A meeting of the Finance Committee of the Board of Trustees convened at 9:20 a.m. on Friday, August 5, 2022, at Purdue University Fort Wayne. The meeting was held in the International Ballroom within the Walb Student Union.

Committee members present were: Mike Klipsch, Chair; Sonny Beck; Malcolm DeKryger; and Shawn Taylor. All other trustees were present: Michael Berghoff; JoAnn Brouillette; Vanessa Castagna; Theresa Carter; Mark Gee; and Gary Lehman.

Officers and administrators in attendance were: Mitch Daniels, president; Jay Akridge, provost and executive vice president for academic affairs and diversity; Chris Ruhl, chief financial officer and treasurer; Eva Nodine, vice president and assistant treasurer; Steve Schultz, general counsel; Cindy Ream, corporate secretary and senior executive assistant to the Board; Ron Elsenbaumer, chancellor of Purdue University Fort Wayne; and Tom Keon, chancellor, Purdue University Northwest.

I. APPROVAL OF MINUTES

Upon proper motion duly made and seconded, the Finance Committee voted unanimously to approve the minutes of its meeting convened on June 10, 2022.

II. APPROVAL OF 2023 MEDICAL PLAN

Trustee Klipsch asked Ms. Candace Shaffer, senior director of benefits, to update the Committee on the University health plan. Ms. Shaffer noted that she would be bringing several recommendations to the Board for approval for 2023. She provided background, an overview of current status and shared some successes. She noted that participant numbers have stayed consistent for the last two years. Ms. Shaffer shared that in 2021, 57% of the adults in the plan completed their annual physical which is the highest percentage of completion since the implementation of the Healthy Boiler program. She reviewed expenditures and mentioned the history and results of a variety of benefit changes. Discussion ensued regarding screenings and the increased participation which was credited to various efforts including monetary and gift incentives. Ms. Shaffer briefly mentioned the new Medical Complex. Ms. Shaffer reported that Purdue continues to buck the trend nationally and has cumulatively saved the University over $120M and employees over $40M. It was pointed out that student affordability is often talked about and in this situation, affordability is for our employees. The savings to the University was mentioned as one way that tuition remains frozen. Ms. Shafer presented recommendations for the 2023 medical plan. These included, for the fourth year in a row, no employee premium increase although it did include a 5% increase in retiree premiums. She shared the communication and engagement avenues being utilized. The final recommendation presented was for an appreciation cash payment. This would equal two months of the average premium for all employees enrolled in the Purdue medical plan for their actions establishing Purdue as a leader in delivering high-quality low-cost benefits with innovative population health solutions at the lowest possible costs. Chairman Berghoff thanked Ms. Shafer for her presentation and complimented the expertise and the delivery.

Ms. Shaffer respectfully requested approval of the 2023 university health plan. Upon proper motion duly made and seconded, the Finance Committee voted unanimously to recommend full Board approval of the 2023 university health plan. A copy of Ms. Shaffer’s presentation and other supporting materials were filed with the minutes.

III. APPROVAL OF 2023-2025 LINE ITEM BUDGET REQUESTS

Trustee Klipsch stated that bi-annually we are required to turn in a list of line item requests to the State of Indiana. He noted a couple of changes this year and invited Eva Nodine, vice president, assistant treasurer, and assistant secretary to walk us through them. Ms. Nodine listed five line items on the West Lafayette campus they are seeking Trustee approval to request appropriations from the state.

Ms. Nodine respectfully requested approval of the 2023-2025 line item budget requests. Upon proper motion duly made and seconded, the Finance Committee voted unanimously to recommend full Board approval of the 2023-2025 line item budget requests. A copy of the supporting materials were filed with the minutes.

IV. ADJOURNMENT

By consent, the meeting adjourned at 9:45 a.m.