Trustees OK debt policy, dining facility survey
Meeting marks Ferrari’s final time with board
By Jacque Nguyen
Staff Reporter

The spring Board of Trustees meeting Friday was a bittersweet moment for Chancellor Michael Ferrari. His 15th and final TCU board meeting signified that his five-year tenure is coming to a close.

Ferrari offered a personal statement of appreciation for the board’s support during his administration.

“We appreciate so much your support over the past five years and we look forward to a continuing relationship with TCU in the coming years,” Ferrari said. “Jan and I have had the opportunity to spend time with Victor Boschini and we are confident that the university will be in good hands as you and he chart the continuing advancement of TCU.”

In his final report to the board, Ferrari said it was good to be able to report that freshman applications are at an all-time high with another record number of applications at 7,565 for fall 2003.

Laura Miller, chairwoman of the Student Relations Committee, said that in his report, Ferrari assured the board about the university’s ongoing review of the Emergency Preparedness Plan’s procedures and policies in times of war.

She said Ferrari updated the board on the impact of the state’s current budget discussions on the Tuition Equalization Grant (TEG) program, a need-based program that grants qualified students up to $3,500 if they choose to attend a private Texas college or university.

Larry Lauer, vice chancellor for marketing and communication, said the program is expected to be cut anywhere from 12.5 percent to 20 percent. He said the cut will significantly impact the 1,533 students who receive approximately $4.1 million in TEG grants from the state.

But overall, Ferrari said, the university is doing financially well.

“The financial health of the university is very good, especially when considering the severe stresses being felt at many public and private institutions in the nation,” Ferrari said.

Carol Campbell, vice chancellor of finance and business, said a long-term debt policy was passed to set guidelines for an acceptable amount of debt.

Miller said TCU has very little debt relative to other universities of its size.

“For an organization the size of TCU, there is an appropriate level of debt because of improvements like the rec. center and residential halls,” Miller said.

Miller said the university has raised $20 million this fiscal year, which is below the goal but is expected because of the extreme challenges in the economy.

Ferrari also said the board approved a study plan for a new stand-alone dining facility.

Don Mills, vice chancellor of student affairs, said the Student Center has a centralized food service and is driven by this service. He said this is a strategy to start moving on renovations to the Student Center.

“If (TCU) can get a free-standing food service, we can renovate the Student Center,” Mills said. “It would immediately free up about 20,000 square-feet for space for student activities and services.”

Mills said $200,000 is an estimate of what would be needed to pay for working with consultants and experts on this proposed renovation.

Miller said plans for a groundbreaking of a basketball practice facility for the men’s and women’s teams is set for early this summer. She said funds for the facility are more than $4.3 million, approaching the goal of $5 million.

Miller said resolutions were passed honoring Earle B. Barnes, an emeritus trustee who passed away March 20, Kenneth Barr for his service as mayor of Fort Worth and Duane Cummins for his service as interim president of Brite Divinity School.

Miller said the board elected Spencer Hayes of Nashville, Tenn., who has served on the board since 1987, to emeritus trustee. Mary Ralph Lowe, CEO of Maralo, an oil and gas company and benefactor of the Erma and Ralph Lowe Chair of Texas History at TCU, was elected to a four-year term as trustee. Eleven trustees were re-elected for another four-year term, including Chairman of the Board John Roach and Secretary of the Board Jean Walbridge.

j.f.nguyen@tcu.edu