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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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