basis points higher than the projected earnings). Because the probability of achieving average earnings of the magnitude required going forward is unlikely, the Investment Committee is recommending a reduction in the spending allowance rate from 5.0% to 4.5 % for the Land-Grant Endowment Funds. The Foundation Board of Trustees approved a reduction of the spending rate for Foundation Pooled Endowments from 4.5% to 4.0% on February 19, 2009 based on this consideration. Reference 16 also documents that both boards considered their duty to provide for intergenerational equity and made a reasonable effort to provide for it. The Investment Committee will reassess its assumptions, asset allocation, earnings projections and spending rates when the current market conditions stabilize and provide the board with revised recommendations for FY2011 and subsequent years, if changes are warranted. A spending plan or budget consistent with your decision will be presented to the board for approval in June. Please note that a motion for Acceptance of the Foundations Proposed Endowment Fee for managing the endowments is also on the agenda for this meeting. Associate Vice President Jim Lynch will be available to answer any questions the Committee may have about the endowments or spending rates. B. Acceptance of the Foundations Proposed Endowment Fee for the Land Grant Endowments The President recommends that: MOTION The Finance Committee recommends that the Board of Regents accept the UA Foundations proposed annual Endowment Fee for the Land-Grant Endowment Funds at 0.50% of the December 31, 2008 market value of the endowments. This motion is effective April 9, 2009. RATIONALE AND RECOMMENDATION Background: The Board of Trustees and the Board of Regents (the boards) reached agreement last year on establishing an annual endowment fee for the Land-Grant Endowment Funds at 0.50% (50 basis points) of the value of the subject endowments as of the preceding December 31. At the time, the board was concerned that the services provided to the Land-Grant Endowments are significantly less than those provided for the Foundations Pooled Endowments and that the Land-Grant Endowments do not benefit from certain activities, such as development, that are supported by the general endowment fees. The board also wanted to limit the fee to a modest level because the law regarding allowable charges is not clear and the fee appeared to exceed the incremental costs of providing the services. As a result, the board reserved the right to review and accept the proposed endowment fee annually. At the time the Endowment Fee was approved, the Consolidated Fund Agreement between the two entities was in the drafting stage and at the staffs suggestion both boards authorized the respective board chairs to execute an endowment fee agreement. During the drafting process and discussions with counsel, the staff determined that the rational for the decisions made by the boards would be best documented by drafting the Endowment Fee Agreement as an Amendment or Component of the Consolidated Endowment Fund Agreement. As of this writing, those agreements are being reviewed by the board and finance committee chairs and will be presented for approval at its June 2009 meeting. Discussion and Analysis: In establishing the proposed fee the Foundation/University staff evaluated the competitive cost of obtaining the services from outside sources, attempted to place a value on the services or benefits actually received from the Foundation, and considered the Regents duty to provide for intergenerational equity. In establishing the probable cost of outsourcing, the staff inquired of two external managers what the probable cost might be for providing the services currently provided by the Foundation. The responses ranged from 50 basis points for a portfolio with a simple traditional investment allocation to 125 basis points for a more complex portfolio that included alternative investments. The staff then attempted to value benefits received from the Foundation and its Investment Committee. Essentially, the staff compared the performance of the Consolidated Fund to its Policy Benchmark and to two portfolios with simple allocations to traditional investments and also to the mean return of Callan Associates peer group of foundations and endowments. Reference 16 indicates that the value added by the Foundations Investment Committee over the past five years produced returns of 137 to 240 basis points in excess of the various benchmarks. Associate Vice President Jim Lynch will be available to answer any questions the Committee may have about the endowments or the endowment fee. C. Approval of the FY11 Operating Budget Request Guidelines Reference 17 The President recommends that: MOTION "The Finance Committee recommends that the Board of Regents approves the FY11 Operating Budget Request Guidelines as presented. This motion is effective April 09, 2009." POLICY CITATION Regents' Policy 05.01.01.A. Budget Policy, states, "The budget of the university represents an annual operating plan stated in fiscal terms. All budgetary requests shall be adopted by the board prior to submittal to the Office of the Governor or the legislature" RATIONALE/RECOMMENDATION President Hamilton and Associate Vice President Rizk will present the FY11 Operating Budget Request Guidelines recommendation. The operating guidelines serve as a tool for administration to prioritize budget requests and maintain alignment with the Board of Regents UA Strategic Plan goals and expected administrative efficiencies. The FY11 guidelines include integration of performance assessment and continued emphasis on accountability and transparency. The University of Alaska recognizes that funding availability will be challenging in FY11. Priorities for the University have not changed significantly and the focus will remain on providing services to the State of Alaska. The program enhancement priorities in the FY11 guidelines are similar to the FY10 guidelines with emphasis on three themes: Enhancing student success and college readiness Preparing Alaskans for the States high-demand jobs Enhancing competitive research and benefits as an industry in Alaska In addition, within each of these three themes there will be greater attention on strategies to align public service, outreach, development and engagement efforts. The guidelines propose seven statewide planning groups set up like the health and engineering planning groups in the FY10 budget development process. The groups recommended are: Climate Change Energy Engineering Health and Biomedical Social Sciences, Humanities, Arts Student Success (Including Teacher Education) Workforce Development Below are some atmospheric issues that will be considered in the FY11 budget development process. State Funding Environment University Generated Funding Environment: Student Related Revenue Foundation and Fund Raising Related Revenue Local and Private Partnerships Federal Revenue Tuition Affordability and Student Access Communications/Technology Industry Issues Risk Management/Insurance Costs New Facilities Coming On-line M&R, R&R, Operations and Existing Facility R&R Federal Research Issues Research Vessel, Climate, National Institute of Health (NIH) and National Science Foundation (NSF) Funding Impact of efforts to secure Economic Stimulus funding from State and Federal Agencies Increasingly Competitive Higher Education Environment Maintaining Momentum in Priority Workforce Programs Revenue assumptions are not approved as part of the guidelines and it is too early in the cycle for good budget estimates, however, administration will be developing the budget request using the following broad expectations: Enrollment will increase slightly as a result of FY09 program investments and current external economic conditions. Externally funded research activity, after flat and declining levels in FY07-09, will begin increasing in FY10. Indirect Costs Recovery (ICR) will flatten or slightly decline due to the reduced ICR rate. University generated funds will increase 4 percent. Tuition revenue will increase 5 percent. A discussion on a different staff compensation structure for FY11 and beyond that maintains UAs ability to recruit and retain qualified staff will occur. It is expected that the FY11 PERS and TRS retirement system employer contribution rates will remain at the FY10 levels (12.56% TRS, and 22.00% PERS). Employer health contributions on a per employee basis will remain the same as FY10. The Board of Regent will be involved in the following budget related items in the coming months. A complete budget development process calendar is included in the Budget Development Process Overview document in Reference 17. June Meeting Board of Regents FY10 Operating and Capital Budget Acceptance Board of Regents FY10 Operating and Capital Budget Distribution Plans Approval September Meeting First Review of FY11 Operating and Capital Budget Discussion and Approval of Tuition Rates for Academic Year 2012 October Meeting Approve the FY11 Operating Budget Request Approve the FY11 Capital Budget Request Approve the FY11-FY16 Capital Plan Approve the FY10 Natural Resources Fund Budget Allocation Below are other key dates in the FY11 budget development process. July Initial meeting with the Governors Office of Management and Budget (OMB) and Legislative Finance Division to discuss FY11 program themes, fixed costs and capital budget needs August FY11 MAU Operating Budget Requests submitted to Statewide Planning and Budget including: extraordinary fixed cost increases, new facility operating costs, priority program descriptions, and incremental revenue estimates FY11 MAU Capital Budget Requests submitted to Statewide Planning and Budget including: capital budget requests, deferred maintenance lists, list of expected leased properties, and list of projects with potential debt financing needs FY11 budget meeting of the University of Alaska leadership to present and review MAU budget request priorities FY11 MAU Performance Assessments submitted to Statewide Planning and Budget including: analysis of observed performance to-date and future projected performance, relative to strategies, resource allocations, and operating conditions September Formal budget meeting with Governors Office of Management and Budget (OMB) October MAU Fall Financial Review including MAU Performance Assessment. November Submit Board of Regents FY11 Budget to the Governors Office of Management and Budget (OMB) D. Approval of FY11 Capital Budget Development Guidelines Reference 18 The President recommends that: MOTION "The Finance Committee recommends that the Board of Regents approves the FY11 Capital Budget Development Guidelines as presented. This motion is effective April 9, 2009." POLICY CITATION Regents' Policy 05.01.01.A. Budget Policy, states, "The budget of the University of Alaska represents an annual operating plan stated in fiscal terms. All budgetary requests shall be adopted by the board prior to submittal to the Office of the Governor or the legislature." RATIONALE AND RECOMMENDATION The FY11 capital budget request guidelines are similar to the FY10 guidelines. These guidelines set forth the method and criteria by which capital projects are prioritized in the next years budget request. The guidelines are organized in the following sections: Background, Guiding Principles, General Development Process, Capital Project Categories, Capital Project Scoring Criteria, and Criteria Descriptions. During the April 2009 meeting, the administration expects to address criteria used to rank capital projects, the relative request level for capital projects, and strategic approaches to securing funding for UAs renewal and renovation and deferred maintenance backlog. Associate Vice President Michelle Rizk and Chief Facilities Officer Kit Duke will discuss current capital budget activities, and the capital budget guidelines recommendation. The FY11 capital budget request guidelines will be used by the administration to filter and prioritize competing budget requests. The Board of Regents' UA Strategic Plan is an integral component of both the operating and capital budget request guidelines. E. Approval of Revision to FY10 Capital Budget Request for Additional Economic Stimulus Receipt Authority for the Alaska Region Research Vessel (ARRV) The President recommends that: MOTION The Finance Committee recommends that the Board of Regents approves the revised FY2010 capital budget request to include additional economic stimulus receipt authority for the Alaska Region Research Vessel in the amount of $16 million. This motion is effective April 9, 2009. POLICY CITATION Regents' Policy 05.01.01.A. Budget Policy, states, "The budget of the University of Alaska represents an annual operating plan stated in fiscal terms. All budgetary requests shall be adopted by the board prior to submittal to the Office of the Governor or the legislature." RATIONALE/RECOMMENDATION The University of Alaska requests an increase of economic stimulus receipt authority for the University of Alaska Fairbanks (UAF) Alaska Region Research Vessel (ARRV) from $100 million to $116 million for National Science Foundation (NSF) funding. The American Reinvestment and Recovery Act directed $3 billion to the NSF to enable U.S. investment in Americas scientific enterprise. Of this funding, NSF will direct $196 million to ֱfor the construction of the ARRV. In FY05, ֱwas given receipt authority up to $80 million for NSF funding to purchase a new research vessel. Since this time the NSF funding has increased by $116 million to accommodate inflation and changes in scope of work over the past few years. See pages 11-12 for budget. IV. New Business A. Report on the FY11 Performance Evaluation Guidelines Reference 19 Associate Vice President Gwen White will present the Performance Evaluation Guidelines. UA's performance evaluation process informs the budget development and distribution recommendations, looking at resource alignment and progress toward meeting Board of Regents strategic goals. V. Future Agenda Items VI. Adjourn University of Alaska FY10 Capital Budget Request Summary  (in thousands) Revised BOR Request 2/19/09Proposed BOR Request 4/9/09State Approp.Receipt AuthorityTotalState Approp.Receipt AuthorityTotalFY10 Facility Capital NeedsMaintaining Existing Facilities R&R Annual Req.50,000.050,000.050,000.050,000.0ֱLife Sciences Innovation and Learning Facility 82,195.020,625.0102,820.082,195.020,625.0102,820.0UAS Auke Lake Way Campus Entry Improvements & Road Realignment4,130.04,130.04,130.04,130.0UAA Sports Arena65,000.065,000.065,000.065,000.0New Facilities Planning & DesignUAA & ֱEngineering Facilities (administered by statewide) 25,000.025,000.025,000.025,000.0ֱEnergy Technology Building (cost includes construction) 15,300.015,300.030,600.015,300.015,300.030,600.0UAA Cogeneration Plant (PROV/ML&P)2,000.02,000.02,000.02,000.0ֱFire Station and Student Firefighter Trng. Ctr.1,000.0500.01,500.01,000.0500.01,500.0Feasibility Studies Community Campuses New Facilities4,000.04,000.04,000.04,000.0Reducing Major R&R and Def. Maint. Backlog150,000.0150,000.0150,000.0150,000.0ֱAlaska Region Research Vessel100,000.0100,000.0116,000.0116,000.0Federal Receipt Authority24,000.024,000.024,000.024,000.0FY10 Facility Capital Needs398,625.0160,425.0559,050.0398,625.0176,425.0575,050.0FY10 Project and Equipment RequestsEnergy Projects20,950.05,000.025,950.020,950.05,000.025,950.0Climate Projects21,500.010,000.031,500.021,500.010,000.031,500.0Alaska Education Policy Project700.0700.0700.0700.0University Equipment Refresh (administrative & academic)90,000.090,000.090,000.090,000.0Compliance/Business Efficiency Solutions10,000.010,000.010,000.010,000.0FY10 Project and Equipment Requests143,150.015,000.0158,150.0143,150.015,000.0158,150.0FY10 Capital Budget Request Total541,775.0175,425.0717,200.0541,775.0191,425.0733,200.0     Agenda Finance Committee April 9, 2009 Valdez, Alaska Finance Committee Agenda: Page  PAGE 2 of 12 Finance Committee Agenda: Page  PAGE 1 of 12 *135;<=ABE\]dklmn  ( ) 4 5 B C P ^ _ ` a c ü}vrvrvrvrvrvkr 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