Minutes
President's Cabinet Meeting
June 7, 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, Vice President Howard E. Merlin, and Ms. Diane M. Brown.

2004-2005 Operating and Capital Budgets
Final revisions to the Operating and Capital Budgets were determined.  The proposed budget will be submitted to the Business Affairs Committee of the Board of Trustees for consideration prior to action by the full Board.

Final Executive Summary Lincoln University Series 2004 Bonds
Attached to these minutes is the Plan of Finance for the $40,500,000 Series 2004 Lincoln University Bonds, which were authorized on May 27, 2004 by the Board of the Pennsylvania Economic Development Financing Authority.

Internal Review of the Grade Posting Process
A review of the controls over the recording and processing of student grades in the Registrar's Office found that "the current process for the recording and reporting of student grades at Lincoln University appears to be adequately controlled."

Student Affairs and Enrollment Management
Admission Statistics for fall 2004 as of June 4, 2004
#  Undergraduate applications received for fall 2004 4129
#  Undergraduate applications received for fall 2003 4015

#  Undergraduate students admitted for fall 2004.  1424
#  Undergraduate students admitted for fall 2003.  1352

#  Graduate applications received for fall 2004..   199
#  Graduate applications received for fall 2003..   235

The Cabinet meeting adjourned at 11:40 a.m.

Diane M. Brown
Assistant to the President

 

Lincoln University
Series 2004 Bonds
June 2, 2004

The Plan of Finance for the Series 2004 Lincoln University Bonds is as follows:

                                                                             May 25, 2004    June 2, 2004
                                                                            (May 13 data)       2:00 PM
Uses of Funds    
   New Dorm                                                          $21.2 Million     $21.4 Million
   Loan Refinancing     Main Campus Renovations    $  4.7 Million     $  5.2 Million
   Urban Center          Purchase/Refurbish                $  8.3 Million     $  8.0 Million
                                  Prepayment Penalty               $  0.9 Million     $  0.9 Million

   Sub-total                                                              $35.1 Million     $35.5 Million
   Fund Deposits                                                      $  4.8 Million     $  4.5 Million
   Issuance and other costs                                       $  1.3 Million     $  1.4 Million
Total                                                                      $41.2 Million   $41.4 Million
 
Sources of Funds (including reinvestment, HBCU debt service reserve, and equity)
   Tax-exempt
                                32 Year Bonds                      $27.2 Million      $27.4 Million   32 Year Bonds
                                12 Year Bonds                      $  2.6 Million      $  3.0 Million   10 Year Bonds
   Sub-total Tax-exempt                                         $29.8 Million      $30.4 Million
 
  Taxable
                                32 Year Bonds                      $  9.7 Million     $  9.8 Million    32 Year Bonds
                                12 Year Bonds                      $  1.7 Million     $  1.2 Million      2 Year Bonds
  Subtotal Taxable                                                  $11.4 Million     $11.0 Million

  Total                                                                   $41.2 Million  $41.4 Million
 
Anticipated Interest Rate
                    All-in True Interest Cost                        5.73%               5.51%
                    Net Interest Cost                                  5.50%                5.21%

Debt Service
                   Maximum                                           $2.89 Million         $2.63 Million
                  Average                                              $2.75 Million         $2.59 Million