The Board of Trustees addressed the strategic plan, energy savings project and Assembly Hall renovations at Friday’s meeting.
The Trustees, met Thursday and Friday at IU-Southeast in New Albany, Ind.
The board approved the IU Bicentennial Strategic Plan, a blueprint outlining a set of initiatives meant to carry IU past its bicentennial, which IU will celebrate during the 2019-2020 academic year, and into its third century.
The plan proposes seven Bicentennial Priorities, falling under six Principles of Excellence that address education, faculty, research, global reach, health sciences and health care and engagement and economic development.
Thomas Morrison, IU’s vice president for capital planning and facilities, and Jeff Kaden, university engineer and director of engineering services, updated the board on the energy savings project, renovations to Assembly Hall and the expansion of campus housing at IU-Purdue University Indianapolis.
The board approved both the proposed final plans renovations to Assembly Hall and the proposed expansion of campus housing at IUPUI.
The renovations to Assembly Hall will include improvements to the south lobby, concessions stands, restrooms and seating, according to the agenda.
The expansion of campus housing will introduce a new residence hall with 700 beds, two classrooms, a computer lab, a fitness room, a laundry room and a game room, Morrison said.
Joan Hagen, IU associate vice president and university controller, also presented the annual financial report.
Net assets increased by $201 million for a six percent return.
Operating revenue increased by two percent to $2.2 billion, while operating expenses increased by four percent to $2.8 billion. These operating expenses, however, includes one-time expenses such as those associated with the introduction of an early retirement plan, Hagen said. The University will soon realize savings on these one-time expenses, particularly on those associated with the introduction of an early retirement plan.
Non-operating revenue, meanwhile, increased by eight percent.
The largest single sources of revenue remain tuition and fees, contracts and grants and state appropriations. Because state appropriations decreased, making up only 17 percent of the University’s revenue, tuition and fees increased, making up 35 percent of the University’s revenue.
