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8 N T R A L M 1 C H t G A N UN I V & R SIT Y
BO A R D OF TAU S T B B S
February 28, 1992
• • Central Mlchiqon University Board or Trustee.
" to Pleasant . Michigan
February 28, 1992
Members pr-eRent: Mrs. Milrqllret Ann Riecker. Chair; Mr. ""rtin H. Cholaklan;
Mr. Mitchell D. Kehetlen; Mr. Roger L. kesl.ler; Dr. Gordon N. Lambie; Mr. W.
S.i<inay ::iInlth; Dr. [Monard E. Plachtll. Inter-lID PresIdent.
Kembers absent; Mr. Ronald L. Brown; Hr. Robert P. Young. Jr.
Also attending; Hr. A. Kim EllertBon, Tre.surer of the Soard lind Vice president
for l3u!nnosB and Finance; n ..... Robert G. Fcanke, Provost ; Mr. Russell L. Herron,
5ecn:tLory to the Board of Trustees and Vice President for University Relations;
Mr. James L. H.ill, Vice Pres,dent for Student Affairl.
The meeting was cOIlled to order by (,jIalr Rlecker at 8;38 a.m.
• It W/lS 11.' ...... od by Dr. La!rbie, seconded by Mr. Smith. and carried, that the Board
.ove into closed session to discuss st rat89Y connected with the n89otlatlon of
colloJCtlv., bdrglllnlnq aqreemonte and to coneult with our attorney regarding
pending Ilti9l1tion.
- The IIo<lrd movl'd into closed saesion at 8:39 a.1I1.
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The Board returneJ to open SelllllOn at 10:)2 a.lII.
IIJ.N\JTES :
It was moved by Or. Lambie , seconded by Mr. Kesseler, and c;arued. trust the
mlnu lell of the January'" 1<)92, meeting be approved all s ubmitted.
lXERlTUS RAm. :
It was movotd by Mr. Smith, s(t(;ondad by Mr. Cholaklan, and ca rried , that the
following resoiution granting _ritus rank to Glenn L. Starner, director /Office
o f Student Life, be adopted.
WHEREAS, vlenn Starner has devoted l wenty-alght and one-half yeerll
of service to Central HlchlgBn Unive rslly , 8ervill9 in the Dean of
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conti nued
Students' Office. as hctlng Oean of Students. as Associate Dean of
Students, and as Director/Office of Student Lite; and
WHEREAS. He has served for many years as the University'. p~eedIngs
officer fo r handling violaUons of lhe student code ot conduct; .,d
WHER£AS. He hea been II IIIIHIber of stale and netlonal college
pe rsonnel associations and served on University commit toes throughout
his years of service; and
WHEREAS. He has demonstrated a st rong cOllllUtlll8nt to leadershIp
developllMlnt in student organi2ations through hlS advl.sorshlps to the
Homecoming Steering Committee. Student GovernmQnt. Student Campus
Services, and ~ny other groups; and
WHEREAS. It ill care and concern for lnd ivldual students and thui r
parenta has been demonstrated throughout his yellrs of service by
giving freely ot lIevicd and guidance; Now be lt therefor.
RESOLI/EO, That the Board of Trustees. on Ix!half of the Univl,!ulty
~lnity. expresses IIppreciation and gratitude to Glenn Starne r for
his contributions to Central Michigan ~niveraity end extends
Emer 1 tus rank.
OLMSTEAD AlfARO IN GEOGRAPHY: (Student Affaire CCmIIi ttee)
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• It W<'lS moved by Hr. Keh.tian. seconded by Dr. Lambie, and carrIed. that the
following resoiution establishing the c. w. Ot.ste<'ld Award In Geoqruphy be
adopted.
BE IT RESOLVED, That the c. W. Ol.m:8tead AWllrd In Geography u
established I:Ind thl:lt lhe follOWing .tl:ltement is I:Ipproved for
printing in the University Bulletin:
c. W. O_ t ead Allard i n Geography
KatabUshed in 1992 by Cler ence W. Olms tead, CHU CIl:Iss o f \937.
endowmentel:lrnings will be aWillrded as scholarships or asdlll<'lntahips
to om DepartJnent of Geography stud(!nts to help them gl:lin appreciation
. understanding. and experience for geographic research by
conducting faculty approved r esellrch projects. o r by 115sisting
taculty 1n research projects .
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_ CHANG! KASAJ: PRIZE 1'0 SOtOLARSHIP: (Student Affairs Ccaaittee)
It W<'IS .eved by Mr. K.hetian, seconded by Mr. Cholakian, and carried, that the
following resolution convertinq the Linda Jaye Hes-U ...arial prize to the L.1nda
Jaye Hesak Memorial SCholarshi p be adopted.
BE IT RI!.SOLI/ED, Thill the Linda Jaye Mas-U ~rial prize 11
converted to an endowed scholillrship. and that the statement appl."OVed
December I.)' 1990, wlll be deleted from the Bull.tin; and Be it
further
RESOLVED, That the followi ng new statement is approved tor p r intinq
In the UnJversity Bulletin:
Linda Jey. Masek ~ri.l Scholanhip
Eslablished as a melllOrial in 1990 by the parents of Linda Jaye Hasak
to provide finanCIal assistance to CHU juniors or seniors majoring
in accountinq. Annual spendable i nCOlllll will be awardad by the oro
Department of AccountIng.
Student Affairs Committee report : Sheryl Spiv.y. diLector/Pinenciel Aid.
Acade.ic Affll i rs ~itt .. reports: Ronald Johnstone. dean/Arts and Sciences;
. Jon Darrow,. a .. aIst ~nt Vice provost lind director/FlIculty Personnel Services.
faculty retlr_nl lncentlve update. Faculty-Trustees LiaIson CO!mU.tt .. report:
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John Robertson, c halrper80n/ Academic Senate. In addition . the committee met In
..:lobed Bession to dis,,:uBB honorary degree nominationa/candidates.
Uni vec.ity Relations ~ittee reports: Steve Martineau . chai r /Univer.Ity-City
Task rocce; Dav. Keilitz, director/Athl.tics, NCAA athletic retorm.
ROC»'! AND BOARD RAttS roa 1992-93: (Finance o::-1tt. .. )
Proposed rOOlll and board rates for 1992-93 were discus.ad. The a<blniatr ation
wil l make n recommendation at t he April mee ting.
IHVES'I'MtHT POLICIES AND PROCEDUlUI.S FOR oru S1'UD£IrIT FINAHCl CLUB: (Pin COllI)
It WI:IS moved by Mr. Cholnkian. seconded by Hr. K •••• I.r. and carried. that the
fo llowi ng be adopted.
279.
.•. CMU Student Finance Club continued • BE IT RESOI"VED, That the document entitled " Investment Policies and
Procedures for CHU Student Finance club," d&led f'ebnl&ry 28. 1992,
18 &pproved.
Inveetment Policies and Procedures for CMU Student ' i nance Club
The primary investment goal Is to invest in stocks whose cu rrent market price
&ppears to be below the expected 10ng-teI1ll fundamental value. Punds &re invested
in stocks that meet !und&lOOntal stand&rds of selection set by the student
investment committee. Although the funds are fully invested in stocks at most
t~s, liquidIty can be stored in cash equiv&lents. The &ccount'~ performance
100111 be evaluated annually relative to a stock market index which closely
corresponds to the fund's i nvestment characteristics and relative risk level.
Policies
1. securities will not be purchased on margin.
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Options. futures
are prohibited.
contracts or any derivative security purchases
Selling of shares Short is prohibited .
or sales
cash equivalents
o::.mi Uee .
may be purchaBed as deemed appropriate by the Portfolio
Investmants, except for cash equivalents, are rectricted
preferred s tocks listed on major U. S. slock exchanges or
National OVer the Counter Harket.
Investment In initial public offerings is prohibited.
to COl!lllCn
traded on tho
In compliance with Article IX, Section8 19 and 20, of the Michigan
COnstitution, investment in instnDDCnte iuued by any financial
inHti tutlon organized under federal or state law is not to exceed 50~ of
the net worth of that institution.
Investments will be held in the name of Central Michigan Univeraity.
Investment earnings credited to the Finance Club will be those generated
by its investment activities. Short-teI"lll investment earnings fre. the
University's pooled cash will not be distributed to the FInance Club.
Endowment fund princIpal will oniy
transactions and will not be used for
Club .
be used to affect invostment
operaLing expensea of the FInance
10. Not more than 10\ oC the endowment fund's assets can be invested In one
company's common or preferred stock a t any time.
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. ,.CKU Student Pinance Club 2
11 . If fOl' any roason the investment activity of the fund ce&ses fUnctioning: ,
any remaininq fund assets will revert to the general f und of the
University.
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Brokerage and any otne r account statements will be mailed directly to the
University's auaineas Strvices Office by outside agencies. That office
will fo",&rd a copy to the Finance Club. University accounting stat_nts
for the endowment fund will be handled in the same manner.
The Busineas Services Office will issue a quarterly report on the status
of Fin&nce Club investments . '!'he report will be disse:m.1nated. to the
university Inveatment COmmJttee and the Finance Club.
An AdvisOry COImdttee to the Finance Club consisting of one (1) alumni
representative, tWO (2) Finance Department faculty members, and the Dean
of the COllege of Business Administration will review the inveatment
activity of the Finance Club to insu re that the Portfolio COImtittee
adheres to the policies set forth above.
Investment transactions will be precessed through the Business Services
Office. Requests to initiate investment t r ansactions will be sent to the
Busineaa Services Offico. They will indicate the apecific inves~nt
transaction and contain slgnaturea signifying: approval of a faculty
advisor and the student portfolio committee manager.
Brokerage and other investment accounts for the Finance Club actIvity will
be in the name of Central Kichlqan University but will be eatablished and
maintained separately f~ other University investment accounts.
Tnvestment decisions of the Finance Club will be made and approved by the
club ' . Portfolio Committee. Those decisions can be vetoed by one of the
faculty members of the Advisory Committee.
Prior to purchase transactions on behalf of the Finance Club the Business
Se rvices Office will review the account to make certain funds a re
available.
The invest.ent activity of the student Finance Club will be subject to the
IlMlS controls and audit reviews as the University ' s other financial
operations,
February 28 . 1992.
2600
,,,,,,,IVERS,,,,,,,,,I,T,LYP<ARIC,,,,-,-,PRO,,,,"POSAL,,,,,,---=---,REB,,,,, : (Firu:mcll CCIIIIIi ttee)
It was moved by Hr. Cholakian, seconded by Or . Lambie, and carried, that the
following resolution be adopted.
WHEREAS, REB of Mt. Pleasant, II liJuited partnership (Robert Bailey
and Judy Bailey, general partners), has requested Developer of
Record status for 15 acres within University Pa rk , Phase II, and the
lease of II 7.S bcre parcel with an option to buy it together with an
adjacent 7.5 acre parcel for the purpose of building II 24,000 square
foot facility to provide environmental consulting services; and
WHEREAS, The Hiddle Michigan Development Corporation,
Park Advisory Committee, and the President have
supported this request; Now be it therefore
the University
reviewed and
RI!SOLVED, That the Board of Trustees grants Developer of Record
status to REB of Mt. Pleasant for the requested site fo r a period of
up to 90 days beginning February 28, 1992.
BE IT FURTHER RESOINED, That the Board of Trustees authorizes t he
President to approve an agreement with REB of Mt. Pleasant , a
limited partnership, consisting of:
1. A ground lease for parcel itA" (approxillllltely 7 . 5 acres) at
the current (present value} lease rate of $3,750 pe r year,
ood
2 . An option to buy both parcel "A" and parcel "B" (approxi·
mately 7.5 ac res immediately adjacent to and to the east of
parcel "A") [or a period of up to ten (10) years, at the
current (present value) purchase price of $63,750 for the
entire 15·acre site , and
shall include indemnificet ion fo r environmental injury.
The legal descriptions of the land are
Section 27 , Tl4N, R4W, City of Mt.
Michigan, described as follows:
all part of the SOuth 1/2 of
pleasant, Isabella County,
Parcel "A" : Commencing fit. the SOutheast corner of said Section 27;
thence 388"S8' 47"W, 1492 .04' along the SOuth line of said Section 27
to t.he centerline of Three Leaves Drive; thence 1'101" 01 ' 13"W,
500.00 ' along said centerline to a curve; thence Northwesterly,
241.68 ' along a curve to the left with RADIUS · 866 . 52 ' and LONG
CIlORD 1'109°00 ' 34 "W, 240.90' along said center line; thence
S88"58' 4'/ "W, 732.38 ' to the POINT OF BEGINNING; thence continuing
S88"58 '47"W, 411.57 ' ; thence 1'100" 43'OO"W, 927.05' to a curve on the
centerline of Three Le~lVes Drive, t hence SOutheasterly, 481.83'
along a curve to the left with RAD[US .. 3072 .60' and LONG CHORD •
S59°28 ' 54 "~; , 481. 34' along said centerline; thence 500<>43'OO"E,
675 . 27' to the POINT OF BEGINNING, containing 7.50 acres subject
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University Park: REB . . • continued
to restrictions, reservations, rights-of·way and easements of
racord.
Parcel "B" : CorrmenClng at the Southeast corner of said Section 27;
thence Saa058'47"W, 1492.04 ' along the South line of said Section 27
to the centerline of Three Leaves Drive; thence NOl"01'13"W,
500.00 ' along said centerline to a cu rve; thence Northwesterly,
241.68 ' along a cueve to the left with RADIUS . 866.52 ' and LONG
CHORD .. N09°00'34"W, 240 .90 ' along said centerline to the POINT OF
BEGINNING; thence continuing S88° 58'47"W, 732.38'; thence
NOOu 43 ' OO"W, 675.27' to a curve on the centerline of Three Leaves
Drive; thence SOutheasterly, 56.10 ' along a curve to the left with
RADIUS " 3072.60 ' and LONG CHORD · S64°29'48"E, 56.10' along said
centerline; thence S65° 0I '1 3"E, 250.82' along said centerline to a
curve; thence SOutheasterly , 726.23' along a curve to the right with
RADIUS " 866.52 ' and LONG CHORD .. 541"00 ' 39"E, 705.16' along said
cente r line to the POINT Of BEGINNING, containing 7.50 acres and
subject to restrictions, reservations, rights-of·way and easements
of record.
PUBLIC BROADCASTING TOWER L!ASE : (Finance Committee)
It was moved by Mr. Cholokian, seconded by Dr. Lambie, and carried, that the
following resolution be adopted.
8E IT RESOLVED, That the two broadcast tower lease agreements for
the exchange of tower space between federa.l Broadcasting Company
(operators of TV 7 Traverse City and 'rV 4 Cheboygan) and Central
Micioigan University Public Radio, dated .·ebruary 2l , 1992, a re
hereby ratified.
Finance Committee reports: Jonas Cook, controller/Accounting Services, update
on the general revenue refunding bonds, Series 1992; Jerry Scoby, executive
assistant to the president/Budget and Planning, budget update; investment
activity for December 1991. The COmmittee also met in closed session to discuss
TIAA·CREF cashability oplions, TlAA-CREF employee loan provision, and with the
director/tnternal Audit .
MAGB,
Trustee Kehet ion reported thal the HAGB otfice is now housed on the CKU campus
in the Board of Trustees. He reminded Trustees of the Michigan breakfast a.t the
AGB conference and the awards convocation to be held April 6.
2802
i'ERSONNEL TRANSACTIONS:
\'''1: n,v('d by h'.
. ", ,l'"t Ion>! If'p'.1t
.;[ t'TS :
j', ,t wild I)y Mr. !i.chelian. "d ("lIrl"lcd, tha~ pcrllonnel
,n P"<.j' I· ! ll1~ n'br uary nJ. lIqenda be approved .
l~ ..... , ,nov<>d by :lr. U"',tHO. ". ,d,d by Mr. Smi.th . ,md C8H'led, that gilts
r""('lved durul<.j NO'/t'l!lb"I" .n tilt> 'nouunt of $J68.14u.OI "nu Deo:;ember 1991 in the
W'l>unt I>j SIO • I'.>!>. ':0 I. ,md <lul·.',q ,),)nu<,u'y lLj'jl III th., omoun t of $HG , t.71.19 be
',",""ptud .... ,Th ,1pprOCL<lt ion.
GHANTS:
"'d" lOOVPO by Ur. L..uniHe. ,;"cond"d by Mr, Smith, ,lnd clIr r led. lhat qrl!.n l B
,I'; ' l"d.! durLnq !.X'c:cmbc'r 1991 ,1nd J.JUuary 1991 in 'he iWOLlnt 0 1 $260 , J7J be
,wn'pled.
1/,. L..lIIlbi ... a:U<N<'>ll"d It.;n the UIll<ICr:;lty explore th .. po8&ibi Iity o! obtlllnlnq il
"r.mf to U'dch r:nator~yclp ';(l.tety,
PRESID!NTS 'S REPORT:
I/r. I'Lachtll I"l'pcliled tiUIl as he ("ompLOlt .. d hl" eiqhlh w<!ek "" president, he truly
lppr\.t:!LltL·d th" va,n co()pcr(l.tion--»plrll of wor kinq toqcthc r, rlsinq Sp irit on
,'"",,>us, "nd 'hp 'hdrlnq 01 c('nVICllt>n.· dnd optill1i.!<m. on M.aro:;h 26 the pre>lidtlnt
,;LII 1<11/11 .,,J<lrC'lHl the unlv<!rsLl'{ cocrrtlunlty sharing budqolary exp@ctatlons and
p""ln'DIi altd p:,lnK.
'l'ht.:' rn.:etin" .• diourneli at l!:24 ll.m.
)
[lLLlIl"ll I .. Hcrt:'on
l'i",'I'l't"ry to the t:loard ot ·r,·ust .. ,,1i
2803
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