The IU Board of Trustees had a lot to discuss at its Thursday meeting at IU Kokomo.
Here’s what you need to know.
IU is losing money faster than it can make it.
The University's expenses are outpacing its revenue, according to a financial report delivered by John Sejdinaj, IU’s vice president and chief financial officer.
Sejdinaj said IU’s operating revenues, which include tuition and fees, government grants and other revenue, increased by three percent in 2018. Its operating expenses increased by four percent.
The largest chunk of those expenses go towards the salaries and benefits of IU faculty and staff, Sejdinaj said. These expenses have seen a 3.1 percent increase over the past 10 five-year periods.
Amber Platt, director of university audits for the State Board of Accounts, announced IU received another clean audit, meaning that its financial report is accurate, complete and free of misstatements.
Vice President of Human Resources to lead search for new retirement program
IU’s trustees charged its vice president of human resources with the task of searching for a new retirement program at the Thursday meeting.
The Bloomington Faculty Council announced its intent to change retirement plans earlier this year in hopes of lowering fees and simplifying investment opportunities for faculty.
A decision about the new retirement plan provider is expected to be announced this spring, with the changes going into effect no earlier than Jan. 1, 2020.
Trustees approve list of bicentennial professors
The board unanimously approved a list of 25 professors across all IU campuses to receive the title of bicentennial professor from fall 2019 through fall 2020.
Each bicentennial professor will deliver approximately five lectures across the state of Indiana during the year on behalf of the University.
According to the Indiana University Bicentennial website, those professors were chosen for their commitment to public outreach and community engagement in their teaching, research and service.