Board of Trustees Meeting - Massachusetts Maritime Academy

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CAPT Stevenson reported current status of applications and deposits: 869 applications have been received; 81 from females; 70 from underrepresented groups; 482 appointment letters have been sent with 319 deposits received (27 deposits are from females and 25 deposits are from underrepresented groups). Discussion ensued regarding the increase in enrollment for public education with regards to facilities space; underrepresented groups; families are investing in public higher education; and the prestigious Hall of Black Achievement awards presented at Bridgewater State College. Audit Committee Committee Chairman Covel reported on Committee Day: O’Connor & Drew Certified Public Accountants addressed the Audit Committee and reported the state audit was clean with no issues. Committee Chairman Covel requested Mr. Michael Joyce, Vice President of External Relations and Finance to give background regarding Audit-FY11-01 to consider delegating to the President (or his designee) the authority to enter into a three (3) year contract with O’Connor a & Drew Certified Public Accountants. Mr. Joyce gave a brief overview of the process and stated net savings will be approximately $100,000.00 to enter into this new agreement. Committee Chair Covel requested a motion to approve Audit-FY11-01 to considering delegating to the President (or his designee) the authority to enter into a three (3) year contract with O’Connor & Drew Certified Public Accountants. Trustee Silvis motioned to approve Audit-FY11-01 to considering delegating to the President (or his designee) the authority to enter into a three (3) year contract with O’Connor & Drew Certified Public Accountants, seconded, MOVED unanimously. Committee Chair Covel reported he reviewed the Academy hiring processes for the past fiscal year with CAPT Francis McDonald and Ms. Elizabeth Benway, Director of Human Resources. He reported he found no issues or problems, policies have been followed, and he was satisfied that applicants were getting their fair access and considerations. He stated that the review will always be open and if there are any further concerns to direct them to the Audit Committee. RADM Gurnon stated he had no concerns regarding the hiring audit because policies were executed correctly. Finance Committee Committee Chair Duggan reported on Finance Committee Day meeting: FY11 budget was discussed; Morgan Stanley and Eaton Vance investors reported on MMA investments; and strategic growth in regards to financial aid needs (the average aid provided in Massachusetts is 62%; MMA is providing 54%). Committee Chair Duggan requested a motion to approve Finance-FY11-03 to consider approving and accepting the attached Credit Card Policy. Trustee Bullard motioned to approve Finance-FY11-03 to consider approving and accepting the attached Credit Card Policy, seconded, MOVED unanimously. Committee Chair Duggan requested a motion to approve Finance-FY11-04 to consider delegating to the President should the Orientation mini Cruise be added to Orientation 2012, the authority to authorize a one-time $145.00 increase in the FY12 Orientation Fee for incoming cadets. Vice Chairman Covel motioned to approve Finance-FY11-04 to consider delegating to the President should the Orientation mini Cruise be added to Orientation 2012, the authority to authorize a one-time $145.00 increase in the FY12 Orientation Fee for incoming cadets, seconded, MOVED unanimously. Committee Chair Duggan requested a motion to approve Finance-FY11-05 to consider authorizing and approving a tuition and fee increase of up to 4% for the Academic Year 2011/2012 for Undergraduate, 6
Continuing Education courses, and Graduate Programs. Vice Chairman Covel motioned to approve Finance-FY11-05 to consider authorizing and approving a tuition and fee increase of up to 4% for the Academic Year 2011/2012 for Undergraduate, Continuing Education courses, and Graduate Programs. seconded, MOVED unanimously. RADM Gurnon reported that even though we require students to live on campus, have a mandatory sea term, purchase uniforms, sea bags, and laptops, MMA still has the lowest tuition and fees in the public university system. Trustee Bullard requested the return on investments regarding graduates salaries for May Committee Day and expressed it will be a useful tool in recruiting students. Discussion continued regarding financial aid and meeting the needs of students. Raising financial aid will be helpful with the Academy’s diversity recruitment. Trustee Silvis added to the discussion that due to the regiment, students who do not qualify for financial aid have student loans and can’t work part-time jobs to supplement tuition and fee costs. Mr. Ricciardi added that Bridgewater State College wrestles with the same issues: keeping value with excellent education and permitting access to a great education to families in need. RADM Gurnon discussed FY12 budget will be adding $400,000.00 to financial aid to bring MMA’s total contribution to aid up to $600,000.00. This would raise the percentage of aid from 54% to 56% and slightly close the gap between MMA and other universities. Committee Chair Duggan requested to discuss and approve Finance-FY11-06 to consider approving and accepting the attached Investment Policy until the afternoon (1300 hours) Finance Committee meeting. The Finance Committee is authorized to approve changes to the Investment Policy by a Board vote in December 2010 (Chairman-FY11-01). Committee Chair Duggan requested a motion to approve Finance-FY11-07 to consider delegating to the President should the itinerary of Sea Term 2012 include a transit of the Panama Canal the authority to authorize a one-time $250.00 increase in the FY12 Sea Term Fee per Sea Term cadet. Trustee Locke motioned to approve Finance-FY11-07 to consider delegating to the President should the itinerary of Sea Term 2012 include a transit of the Panama Canal the authority to authorize a one-time $250.00 increase in the FY12 Sea Term Fee per Sea Term cadet, seconded, MOVED unanimously. RADM Gurnon stated this motion gives the Sea Term Committee an option to transit the Panama Canal and to do the “Shellback Ceremony.” Sea Term during good economic times rotates between Transatlantic; Caribbean, and Panama Canal/Equator Crossing voyages. Mileage and oil prices factor into the Sea Term Committees’ discussion. Committee Chair Duggan requested a motion to approve Finance-FY11-08 to consider delegating to the President the authority to authorize an increase of $25.00 for onsite and offsite cadet parking fees for FY12 and future years. Vice Chairman Covel motioned to approve Finance-FY11-08 to consider delegating to the President the authority to authorize an increase of $25.00 for onsite and offsite cadet parking fees for FY12 and future years, seconded, all in favor: 8 votes yes; 1 vote no, MOVED by a majority vote. Discussion ensued regarding parking issues. Parking permits go into general funds; parking tickets go towards scholarships. Trustee Silvis defended his student body constituents in regards to students who are not eligible to receive financial aid or financial support of their parents take out student loans. The additional increases in tuition and fees, lab fees, sea term fees, and parking fees have a financial impact on this group of students who have loans. 7
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Board of Trustees Meeting - Massachusetts Maritime Academy

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