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POSTED AT 12:52 PM ON Oct. 12, 2012  (UPDATED AT 12:55 PM ON Oct. 12, 2012)

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A committee formed to explore the possibility of privatizing parking at IU was given the go-ahead from the IU Board of Trustees Thursday to hire a financial adviser.
 
“It is the consensus of the committee that parking is not a core activity of IU, and we should therefore charge market rates,” Executive Vice President and Chief Financial Officer Neil Theobald said in a report to the Board of Trustees at its regular meeting.
 
While Treasurer MaryFrances McCourt said the committee has completed behind-the-scenes financial modeling, a definite plan for where the money would be used does not yet exist.
 
Bloomington Faculty Council President Carolyn Calloway-Thomas said with its current understanding of the plan, the council is strongly opposed to privatization.
 
“We need to tell these very intelligent people why this is important to their future,” Trustee Pat Shoulders said. “Until we do this, I will not be in favor of going after a (request for proposals).”
 
Trustee Derica Rice was also skeptical of privatization at this early stage.
 
“This is nothing more than accelerating income flows,” he said. “If you monetize parking, all you’re doing is accelerating future income flows. That’s a good thing if you have urgent needs. If we’ve got near-term investments that will create future cash flows, then I get that.”
 
The trustees, with the strongest opposition coming from Shoulders and Phil Eskew, Jr., refused to make any additional decisions without more information, but the research and initiative will move forward.
 
When the trustees inquired about the cost of hiring a financial adviser, McCourt said it would depend on whether the plan is successful, which raised additional concerns. She then said the committee would hire an additional adviser for a second opinion.
 
The trustees also heard a proposal from Provost Lauren Robel, School of Informatics and Computing Dean Robert Schnabel and School of Library and Information Science Dean Deborah Shaw to merge the two schools.
 
“I will say why this is a good thing in three words,” Schnabel said. “Expediency, opportunity and adaptability.”
 
Shaw said the two schools are inherently very close in fields of study, so merging them is like reuniting twins separated at birth.
 
The trustees approved a motion to recommend the merger for approval. The full board will vote on the initiative at Friday’s business meeting. Pending approval, McRobbie expects the schools to be fully merged effective fall of 2013.
 
For more information from the Board of Trustees meeting, pick up Monday’s issue of the IDS and continue checking idsnews.com