Unrestricted cash in the Education and General (E&G) and Auxiliary fund is about $7.2 million more than at this time a year ago, as reported to the UCA Board of Trustees at their Friday, February 22, 2013 meeting.
In its first meeting of 2013, the Board of Trustees learned that the January 2013 E&G and Auxiliary fund recorded a balance of $41.8 million compared to January 2012 with $34.6 million. Diane Newton, vice president of finance and administration, reported the figures to the Board of Trustees.
In making the report, she said, “All indications are that we will have a healthy year end, and we’ll have opportunities to do some great things with these year-end funds.”
The unrestricted/unallocated reserves have consistently grown since the 2010 fiscal year. A UCA administrational goal was to rebuild these reserves after facing a financial crisis in 2008 that included an $8 million credit line, which was repaid in January 2010.
“I think it shows UCA moving in a positive direction,” said Victor Green, chair of the Board of Trustees. “We’re excited about what the future holds.”
Board members offered no questions about the financial report, citing its representation of a positive future for the institution.
“When I came aboard four years ago, we had no money. We had to take out a line of credit,” said Bobby Reynolds, member of the Board of Trustees. “This is wonderful. The best thing about it is we’ve gone from about a negative cash position to where we are now.”
The Board of Trustees also took the following actions:
• Approved naming the UCA Honors College as the Norbert O. Schedler Honors College. The honors college was founded in 1982 under the direction of Dr. Scheduler.
• Approved a resolution recognizing Bobby Reynolds for his service as chair of the Board of Trustees in 2012.
• Approved a fraud policy. The fraud policy provides guidelines for employees, vendors, or any person or entity associated with the university to report suspected fraud, as well as the investigation of the reported fraudulent act.
• Approved a room and board increase for 2013-2014 to $2,756 per semester, an overall increase of 2.98 percent. This increase will result in students paying an additional $80 per semester.