Regents OK Budget, Elect OfficersJune 4, 2004
At its May 14 meeting, Baylor's Board of Regents approved a 2004-05 fiscal year budget of $341 million and elected Will Davis of Austin as board chair and Jim Turner of Dallas as vice chair. (See "Money matters," page 3, for more information about this year's budget.)
Local media reported that regents took a vote during their executive session on retaining Robert B. Sloan Jr. as president of the University. Because it occurred during executive session, there was no official verification by the University either of the vote or the results, although media reported the vote was 18-17 in favor of Sloan.
The board also reviewed an updated long-term financial model, which was requested in February by the Special Regent Audit Committee. The updated model reflects changes in the economic environment since its initial approval by the board in September 2001. It includes adjustments in tuition increases, enrollment targets, endowment income, personnel costs and operating and capital expenditures through the year 2015.
Three new regents were elected by the board. They are John H. Minton, an attorney with Potter Minton P.C. of Tyler, Texas; Neal T. "Buddy" Jones, principal/owner of HillCo Partners LLC, an Austin, Texas, public affairs firm; and Albert C. Black Jr., president and CEO of On-Target Supplies and Logistics Ltd. of Dallas.
Five regents were re-elected to three-year terms, effective June 1. They include Davis; Laree Estes Perez, Albuquerque, N.M.; Joe Armes, Dallas; Joe Coleman, Houston; and Tommy Bowman, Waco. Sue Getterman of Waco was re-elected to a two-year term.
Last fall, the Baptist General Convention of Texas re-elected current regents Jaclanel McFarland of Houston, two-year term; Bill Brian of Amarillo, Texas, three-year term; John Wilkerson of Lubbock, Texas, three-year term; and John Reimers of Beaumont, Texas, who will fill an unexpired term on the board until May 31, 2006.
In other action, the board approved revised processes for determining potential conflicts of interest for faculty, officers, administrators and other employees and regents. Annual questionnaires previously were administered by separate University offices but now will be distributed and reviewed first by the Office of Internal Audit.