A meeting of the Finance Committee of the Board of Trustees convened at 9:47 a.m. on Friday, June 9, 2023, in Room 326 of Stewart Center on the campus of Purdue University in West Lafayette, Indiana.

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

Officers and administrators in attendance were: Mung Chiang, president; Patrick Wolfe, provost and executive vice president for academic affairs and diversity; Chris Ruhl, chief financial officer and treasurer; Eva Nodine, senior vice president, assistant treasurer, and assistant secretary; Steve Schultz, general counsel; Cindy Ream, corporate secretary and senior executive assistant to the Board; and Ron Elsenbaumer, chancellor, Purdue University Fort Wayne.

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 April 14, 2023.

II. APPROVAL OF FY24-25 TUITION AND FEES*

Andrew Bean, associate vice president for finance, requested approval of the fiscal year 2024-25 tuition and fees. He noted the State of Indiana requires public institutions to set fees every two years. He shared the Commission gave the recommendation on May 18, 2023, stating that increases should not exceed 3.5%. He outlined recommendations for the tuition and fee changes for the West Lafayette, Fort Wayne, and Northwest campuses. He noted that West Lafayette campus tuition would remain frozen with increases at Fort Wayne and Northwest within Indiana Commission for Higher Education recommendations and provided explanation for the increase in some existing fees.

Upon proper motion duly made and seconded, and following discussion, the Finance Committee voted unanimously to recommend full Board approval of the proposed tuition and fee changes for FY24-25. A copy of the presentation and supporting documents were filed with the minutes.

III. APPROVAL OF FY24 OPERATING BUDGET*

Eva Nodine respectfully requested approval of the fiscal year 2024 operating budget for the West Lafayette, Fort Wayne and Northwest campuses. She shared the operating budget components which include operating, repair and rehabilitation and sponsored programs. Ms. Nodine noted that capital, endowment, and agency funds are not included in the operating budget. She referenced the goals, objectives and strategic investments and their importance for continued success. Ms. Nodine shared the key assumptions noting the changes in revenue and expenses.

She summarized the proposed operating budget as $2.910 billion in revenue and $2.842 billion in expenses, with a $68 million (2.3%) surplus. To conclude her recommendation, she outlined risks to the budget to be mindful of, as well as opportunities that would positively impact the budget.

Upon proper motion duly made and seconded, the Finance Committee voted unanimously to recommend full Board approval of FY24 operating budget. A copy of the presentation and supporting documents were filed with the minutes.

By consent, the meeting adjourned at 10:19 a.m.