The following is from the Fee Impact Committee Co-Chairs from their January 17th meeting.

Collection:

A fixed amount of, $48 F/W/S and $36 summer from the Student Facilities Improvement Fee (collection began Spring 2012).

The $48 fee: How much is accumulating?

(See Excel Sheet Fund 199994 for details)

What expenses are being paid out of the fund?

The $48 Student Facilities Improvement Fee is managed by the AABC on a daily, monthly, quarterly, and annual basis.  The MU Director, MU Construction team, University Facilities Services, and the Fee Impact Committee also have a hand in oversight and management of this fund and expenses related to these projects.  It is with great collaboration from many different departments, student leaders, and university staff leading to the success of this project being managed in a cash positive manner. The funds being collected in the Student Facilities Improvement Fund 199994 for the SEC & MU projects are being used to pay for design and development expenses, internal bank loan interest, future furniture, fixtures and equipment expenses (FF&E) for the SEC building, and future annual debt service payments after bonds are sold in spring of 2014. The design and development phase is complete and we are now in the construction phase with funding covered by an internal bank loan from OUS. The internal bank loan was used as a means to begin construction prior to a bond sale and benefit from a lower interest rate of 2% for a period of time. Fund 199994 is being used to cover the interest charges of this internal loan. As bonds are sold in spring of 2014, the internal bank loan will move to permanent financing over 30 years and 20 years for the SEC and MU projects respectively. The interest rate on the permanent financing will adjust up to 5.25% at this time. The annual projected debt service on this financing is $3,606,600. This annual amount will be posted to the MU fund 110111 to a debt service index with subsequent transfer from fund 199994 to cover the debt.

Estimated income (Room, Labor and Equipment use) from the three new Event Spaces (Two in the MU East Wing and Plaza) reflected in FY 15 budget is approximately $110,000.  However, the full benefit from these additional sales will not be fully realized until the following fiscal year when the MU Ballroom returns to use for a full year.  The Ballroom is closed for the final stage of MU East Wing renovation from June thru August of 2014, causing a significant loss of income for three months, which impacts the MUNAVS index.

• Student Media is forecasting lab income from providing support to practicum in the New Media Communications program in the FY 15 budget.
• Additional revenue is forecast in the SLI indexes for MUPC and for ISOSU, which helps to grow programming from non-student fee resources.
• Plans for other retail food locations are moving forward.  These included solidifying design plans for Austin Hall Café, continued development on North Porch Café, “Asian Street Fare” concept and beginning conceptual work on “market” café located in the new Classroom building.

In 2012-13 gross receipt amounted to $143,225.33.  Less expenses of $105,274.21 left $37,951.12 that the Basement provided in support to the Memorial Union

In 2012-13 gross receipt amounted to $205,642.35.  Less expenses of $329,095.62 left $191,833.58 that was supported by student fees.

All recommendations are complete.

Professional Skills

• Editorial Content Coordinator-Fall 2012
• Broadcast Coordinator-Summer 2012
• FM/TV Assistant Fall 2013
• Development-focus on entire department
• Ongoing professional skill development
• Creative Services Coordinator/adviser-Spring 2013

Practicum-Professionals

• Max 30 student per instructor-student no longer TAs
• Multimedia requirements
• Community awareness training
• Standardized trainings and evaluations
• NMC & Art to pay lab fee
• Developing minor in journalism through English department

Policies/Procedures

• Digital handbooks
• Updated and approved November 2012
• Available on Student Media website