TCU’s Board of Trustees met last week to discuss and implement strategies that will further progress on our journey to becoming a world-class, values-centered university. The Board approved many important resolutions and policies that are effective immediately, including:
Adoption of Fiscal Year 2019-2020 Operating Budget
The Board of Trustees adopted the Fiscal Year 2019-2020 operating budget as presented—the $777 million budget has been prepared based on an undergraduate headcount of 9,500 and a 4.9 percent tuition increase. The endowment payout is $71.8 million, compared to the Fiscal Year 2018-2019 payout of $69.5 million.
Adoption of the Fiscal Year 2020 Annual Capital Budget
The Board adopted the Fiscal Year 2020 annual capital budget as presented—this budget has been prepared after a review of facilities needs and capital equipment needs in comparison to the resources available for capital spending. Input for the recommended capital projects came from facilities, academic affairs, student services and administrative leadership at TCU, in addition to the Buildings and Grounds Committee and the Fiscal Affairs Committee.
Authorization of Issuance of Tax-Exempt and/or Taxable Bonds
The Board of Trustees approved the authorization of issuance of tax-exempt and/or taxable bonds as part of the ultimate structure that will maximize the Vision in Action: Lead On capital projects cash flows; the anticipated interest rate is expected to be less than 5 percent for either tax-exempt or taxable bonds. Issuances are expected to be completed no later than June 30, 2021.
Approval of Public Phase Kick-Off of Lead On: A Campaign for TCU in October 2019
The Board, building upon the momentum of the Leadership Gift Phase of the university’s comprehensive fundraising campaign that has already secured $538 million, approved the campaign’s Public Phase kick-off for October 2019 with a series of events on campus for students, faculty, staff, alumni, parents and friends. The primary focus of the campaign is to secure unparalleled support for people and programs and to increase TCU’s Endowment.
Fiscal Year 2021 Tuition Rate for the School of Medicine
The annual full-time tuition rate for the School of Medicine will increase by 4.9 percent, from $57,500 to $60,318, for the academic year 2020-2021. This action keeps the School of Medicine tuition increase in line with other private medical schools across the country that do not receive support from their respective state.
Trusteeship, Board Officers and Emeritus Trusteeship Status
The Board of Trustees approved recommendations for trusteeship and Board officers; plus emeritus trusteeship for Trustees Patricia Penrose Schieffer, Kenneth J. Huffman and John F. Davis III. The Board heard resolutions offered in memoriam to celebrate the service of Emeritus Trustees Robert J. Wright and Ann M. Jones. Also, the Board approved the recommendation to award Provost Emeritus status to R. Nowell Donovan, Ph.D., upon his retirement in May.
Approval of Faculty Tenure and Promotion Recommendations
After careful review at multiple levels within the university, per the process outlined in the Handbook for Faculty and Staff, the Board approved tenure and promotion recommendations as presented.
Revised Values Statement
The Board reviewed the TCU Mission and Vision Statements as well as modifications to the Values Statement as proposed by campus governance groups—to ensure they continue to reflect the goals and purpose of TCU. The Board of Trustees affirmed both the Mission and Vision Statements, and approved, effectively immediately, the revised Values Statement as follows:
- Academic and personal achievement.
- Intellectual inquiry and the creation of knowledge.
- Artistic and creative expression.
- A heritage of service in pursuit of the greater good.
- Personal freedom and integrity.
- The dignity of and respect for the individual.
- Active appreciation for the array of human experience and the potential of every human being.
The Board was updated on the presentation of Honorary Doctor of Letters, honoris causa, degrees for Linda Wassenich, Mark Wassenich and David C. Knight, M.D.
Approval of Standing Committee Chairman and Committee Assignments
The Board of Trustees approved membership and chairman of standing committees as presented for the 2019-2020 Fiscal Year.
In addition to these items, the Board welcomed the university’s new provost, Teresa Abi-Nader Dahlberg, Ph.D.; heard updates about diversity, equity and inclusion initiatives; continued progress of Vision in Action: Lead On; and details for fall 2019 enrollment, among other topics.