Saturday, February 16, 2002 Retreat
The meeting was called to order at approximately 9:35 a.m. in the
Student Center Conference Rooms 203-04-05.
BOARD MEMBERS PRESENT: Mrs. Jackson, Dr. Pruitt, Ms. Taylor,
Mr. Taylor, and President Speert.
Absent were Dr. Fan, Mr. Gruel, Mr. Mazzola, Ms. Rosado and Ms.
Temple
OTHERS PRESENT:
Provost and Executive Vice President Sesay, Vice Presidents Bolyai
and Reiss; Dr. Schaeffer,
Mrs. Santaniello, Paul Merrill (KPMG), T. Fanning, R. Bennett, J.
Urinyi.
ANNOUNCEMENT CONCERNING ADEQUATE NOTICE OF MEETING:
In accordance with the “Open Public Meetings Act,” the
chairperson publicly announced and had entered into the minutes
that “adequate notice” of this meeting was provided.
In compliance with this Statute, this notice was posted on the university’s
bulletin board, reserved for these announcements, and also distributed
to The Herald News, The Record, and The Star Ledger more than 48
hours prior to this meeting.
Dr. Speert provided background on the University’s progress
toward compliance with the new accounting standards. The briefing
is intended to prepare Board members for the new look of the financial
reports and how certain elements would be reflected differently,
starting with the fiscal year ending June 30, 2002. Dr. Speert then
stated he was hopeful that a tour of the Student Center and Wayne
Hall facilities would provide a first-hand look at the current condition
of those buildings and aid in the Board’s discussion and decision-making
process regarding the plans for needed renovation, expansion and
redesign of those facilities. He commented that Vice President Bolyai
and his staff would provide a thorough explanation of the proposed
plans following the tour.
Paul Merrill of KPMG provided a comprehensive presentation on
GASB Statements 34 and 35. He explained that, “GASB’s
objective in the design of this new model was to enhance the clarity
and usefulness of governmental financial statements to the citizenry,
oversight bodies, investors, and creditors.” He advised of
our obligation to comply because William Paterson University is
a public higher education institution. Vice President Bolyai said
that staff have been working for more than one year reviewing policies,
procedures, and financial statements preparing for the transition,
and will be ready to meet the mandate for the end of this fiscal
year.
Mr. Merrill reported that a few of the major changes in the new
financial statements will include: A Management Discussion and Analysis
(MD&A) must be prepared as part of the University’s financial
statements, Current Assets and Liabilities, Entity-Wide Financial
Statements included in a Statement of Net Assets, which will replace
the Balance Sheet, and a Statement of Revenues, Expenses and Changes
in Net Assets, which will replace the Statement of Changes in Fund
Balances and the Statement of Current Funds Revenues, Expenditures
and Other Changes. However, the area of greatest focus for the University
will be Capital Assets, since, for the first time, we will be required
to reflect depreciation.
The Board thanked Mr. Merrill for his presentation.
Vice President Bolyai provided some background on the issues surrounding
the need for renovation and redesign of the Student Center and Wayne
Hall facilities. These included insufficient space for students,
faculty and administration gatherings, (both formal and informal),
meeting space for student clubs, space for presentations or banquets
for more than 500 people, dining room seating, food serving, and
gathering space for faculty. He then conducted a tour of the interior
and exterior of the Student Center and Wayne Hall facilities.
During a working lunch, Asst. V.P. Bennett provided an explanation
of the architect’s conceptual drawings of the proposed improvements
and new construction to the Student Center and Wayne Hall. Meeting
the space needs already discussed and improvement of the physical
plant are prime objectives, but Mr. Bennett explained some of the
other objectives include the creation of a distinct point of entry
to the campus, and a sense of arrival, and a link between the Student
Center and Wayne Hall to enhance utilization of student services
offered in these two buildings.
The Board thanked Vice President Bolyai and his staff for the tour
and presentation.
At approximately 2:10 p.m., there being no further discussion,
the meeting adjourned.
