[0:00] Good morning, everyone. Thank you for joining us. It's a beautiful summer day for our August meeting for the Board of Trustees. As usual, this meeting is conducted openly and transparently pursuant to the Utah Open and Public Meetings Act. And we welcome the members of the public who are here to attend and to observe the decision-making process.

[0:24] I'd like to welcome and introduce Amy Frampton, our newest Trustee.

[0:29] President of the Alumni Board of Governors. She's a marketing leader who's worked in senior

[0:35] roles across high growth tech companies. She's co-founder of inflection marketing, where

[0:41] she advises founders, CEOs, and other senior executives to translate customer insights

[0:46] into clearer positioning, stronger messaging, and more effective go-to-market strategies.

[0:51] I think we can use your skills well here.

[0:55] We're glad to have you here.

[0:58] We'll excuse Randy Schumway today.

[1:01] He's unavailable to attend.

[1:04] But Karen, Marriott, Happy Birthday.

[1:08] Thank you.

[1:08] Happy Birthday.

[1:11] Thank you.

[1:13] Thank you.

[1:15] Thank you.

[1:17] Thank you for joining us.

[1:19] I think that...

[1:20] Where's everyone?

[1:21] I thought Kathy was going to sing a happy birthday solo to Karen this morning.

[1:26] Wasn't that a plan?

[1:27] Please.

[1:28] Yes, please.

[1:29] They outloaded me.

[1:34] Well, wonderful.

[1:37] We'll just get underway then.

[1:39] I'd like to thank the trustees for all of their diligence and preparing for this meeting,

[1:43] reviewing the items on the agenda, working with their committees and putting in so much time

[1:49] so that they're well prepared.

[1:52] Consent items have gone through the university's established processes and we're appropriate

[1:57] they've been reviewed by the appropriate board committees before being presented today.

[2:02] You've all had a chance to look through them.

[2:05] I would ask if there's a motion to approve the items on the general consent agenda.

[2:11] We have a tie.

[2:13] four-way tie. I thought I saw Kathy raise your hand. So Kathy for the motion a second.

[2:22] Thank you. We have a motion in a second for approval. All in favor say aye.

[2:29] The opposed. I'm standing. Thank you. Motion passes. Thank you for your support.

[2:37] And then this work gets fun. We go to the action agenda.

[2:39] and I'll invite Jeff Labron, the chief operating officer to present item 3.01 on additional elevators at Rice Ethel Stadium.

[2:49] I mean, could it get more exciting than additional elevators on Rice?

[2:54] Good morning trustees. Can you just turn that a little bit?

[2:59] Karen doesn't want to miss this.

[3:05] Okay, wonderful.

[3:06] wonderful. It's grateful to be here this morning. We do have an exciting project to bring forward in

[3:10] front of the trustees this morning. As many of you experienced, Rice Eccles is a wonderful venue.

[3:17] It's venue and home to our football team and also a lot of other events. We have a west side tower

[3:23] that provides us opportunities to have social events, educational events, etc. One of the challenges

[3:28] with that space is getting up and down to that. If you've ever tried the stairs, going down as an

[3:34] adventure going up is training for a marathon or some other type of race.

[3:40] So we are coming for today with a proposal and an ask to approve the addition of four

[3:46] more elevators.

[3:47] There are currently four in the north tower and two in the south tower.

[3:52] We would like to double that capacity.

[3:54] That is not only for patron access, which it certainly will be, but also to improve the

[4:00] back-of-house operations, such things as food and garbage going up and down, etc., and

[4:05] not having that go through or not go on the same elevators as people.

[4:10] So we're pretty excited about the project.

[4:13] This is something that auxiliary services will pay for.

[4:17] As a reminder, the stadium is an auxiliary building that we maintain, we repair, we improve,

[4:24] we've done a lot of exciting things there over the years and this will continue to add

[4:27] to that list.

[4:29] Auxiliary Services has the funds available to do it.

[4:32] It's about a $20 million project.

[4:34] We are currently in the feasibility stage, but based on timelines and the ability to order

[4:39] elevators, we'd like approval to move forward.

[4:42] We will then come back to our campus master plan group, which we've met with here recently,

[4:47] to work on the actual design of the facilities.

[4:50] We've provided some renderings.

[4:52] They are essentially nothing more than that.

[4:55] and some possibilities as to how those elevators might fit.

[4:59] But this gives you an idea of sort of the massing

[5:01] and the size of those elevators.

[5:03] Again, we will come back to the campus master planning group

[5:05] to walk through the actual design of those things.

[5:08] But we are looking forward to increasing our capacity,

[5:12] increasing the experience or improving the experience for our fans

[5:15] and all those that participate in the West Side Tower

[5:17] and continue to use more of those floors and spaces

[5:20] in an efficient, effective way.

[5:22] So I appreciate your support of moving forward on those elevators.

[5:26] Any questions?

[5:30] Jeff, is there anything else included in this project?

[5:35] Or is there 20 million literally for the four elevators?

[5:39] Is there something else maybe structural beyond?

[5:42] So the elevator structure and all that would go into that is in that $20 million

[5:46] number, but it's specifically for the elevators to make that happen, yes.

[5:50] I should I should have mentioned that we believe if we can get moving forward

[5:53] Here right away that we could have those elevators up an operational for by August next year

[5:58] Which would be before then the next of all season?

[6:01] I'm pretty excited about

[6:03] What about access to the red zone?

[6:08] So the access to the red zone continues to be from the south as well as there's some

[6:13] Connecting no connecting no connecting these goes these go up the west side tower. They wouldn't connect

[6:36] I'm sure you got somebody help me with that

[6:58] I'm going to repeat that back to you so you can sort of give us a nod or help me.

[7:01] Are there other things that we would need to do to the stadium for the 2034 Olympics?

[7:05] I think it's what we all heard.

[7:07] That's right.

[7:07] Okay, wonderful. This is a big step. This is a huge step in the right direction, right?

[7:15] So, enhancing that VIP experience, the opportunity to get up to those towers for the Olympics.

[7:20] This is a big step in the right direction. We will continue to monitor and look at things

[7:24] that we can do. The Olympic groups certainly would love for us to do a lot of things there,

[7:28] but based on our budget and based on the things that we need as a university, we'll continue

[7:33] We needed to bait and make those improvements as we can.

[7:42] Jeff, I think we, I for one would just appreciate hearing you.

[7:48] I think we all trust you so much, your judgment that the cost is, that is the cost that we need to spend.

[7:57] It's meaningful. It seems to a layperson like a lot of money for poor elevators.

[8:02] But please give us some comfort around that cost.

[8:05] Yeah, great question. We do not take these things lightly and $20 million is a significant

[8:11] dollar amount that could be used in a lot of places. This is auxiliary funding, so it's

[8:16] not state funding. These are funds that the exories have generated, but we have done a

[8:21] lot of work there by saying over time with a lot of different groups to make sure that

[8:25] we are being efficient in the way that we spend those dollars and that we have to spend that

[8:30] amount and elevators going up six stories times four is an expensive thing to do but we do believe

[8:37] the investment is worth it and that there's returns on that investment not only in fan experience

[8:41] but our ability to continue to do great events in that in that west out. Thank you. And I appreciate

[8:49] we had a good conversation in the campus master plan committee discussing the look and feel of it

[8:56] This will be an iconic view during the opening and closing ceremonies of the Olympics

[9:01] with the 2002 Calder nearby, perhaps the 2034 joining in at some point.

[9:07] And when the world looks and has a view of this, we wanted to make sure that that is what

[9:12] we want to present as our best side from the University of Utah.

[9:17] So that's why it will come back to Campus Master Plan to review that design and make sure

[9:22] that we are protecting that iconic look of the stadium.

[9:30] Any other questions and concerns?

[9:34] Okay.

[9:34] Thank you.

[9:35] I will ask if there is a motion to authorize the Elevator Edition project, as presented,

[9:41] provided that the final project design is reviewed and approved by the Board's Canvas Master

[9:45] Planning Committee prior to the commencement of construction.

[9:49] Thank you, Basan.

[9:50] We have a motion.

[9:52] Is there a second?

[9:53] Thank you.

[9:53] We have a motion and second for approval, all in favor say aye.

[9:58] Aye.

[9:58] Any opposed?

[10:00] Any abstain?

[10:02] Thank you.

[10:03] Thank you.

[10:06] In the last legislative session, the State Legislature passed a new requirement for the Board

[10:13] of Trustees to approve the University's annual budget.

[10:17] And we have long held delegated authority to, over the University Hospital and Clinics

[10:22] budget, but this is the first time we've done an institutional wide university budget.

[10:29] So in June, you'll remember that we have presentations from hospitals and clinics and ARUP on

[10:34] their budgets, and then today our enterprise CFO, Gary MacArthur, will present the university's

[10:41] overall budget.

[10:42] I'll note that the CFO and his team have presented this budget to the budget and finance committee,

[10:47] along with small group presentations to all the rest of the trustees in preparation for

[10:53] day's vote.

[10:53] They've had the opportunity to ask questions and probe.

[10:58] And I appreciate y'all's time in your team, Gary's, as well as the trustees time putting

[11:03] in preparation and understanding of this.

[11:06] So thank you.

[11:07] I'll turn the time over to Gary to present.

[11:09] Thank you all.

[11:10] Appreciate being here.

[11:13] As Chairman Nichol said, I'm new to the University.

[11:16] I'm the new Enterprise CFO.

[11:18] I joined in April as Deputy CFO and I think I took over

[11:22] officially in this role of July 1st.

[11:24] So I guess being the new guy, I can do some things,

[11:27] you know, hopefully and share some things today

[11:30] that will be meaningful to all of you.

[11:32] But jumping in before I get into actually the FY27

[11:36] budget numbers, I wanted to talk about what this team,

[11:40] the team that I was so fortunate to join has done over the last several years because

[11:46] their accomplishments are very admirable.

[11:48] If you were to look at the slide you can see that total revenues have grown pretty substantially

[11:54] from like 6.6 billion to 10.2 billion.

[11:58] That's like a 56% kind of growth rate.

[12:01] Student enrollment in that 25 period and 26 topped over 38,000 students.

[12:09] I believe the number I've heard for this year's Fallen Roman is going to exceed 39,000

[12:15] is what I've heard, and that will be the largest enrollment ever.

[12:19] Last year, Provost Montoya told us all that we graduated more students than ever before

[12:27] in the University of Utah, so 9,000 students roughly graduated last spring, so pretty amazing

[12:34] and what we're doing in those areas.

[12:37] Tuition and fees, again, have gone up,

[12:39] but we've been able to keep those relatively, you know,

[12:42] lower to support the state

[12:45] and being able to bring new students on board.

[12:49] Two other areas that are really important to us,

[12:52] Heidi Smiley, over here,

[12:54] because she leads the investment group.

[12:56] And as you can see, that endowment is almost doubled.

[13:00] from just over a billion to 2.1 billion and then you look at research awards here, C and again, a great growth over that time period, 641 million to 782 million.

[13:14] I am very fortunate to be joining an amazing team, amazing board members that we have, amazing leadership that are doing good things for the University of Utah

[13:25] and continually work in the university's behalf as well as the states.

[13:32] If you were to think about the university, we're fairly unique in, we compare ourselves

[13:38] to other universities in the state.

[13:40] We obviously have a premier institution that's been around since, I think, 1850s when it says

[13:46] over a hundred major subjects.

[13:49] But people don't realize when we're going to share today how big our health system is.

[13:55] You think of Huntsman Cancer Institute, you think of hospital and clinic and all the

[14:00] good that they do in the state and what wonderful resources they are.

[14:05] Research innovation.

[14:07] We have that research hub.

[14:09] Today, you're going to see some numbers that we've usually haven't shared out there in

[14:13] this manner on ARUP and what they've been able to do as part of that research hub.

[14:18] And then we are in a credited, respected university, you know, recognized by the AAU.

[14:26] So pretty phenomenal institution to be a part of.

[14:31] We do have a lot of ambitious goals.

[14:33] If you were to look at this page, you could say, okay, getting graduation rates up, and

[14:38] placements rates up.

[14:40] We do pretty good, but we're working on doing better.

[14:42] They think about health systems.

[14:45] You've heard announcements about West Valley,

[14:48] vineyard with Huntsman Cancer Institute,

[14:50] recently talking about moving to a new campus

[14:54] at the point of the mountain.

[14:56] So a lot of work going on there to continue to serve us.

[15:00] Patients, and to broaden our reach into the state. Thinking about campus infrastructure, we took the numbers off the page, but, you know, it's not insignificant. I just mentioned all of those hospital and clinic initiatives. We just cut the ribbon this weekend on Fort Douglas and what that's doing for college town magic. If you were to look at what we're trying to achieve, you know, we're going to try to spend just under $5 billion over the next

[15:29] five years to fund all these opportunities that are going to benefit the state.

[15:35] So I guess that's a plug for all you donors out there that are listening that we're doing

[15:41] some amazing things.

[15:42] I mean, funding for this comes from bonding, it comes from donations, it's going to come

[15:47] from improved operating performance, but that's where the money is going to come from.

[15:53] Athletics, you all know about Crimson Brand Partners.

[15:57] Is that a solve all for all of our challenges and athletics, not at all?

[16:01] But is it doing the right things to keep us in the game and move us forward?

[16:06] Absolutely.

[16:07] And then last year, we talked about how we served the university.

[16:12] All Utah's in the state and President Randall has not been shy.

[16:16] He wants us to become the top 10 university in the state of Utah.

[16:22] And we're moving down that path and working hard to do so.

[16:26] However, if you think about the environment we find ourselves in, it's not all rosers.

[16:32] We have lots of challenges, as we say on the screen.

[16:38] We are expecting cuts in federal funding and not having as much research awards which

[16:44] is reflected in our buzzard.

[16:46] We do have challenges in the healthcare side, the big beautiful bill and all the different

[16:50] challenges it brings to hospital and clinics.

[16:53] So in this environment, we put together the first time, I think the University has shared

[16:59] this in this way, an enterprise budget for FY27.

[17:04] So let's jump into the numbers.

[17:06] If you were to look at the revenue kind of outstanding, this is just operating revenue

[17:12] just under $10 billion for this institution.

[17:16] It's a big institution without, you know, saying much.

[17:20] You can look at net tuition and fees, state appropriations.

[17:24] I will say state appropriations is very important to us.

[17:27] It's about 6% of our revenue.

[17:30] We'd like it to be more.

[17:32] It is, if you were to look at how we compared other institutions,

[17:35] it's on the lower side of what is received by the state

[17:39] for an institution, so from, you know,

[17:41] like ourselves, University of Utah.

[17:43] So I guess this is my plug to state legislature.

[17:46] You know, we'll use your money well.

[17:47] please help us in funding the University because we're doing good things.

[17:52] Looking at the expense lines, not a surprise that salaries, wages, and benefits are the

[17:57] biggest expense in the University.

[17:59] They represent about 55% of our expenses and you go down the line, probably not surprising

[18:07] again, supplies and medicine with our hospital and clinic and Huntsman being the next largest

[18:11] area of expense.

[18:13] We're going to focus, I've got a slide I'm going to hear in a minute that's going to focus

[18:17] is on what we call operating income less depreciation,

[18:20] because that's kind of what we control.

[18:23] And that is roughly $530 million.

[18:26] And if you jump all the way down here

[18:28] to the bottom line, we're talking about $693 million of income.

[18:34] I don't want to skip this non-operating revenue

[18:37] to $643 million.

[18:39] So the chart I showed you before said FY26 roughly $10.2 billion.

[18:44] That was a combination of revenue from operations and non-operations.

[18:49] This budget would say we're going to do roughly 10.6 billion in FY27.

[18:55] So good growth there.

[18:57] Looking at this slide, this is an important one for the CFO.

[19:01] We're going to focus here on operating revenue and when I said operating income less appreciation.

[19:06] You can see FY25, that's an actual number, roughly 8.7 billion.

[19:14] FY26, we're in the middle of closing our books.

[19:17] We'll have actual numbers late September. They'll get audited.

[19:20] We'll publish something in October.

[19:23] But our expectations are that we're going to come in around 9.5 billion.

[19:30] We're budgeting roughly 10 billion from operations.

[19:33] as I showed you on the other slide for FY27.

[19:37] Looking at this op-income before depreciation and amortization,

[19:41] you can see good growth there.

[19:43] This yellow line represents the margin.

[19:47] That is an area of opportunity for improvement

[19:49] that we're going to be working on.

[19:50] So we've been growing our revenues.

[19:52] Our expenses have grown kind of proportionally,

[19:56] and our margin is stay pretty much flat.

[19:59] So we're going to be introducing several initiatives

[20:02] and FY27, they're going to help us improve that operating margin so that when we get into FY28, we're in a better place.

[20:12] The last slide I'm going to share is, I hope, something that we haven't done before.

[20:18] We are organized into six different operating units.

[20:23] academics, our communities, health systems, ARUP, Central, think of that as the presidents

[20:31] and people like myself, HR, CFO, other organization, in a world of non-public universities, you

[20:42] could think of it as corporate, where it benefits the greater of all the reporting units

[20:47] and it's kind of central, but if you look at that, again, it ties out to the number of a consolidated, just under 10 billion, and we're going to budget for next year, 693 million in total income.

[21:01] Let me just conclude by saying the University of Utah is building on a solid foundation and very proud to be part of this institution, with that I'll turn it back over to you.

[21:11] Thank you.

[21:12] Appreciate that.

[21:14] Do you like good news?

[21:15] Great trajectory.

[21:16] Great team.

[21:17] Appreciate all you're doing on this inaugural institutional budget that will keep working on.

[21:23] Thank you.

[21:24] Thank you.

[21:24] Does anyone have any questions for Derry?

[21:30] Trying to sit down.

[21:32] Derry, just a quick question.

[21:34] I didn't notice this last time.

[21:36] Is the revenue line for Central?

[21:38] Is that an allocation from other lines?

[21:40] It is basically what the university has done.

[21:43] It receives tuition from students.

[21:45] It receives state appropriations.

[21:48] It actually allocates that equally to academics.

[21:51] Think of that as all the colleges.

[21:53] And then 50% to central.

[21:56] Because it is actually, as I said, an organization

[21:58] that supports the entire university.

[22:02] And so that revenue is really an allocation

[22:04] of those state appropriations and tuition of things.

[22:08] Thank you.

[22:09] Any other questions?

[22:14] All right.

[22:15] Well, thank you very much, Gary, again.

[22:18] And is there a motion to approve the University budget as presented?

[22:21] So moved.

[22:22] Thank you, Kurt, a second?

[22:24] I'll second it.

[22:24] Thank you, Christina, for a second.

[22:26] We have a motion and a second.

[22:28] All in favor, say aye.

[22:29] Aye.

[22:30] Can you opposed?

[22:32] Can we abstaining?

[22:33] Thank you, the motion passes.

[22:34] Thank you.

[22:39] Next, we have the University of Utah

[22:41] of Rose Capital Partners Foundation,

[22:44] and the outsourced Chief Investment Officer,

[22:47] I love all these long titles.

[22:50] But they are, these gentlemen are required to annually present

[22:53] to this board about the investments

[22:55] and current and past performance of the endowment pool.

[22:59] The foundation was established just a couple of years ago,

[23:02] and then it conducted a robust search

[23:04] for, to select its OCIO.

[23:08] And so this year is their first presentation,

[23:10] a lot of first this year. So David Anderson, CEO of the Growth Capital Partners Foundation

[23:16] and Mark Sitaway, President of Signature Capital Management, are the ICIO to present.

[23:22] So I'll turn the time to you, gentlemen.

[23:24] Thank you very much, Chair Eccles. And thank you much, Trustee, for giving us an opportunity

[23:29] to talk a little bit about this. We take the contribution that the endowment can make

[23:33] to the university very seriously. It's a large pool of money. And we think that we have

[23:39] opportunity if it's managed appropriately to be able to make much more significant contributions

[23:44] to the operating budgets of the university. I'm going to give you just a little bit of

[23:49] that. Am I doing that right?

[23:57] I want to just talk about two things and then I'm going to turn

[24:06] the time over to Mark Sidoway, who is the president of the Signature Capital Management, which is

[24:11] the OCIO portion of the Signature Group, which is a financial services group in general.

[24:18] We've gone through a lot of change since establishing the DSL of the foundation about

[24:24] four years ago, and what we've done particularly with respect to the endowment is the part

[24:30] that you were a part of, and that was changing the over-allocation policies that the University

[24:35] had to be much more aggressive, but much more in line with what other universities do with

[24:40] respect to their endowments. To give the endowment an opportunity to actually earn more money

[24:46] and take advantage of what is really the strategic benefit of being an endowment, and that

[24:51] is to be able to take a very, very long-term view and not be as concerned about the short-term.

[24:58] So that was the asset allocation policy that in 2023 this board adopted. In 2025, in April,

[25:05] So literally just over a year ago when we appointed Son of Sure as the OCEIO of the endowment

[25:11] starts to take over that.

[25:12] So they really weren't in control of the endowment until just over a year ago.

[25:16] Then as a part of the process of trying to modernize what we do and make more information

[25:20] available, we appointed a trustee custodian to handle basically all of the ins and outs

[25:29] in the plumbing of the endowment and to make available all of the information.

[25:33] And that really happened in November of last year when they actually were in position

[25:38] to do that.

[25:39] And it wasn't until February of this year where they were able to go through all the historical

[25:44] information that we had on the endowment and reconcile them from the various service

[25:49] providers that we had prior to that time so that the numbers were actually all on a consistent

[25:54] basis historically and we could be confident that we were reporting the right numbers.

[25:58] So there's been a lot of change in that, and I think all for the good.

[26:04] The second thing that I just want to point out, and that is that the 2023 policy you

[26:11] can see, was a fairly significant change, particularly with respect to private investments

[26:15] that the endowment might do, which offered the opportunities to develop higher returns

[26:21] by being much more careful about the focus, the picking of the managers that we have.

[26:27] And then, so that was a major change that hadn't been changed for almost eight years.

[26:33] And the current way to that is very much in line with what we have in our allocation

[26:38] policy.

[26:40] But we still have a lot of wood to chop.

[26:42] We have quite a ways to go to be able to get to where we have, as a target with respect

[26:47] to private investments, we're not there yet.

[26:50] And the reason for that is we're trying to spread that over a period of time as opposed

[26:58] to having a whole series of private investments that are basically from the same year and we'll

[27:05] have capital calls that will actually end up coming very much at the same time and put a lot

[27:11] of pressure on it.

[27:12] We spread that over a period of time.

[27:14] So it will take us several more years before we actually get to the allocation that the board

[27:20] has approved. But we are making super progress in doing that. I just wanted you to be aware of the

[27:26] change to that. So Mark is going to talk about the performance, the liquidity, some of the processes

[27:31] that they go through, and then we'll be able to answer any questions that you have.

[27:39] So maybe to start, I just want to put all of this in context for the university as a hold.

[27:44] You know, the reason that institutions create permanent capital, you know, an endowment

[27:51] is to solve kind of two problems you've got.

[27:55] We just went through the budget, and there's tons of spending and resource that needs to

[27:59] be done today for today's students and for the state today.

[28:04] But there's also looking out into the future, and what is the future going to bring and

[28:08] are we going to be prepared to continue to bring this university and the state into the

[28:13] years but common and what is the nest egg that we need to have.

[28:17] So this endowment has to solve two problems.

[28:20] It has to help with today's spending.

[28:23] And we think about that in terms of an essential return that the endowment has an essential

[28:30] goal for today.

[28:32] And right now the university's spending policy is to spend roughly 5% of the endowment

[28:40] for today.

[28:40] So we need to make sure that we're generating at least a 5% return on the investments to

[28:48] order to make that spending.

[28:51] The problem with that spending policy is next year and the year after and the year after

[28:55] that 5% in real terms is diminished by inflation and costs.

[29:01] 20 million dollars to build four elevators.

[29:05] It's like that's the world that we live in.

[29:07] And ten years from now, it's probably $40 million to build for elevators.

[29:12] So you need the investments to grow at a rate above the 5% spending to keep up with inflation.

[29:20] Inflation historically has been somewhere around 2 to 3%.

[29:23] So that gets you to kind of an 8% return that is kind of your market return that you want to keep up with.

[29:32] inflation, and make sure that the endowment is growing in real terms at that 5%.

[29:37] But then you have sort of an aspirational goal.

[29:41] We want to get higher return than 8%, and the reason that you want to have a higher return

[29:45] is you want to be able to actually grow your endowment and your spending power over time,

[29:50] so that impact that you have on the state and on the students will just continue to grow

[29:57] and flourish.

[29:58] And the...

[30:00] Also, the other thing, you know, the goal of the president, he wants the university, you know, to be a top 10 school. And when you go through the metrics that the US News and World Report in these places, the ranked universities, the unknown secret in there is in that formula, it comes down to money, comes down to how much does their football team generate, how big is their endowment. And the size in the endowment,

[30:29] is one of the things that is key to making the university a top 10 school.

[30:36] And if you look at the top 10 schools in the rankings, they have massive endowments.

[30:40] $2.2 billion of the university taught is a ton of money.

[30:44] It's tiny compared to the other schools that are in the top 10.

[30:49] How do you grow that endowment?

[30:52] It's through investment return, but as I said, if you're getting,

[30:56] Let's make them at easy, a 10% return, you're only growing your endowment by 2% in real terms because you're spending 5 and your inflation is eating away at 3.

[31:09] So growing at 2% is great, but it's not going to get you, you're not going to get from 2 billion to 30 billion with a 2% return over the next 20 years.

[31:21] You need people out there bringing in donations and the thing that is going to bring in donations

[31:30] is the return on your endowment.

[31:32] Because if I want to donate to the university and I say, wow, the university is able to

[31:37] get a 10% return, I'm not able to do that, I don't know how they're doing that, I'm going

[31:42] to donate to the university because they have this investment program that is compounding

[31:48] high rates return and if I give money to the university today in ten years it's going

[31:53] to be that much bigger and so it helps with fundraising and it brings the whole sort

[32:00] of corpus together. So this endowment management even though $2.2 billion in the whole scheme

[32:07] of how big the university's assets are, it's tiny and what we actually that 5% spending

[32:14] that we generate on an operating budget of $10 billion is a couple of days of, you know,

[32:22] but it's significant because it becomes the face of the university to donors and to

[32:27] the public, and it becomes a source of just like a great football team, a great basketball

[32:32] team, we've got a great endowment that looks at the returns that we have, and if you look

[32:36] look at the aspirational schools that we all sort of try to emulate, it's, you know,

[32:43] the yellows and the standards of the world, it's the academics, but it's also the

[32:49] performance of the endowment, at least in the world that I live in.

[32:53] So with that context, I'm sorry to keep going on about that, but that context, that's why

[32:59] asset allocation in 2023 because what you're trying to do is reach those

[33:06] aspirational goals without sacrificing the essential spending. You want to be

[33:13] able to invest for high return but not in the way that it impairs your ability

[33:17] to spend the 5%. You want to get into a situation where you have no liquidity

[33:22] or there's a market drawdown and you're not able to make that 5%. So an asset

[33:28] That allocation that was passed in 2020 period is trying to solve those two issues.

[33:33] You have at the top of the funnel, growth assets that are going to give, hopefully, high

[33:40] return.

[33:42] And the key is the asset allocation is there to do it, but it's the implementation.

[33:47] How do you implement to make sure that you're getting the returns that you expect from this

[33:52] asset allocation?

[33:52] And then down here at the bottom you have sort of an essential bucket that is there to

[34:00] hopefully create that 5% that you can get here in and here out.

[34:05] And so what it really comes down to is growth assets and yield assets, debt and equity.

[34:14] And so that's where the university was, that's where the allocation is today and this is

[34:20] is where we are trying to move in that direction.

[34:23] We put ranges around the policies

[34:25] because you want to have the target that's going to get there.

[34:30] But then you've got to be a markets move.

[34:33] And equity markets this year and the last couple of years

[34:36] have moved way higher than you would have thought.

[34:40] And that ends up sort of getting you overweight to growth

[34:42] or underweight to this and things change.

[34:45] And so you don't want to be so rigorous in hitting

[34:48] that number that you're missing out on opportunities and you're able to

[34:52] really function within the market environment that we're in. So there's

[34:57] there's very wide ranges around these targets. So the green are the targets for

[35:02] these as it up as it classes. And then there's a big range of around that. And what

[35:07] you can see is that in these higher growth categories of private equity

[35:14] realize that as David said you move slowly in those things because when you

[35:20] make an investment in a private company you don't you not have liquidity and you've

[35:26] decided today you're gonna fund a biotech startup you're gonna learn in 20

[35:31] years if it was a good investment or not it takes a long time for these things

[35:36] to come to fruition so you slowly and carefully you do a ton of due diligence and

[35:41] you make sure that you're managing the ill-liquid part of the portfolio extremely carefully.

[35:47] And so when the change was to raise that, you don't just go straight into that, you

[35:53] build into it.

[35:54] We expect to get to our targets in these ill-liquid buckets around four, five, maybe six, depending

[36:03] on how the markets move, it could take us seven years to get right to target.

[36:08] it, once you're at Target, then you have an active manager, because money's coming back

[36:12] and money's going in, it's a part.

[36:17] But in the meantime, you can't put money in the public markets to make sure that you

[36:21] have enough in your growth assets.

[36:24] And what has happened since the change in 2023 is the investment office that was internal

[36:30] to the university, there was some retirement, there was some change, it was outsourced,

[36:35] We took on the, but in the meantime, there wasn't a whole lot of movement in the portfolio

[36:40] and cash really built up.

[36:42] And when you sit on cash in a market that's going up, up, up, you're giving up a lot

[36:47] of opportunity costs and potential return.

[36:51] And so we have moved judiciously and cautiously a lot more of that cash that we have inserted

[36:59] it into the public markets just to make sure that we're getting the growth allocation

[37:06] that is implied by excessive allocation.

[37:08] And what will happen over time is we've made more private investments and get ourselves

[37:14] up to target from 20% to 30% of private equity from 6% to 12% in real assets that will come

[37:21] out of the public equity bucket and this will come down closer to target.

[37:25] You can see that in the liquidity part of the portfolio, we're basically a target.

[37:30] We're a little high on cash, but that's because we're new and we're trying to get ourselves

[37:35] acquainted with the spending policies and how what the cash flows are really going to

[37:39] be.

[37:40] And until we get really comfortable, the policy calls for zero percent cash, we're always

[37:45] going to carry a little cash.

[37:48] We're not sure exactly what the right number is yet, because we're still getting our

[37:52] of bearings with the operations of the university.

[37:55] So we're carrying a little more cash.

[37:57] We're about right on fixed income and interest rate

[38:02] driven fixed income and credit driven fixed income.

[38:06] And we're a little light on these diversifying strategies

[38:08] because diversifying strategies, things

[38:12] that you want to take, you want to still get

[38:14] that kind of 5% to 8% type return out of these,

[38:18] but not be so correlated to the swings of the market.

[38:21] and it's hard to find stuff like that.

[38:24] So you've got to be really careful

[38:26] in implementing these and these buckets.

[38:29] Public equity is easy, you just buy the index fund

[38:31] and you just let it ride.

[38:33] And then when you find today in today's environment

[38:36] where everything is so concentrated

[38:38] and everything is so AI driven and tech driven,

[38:42] you get a little nervous about the index

[38:44] because you're over allocated to about 10 companies.

[38:47] The emerging markets index which is stocks

[38:50] outside of the U.S. in developing countries right now is basically three stocks.

[38:56] Samsung, resources, finance in Korea, and semiconductor manufacturer in Taiwan.

[39:03] So the market is very concentrated, so we are layering in a lot of what we call active

[39:08] managers to drive it exposure to good public companies and not be so concentrated in those.

[39:18] And then this is basically the total portfolio going back 10 years has been compounding

[39:25] around 8%.

[39:27] So the good news is we've been keeping up with inflation and keeping the spending.

[39:32] The bad news is that 8% return means that spending in real terms has been flat for 10 years.

[39:38] And what we want to do is try to get that closer to what we've been able to achieve over the

[39:43] last three or four years, we want to be very consistent.

[39:47] We don't want to have 15% return some years and 5% return some time.

[39:52] We're trying to build a portfolio that can give us a consistent kind of 9 to 10 to 11%

[39:57] return.

[39:58] And so that's the asset allocation and the implementation of the building for.

[40:03] And then we've broken out a couple of the hedge fund portfolio, the fixed and then the

[40:15] I think that's the number of slides, unless there's any questions.

[40:22] Thank you.

[40:23] Any questions?

[40:25] Oh, you can.

[40:26] Thank you, Chair.

[40:28] Mark, I have two questions I'll ask them in sequence.

[40:31] The first is do you see anything in the policy statement that you wish were different?

[40:37] or is this consistent with what you think is the best practice for an endowment the size of ours?

[40:43] Yeah, I think this is a good asset allocation.

[40:48] The ranges are very wide and which is great for us because we can play within that.

[40:57] And like, for example, this diversified this hedge fund strategy bucket, the target is 18%,

[41:03] which is, it's pretty high, you're going to get out of that bucket, typically in typical

[41:10] market environments, you're going to get kind of barbed-like returns and like bond plus,

[41:18] you know, you're trying to outperform bonds and you're not really going to get, you're not going

[41:21] for equity returns. So 18% is probably a little too high, I think, and I would rather have more

[41:28] in growth. So, for example, the credit allocation is only 5 percent, but the range is 10. And so,

[41:37] we're thinking that we'd rather be kind of light on hedge funds, meaning more like 13 percent,

[41:42] and then a little heavier in credit, because hedge funds in credit are kind of the same thing.

[41:49] You make credit and invest that you lend money to people, and the best thing happens is they pay you

[41:55] back, and there's no upside. But if you lend to somebody with a little dicey credit,

[42:00] you can get a little more yield. So if you lend to the US government, you're going

[42:04] to get 4%. If you lend to a private company, you can get 9%. So we like private credit because

[42:11] you can get those higher yields. You have to make sure you're underwriting. You've got

[42:14] all the risk management around that. But if you can get a kind of a steady, any 9% return

[42:19] out of a credit portfolio, I think that's much more attractive than hedging strategies,

[42:25] which sort of ebb and flow and work and don't work and hurt those at heart.

[42:31] So we probably, you know, the way we're implementing, I think next year I probably come back and see

[42:37] as you can see we're a little overweight credit, we're still overweight hedge funds.

[42:42] We actually expect to bring to the board a puzzle to have some modifications

[42:48] to the existing allocation policy,

[42:50] there are two primary ones that will target.

[42:52] One of them will be what Mark has talked about,

[42:54] which is to reduce the allocation

[42:55] towards diverse affine strategies,

[42:58] which I think most people in the market

[42:59] feel like haven't really delivered on the promise.

[43:02] And the second is that our allocation policy

[43:04] literally just says private equity, public equity,

[43:09] and we expect to bring to you something

[43:11] that will be a little bit more full,

[43:12] something that will describe in more detail

[43:14] what we mean by those things.

[43:15] So we expect probably within a quarter, a little more granular under that under those

[43:19] grades.

[43:20] Thank you.

[43:21] The second part is just around the withdrawn rate of 5% do we feel comfortable with that

[43:27] on a lock to our basis, or do we feel like that's a half a percent to high or a percent

[43:33] to the half to high?

[43:34] I would argue it's probably a little low, but I think we probably want to get at least

[43:39] another year under our belt and make sure we feel comfortable with the strategy that's

[43:43] in place.

[43:43] It's 4.65% right now, is the withdrawal rate.

[43:48] You think that's low?

[43:48] And it's a little worried, but the policy is basically

[43:52] that rate which is set by the president of the University

[43:55] applied to an average of the past 12 quarters.

[44:00] So you can't really change it rapidly and have a big impact

[44:04] immediately as the endowment grows.

[44:07] So you're not going to do it on a single year, which is good.

[44:10] I think you're not going to apply that on a single year

[44:12] where you have outstanding growth in the endowment,

[44:14] and take a very big chunk out.

[44:16] So it's a much more proven way to do it,

[44:18] but our most institutions that are doing it,

[44:21] having a long-term, really effective strategy

[44:24] on their endowments are a little higher than that.

[44:25] Wow, but that comforts me.

[44:27] I was worried you were going to say

[44:28] you thought we were a little too high, so we're fine.

[44:31] Yeah, we could.

[44:31] Seven percent, in fact, there are a number of practices,

[44:35] policies, and even laws that would suggest

[44:37] when you get towards seven percent,

[44:39] and you're stretching it, but 4.165 is probably a little low.

[44:44] Thank you very much.

[44:45] That's it for me, Chair.

[44:46] Thank you.

[44:47] Excuse me.

[44:48] Anyone else?

[44:50] Great.

[44:51] Thank you very much.

[44:51] Thank you so much.

[44:52] Appreciate your work.

[44:55] We'll turn now just to the Chair's report.

[44:58] It's a...

[45:00] There's so many exciting wonderful things going on in this university. Fort Douglas Key exchange was last Saturday. And that was a ceremonial closing of the marking of the relocation of our military units and personnel that have been here for so many years at Fort Douglas. And the transfer of the final 50 acres of that active military land to the university for our use. And that is an effort that has I've heard about since childhood.

[45:27] So, you know, 10 years, but it has been decades in the making.

[45:34] And so we're enormously grateful to all those who made this possible from our legislators

[45:39] in both of the state and the federal level and our university presidents, our boards

[45:46] of trustees that have preceded us, and of course, our wonderful Jason Perry, who knows all

[45:56] the secrets.

[45:56] But really, this has been so long in the making, so we're so glad to have that done and we're

[46:00] enormously grateful to our military.

[46:03] And we have pledged to honor the legacy of this place as we provide opportunities for

[46:08] our students here and our community for generations to come.

[46:11] So very exciting time.

[46:13] Youth's production's grand opening is tomorrow for anyone who would like to attend, 10 to 1130.

[46:19] It's the new broadcast center that we've talked about before for both athletics and for communications

[46:25] departments.

[46:26] So it will be used by athletics, ESPN, other networks to provide state-of-the-art facilities

[46:31] as they broadcast wonderful events here at the U. But it also provides a podcast room

[46:37] and other areas for students to develop their skills and communications, broadcasting

[46:41] and production.

[46:42] So it's one of those things that I just love is both got a commercial aspect, it's got a

[46:50] practical aspect and it touches our students in real ways that I think will be meaningful

[46:54] to them.

[46:55] Next week, we have another building dedication for the Spencer Fox Eccles School of Medicine

[47:01] next Wednesday, which will be in a great addition to our academic and our health sciences

[47:07] campus.

[47:09] The academic year, which I can't believe we're talking about, it begins Monday, August 24,

[47:15] so I don't know if that makes you happy or sad, depending on where you are, your life,

[47:18] to your family, but we are thrilled to welcome our students back on August 24th.

[47:26] There's a reminder, honorary degree nominations are open, I think Amy will probably talk a

[47:31] bit more about that, but please consider nominating individuals for the university's highest honor.

[47:38] A nominate should demonstrate distinction in professional achievement, public or community

[47:43] service and or meaningful engagement with the university. You can submit those online,

[47:49] you can contact Amy who is the chair of the board's honors committee.

[47:57] President Randall

[47:57] is engaged in important university work and so it's not here this morning. I would appreciate

[48:02] you trying to be here to in his set but I'll refer you all to his written report for his

[48:10] and then I'll turn the time over to Dr. Carter for health sciences.

[48:16] Thank you, Chair Eccles. Just a couple of updates where we are very excited about next week,

[48:21] August 19th with the dedication of the new Spencer Fox Eccles School of Medicine.

[48:25] Just to highlight that space, 185,000 new square feet for this year's entering class to learn

[48:32] and be exposed to state-of-the-art educational opportunities in the healthcare space.

[48:38] It also features the Russell M. Nelson Global Health Pavilion, the Dumpkey Collaborative

[48:42] Experiential Learning Center, and the Accord Medical Education Center.

[48:46] So on behalf of the Health Sciences, we want to express our thanks, Mr. Spencer Proxeckels

[48:51] and the Eccles Family and Foundation, for the 110% that they've given to make this possible.

[48:57] A couple of other highlights just to mention, we have some leadership appointments I just want

[49:03] to make you aware of Joseph Staleck, a noted cardiologist here at the University of Utah.

[49:09] Health system has been named the inaugural chief medical officer and executive director of

[49:13] our solid organ transplant care line. This care line is one of several that's being developed

[49:18] across the health system to create a more integrated patient-centered experience.

[49:22] Dr. Staleck, we look forward to his leadership. The vet ready has also been named as our

[49:27] chief health informatics officer. We find that the intersection between health informatics,

[49:32] A.I. and patient care delivery is increasingly important and Dr. Reddy's appointment in this

[49:38] role will help us facilitate that.

[49:40] I also just want to highlight today our very versatile, rice cycle stadium will be used,

[49:45] will be announcing in partnership with the X Prize, will be announcing the 10 finalists

[49:50] in the $101 million X Prize Health Span Initiative.

[49:55] The reason that's happening here at the University of Utah is the Data Coordinating Center for

[50:00] the University of Utah has been named as the coordinating center for all of the ex-price

[50:04] clinical initiatives, and so in partnership with UC San Diego, which is the Biorepository

[50:10] Center in the University of Utah, those finals will be announced this evening in that competition.

[50:16] And then last day, I just want to highlight that the school of the dentistry's mobile dental clinic

[50:21] continues to receive recognition and state funding, and this last year was able to participate

[50:28] throughout the state and it's been recognized for its service in rural Utah and

[50:32] work very pleased with the impact of the school of dentistry with this rural

[50:36] health information program. So that's my report. I'll throw you to the

[50:42] written report for the rest of the information. Thank you. Appreciate that. I'll turn

[50:47] the time over to Provost Montoya. Thank you chair Eiffel's and everyone else on the

[50:53] board. I want to share just a few highlights and then I will refer you to the

[50:56] a written report, one of which was referenced earlier.

[51:00] We are expecting yet another record class.

[51:03] The data won't be finalized until we're at Census State

[51:07] 21 day into the term, but it's looking like

[51:10] we will have over 8,000 students representing

[51:13] about a 4% increase over last year

[51:16] with our most significant growth coming from

[51:19] residents in state students.

[51:20] So about an 11% growth in state

[51:23] and we're flat in other areas

[51:25] and an area that we along with many others in higher ed are struggling with

[51:29] is international enrollments. We are down in international enrollment but overall

[51:33] we're likely going to land the largest class ever again for the sixth year in

[51:39] a row. We're really excited about a new resource that we're offering for students.

[51:43] We launched it this summer in orientation and the big roll out of course

[51:47] happens when all of our students come back. It's called Answer U and this is in

[51:52] partnership with the Marriott Library and the focus and the effort is to increase students

[51:58] awareness of and access to resources and so that they can find them in a really convenient

[52:02] place.

[52:03] So there will be a physical desk, multiple locations in the Marriott Library, locations

[52:08] in the union, it's online as well, there's a chat feature and function and what it really

[52:13] does on the back end is connect the resources but make it really seamless for the students

[52:17] to find what they need.

[52:18] So we're very excited about that and academic affairs we launched this summer our compensation

[52:23] project which focuses on making sure we have competitive salaries for our faculty, so

[52:30] this is our career line and tenure line faculty and really a very comprehensive and sophisticated

[52:35] approach to benchmarking and looking at opportunities to make sure that we are treating our faculty

[52:42] fairly and that we are retaining our excellent faculty.

[52:45] So I'll share more about that at an academic subcommittee meeting in the future.

[52:50] One other project that's extremely important across the board is we have been working

[52:54] for the last three years to adopt scholarship universe, which is an integrated scholarship

[53:00] platform that allows students to find and easily apply for scholarships rather than having

[53:06] to hunt them down.

[53:07] So we have just over 2,230 scholarships in the system right now representing nearly every

[53:16] institutional scholarship currently available.

[53:18] This has been a very close partnership with advancement and every single academic unit

[53:23] and other units that have scholarships and we're extremely excited about what this means

[53:27] for our students' ability to find scholarships and be supported throughout their academic

[53:31] journey.

[53:33] So with that, I'll refer you to the written report and happy to answer questions along

[53:36] I want Dr. Potter.

[53:38] Any questions for in the room?

[53:41] Are you taking my questions?

[53:44] I'm excited about all that work you're doing that leads

[53:47] to student success and graduation rates.

[53:50] Students have that support.

[53:52] And they know where to find help.

[53:53] And they are supported in scholarships.

[53:55] And we make it easy for them.

[53:57] That is such an important piece of helping them get an education.

[54:01] And of course, the support of our incredible faculty

[54:03] making sure that we're able to recruit and retain the best faculty to teach our students and

[54:09] to push the envelope of discovery and research. So I appreciate all that you're doing there.

[54:16] Thank you. Love the scholars of the universe.

[54:21] Thank you. Thank you.

[54:22] Thank you everybody can hear me, but we can hear you very well. You're great. Thank you so much.

[54:29] We'll now turn the time to our ASU President, Erica Stringham, to report on behalf of the

[54:34] students.

[54:35] Good morning, everyone.

[54:37] Since we last met in June, ASU has been focused on preparing for the 2026 through

[54:41] 2027 academic year and ensuring our student leaders are ready for the fall semester.

[54:47] Over the summer, we completed the majority of our hiring and onboarding, expanded several

[54:51] of our boards and leadership positions, and focused on training and strategic planning.

[54:55] This has allowed us to bring more students into ASU and strengthen representation across

[55:00] our campus community.

[55:02] A major priority for this year is strengthening student engagement and creating more opportunities

[55:06] for students to build community on campus.

[55:08] We've continued working closely with President Randall and university partners on new and

[55:13] expanded programming.

[55:15] One initiative we're excited to develop is Lawn Fest, a new concert series aimed at bringing

[55:19] students together through the academic year.

[55:21] We're also exploring a campus-wide football tailgate experience and other opportunities

[55:25] to strengthen student involvement and build lasting campus traditions.

[55:29] We're also continuing to look at ways to strengthen and support for our registered student

[55:32] organizations and reduce barriers for student involvement.

[55:36] Our SOs are an important part of how students find community, develop as leaders and create

[55:40] meaningful experiences on our campus, and we want to continue finding ways to better support

[55:44] that work.

[55:45] As we prepare to welcome students back to campus, we've also been working closely with

[55:50] housing, and orientation, and other campus partners

[55:53] on welcome week, and move in programming.

[55:55] Our focus is helping students build connections,

[55:57] learn about resources, and find opportunities

[55:59] to get involved early in their experience at the U.

[56:02] Beyond engagement, we're continuing to focus

[56:05] on student well-being, access to resources.

[56:08] Our priorities include mental health, affordability,

[56:10] food, basic needs, campus safety, transportation,

[56:13] and sustainability.

[56:16] Student advocacy will also remain a major priority

[56:20] We are working to reestablish a permanent student lobbyist committee here at the University

[56:25] of Utah to strengthen student representation on issues that directly impact our students.

[56:31] At the same time, I have been working with student body presidents from colleges and universities

[56:35] across Utah to increase collaboration between our institutions to strengthen the student voice

[56:40] statewide.

[56:41] On shared issues such as affordability, tuition, fees, basic needs, mental health, and other policies

[56:46] that directly impact students.

[56:48] Finally, I want to acknowledge Joint Resolution 10, which was included in my report.

[56:53] This resolution was passed by the ASU Senate last spring in support of establishing the

[56:57] University of Utah as a sanctuary campus and reflects concerns brought forward through

[57:00] our student legislative process.

[57:02] We also have a number of students here today in support of this resolution and I want to

[57:07] thank all of you for being here and for continuing to engage with ASU and university leadership on

[57:11] issues that matter to you.

[57:13] As student body president, I have a responsibility to ensure that the voices and perspectives

[57:17] of our elected student representatives are communicated

[57:20] to university leadership to the board.

[57:22] I want to reaffirm the importance of the student concerns represented

[57:26] in this resolution and encourage us as the board to consider these concerns

[57:30] as we think about future decisions at our institution.

[57:33] At the center of this conversation is an important responsibility we all share

[57:36] ensuring that every student feels safe and supported on this campus,

[57:40] regardless of documentation or immigration status.

[57:43] As we continue navigating these issues as an institution,

[57:45] I hope this resolution can help inform how we approach future decisions and how we continue

[57:50] to support all members of our campus community thoughtfully and responsibly.

[57:54] Thank you again to the students here here today in support of ASU and this resolution,

[57:58] and thank you to the board for continuing to listen and consider the student voice.

[58:04] Appreciate that update.

[58:05] The students have that your team is doing and all the hard work you've done over the summer

[58:10] to prepare for this fall and this next year and this season and bringing forward those

[58:15] Those items that are top of line for the students, as we begin this year, I'd like to acknowledge

[58:20] the resolution that was included in your report regarding sanctuary campus designation.

[58:25] We recognize that this is a very important issue, that it's deeply important to many

[58:30] members of our community, and as trustees, we care deeply about the success, safety, the

[58:38] sense of belonging of all of our students at the U.

[58:41] Many of the issues raised involve state and federal law and the board of higher education

[58:46] policy that extend beyond this board's delegated authority.

[58:50] That said, we understand that the University administration has carefully reviewed the

[58:56] resolution.

[58:57] It consulted with the U.S. commissioners office for guidance there and met with student

[59:01] representatives to better understand their concerns.

[59:04] And we appreciate the work of you and your student leaders and your commitment to improving

[59:09] the student experience and bringing this forward and I'm happy to see representation.

[59:14] We appreciate the engagement of our community on issues that matter to them.

[59:18] So thank you for that.

[59:21] I'll now turn to Amy to report on behalf of the Alumni Association.

[59:29] Thank you.

[59:30] I am just going to highlight a couple things and our full report has been submitted.

[59:36] We are really excited about the momentum that the U alumni national day of services has had in May.

[59:46] Members from 12 alumni chapters across the country came together to clean up support and serve their communities.

[59:51] Collectively volunteers, U alumni contributed more than 175 hours of hands on service.

[59:58] from Food Bank.

[1:00:00] Local nonprofits to the Huntsman Mental Health Center. We are really thrilled at this new tradition. And excited for what's to come and see how, see all the participation as we head to next May. Also upcoming, the swoop sprint. I want to see everybody on the trustees and the swoop sprint. I will acknowledge that some of us sprint and some of us finish.

[1:00:28] But it's really fun, and that's going to be on Saturday, September 26th.

[1:00:34] Bring your families, bring your dogs. There's a lot of dogs.

[1:00:38] And it's really, really a fun day for everyone.

[1:00:41] Again, that's Saturday, September 26th.

[1:00:44] And then last thing to call out, nominations are now open for Founder's Day 2027.

[1:00:52] I just want to encourage everyone.

[1:00:55] Everyone here and everyone listening to nominate folks for the Founder's Day Awards.

[1:01:02] We want to recognize alumni in this for their Achievement Service and Commitment to the

[1:01:06] U. And we are accepting nominations for the next few weeks through September 4th.

[1:01:12] People are welcome to reach out to me or go to alumni dot utah dot edu through the rest

[1:01:17] of our report.

[1:01:18] is in the record.

[1:01:20] Hey, Amy, one thing I want to point out, and I want to think

[1:01:23] Annalisa and Chris Bosman, I think we're aligning the honorary

[1:01:26] degree nominations with Founder's Day.

[1:01:28] Yes, thank you for calling that out.

[1:01:30] It's a pretty much nominate, nominate, nominate,

[1:01:32] and then on the back ends, we'll process that.

[1:01:36] The only thing I'd add to that is nominate.

[1:01:38] So that's great.

[1:01:39] That's a more nominate.

[1:01:40] Thank you so much for calling that out.

[1:01:42] Yeah.

[1:01:42] Wonderful.

[1:01:44] Thank you.

[1:01:45] So we will now turn the time over to Brent Millen,

[1:01:50] the Academic Senate President, report on behalf of the Senate.

[1:01:54] Good morning, everyone.

[1:01:55] It's a pleasure to be with you today.

[1:01:57] I'll refer you to the submitted report that we gave you,

[1:02:01] that kind of highlighted some of the work

[1:02:02] that we've done over the summer.

[1:02:04] Really highlight some of the initiatives

[1:02:05] that we've done that demonstrate really close coordination

[1:02:08] with both the administration, students, as well as staff.

[1:02:13] So a lot of work that went in on some policy changes and we expect more of that over the course of this year.

[1:02:22] Also some highlights to the support that we have and that we're providing to big 12 schools,

[1:02:29] other schools here in the state of Utah, as well as being closely involved in initiative

[1:02:34] from the Board of Education as well as from UCI.

[1:02:37] So I'll refer you for the details to that.

[1:02:39] That's also just a quick introduction to our new leadership team.

[1:02:43] You're familiar with Richard Price, English professor who's now our past president.

[1:02:48] Our incoming president, our president elect is John Wynn, a professor of classics, and

[1:02:53] then I'm Brett Mellon.

[1:02:54] I'm Dennis by training, and I work as the clinic director for the Waukar Clinic and School

[1:02:59] of Dentistry.

[1:03:00] So, really look forward to working with you all.

[1:03:02] Any questions you have?

[1:03:03] I'd be happy to answer.

[1:03:07] Thank you.

[1:03:08] Appreciate it.

[1:03:10] And now, Allie Manzdor, president of the staff council report.

[1:03:17] Hello, everyone.

[1:03:18] Thank you so much for having us here today.

[1:03:20] As Cherichel said, my name is Allie Manzdorff.

[1:03:23] I am continuing as our staff council president this year.

[1:03:26] I'd like to introduce our president-elect, Chris Williams.

[1:03:30] Bryce has been a previous staff council president, so we're very excited to have him back with

[1:03:35] us.

[1:03:36] And in this president-elect role, we did not submit a report

[1:03:39] for staff council. We're working with Annalisa to kind of wrap up and finish some projects

[1:03:44] before we're pouring this out to you. But we would like to make things aware that we

[1:03:48] are changing up staff council's advocacy work. So we did change how the executive committee

[1:03:54] meeting is established. So that is a closed meeting. Now for staff council members to really

[1:04:01] do that work that we need to get done. We are also altering our by-laws and have restructured

[1:04:06] our committees to better focus on staff advocacy but we'll be bringing our full report in September.

[1:04:13] Thank you all for having us here. Thank you appreciate that. I'll refer everyone to the information

[1:04:19] agenda which is included in the written materials. Primarily about graduate council review and sponsored

[1:04:26] projects if you'd like to be informed on those things. Any additional information announcements I think

[1:04:32] covered everything and look to my camera here. So thank you all for participating.

[1:04:40] I'll remind our trustees. There's our next regular meeting. Our regular open

[1:04:44] meeting is October 13th Tuesday. I know there's been some confusion on that. It is

[1:04:48] October 13th and we have some subcommittee meetings after this meeting if you

[1:04:55] would like to stay around. Let me just hit on that. So yeah so two subcommittee

[1:05:02] any meetings. If we have Kate, Katie Kurt, Kathy, Kristina in the Swanson and then the

[1:05:11] Sam, Erica, Steve and Karen. Karen will call you. Well, I'll give you a call.

[1:05:18] Secretary, go enjoy your birthday in the behind room. That they do these subcommittees.

[1:05:24] They should just take a few minutes. So the chair has graciously run a tight meeting.

[1:05:34] So we'll call for a motion to adjourn, don't all jump at once.

[1:05:37] We'll give it a turn.

[1:05:38] Okay, hurt.

[1:05:40] There's a second.

[1:05:41] I'll check that.

[1:05:42] Good.

[1:05:42] You greasy.

[1:05:43] All in favor.

[1:05:45] Hi.

[1:05:47] We need to scan the adjourn.

[1:05:48] Thank you all.

Board of Trustee - August

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