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UVI Board Ratifies Operating Budget Adjustments, Approves Audit Charter

The University of the Virgin Islands Board of Trustees held its quarterly meeting on Saturday, March 12, on the St. Croix campus.

The full Board ratified several actions of its Executive Committee, including the adoption of Budget Reduction Guiding Principles proposed by UVI President Dr. David Hall. The Board ratified an Executive Committee revision to the University's Fiscal Year 2011 Operating Budget and ratified an Executive Committee resolution authorizing the University to submit an appropriation request of $33,192,631 for Fiscal Year 2012. 

The Board approved an Internal Audit Charter and draft Fraud Policy. The Audit Charter outlines the responsibilities of UVI's Office of Internal Audit. The Fraud Policy will aid in the detention and prevention of fraud against the University.

UVI Internal Auditor Stacy Chados made her first presentation to the full Board, outlining the preparation of the charter in accordance with guidelines promulgated by the Institute of Internal Auditors.

The Building and Grounds Committee of the Board submitted a proposal to combine design and construction processes to expedite the building of new residence halls on the St. Thomas campus. The traditional construction process would result in the completion of the new residence halls two to three months into the first semester of the Fall 2012 academic year. The proposal was approved, in order to make it possible to complete construction prior to the start of the Fall 2012 semester.

In his report to the Board, President Hall recognized two University components - the Office of Information Technology Services, for significant achievements since the October Board meeting, and the Office of Institutional Advancement. President Hall presented Chief Information Officer Tina Koopmans with a plaque, noting the renovation of both campus libraries, which are more open and accessible to students. President Hall also recognized Vice President for Institutional Advancement Dionne Jackson, as well as Dr. Henry Smith (who served as Interim Vice President for Institutional Advancement), for fundraising achievements.

UVI Provost Dr. Karl Wright presented a mid-year report of the University's Key Performance Indicators. The report indicates that Spring 2011 enrollment is about the same as it was in Spring 2010, with a 4 percent increase in male enrollment on St. Thomas. Grants and contracts awarded in FY 2010 increased 7 percent over FY 2009 and UVI is second among its peers with regard to the amount of money received through federal grants. Total contributions to the University have increased 61 percent over last year, to $545,516. The alumni giving rate has remained a steady 2 percent, however the amount contributed increased 30 percent, to $20,462 in total alumni contributions.

The UVI Board of Trustees will hold its next meeting in June, on the St. Thomas campus.