President's Cabinet Meeting
June 1, 2004
9:00 a.m.

Attendees:  President Ivory V. Nelson, Vice President Michael B. Hill, Vice President Grant D. Venerable, Vice President William B. Bynum, Mr. Michael Byers, and Ms. Diane M. Brown.

2004-2005 Operating and Capital Budgets
Additional expense reductions must be made in order to reach a balanced 2004-2005 budget.  The stipulated revisions/reductions are to be communicated to the Budget Office no later than June 3, 2004.

Capital Budget allocations have been set for each division.  Each Vice President must prioritize capital items to fall within the fixed allocation for his area.

University Food Services Contract
The recommendation of the Food Service RFP Committee for the 2004-2009 Food Service Vendor was presented to the Cabinet.  Based on the recommendation of the Committee and other determining factors, the  2004-2009 Food Service Contract will be awarded to Sodexho/Jackmont.

Lincoln University Municipal Bonds
On May 27, 2004, The Board of the Pennsylvania Economic Development Financing Authority authorized the issuance of $40,500,000 of Lincoln University Municipal Bonds with an AAA Bond Insurance Rating from Financial Guaranty Insurance Company and an underlying rating from Moody's of A3 (investment grade).  Underwriter for the marketing of the bonds is Wachovia Securities and SBK-Brooks investment Corp.

Anyone interested in purchasing Lincoln University Tax-Exempt or Taxable Municipal Bonds may contact Wachovia Securities offices in Kennett Square, Wilmington, Philadelphia, Baltimore and District of Columbia.  Bonds may also be purchased through SBK-Brooks Investment Corp Sales and Trading Desk.  Contact information for the Wachovia and SBK-Brooks has been placed on the Lincoln University website.

Internal Audit of 2003-2004 FFELP Postings
An audit of the FFELP (Federal Family Education Loan Program) was performed to assess the status and progress in addressing the problem of posting FFELP funds to student accounts or returning the funds to PHEAA (Pennsylvania Higher Education Assistance Agency) within the prescribed period.    The audit found that al items were posted with the prescribed period.  Future audits will be performed on a sample basis only to assure that the systems currently in place are being maintained.

Student Affairs and Enrollment Management
Admission Statistics for fall 2004 as of May 28, 2004
# of Undergraduate applications received for fall 2004 4083
# of Undergraduate applications received for fall 2003 3988

# of Undergraduate students admitted for fall 2004.  1371
# of Undergraduate students admitted for fall 2003.  1312

# of Graduate applications received for fall 2004..   170
# of Graduate applications received for fall 2003..   222

The Cabinet meeting adjourned at 12:05 p.m.

Diane M. Brown
Assistant to the President

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