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September 27, 2024

Board of Trustees

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Public Meeting will begin around 9:30 a.m.

Executive Session

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1. Executive Session

Public Portion of the Meeting will begin.

2. Call to Order / Roll / Declaration of Quorum

3. Land Acknowledgement

4. Public Comment

5. Consent Agenda

6. Opening Comments & Reports

7. Break

8. Reports of Standing Committees

9. Action Items

a. Strategic Plan

b. Approval of President Cudd’s Annual Goals

10. Investiture

11. Closing Remarks / Adjourn

Agenda

Board of Trustees

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Chair Berry

Call to Order / Roll / Declaration of

Quorum

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Ashley Nilson

Land Acknowledgement

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Facilitated by Board Secretary Caitlyn Phipps

Public Comments

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Meeting Minutes - April 30, 2024

Consent Agenda

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Opening Comments and Reports

Board of Trustees

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Chair’s Comments

Chair Berry

Board of Trustees

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President's Report

President Cudd

Board of Trustees

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Portland State University

Faculty Senate

Presiding Officer Jill Emery

Board of Trustees

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Associated Students of Portland

State University (ASPSU)

President Brady Roland

Board of Trustees

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Government Relations Updates

Kimberly Koops, Associate Vice President of Government Relations

Board of Trustees

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Portland State University

Foundation

Sarah Schwarz, President/CEO of PSUF

Board of Trustees

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BREAK

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Reports of Standing

Committees of the Board

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Academic & Student Affairs Committee

Committee Vice Chair Ho

Board of Trustees

≫ Enrollment Update

≫ The Office of Academic Affairs’ role in Financial Sustainability Planning: Academic Program Revitalization and Curricular Efficiency

≫ Looking Ahead

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Executive & Audit Committee

Chair Berry

Board of Trustees

≫ Work Plan

≫ President’s Report

a. Strategic Plan & Metrics

≫ Executive Session

≫ Written Report from the Office of Internal Audit

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Finance & Administration Committee

Committee Chair Manning

Board of Trustees Updated 9/25/2024

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» FY2024-25 Final Adopted Budget - no material changes from preliminary budget

» Higher investment earnings than prior year in Public University Fund (PUF)

» FY2023-24 actual performance proved better than budget and Q3 projection (agenda item #6)

» E&G Reserves higher than forecast in June - $8.2 million higher than minimum reserves target

» Fall enrollment tracking with target SCH for budget - good indicator of total academic year

F&A Committee Decisions

» FY2024-25 F&A Committee work plan

» Resolution Approving 2023-25 PSU Bond Issuance

KEY TAKEAWAYS AND GOALS FOR TODAY

Finance & Administration Committee

2

5

25

Updated 9/25/2024

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TOTAL UNIVERSITY FISCAL YEAR 2024-25 ADOPTED BUDGET

» Overall, the FY2024-25 Adopted Budget plans for less than 2% increases in both revenue and expenses when compared to FY24 Actual

activity

» Budgeted use of reserves is $2.2 million less than preliminary budget due to Non E&G fund adjustments in Housing ($700K) and

University Place Hotel ($1.3M)

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All Funds

(000s)

FY25 Full Year

Adopted Budget

FY24 Full Year

Adopted Budget

FY24 Full

Year Actual

FY23 Full

Year Actual

FY22 Full

Year Actual

All Funds Revenue $625,822 $587,967 $619,480 $599,976 $606,411

All Funds Expenses $649,036 $612,539 $637,700 $616,199 $613,180

All Funds Net before Depreciation -$23,214 -$24,572 -$18,221 -$16,224 -$6,770

Depreciation $12,111 $12,312 $12,524 $12,602 $11,490

All Funds Net Before HEERF Reimbursements -$35,324 -$36,883 -$30,744 -$28,825 -$18,260

HEERF Lost Revenue Reimbursements $10,544 $14,715

Net -$35,324 -$36,883 -$30,744 -$18,281 -$3,545

Updated 9/25/2024

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EDUCATION & GENERAL (E&G) FISCAL YEAR 2024-25 ADOPTED BUDGET

» Budgeted revenue remains

largely unchanged from

preliminary budget approved

in June 2024

» Some shifting of budgets

between Services &

Supplies and Personnel to

better align with anticipated

behavior

» Represents in 2.2% decline

in planned expenses when

compared to FY24 actual

activity

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Education and General (E&G) Funds

(000s)

FY25 Full Year

Adopted

Budget

FY24 Full Year

Adopted Budget

FY24 Full

Year Actual

FY23 Full

Year Actual

FY22 Full

Year Actual

Gross Tuition & Fees $198,467 $202,275 $197,690 $204,371 $214,863

Fee Remissions -$22,053 -$21,137 -$22,499 -$20,369 -$16,713

Government Resources & Allocations $135,016 $123,375 $131,626 $122,254 $118,379

Gifts, Grants and Contracts $18,476 $16,658 $17,753 $16,550 $13,622

All Other $8,684 $10,326 $22,394 $12,975 -$167

Total Revenue $338,591 $331,496 $346,963 $335,782 $329,984

Salaries & Wages $192,777 $188,134 $194,228 $185,540 $180,993

OPE (fringes) $99,722 $100,518 $98,587 $93,333 $92,192

Services & Supplies (net of transfers) $64,091 $62,844 $71,683 $74,138 $65,891

Total Expenses $356,590 $351,496 $364,498 $353,011 $339,076

Net before HEERF Reimbursements -$18,000 -$20,000 -$17,535 -$17,229 -$9,092

HEERF Lost Revenue Reimbursements $7,201 $8,708

Net -$18,000 -$20,000 -$17,535 -$10,028 -$383

Updated 9/25/2024

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NON-E&G FUNDS FISCAL YEAR 2024-25 ADOPTED BUDGET

» Auxiliary expenses reduced and revenue increases from the preliminary budget due to refinement of plans in Housing

($700K) and University Place Hotel ($1.3M)

» No material changes to Restricted or Other Funds budgets from the preliminary budget

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Non E&G Funds

(000s)

FY25 Full Year

Adopted Budget

FY24 Full Year

Adopted Budget

FY24 Full

Year Actual

FY23 Full

Year Actual

FY22 Full

Year Actual

Auxiliary Revenue $91,951 $91,938 $91,972 $89,597 $84,363

Auxiliary Expenses $95,949 $95,870 $94,484 $87,617 $84,276

Auxiliary Net before Depreciation and HEERF -$3,998 -$3,932 -$2,512 $1,980 $87

HEERF Lost Revenue Reimbursements $3,343 $5,712

Auxiliary Net before Depreciation -$3,998 -$3,932 -$2,512 $5,323 $5,800

Restricted Funds Revenue $179,910 $152,255 $167,358 $161,918 $180,506

Restricted Funds Expenses $179,910 $152,255 $166,257 $163,618 $180,392

Restricted Funds Net $0 $0 $1,101 -$1,700 $114

All Other Funds Revenue $15,371 $12,278 $13,186 $12,679 $11,557

All Other Funds Expenses $16,587 $12,918 $12,461 $11,954 $9,437

All Other Funds Net before Depreciation and HEERF -$1,216 -$640 $725 $725 $2,120

HEERF Lost Revenue Reimbursements $0 $294

All Other Funds Net before Depreciation -$1,216 -$640 $725 $725 $2,414

Updated 9/25/2024

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Source: SCARF EOT

New Student SCH includes all SCH taken by newly admitted undergraduate students, graduate students, and post-baccalaureate students, during the term in which they are new. It also includes

SCH taken by non-admitted students during their first term of enrollment. Continuing student SCH includes all other SCH.

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Finance & Administration Committee

ENROLLMENT UPDATE: STUDENT CREDIT HOURS BY STUDENT TYPE

Fiscal Year

Student Credit Hours

Undergraduate 2024 2023 2022 2021 2020

Continuing 480,414 506,592 530,471 584,497 632,473

New Students 56,673 58,374 64,328 65,521 71,151

Undergraduate Total 537,087 564,966 594,799 650,018 703,624

Graduate 2024 2023 2022 2021 2020

Continuing 96,127 101,166 102,731 102,760 101,988

New Students 20,130 20,156 23,241 22,055 22,622

Graduate Total 116,257 121,322 125,972 124,815 124,610

Total 653,344 686,288 720,771 774,833 828,234

Updated 9/25/2024

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Source: SCARF EOT

"In-Person" includes any class with any kind of in-person component, including conventional in-person classes as well as hybrid and attend-anywhere classes. "Remote/Online" includes any class

where an in-person experience was not available.

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Finance & Administration Committee

ENROLLMENT UPDATE: STUDENT CREDIT HOURS BY MODALITY

Fiscal Year

Student Credit Hours

Undergraduate 2024 % of total 2023 2022 2021 2020 % of total

In-Person 313,506 58.4% 317,882 293,701 38,140 538,165 76.5%

Remote/Online 223,581 41.6% 247,084 301,098 611,878 165,459 23.5%

Undergraduate Total 537,087 564,966 594,799 650,018 703,624

Graduate 2024 2023 2022 2021 2020

In-Person 87,579 75.3% 85,435 68,468 26,934 107,632 86.4%

Remote/Online 28,678 24.7% 35,887 57,504 97,881 16,978 13.6%

Graduate Total 116,257 121,322 125,972 124,815 124,610

Total 653,344 686,288 720,771 774,833 828,234

Updated 9/25/2024

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E&G RESERVES

($ in thousands)

FY2022-23 Year End E&G Reserve Balance $114,893

Less: FY2023-24 Operating Results not including special items -14,240

Special Year End One-time Items:

Transfer to Athletics cash deficit -2,750

Transfer to clear Financial Aid deficit -545

FY2023-24 Year End E&G Reserve $97,358

Less: FY2024-25 Operating Budget Net -18,000

FY2024-25 Year End Estimate $79,358

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Updated 9/25/2024

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» Actual E&G Reserves $6.4

million higher than June

forecast

» FY2024-25 Target Minimum

$89.148 million (based on

Adopted E&G Budget, 25% or 3

months of planned expenses)

» Assuming revenue and

expenses stay within budget we

could be $10 million below the

target minimum at the end of

FY2024-25

E&G RESERVES

($ in thousands)

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FY21, FY22, and FY23 include HEERF lost revenue reimbursements of $13.7M, $8.7M and $7.2M respectively

Updated 9/25/2024

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OTHER RESERVES

» Each component has a minimum

target (formulaic) and details are

provided annually in the financial

profile

» Other reserves are at or above the

target minimums with the exception

of Treasury Reserves, which is

slightly below target due to pandemic

use and payback period

» Amounts are contingent upon timing

of capital plans and funding

» FY25 Working Capital estimate

includes budgeted Auxiliary losses in

Athletics, Student Health and

Counseling and Property

Management

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Updated 9/25/2024

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RESOLUTION

» Authorizations*:

○ Additional funds for VSC and Art + Design (Gateway) Projects

■ XI-G: $4,330,000 sale (Presidential Authorization)

■ XI-G: $4,330,000 match (Board Authorization)

■ XI-Q: $52,588,750 sale (Presidential Authorization)

○ Deferred Maintenance funds received every two years (XI-Q)

■ XI-Q: Approximately $15,000,000 sale (Presidential Authorization)

■ One project over $5 million (Board Authorization)

○ Student Health and Counseling move out of UCB

■ XI-F(1): $18,205,000 project & sale (Board Authorization)

○ Smith Memorial Student Union Critical Maintenance Project

■ XI-F(1): $8,315,000 project & sale (Board Authorization)

» Debt Burden Ratio change due to additional University-Paid Debt is currently estimated to be an increase from 3.34% to 3.67%

(0.33% Increase)

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Finance & Administration Committee

*XI-G and XI-Q Bonds are paid by the state while XI-F(1) bonds are paid for by the University.

Updated 9/25/2024

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Action Items

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≫ Mission & Strategic Direction

≫ Board Accountability & Performance

≫ Fiscal Integrity

≫ Educational Quality

≫ Engaging University’s Major Constituencies

≫ Presidential Assessment

Key Areas of Focus

AY 2024 - 2025 Work Plan

Board of Trustees

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Action Item

Strategic Plan

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FUTURE

IN

FOCUS

STRATEGIC PLAN 2024

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OUR PURPOSE

Portland State University, Oregon’s most diverse and

only urban public research university, was founded in

1946 to serve veterans returning from World War II.

PSU provides access to a top-tier education as a key

driver of economic and social mobility, and serves as

a source of growth for the diverse communities in the

region and a catalyst for social progress. And this

isn't just what we do — it’s who we are.

Much has changed in our world since 1946, and our

communities face profound challenges. With our

Future in Focus, we express our unwavering

purpose: to support learners to follow their dreams

and achieve their goals for a better life for their

families and communities.

As we remember our institutional founding with pride,

we embrace our future as an urban minority-serving

research institution, inspiring each other to create

new opportunities for our region and our world.

LET KNOWLEDGE SERVE

THE CITY

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PSU thrives as Oregon’s urban research

university where every student develops the

knowledge and skills they need to

successfully engage in careers and the

world. We are a national leader for social

mobility through higher education, a model

for serving minoritized learners and a

driving force for Portland’s success.

PSU is a dynamic workplace that supports

the professional development and

well-being of all employees. We harness our

academic excellence, innovative research,

strategic partnerships and community

engagement to address local, regional and

global challenges.

2030 VISION

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PSU community members built our strategic plan

through 50+ engagement events and team

meetings from October 2023 through July 2024.

Our process included:

● A steering committee and collaborative work

groups with 46 faculty, staff, students,

trustees, subject matter experts and equity

ambassadors

● 830 survey submissions defining The Heart

of PSU

● 50 volunteer-facilitated conversations with

400+ students, staff, faculty and community

partners

● 800+ students and community partners

providing input via surveys, focus groups and

pop-up table events throughout campus

● 370 new ideas shared to help build a 2030

vision

HOW WE WORKED

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