September 6, 2017 SSE Finance Committee Minutes

September 6, 2017 Minutes

Ms. Madeline Cline, Dr. Kirsten Ely, Mr. Neil Markley, Ms. Amanda Visser

none

Ms. Megan Konieczka

Call to Order
The meeting was called to order at 10:15 a.m.
Approval of the July 11, 2017
The minutes passes unanimously with no changes.
ACTION ITEM: 2017/2018 Budget
In order to be as transparent as possible, there were a few minor format changes made to the budget. A second page was added that provides description of each line item. In order to balance the budget with the loss of rental income, Mr. Markley presented a number of adjustments to revenue and expenses. Reductions in COGS, operating expense, and compensation were key to balancing the budget without affecting hours of operation. The budget was then reviewed line by line. Mr. Markley announced that the University will be requesting SSE provide a gift of $1.1 million to complete the Wine Spectator Learning Center. The committee discussed how the gift would be represented in the budget. As SSE has provided money for other campus projects and programs, Dr. Ely asked that we keep records of gifts. She felt it would be helpful to present the support provided to the campus community. Dr. Ely moved to approve the 2017/2018 Budget with the $1.1 million gift for the Wine Spector Learning Center. Ms. Cline seconded the motion. None opposed. The 2017/2018 Budget passed unanimously with no changes.
Other Non-Action Items
None.

Meeting was adjourned at 11:17 a.m.

Mr. Neil Markely Secretary/ Chief Operating Officer
Ms. Megan Konieczka Recording Secretary