Recap of Board of Trustees Meeting, Nov. 13
November 13, 2020
The University of Northern Colorado Board of Trustees met virtually on Friday, Nov. 13, with the board’s Finance and Audit Committee presenting first followed by the Regular Board of Trustees meeting. In those meetings, the board discussed a variety of topics including financial and enrollment updates, Rowing Not Drifting 2030 strategic plan, evolving UNC to become a Hispanic Serving Institute and more.
Watch the recording of the live stream:
UNC President Andy Feinstein kicked off the Finance and Audit meeting by discussing financial impacts of the ongoing COVID-19 pandemic on the university since the spring. Chief Financial Officer Michelle Quinn then presented on FY2020 financial and debt updates including:
- Year-end cash balances increased from $42.5 million on June 30, 2019, to $74.8 million on June 30, 2020, ($32.3 million). Of this increase, 76%, or $24.6 million, was from the federal Coronavirus Relief Funds (CRF) received through the state of Colorado for use in FY21.
- From FY19 to FY20, there was a net decrease in debt of 2.6%, or $4 million, from $157.1 million at July 1, 2019, to $153.1 million at June 30, 2020.
- In May 2020, UNC received $24.9 million in CARES Act funding distribution from the state, resulting in a temporarily elevated cash position.
- UNC’s cash position at Sept. 30, 2020 was $79.9 million, with $21.7 million in uncommitted cash.
- The first quarter of FY2021 net accounts receivable was $16.5 million, $8.5 million less than this time last year. This is a result of reduced revenue due to enrollment decline and significant reduction in state funding for FY21.
- Cash at June 30, 2021, is forecasted to be $44.8 million. Reserves are forecasted to be $21.5 million with $9 million in operating reserves.
Kim Medina, assistant vice president for Enrollment Management at UNC, discussed enrollment updates and forecasts for next fall including:
- The yield of admitted students decreased from 21.5% in fall 2019 to 16.9% in fall of 2020. This is a national trend, specifically with first-generation students and students from lower-income backgrounds discontinuing plans for higher education altogether since the COVID-19 pandemic began in March.
- Spring 21 enrollment appears to be on track with last year and application volume for fall 21 is a little bit down but not in a manner that is concerning at this time.
During the Regular Board meeting, Provost Mark Anderson then discussed updates regarding the Rowing Not Drifting 2030 vision, introducing the subgroups that are made up of a broad set of students, faculty and staff from across campus. The five themes and 10 key actions resulting from each of the subgroup’s work were:
- Students First: Transforming the lives of students by focusing on their success by making intentional decisions to meet their and the overall UNC community’s needs.
- Empower Inclusivity: Ensuring that learning occurs through meaningful discussions of shared and different experiences, viewpoints and ideas.
- Enhance and Invest: Providing UNC’s staff and faculty with the support they need to succeed as professionals, educators and in life.
- Innovate and Create: Leveraging technology and capitalizing on opportunities to innovate and improve instruction.
- Connect and Celebrate: Engaging with strong community connections that provide authentic learning experiences, reciprocal partnerships and collaborations as well as setting how engaged universities enrich the lives of those on campus, throughout Colorado and beyond.
Other topics discussed included:
- UNC has initiated plans to become a Hispanic Serving Institution (HSI) by 2025 with at least 25% of the student body identifying as Hispanic by that time.
- Diversity and bias trainings were implemented earlier this year with UNC campus community members including employees in the UNC Police Department and the President's Cabinet.
- Plans to break ground on the new Sports Performance Center in the spring with $3.75 million raised for the facility and a completion goal of fall of 2021.
- UNC joined the Greeley Downtown District Association to improve the local downtown district for the benefit of UNC and the larger local community.
- The Bachelor of Science in Athletic Training is being phased out, and a new Master of Athletic Training will be offered.
The next Finance and Audit Committee meeting is scheduled for Thursday, Feb. 11, 2021, and the next Regular Board of Trustees meeting is scheduled for Friday, Feb. 12, 2021.
—Written by Katie Corder