September 19, 2019

Miami University Board of Trustees Finance & Audit Committee Meeting Marcum Conference Center September 19, 2019 2:00 p.m. – 5:00 p.m.

AGENDA

Executive Session, 2:00 pm. To 2:15 p.m.

1. Consult with Counsel Regarding Real Property –Robin Parker

Business Session, 2:15 p.m. to 5:00 p.m.

1. Approval of Minutes –Michael Armstrong

2. Review of Year to Date Operating Results and Fall Net Tuition Revenue –David Creamer, David Ellis

3. Annual Comprehensive Campaign Update –Tom Herbert

4. Resolution to Authorize Planning for New Health Building –David Creamer, Cody Powell

5. Review of Year-End Operating Results –David Creamer, David Ellis, a. Unaudited University Financial Statements Gary Cornett, Bruce Guiot b. Campus and Auxiliary Financial Performance c. Review of Net Position, Carry Forward Balances and Other Transfers d. Financial Ratios e. Review of Gift Funded Capital Projects and Housing and Dining Financial Performance f. Unaudited Miami University Foundation Financial Statements and Financial Performance

6. Resolution to Adopt Administrative Fee Policy –David Creamer, Bruce Guiot

7. Annual Planning Meeting with Internal Audit and Consulting Services –Barbara Jena Including a Private Meeting with the Chief Audit Officer

8. Discussion of the Annual Efficiency Report to be Submitted –David Creamer, David Ellis to the Chancellor (No Enclosure)

9. Future Agenda Priorities –Michael Armstrong

Note: Status of Capital Projects will also be included on the agenda –Cody Powell

(over)

Overall Page 1 of 129 September 19, 2019

Reporting Updates

1. Enrollment Report –Committee Packet 2. Internal Audit Reporting Update –Committee Packet 3. Report on Cash and Investments –Committee Packet 4. Lean Project Summary –Committee Packet

Future Meeting Dates

Thursday, December 12, 2019 Thursday, February 20, 2020 Thursday, May 14, 2020 Thursday, June 25, 2020 Thursday, September 24, 2020 Thursday, December 10, 2020

Overall Page 2 of 129 September 19, 2019

BOARD OF TRUSTEES

ROUDEBUSH HALL ROOM 212 OXFORD, OHIO 45056 (513) 529-6225 MAIN (513) 529-3911 FAX BOARD OF TRUSTEES WWW.MIAMIOH.EDU MIAMI UNIVERSITY Minutes of the Finance and Audit Committee Meeting Room 180-6, Marcum Conference Center June 27, 2019

The Finance and Audit Committee of the Miami University Board of Trustees met on June 27, 2019 in Marcum Conference Center, on the Oxford campus. The meeting was called to order by Committee Chair Michael Armstrong at 9:15 a.m., with a majority of members present, constituting a quorum. Roll was called; attending with Chair Armstrong, were Committee members; Trustees David Budig, Sandra Collins, Mark Ridenour, and Rod Robinson; and National Trustee Robert Coletti; National Trustee John Altman was absent. Also attending were Trustees Thomas Gunlock, Zachary Haines, John Pascoe, and Robert Shroder, along with National Trustees Terry Hershey and Diane Perlmutter, and Student Trustees Megan Cremeans and Will Kulis.

In addition to the Trustees, President Gregory Crawford; Phyllis Callahan, Provost and Executive Vice President for Academic Affairs; Senior Vice Presidents David Creamer, and Tom Herbert; Vice Presidents Jayne Brownell, Ron Scott, and David Seidl; General Counsel Robin Parker; Cliff Peale, Executive Communications; Randi Thomas, Director of Institutional Relations; along with Bethany Perkins, Jenn Franchak, Scott Sportsman, and Craig Bennett from Enrollment Management and Student Success; incoming Provost Jason Osborne; and Ted Pickerill, Executive Assistant to the President, and Secretary to the Board of Trustees. Also present to address or assist the Committee were; David Ellis, Associate Vice President for Budgeting and Analysis; and Cody Powell, Associate Vice President for Facilities Planning and Operations; along with many members of the Miami University community who were present to observe or assist.

Opening Remarks

Chair Armstrong began the meeting, thanking Provost Callahan for her energy, intellect, and value added, over her many years of service. He next thanked departing National Trustees Terry Hershey, and John Altman (who was unable to attend), for their many years of service to Miami as activists and supporters.

Chair Armstrong then welcomed Jason Osborne, Miami’s incoming Provost, and Mary Schell, Miami’s newest Trustee.

He then congratulated Enrollment Management and Student Success, and the Deans, for the quality, balance, and record size of the incoming class.

Overall Page 3 of 129 September 19, 2019

BOARD OF TRUSTEES

ROUDEBUSH HALL ROOM 212 Public Business Session OXFORD, OHIO 45056 (513) 529-6225 MAIN (513) 529-3911 FAX Approval of the Minutes WWW.MIAMIOH.EDU

Trustee Coletti moved, Trustee Ridenour seconded and by voice vote the minutes from the prior meeting of the Finance and Audit Committee were unanimously approved.

Tuition Ordinances

Senior Vice President Creamer addressed the tuition ordinances being considered that day. He reminded the Committee that tuition is now cohort based, and there is no longer a single level of tuition for all undergraduates. Addressing the three tuition ordinances in a single presentation, he reviewed the Miami Tuition Promise, compared Miami tuition to other Ohio public universities and out-of-state universities, and reviewed Net Tuition Revenue, which is expected to decline slightly from FY2019.

Senior Vice President Creamer then presented the miscellaneous fees ordinance and the budget appropriation ordinances. He reviewed the budget for FY2020, which shows a modest surplus, and the financial trend for the Regional Campuses, which is improved from prior years. He stated the Regional Campuses are not experiencing a negative impact of reduced international enrollment, and are actually expecting an increase in international students on the Hamilton Campus. Finally, he reviewed RCM budgeting for the academic divisions, which show three with a surplus, and three breaking even. For FY2019, year to date, he stated the budget is trending as projected from prior meetings.

The Committee then considered the tuition ordinances, the miscellaneous fees ordinance, and the budget appropriation ordinance in a single vote. Trustee Robinson moved, Trustee Ridenour seconded and by voice vote the Committee unanimously recommended approval of all ordinances by the full Board of Trustees.

SVP Creamer’s presentation is included as Attachment A, and the ordinances as Attachment B.

Facilities, Construction, and Real Estate

AVP Cody Powell provided a capital projects update. He stated there have been no additions or closures in projects since last meeting (May 2019). For McCracken, Richard and Porter Halls, occupancy permits are expected on June 28, 2019.

He reported Stanton Hall is progressing on time for August 2020 completion. For Pearson Hall, the final renovation component started three months early, and is running ahead of schedule. Wilson Hall is now largely largely deconstructed.

AVP Powell’s presentation is included as Attachment C.

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BOARD OF TRUSTEES

ROUDEBUSH HALL ROOM 212 Residence Hall Capacity OXFORD, OHIO 45056 (513) 529-6225 MAIN (513) 529-3911 FAX WWW.MIAMIOH.EDU Senior Vice President Creamer addressed residence hall capacity. Current policy requires all students (from outside of fifty miles) to live on campus during their first two years, and with the large Fall 2019 cohort, Miami has arranged for 75 beds off campus to meet demand. Current long-range planning shows lower-sized classes than Fall 2019, well into the future, with no planned expectations for off-campus housing and no plans to change the first two-year residency requirement.

SVP Creamer’s presentation is included as Attachment D.

Final Remarks

Chair Armstrong reiterated the need to be adaptable, and stated time is often the enemy, and delays are not possible, therefore there must be contingency plans in place to rapidly address challenges in the future.

Additional Reports

The following written reports were provided for the Committee’s information and review:

Advancement Update, Attachment E Cash and Investments, Attachment F Lean Project Update, Attachment G

Adjournment

With no more business to come before the Committee, following a motion by Trustee Ridenour, a second by Trustee Budig, and unanimous voice vote, with all in favor, and none opposed, the Committee adjourned at 12:00 p.m.

Theodore O. Pickerill II Secretary to the Board of Trustees

Overall Page 5 of 129 September 19, 2019 Business Session Item 2

Fall Enrollment Revenue Impact

September 19, 2019

Overall Page 6 of 129 September 19, 2019 Projected FY 2020 Undergraduate Instructional Revenue Shortfall

Variance to Incoming Students Budget Residency Mix ($77,668) Relocates, Transfers, ACE ($162,708) Transfer Financial Aid $210,787 Over Estimated Financial Aid Melt ($1,410,798) Continuing Students Lower Cost of Continuing Student Financial Aid $1,736,066 Misc. Forecast Error ($1,307,685) Faster Time to Graduation ($1,305,031) Fewer ACE Students due to Graduation & Transfer ($1,520,494) Over Estimated FSB Fall 16 & Fall 17 ($3,091,253) Total Variance ($6,928,784)

Overall Page 7 of 129 September 19, 2019

Oxford Campus Revenue Trend

Revenue FY20 Projection FY19 Actuals FY18 Actuals Student Tuition & Other Fees $ 443,261,414 $ 437,110,438 $ 431,272,183 Less Tuition Discounts 101,538,095 85,282,752 76,148,615 Net Tuition & Fees 341,723,319 351,827,686 355,123,568 State Appropriations 64,289,270 63,201,498 64,160,554 Other General Fund Revenue 8,224,258 21,073,021 19,708,044 Total General Fund $ 414,236,847 $ 436,102,205 $ 438,992,166 Designated Funds 48,558,294 67,797,066 83,818,603 Restricted Funds 51,376,251 55,922,618 57,333,578 Auxiliary Funds 200,342,589 191,128,866 186,371,712 Total Designated, Restricted and Auxiliary Funds $ 300,277,134 $ 314,848,550 $ 327,523,893 Total Revenues $ 714,513,981 $ 750,950,755 $ 766,516,059

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Fall 2018 Net Instructional Fee Revenue for Oxford Campus First Time Students

Student Type FY14 FY15 FY16 FY17 FY18 FY19 FY20 Budget FY20 Projection First Time $ 43,418,744 $ 48,270,249 $ 48,800,839 $ 49,548,655 $ 50,772,132 $ 48,376,692 $ 52,039,155 $ 50,652,628 First Time Nursing $ - $ - $ - $ - $ - $ 780,200 $ 1,478,222 $ 1,398,772 Transfer $ 3,254,966 $ 3,035,813 $ 2,876,817 $ 3,155,139 $ 2,750,680 $ 2,420,117 $ 2,405,845 $ 3,115,481 Relocates $ 2,036,837 $ 2,314,390 $ 2,934,498 $ 3,744,346 $ 3,966,114 $ 2,851,082 $ 2,889,343 $ 2,503,925 ACE $ 3,095,879 $ 6,175,720 $ 8,553,806 $ 8,261,620 $ 5,039,194 $ 6,010,170 $ 3,304,531 $ 3,005,903 Total $ 51,806,426 $ 59,796,172 $ 63,165,960 $ 64,709,760 $ 62,528,120 $ 60,438,261 $ 62,117,096 $ 60,676,709 Year over Year % Change 15.4% 5.6% 2.4% -3.4% -3.3% 2.8% 0.4%

Overall Page 9 of 129 September 19, 2019

Financial Aid as a Percent of Tuition for Oxford Campus Incoming Class

60.0%

50.0% 51.0%

40.0% 39.0% 36.4% 35.9% 35.2% 35.0% 35.5% 33.4% 29.0% 34.1% 34.1% 30.0% 28.8% 30.0% 28.8% 24.7% 25.8% 24.1% 26.2% 27.1% 25.3% 21.7% 20.2% 23.6% 23.7% 19.4% 24.4% 20.0% 19.4% 20.6% 16.6%17.2% 19.2% 15.8% 16.1% 14.4% 15.7% 14.9% 10.7% 11.4% 10.0% 9.4% 10.7% 9.9% 9.7% 5.7% 3.0% 0.0% Fall 2010 Fall 2011 Fall 2012 Fall 2013 Fall 2014 Fall 2015 Fall 2016 Fall 2017 Fall 2018 Fall 2019 Fall 2019 Budget Projection

Domestic Non Resident International Resident All Students

Overall Page 10 of 129 September 19, 2019 Undergraduate Cohort-Based Financial Aid Assumes Res +3.5%, Non-Res +2.0% for FY20 and +2.0% Res & Non-Res all other years with 0.5% Increased Discount, Classes of 4,300 41% Total Incoming Cohort Total Continuing Cohort $160 $156 $151 $147 $140 $132 $120 $117

$102 $100 $85 Millions $80 $76 $71 $60 $60 $51 $45 $40 $36 $28 $20 $18 $10 $- FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Overall Page 11 of 129 September 19, 2019 Oxford Campus Financial Performance Based on 1st Day Fall 2019 & $64M NIR Goal for FY21 to FY25 Compared to Board Strategic Budget Plan $15 Millions

$10

$5

$0

($5)

($10)

($15) FY20 FY21 FY22 FY23 FY24 FY25 Target Estimate

Overall Page 12 of 129 September 19, 2019 Oxford Campus Long Range Model Assumptions Updated for Fall 2019 & $ 64M NIR Goal for FY21 to FY25 Compared to Board Strategic Budget Plan

FY2020 FY2020 FY2020 FY2021 FY2021 FY2022 FY2022 FY2023 FY2023 FY2024 FY2024 FY2025 FY2025 Target Budget Estimate Target Estimate Target Estimate Target Estimate Target Estimate Target Estimate Enrollment First Time Incoming Class Size 3,820 4,202 4,180 3,820 4,316 3,820 4,252 3,820 4,188 3,820 4,125 3,820 4,062 First Time Nursing Cohort Incoming Class Size 80 98 124 80 80 80 80 80 80 80 80 80 80 Total First Time Incoming Class Size 3,900 4,300 4,304 3,900 4,396 3,900 4,332 3,900 4,268 3,900 4,205 3,900 4,142 % Non Resident 41.0% 41.0% 40.8% 41.0% 40.8% 41.0% 40.8% 41.0% 40.9% 41.0% 40.9% 41.0% 40.9% Relocate Incoming Class Size 178 178 163 178 163 178 163 178 163 178 163 178 163 Transfer Incoming Class Size 200 175 198 200 198 200 198 200 198 200 198 200 198 ACE Incoming Class Size 175 105 99 175 99 175 99 175 99 175 99 175 99 Total Undergraduate Enrollment 16,850 17,231 16,907 16,851 17,196 16,986 17,440 17,039 17,898 16,921 17,888 16,928 17,715 Overall Non Resident Percentage 43.7% 43.5% 43.1% 42.8% 41.8% 42.3% 41.2% 42.4% 41.5% 42.4% 41.2% 42.4% 41.2% Additional Students from Revenue Initiatives 0 0 0 0 0 0 0 345 345 690 690 1,035 1,035 Increased Non Resident Percent 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% First Time Cohort Retention Rates: Term 1 to Term 3 91.9% 91.9% 90.6% 91.9% 91.9% 91.9% 91.9% 91.9% 91.9% 91.9% 91.9% 91.9% 91.9% Term 1 to Term 5 86.6% 86.6% 81.6% 86.6% 86.7% 86.6% 86.7% 86.6% 86.7% 86.6% 86.7% 86.6% 86.7% Term 1 to Term 7 83.3% 83.3% 81.3% 83.3% 83.5% 83.3% 83.5% 83.3% 83.5% 83.3% 83.5% 83.3% 83.5% Revenue UG Tuition Promise New Cohort - Non-Resident 2.0% 3.0% 3.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% UG Tuition Promise New Cohort - Resident 1.4% 3.5% 3.5% 1.4% 2.0% 1.4% 2.0% 1.4% 2.0% 1.4% 2.0% 1.4% 2.0%

UG Continuing Students - Non-Resident 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% UG Continuing Students - Resident 0.0% 2.0% 2.0% 0.0% 2.0% 0.0% 2.0% 0.0% 2.0% 0.0% 2.0% 0.0% 2.0%

UG Cohort Discount Rate Growth 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%

Cross Campus Activity $5.1M $5.1M $5.1M $5.1M $5.1M $5.1M $5.1M $5.1M $5.1M $5.1M $5.1M $5.1M $5.1M Cross Campus Nursing Activity $300K $564K $566K $900K $900K $1.6M $1.6M $1.6M $1.6M $1.6M $1.6M $1.6M $1.6M

GR Students - Non-Resident 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% GR Students - Resident 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%

State Support 0.0% -0.5% 1.0% 0.0% 2.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Other Student Charges & Other Revenue 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Expense Salary & Benefit Increment 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Health Care Trend 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Salary Equity & Benefits $1.4M $1.4M $1.4M 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% University Advancement Campaign Support $2.6M $2.6M $2.6M 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Budgeted Vacancy to Balance Divisional Budgets ($13.2M) ($18.7M) ($18.7M) ($13.4M) ($13.4M) ($13.5M) ($13.5M) ($13.7M) ($13.7M) ($13.8M) ($13.8M) ($14.0M) ($14.0M) Utilities Trend 0.0% 0.0% 0.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% Support Expense Inflation 0.0% 1.0% 1.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Productivity & Reallocation & Initiatives Administrative Productivity Savings -1.5% -1.5% -1.5% -1.5% -3.0% -1.5% -3.0% -1.5% -1.5% -1.5% -1.5% 0.0% 0.0% Provost Offices Productivity Savings -1.5% -1.5% -1.5% -1.5% -3.0% -1.5% -3.0% -1.5% -1.5% -1.5% -1.5% 0.0% 0.0% Academic Dean's Offices Productivity Savings -1.5% -1.5% -1.5% -1.5% -3.0% -1.5% -3.0% -1.5% -1.5% -1.5% -1.5% 0.0% 0.0% Auxiliary Productivity Savings -2.0% -2.0% -2.0% -2.0% -4.0% -2.0% -4.0% -2.0% -2.0% -2.0% -2.0% 0.0% 0.0% Scholarship Offsets from Fundraising $99K $ - $ - $1.2M $1.2M $2.2M $2.2M $3.3M $3.3M $4.5M $4.5M $4.5M $4.5M Net Revenue Initiative Targets $ - $ - $ - $ - $ - $4.8M $4.8M $11.7M $11.7M $14M $14M $14M $14M Academic Reallocation Assessment 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 0.0% 0.0% Overall Page 13 of 129 September 19, 2019 Oxford Campus Financial Performance Based on 1st Day Fall 2019 & $64M NIR Goal for FY21 to FY25 Compared to Board Strategic Budget Plan

FY 2020 FY 2020 FY2021 FY2022 FY 2023 FY2023 FY 2024 FY2024 FY 2025 FY2025 FY 2020 Target Budget Estimate FY 2021 Target Estimate FY 2022 Target Estimate Target Estimate Target Estimate Target Estimate Revenue Undergraduate Net Instructional Revenue UG Total Instructional Fee $360,125,257 $366,661,132 $359,911,756 $365,123,288 $372,479,154 $369,458,297 $384,973,886 $377,761,226 $401,816,717 $383,113,709 $407,977,232 $387,822,401 $409,542,999 Incoming Class Base Financial Aid $26,740,556 $29,714,122 $29,843,838 $27,732,381 $37,521,927 $28,657,227 $38,232,904 $29,598,114 $38,915,774 $30,555,331 $39,595,742 $31,529,167 $40,274,838 Increased Price Incoming Class Financial Aid $467,430 $1,199,409 $1,119,529 $483,190 $750,439 $499,232 $764,658 $515,560 $778,315 $532,180 $791,915 $549,097 $805,497 Icreased Discount Incoming Class $531,900 $4,657,420 $5,821,514 $449,160 $483,168 $449,160 $457,846 $449,160 $460,320 $449,160 $456,062 $449,160 $458,397 Returning Student Financial Aid $79,299,882 $80,891,569 $79,352,370 $84,636,574 $92,781,971 $89,127,038 $106,714,917 $91,788,277 $119,797,704 $94,577,063 $123,035,989 $97,332,174 $125,288,988 UG Total Financial Aid $107,039,768 $116,462,520 $116,137,251 $113,301,305 $131,537,505 $118,732,657 $146,170,325 $122,351,111 $159,952,113 $126,113,734 $163,879,708 $129,859,598 $166,827,720 UG Total Net Instructional Revenue $253,085,489 $250,198,612 $243,774,505 $251,821,983 $240,941,648 $250,725,640 $238,803,561 $255,410,115 $241,864,604 $256,999,975 $244,097,524 $257,962,803 $242,715,279 Graduate Net Instructional Revenue GR Total Instructional Fee $30,033,081 $29,159,317 $29,159,317 $30,633,743 $30,633,743 $31,128,831 $31,128,831 $31,633,821 $31,633,821 $32,266,497 $32,266,497 $32,791,889 $32,791,889 GR Total Financial Aid $23,093,162 $24,133,713 $24,133,713 $23,500,774 $23,500,774 $23,916,539 $23,916,539 $24,340,619 $24,340,619 $24,773,181 $24,773,181 $25,214,393 $25,214,393 GR Total Net Instructional Revenue $6,939,919 $5,025,604 $5,025,604 $7,132,968 $7,132,968 $7,212,292 $7,212,292 $7,293,202 $7,293,202 $7,493,317 $7,493,317 $7,577,495 $7,577,495 Total Net Instructional Revenue Total Instructional Fee $390,158,338 $395,820,449 $389,071,073 $395,757,031 $403,112,896 $400,587,128 $416,102,717 $409,395,046 $433,450,538 $415,380,206 $440,243,729 $420,614,290 $442,334,888 Total Financial Aid $130,132,930 $140,596,233 $140,270,964 $136,802,080 $155,038,280 $142,649,196 $170,086,864 $146,691,730 $184,292,732 $150,886,914 $188,652,889 $155,073,991 $192,042,113 Total Net Instructional Revenue $260,025,408 $255,224,216 $248,800,109 $258,954,951 $248,074,617 $257,937,932 $246,015,853 $262,703,317 $249,157,806 $264,493,292 $251,590,840 $265,540,299 $250,292,774 Other Student Revenue UG General Fees $48,080,537 $48,853,678 $48,349,001 $48,997,613 $48,997,613 $49,792,492 $49,792,492 $50,689,135 $50,689,135 $51,176,312 $51,176,312 $51,893,398 $51,893,398 GR General Fees $3,186,425 $3,164,838 $3,164,838 $3,250,153 $3,250,153 $3,315,156 $3,315,156 $3,381,459 $3,381,459 $3,449,089 $3,449,089 $3,518,070 $3,518,070 State Support $64,007,384 $64,289,270 $64,289,270 $64,007,384 $65,287,532 $64,007,384 $65,287,532 $64,007,384 $65,287,532 $64,007,384 $65,287,532 $64,007,384 $65,287,532 Investment Income $6,390,000 $6,390,000 $6,390,000 $6,390,000 $6,390,000 $6,390,000 $6,390,000 $6,390,000 $6,390,000 $6,390,000 $6,390,000 $6,390,000 $6,390,000 Other Student Charges $2,676,500 $2,676,500 $2,676,500 $2,676,500 $2,676,500 $2,676,500 $2,676,500 $2,676,500 $2,676,500 $2,676,500 $2,676,500 $2,676,500 $2,676,500 All other Revenue $1,834,258 $1,834,258 $1,834,258 $1,834,258 $1,834,258 $1,834,258 $1,834,258 $1,834,258 $1,834,258 $1,834,258 $1,834,258 $1,834,258 $1,834,258 Total Revenue Sources $386,200,513 $382,432,760 $375,503,976 $386,110,859 $376,510,673 $385,953,721 $375,311,791 $391,682,053 $379,416,690 $394,026,834 $382,404,530 $395,859,909 $381,892,533 Expense Salaries $206,529,881 $207,305,913 $207,305,913 $211,968,863 $211,968,863 $216,505,326 $216,505,326 $221,139,995 $221,139,995 $225,874,959 $225,874,959 $230,712,378 $230,712,378 Budgeted Divisional Salary & Benefit Vacancy ($13,238,486) ($18,755,380) ($18,755,380) ($13,381,314) ($13,381,314) ($13,526,999) ($13,526,999) ($13,675,597) ($13,675,597) ($13,827,167) ($13,827,167) ($13,981,769) ($13,981,769) Promotion & Tenure and Market Adjustments $273,625 $1,383,625 $1,383,625 $279,098 $279,098 $284,680 $284,680 $290,373 $290,373 $296,181 $296,181 $302,104 $302,104 Health Care $30,871,535 $30,305,918 $30,305,918 $32,719,003 $32,719,003 $33,946,392 $33,946,392 $35,223,928 $35,223,928 $36,553,636 $36,553,636 $37,937,625 $37,937,625 Other Benefits $43,426,208 $43,904,208 $43,904,208 $43,561,884 $43,561,884 $43,991,963 $43,991,963 $44,427,023 $44,427,023 $44,867,126 $44,867,126 $45,312,335 $45,312,335 Utilities $13,581,907 $13,360,064 $13,360,064 $13,989,364 $13,989,364 $14,409,045 $14,409,045 $14,841,316 $14,841,316 $15,286,556 $15,286,556 $15,745,153 $15,745,153 Non-Personnel Expenses $35,141,920 $32,912,795 $32,912,795 $38,553,913 $38,553,913 $39,324,991 $39,324,991 $40,111,491 $40,111,491 $40,913,721 $40,913,721 $41,731,995 $41,731,995 Capital Expense $5,480,000 $5,480,000 $5,480,000 $5,480,000 $5,480,000 $5,480,000 $5,480,000 $5,480,000 $5,480,000 $5,480,000 $5,480,000 $5,480,000 $5,480,000 Other Transfers $7,434,045 $7,669,033 $7,669,033 $7,434,045 $7,434,045 $7,434,045 $7,434,045 $7,434,045 $7,434,045 $7,434,045 $7,434,045 $7,434,045 $7,434,045 Debt Service $7,130,867 $6,779,323 $6,779,323 $7,117,581 $7,117,581 $7,112,037 $7,112,037 $7,089,348 $7,089,348 $7,090,636 $7,090,636 $6,908,077 $6,908,077 General Fee Allocation $50,785,410 $51,876,802 $51,876,802 $51,766,722 $51,766,722 $52,626,604 $52,626,604 $53,589,551 $53,589,551 $54,144,357 $54,144,357 $54,930,425 $54,930,425 Sub-Total Expense $387,416,912 $382,222,302 $382,222,302 $399,489,160 $399,489,160 $407,588,085 $407,588,085 $415,951,473 $415,951,473 $424,114,049 $424,114,049 $432,512,368 $432,512,368 Non Academic Affairs Commitments & Investments $4,041,034 $3,872,204 $3,872,204 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Expense $391,457,946 $386,094,506 $386,094,506 $399,489,160 $399,489,160 $407,588,085 $407,588,085 $415,951,473 $415,951,473 $424,114,049 $424,114,049 $432,512,368 $432,512,368 Surplus / (Deficit) ($5,257,433) ($3,661,746) ($10,590,530) ($13,378,300) ($22,978,487) ($21,634,363) ($32,276,294) ($24,269,420) ($36,534,783) ($30,087,215) ($41,709,518) ($36,652,459) ($50,619,836) Administrative Productivity Savings $1,743,517 $2,596,808 $2,596,808 $3,460,880 $5,178,244 $5,152,484 $8,561,451 $6,818,713 $10,227,680 $8,459,949 $11,868,916 $8,459,949 $11,868,916 Provost Offices Productivity Savings $490,411 $490,411 $490,411 $973,465 $1,456,520 $1,449,274 $2,408,138 $1,917,946 $2,876,809 $2,379,587 $3,338,451 $2,379,587 $3,338,451 Academic Dean's Offices Productivity Savings $207,462 $207,462 $207,462 $411,811 $616,161 $613,095 $1,018,729 $811,361 $1,216,995 $1,006,652 $1,412,286 $1,006,652 $1,412,286 Auxiliary Productivity Savings $610,429 $610,429 $610,429 $1,213,329 $1,816,230 $1,808,948 $3,007,467 $2,397,524 $3,596,043 $2,979,296 $4,177,815 $2,979,296 $4,177,815 Scholarship Offsets from Fundraising $99,232 $0 $0 $1,181,225 $1,181,225 $2,241,065 $2,241,065 $3,331,385 $3,331,385 $4,500,000 $4,500,000 $4,500,000 $4,500,000 Net Revenue Initiative Targest $0 $0 $0 $0 $0 $4,777,288 $4,777,288 $11,744,219 $11,744,219 $13,999,447 $13,999,447 $13,999,447 $13,999,447 Administrative Vacancy & Benefits (Capital Spending) $5,000,000 $5,000,000 $5,000,000 $5,000,000 $5,000,000 $0 $0 $0 $0 $0 $0 $0 $0 Academic Vacancy & Benefits ($30.4 million) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Redirect Classroom Enhancement $2,500,000 $2,500,000 $2,500,000 $2,500,000 $2,500,000 $0 $0 $0 $0 $0 $0 $0 $0 Surplus/(Deficit) after Applied Savings $12,893,616 $7,743,364 $814,580 $1,362,411 ($5,230,107) ($5,592,209) ($10,262,156) $2,751,728 ($3,541,652) $3,237,717 ($2,412,603) ($3,327,527) ($11,322,920) Overall Page 14 of 129 September 19, 2019 Oxford Campus FY20 Financial Performance Based on 1st Day of Fall 2019 Compared to Board Strategic Budget Plan

Estimate FY 2020 FY 2020 Compared to FY 2020 Target Budget Estimate Budget Revenue Undergraduate Net Instructional Revenue UG Total Instructional Fee $360,125,257 $366,661,132 $359,911,756 ($6,749,376) Incoming Class Base Financial Aid $26,740,556 $29,714,122 $29,843,838 $129,716 Increased Price Incoming Class Financial Aid $467,430 $1,199,409 $1,119,529 ($79,880) Icreased Discount Incoming Class $531,900 $4,657,420 $5,821,514 $1,164,094 Returning Student Financial Aid $79,299,882 $80,891,569 $79,352,370 ($1,539,199) UG Total Financial Aid $107,039,768 $116,462,520 $116,137,251 ($325,269) UG Total Net Instructional Revenue $253,085,489 $250,198,612 $243,774,505 ($6,424,107) Graduate Net Instructional Revenue GR Total Instructional Fee $30,033,081 $29,159,317 $29,159,317 $0 GR Total Financial Aid $23,093,162 $24,133,713 $24,133,713 $0 GR Total Net Instructional Revenue $6,939,919 $5,025,604 $5,025,604 $0 Total Net Instructional Revenue Total Instructional Fee $390,158,338 $395,820,449 $389,071,073 ($6,749,376) Total Financial Aid $130,132,930 $140,596,233 $140,270,964 ($325,269) Total Net Instructional Revenue $260,025,408 $255,224,216 $248,800,109 ($6,424,107) Other Student Revenue UG General Fees $48,080,537 $48,853,678 $48,349,001 ($504,677) GR General Fees $3,186,425 $3,164,838 $3,164,838 $0 State Support $64,007,384 $64,289,270 $64,289,270 $0 Investment Income $6,390,000 $6,390,000 $6,390,000 $0 Other Student Charges $2,676,500 $2,676,500 $2,676,500 $0 All other Revenue $1,834,258 $1,834,258 $1,834,258 $0 Total Revenue Sources $386,200,513 $382,432,760 $375,503,976 ($6,928,784) Expense Salaries $206,529,881 $207,305,913 $207,305,913 $0 Budgeted Divisional Salary & Benefit Vacancy ($13,238,486) ($18,755,380) ($18,755,380) $0 Promotion & Tenure and Market Adjustments $273,625 $1,383,625 $1,383,625 $0 Health Care $30,871,535 $30,305,918 $30,305,918 $0 Other Benefits $43,426,208 $43,904,208 $43,904,208 $0 Utilities $13,581,907 $13,360,064 $13,360,064 $0 Non-Personnel Expenses $35,141,920 $32,912,795 $32,912,795 $0 Capital Expense $5,480,000 $5,480,000 $5,480,000 $0 Other Transfers $7,434,045 $7,669,033 $7,669,033 $0 Debt Service $7,130,867 $6,779,323 $6,779,323 $0 General Fee Allocation $50,785,410 $51,876,802 $51,876,802 $0 Sub-Total Expense $387,416,912 $382,222,302 $382,222,302 $0 Non Academic Affairs Commitments & Investments $4,041,034 $3,872,204 $3,872,204 $0 Total Expense $391,457,946 $386,094,506 $386,094,506 $0 Surplus / (Deficit) ($5,257,433) ($3,661,746) ($10,590,530) ($6,928,784) Administrative Productivity Savings $1,743,517 $2,596,808 $2,596,808 $0 Provost Offices Productivity Savings $490,411 $490,411 $490,411 $0 Academic Dean's Offices Productivity Savings $207,462 $207,462 $207,462 $0 Auxiliary Productivity Savings $610,429 $610,429 $610,429 $0 Scholarship Offsets from Fundraising $99,232 $0 $0 $0 Net Revenue Initiative Targest $0 $0 $0 $0 Administrative Vacancy & Benefits (Capital Spending) $5,000,000 $5,000,000 $5,000,000 $0 Academic Vacancy & Benefits ($30.4 million) $0 $0 Redirect Classroom Enhancement $2,500,000 $2,500,000 $2,500,000 $0 Prior Savings Brought Forward $7,500,000 $0 $0 $0 Surplus/(Deficit) after Applied Savings $12,893,616 $7,743,364 $814,580 ($6,928,784) Overall Page 15 of 129 September 19, 2019

Fall 2018 Net Instructional Revenue for Regional Campuses First-Time Students

Student Type FY14 FY15 FY16 FY17 FY18 FY19 FY20 Budget FY20 Actuals First Time* $ 5,991,917 $ 5,834,799 $ 4,926,223 $ 4,536,613 $4,602,035$ 3,588,256 $ 3,968,650 $ 3,823,698 Transfer $ 1,557,003 $ 1,157,434 $ 1,105,071 $ 1,228,367 $1,477,495 $1,174,293$ 1,322,564 $ 1,381,734 Relocate $ 304,732 $ 373,081 $ 253,372 $ 306,955 $111,943 $208,466$ 155,542 $ 20,901 ELC $ 410,256 $ 887,040 $ 1,208,592 $ 1,241,856 $1,036,374 $1,579,490 $ 1,657,818 $ 1,654,679 Subtotal NIR from New Students $ 8,263,908 $ 8,252,354 $ 7,493,258 $ 7,313,791 $7,227,847 $6,550,505 $7,104,573$ 6,881,012 Cross Campus True Up $ 2,520,512 $ 3,176,681 $ 3,730,302 $ 4,353,611 $5,298,022 $5,099,985 $5,099,985 $5,099,985 Cross Campus - Nursing $ - $ - $ - $ - $0 $183,953 $565,813 $565,813 Total New Resources $ 10,784,420 $ 11,429,035 $ 11,223,560 $ 11,667,402 $12,525,869 $11,834,443 $12,770,371 $12,546,809.79 Year over Year % Change 6.0% -1.8% 4.0% 7.4% -5.5% 7.9% 6.0% Blended tuition Change 2.2% 2.0% 1.0% 1.0% 0.6% -2.8% 3.3% 3.3% % Non Residency - Headcount 2.4% 5.4% 8.2% 7.5% 7.5% 11.6% 11.6% 13.0%

Overall Page 16 of 129 Business Session September 19, 2019 Item 3

Board of Trustees September 2019

Overall Page 17 of 129 September 19, 2019

University Advancement Report Tom Herbert, J.D. Senior Vice President, University Advancement President, Miami University Foundation

Overall Page 18 of 129 September 19, 2019 $1B Campaign Progress Report

» Goal: $1 billion

» Raised to date: $346.3 million (35% of goal)

Overall Page 19 of 129 September 19, 2019 $1B Campaign Progress Report

$1,000,000,000

$800,000,000

$600,000,000

$400,000,000 $346,300,000 $200,000,000

$-

Overall Page 20 of 129 September 19, 2019 FY’19 Fundraising

» Goal: $100 million

» Raised: $62.8 million (63% of goal)

Overall Page 21 of 129 September 19, 2019 FY’19 Cash Received – Overall

» FY17: $38.8 million (3rd best year)

» FY18: $35.8 million

» FY19: $39.5 million (2nd best year)

Overall Page 22 of 129 September 19, 2019 FY’19 Cash Received – to Endowment

» FY17: $18.0 million

» FY18: $15.5 million

» FY19: $17.9 million

Overall Page 23 of 129 September 19, 2019 Pooled Investment Fund Distribution of Values for 10- & 5-Year Horizons (Base Case Assumptions)

Accumulated PIF Market Value Scenarios ($ millions) 2,025 2,000

1,500 1,379 1,261 Percentile -2sd -1sd 1,000 957 942 Median +1sd 722 645 +2sd 548 500 415 446 Accumulated Value ($ millions) ($ Value Accumulated

0 5 10 Year

Using base case assumptions, the median market value projection for PIF market value is $942 million in 10 years. A $1.0 billion target would be exceeded sometime in Year 11.

Overall Page 24 of 129 September 19, 2019 Pooled Investment Fund Base Case Assumptions

Accumulated Values (Less Spending & Admin Expense) Existing Assets Only Existing Assets and New Contributions 2000

1500 Percentile +2sd +1sd Median 1000 -1sd -2sd

Accumulated Value ($ millions) ($ Value Accumulated 500 GFC GFC 0 1 2 3 4 5 6 7 8 9 10 0 1 2 3 4 5 6 7 8 9 10 Year

The black line on both charts traces the historical path of the Great Financial Crisis (GFC).

Overall Page 25 of 129 September 19, 2019 Principal Gift Performance

» FY17: 1 ask ($40 million), 2 received ($45 million)

» FY18: 3 asks ($55.1 million), 2 received ($35.1 million)

» FY19: 11 asks ($76 million), 1 received ($6 million)

Overall Page 26 of 129 September 19, 2019 National Fundraising Trends

Trends for Fundraising to Higher Education FY19 – **Blackbaud

» Overall Fundraising production was flat compared to results from FY18

» Cash production was down by 5% (Miami was up 13%)

» Donors were down by 3% (Miami was down by 7%) * Phonathon

» Annual Giving was up by 1% (Miami was up by 8%)

Overall Page 27 of 129 September 19, 2019 National Fundraising Trends

Trends for Fundraising to Higher Education FY19 – **Blackbaud

» Solicitations were down up by 1% (Miami was up by 18.5%)

» Major Gifts ($50k+) received decreased by 4% (Miami was up by 27%)

Overall Page 28 of 129 September 19, 2019 FY’20 Fundraising To Date

» Goal: $100 million

» Raised to date: $6.3 million (6% of goal)

» Solicitation activity in FY20: » 23 asks of $1M+ ($63 million) » 294 asks of <$1M ($34 million) » In addition, expected close on $63 million of previous asks

Overall Page 29 of 129 September 19, 2019 Farmer School of Business Campaign

» Seven year campaign for $250 million

» Timeline: July 1, 2016 – June 30, 2023

» Time line extended

» Raised to date: $67.3 million

» Cash received: $20.9 million

Overall Page 30 of 129 September 19, 2019 #MoveInMiami

» Day of Giving: held on “Move In Day” for incoming class

» Sixth year – grown annually in gifts and amount raised

» Gifts: 4,731 (goal: 2,023)

» Raised: $2,132,892

» Donors from 50 states and 5 countries

» 8 million social media impressions

Overall Page 31 of 129 September 19, 2019 University Advancement Report

Questions?

Overall Page 32 of 129 September 19, 2019 Thank you!

Overall Page 33 of 129 September 19, 2019 Business Session Item 4

RESOLUTION R2018-xx

WHEREAS, Miami University has identified the need to grow health science enrollments in the future through expanded program offerings on the Oxford Campus; and

WHEREAS, the University continues to experience increased demand for the newly offered nursing program on the Oxford Campus; and

WHEREAS, the Boldly Creative initiative has awarded funding to establish a Physician’s Assistant program that is expected to enroll its first class in June of 2022 but facilities essential to this new program do not currently exist; and

WHEREAS, a comprehensive facility programming effort was completed earlier this year and identified value in co-locating academic programs and administrative services with similar clinical requirements in the same neighborhood on campus; and

WHEREAS, it is the recommendation of the planning committee that the new Health Science facility house academic programs in Nursing, a Physician’s Assistant program, and Speech Pathology and Audiology as well as the existing health services provided to students and employees at the current Health Services Center that absent these services being included in the new facility will require its existing facility to be expanded and improved to meet the current demand for these services; and

WHEREAS, the new Health Science facility is expected to be constructed near Phillips Hall, home of Kinesiology and Health, the Recreational Sports Center, and Goggin Ice Center with the expectation that its close proximity to these existing health and fitness services will support improved collaboration, inter-professional learning, a theme of holistic human health, and a vision of a new University health district; and

WHEREAS, the new facility needs to be substantially complete by early summer of 2022 to receive the initial cohort for the Physician Assistants program; and

WHEREAS, Miami University has determined that reduced costs, speed of implementation, and coordination may be gained by using the Design Build project delivery method for this project; and

WHEREAS, Miami University has identified funds in the amount of $4,500,000 to advance the design, cost estimating, early site development, and preconstruction services required to develop a Guaranteed Maximum Price (GMP) for the new facility and all enabling projects; and

WHEREAS, the Board of Trustees desires to award a contract to the most responsive and responsible Design Builder;

NOW, THEREFORE, BE IT RESOLVED: that the Board of Trustees authorizes the

Overall Page 34 of 129 September 19, 2019

Senior Vice President for Finance and Business Services and Treasurer, to proceed with the award of a contract for the preconstruction phase of a new Health Science facility which includes planning, design, estimating and all related preconstruction services necessary to prepare the Guaranteed Maximum Price (GMP) for a budget not to exceed $4,500,000.

Executive Summary for the Health Science Facility September 19, 2019

The recent strategic planning effort identified growth in health science fields as a priority for the University. The U.S. Department of Labor’s Bureau of Labor Statistics and Ohio’s Department of Job and Family Services 2026 Employment Projections identify health care professions “to be among the fastest growing occupational groups during the 2016-2026 decade.”

Nursing prior to fall 2018 was available only to students on the Hamilton and Middletown campuses. An initial cohort of about 40 students grew to about 80 students this fall. Applications have remained very strong for nursing on the Oxford Campus but the current facilities limit enrollment for each cohort to about 80 students. In concert with the Boldly Creative award to establish a Physician’s Assistant (PA) program, a consultant has been hired to assist in developing the new PA program and to assist in defining the facility needs for this new program. To better understand the implications across existing and planned health science programs, a facility planning committee was appointed by President Crawford and Provost Callahan with representatives from programs and departments across the university to define the impact of these new or expanded programs on current facilities and to understand their future facility needs. The committee during this process also identified synergies among several current programs and common goals including a focus on holistic human health and a desire for students to have an inter-professional experience.

The affected academic programs include Nursing, Physician’s Assistant, Speech Pathology and Audiology and also the University’s existing student and employee Health Services Center. In addition, the committee stressed the importance of collaboration and inter- professional opportunities across several fields not currently planned to be located within the new facility, such as Kinesiology and Health. Evaluating the site analysis data and future program goals resulted in an optimal building site near Phillips Hall, the South Campus Parking Garage, the Recreational Sports Center, and the Goggin Ice Center. This site also offers a vision for a new health district on the campus.

The building is expected to be around 170,000 gross square feet in size and offer state of the art lab and classroom opportunities for students and faculty. Construction is expected to begin in the late spring or early summer of 2020 and be completed by early summer of 2022. The preliminary estimate of the total cost of the project is $96 million. The $4.5 million in planning

Overall Page 35 of 129 September 19, 2019

costs has already been funded from end of the year funding from fiscal year 2018. Sources of funding for the project need to be finalized but the identified sources are summarized below with a detailed cost estimate for the project.

Project component: Budget:

Est. Design and Administration: $ 6,000,000 Est. Cost of Work: $ 76,000,000 Est. Owner’s Costs: $ 7,000,000 Est. Contingency: $ 7,000,000

Est. Total: $ 96,000,000

Estimated Sources of Funding for the Project

State Capital Appropriation $20-25 Million Tri-Health Contract $ 3 Million Existing Project Planning Funds $ 4.5 Million Existing Funds for Health Center Renovation $ 4.5 Million Facility Naming $ 0-35 Million Sponsorship and Other Naming Opportunities $ 0-10 Million Carry Forward or Other Local Funds $10-30 Million Debt (To fund all unidentified sources and possible delays in cash flow from donations.) $ 0-50 Million

Overall Page 36 of 129 September 19, 2019Business Session Item 5a

Miami University Preliminary & Unaudited

Statement of Net Position June 30, 2019

Miami University University Foundation Assets Current assets: Cash and cash equivalents $ 120,762,695 $ 85,063,956 $ 19,662,995 $ 25,392,063 Investments 565,197,303 609,414,007 - - Accounts, pledges and notes receivable, net 46,184,396 39,963,187 7,463,903 10,099,270 Inventories 2,870,780 2,104,264 - - Prepaid expenses and deferred charges 7,047,808 5,951,811 - - Total current assets 742,062,982 742,497,225 27,126,898 35,491,333

Noncurrent assets: Restricted cash and cash equivalents - - 28,606,316 38,890,913 Investments 227,443,315 214,570,268 510,216,831 479,128,668 Pledges and notes receivable, net 2,830,217 4,476,819 37,991,461 33,598,459 Net pension asset 754,576 932,331 - - Net OPEB asset 12,479,291 - - - Nondepreciable capital assets 190,063,050 212,690,690 - - Depreciable capital assets, net 1,216,215,428 1,143,034,911 - - Total noncurrent assets 1,649,785,877 1,575,705,019 576,814,608 551,618,040

Total assets 2,391,848,859 2,318,202,244 603,941,506 587,109,373

Deferred outflows of resources: Pensions (Note 7) 95,697,715 85,137,323 - - OPEB (Note 9) 8,516,573 7,538,525 - - Total deferred outflows of resources 104,214,288 92,675,848 - -

Total assets and deferred outflows of resources $ 2,496,063,147 $ 2,410,878,092 $ 603,941,506 $ 587,109,373

Liabilities Current liabilities: Accounts payable $ 45,589,154 $ 43,133,945 $ 16,359,967 $ 14,824,742 Accrued salaries and wages 17,458,051 16,833,530 - - Accrued compensated absences 1,148,044 1,378,778 - - Unearned revenue 12,185,508 12,719,075 - - Deposits 12,566,882 12,528,992 - - Current portion of long-term debt 31,965,000 31,576,900 - - Other current liabilities 756,000 801,322 559,555 575,605 Total current liabilities 121,668,639 118,972,542 16,919,522 15,400,347

Noncurrent liabilities: Accrued compensated absences 16,550,482 16,844,230 - - Bonds payable 625,401,750 659,571,273 - - Capital leases payable 1,760,000 2,030,400 - - Federal Perkins loan program 3,541,184 3,286,642 - - Net pension liability 338,369,996 287,503,227 - - Net OPEB liability 81,146,319 103,125,893 - - Other noncurrent liabilities - - 232,039,646 219,538,526 Total noncurrent liabilities 1,066,769,731 1,072,361,665 232,039,646 219,538,526

Total liabilities 1,188,438,370 1,191,334,207 248,959,168 234,938,873

Deferred inflows of resources: Deferred gains on refunding 972,577 1,129,178 - - Deferred inflow of resources-beneficial interest asset 1,945,703 - Pensions (Note 7) 20,229,222 32,776,930 - - OPEB (Note 9) 26,177,808 9,309,416 - - Total deferred inflows of resources 49,325,310 43,215,524 - -

Net position: Net investment in capital assets 748,382,991 710,249,204 - - Restricted: Nonexpendable 98,579,365 95,227,028 232,365,937 222,823,834 Expendable 62,282,531 60,502,813 121,962,250 128,722,442 Unrestricted 349,054,580 310,349,316 654,151 624,224 Total net position 1,258,299,467 1,176,328,361 354,982,338 352,170,500

Total liabilities, deferred inflows and net position $ 2,496,063,147 $ 2,410,878,092 $ 603,941,506 $ 587,109,373

Overall Page 37 of 129 September 19, 2019

Miami University Preliminary & Unaudited

Statement of Revenues, Expenses, and Changes in Net Position Year Ended June 30, 2019

Miami University University Foundation Operating revenues: Tuition, fees, and other student charges $ 488,243,873 $ 481,191,179 $ - $ - Less allowance for student scholarships (103,955,232) (97,323,070) - - Net tuition, fees, and other student charges 384,288,641 383,868,109 - -

Sales and services of auxiliary enterprises 150,926,974 147,078,612 - - Less allowance for student scholarships (6,004,377) (6,158,476) - - Net sales and services of auxiliary enterprises 144,922,597 140,920,136 - -

Federal contracts 10,599,542 12,321,439 Gifts - - 5,631,506 2,530,746 Sales and services of educational activities 2,116,766 2,800,536 - - Private contracts 3,211,478 2,911,860 - - State contracts 1,559,783 1,314,275 - - Local contracts 115,640 99,969 - - Other 10,744,680 7,459,435 - - Total operating revenues 557,559,127 551,695,759 5,631,506 2,530,746

Operating expenses: Education and general: Instruction and departmental research 198,420,050 193,025,497 - - Separately budgeted research 13,390,702 13,037,342 - - Public service 2,758,126 2,721,144 - - Academic support 63,369,118 61,220,103 - - Student services 29,328,030 28,602,177 - - Institutional support 64,670,363 60,056,595 - - Operation and maintenance of plant 31,264,169 32,666,090 - - Scholarships and fellowships 28,734,070 20,394,297 - - Auxiliary enterprises 107,146,643 113,971,797 - - Depreciation 63,612,855 59,810,051 - - Pension and other postemployment benefit (revenue) expense 9,367,904 (74,846,709) Other 14,031,636 10,460,266 - - Total operating expenses 626,093,666 521,118,650 - - Net operating loss (68,534,539) 30,577,109 5,631,506 2,530,746

Non-operating revenues (expenses): State appropriations 76,276,523 76,832,481 - - Gifts, including those from the University Foundation 26,035,250 27,265,739 - - Federal grants 18,191,801 18,275,929 - - Net investment income, net of investment expense of $2,342,028 for the University and $3,125,104 for the Foundation in FY19 27,603,820 29,763,586 8,391,753 16,171,401 $2,602,537 for the University and $3,293,612 for the Foundation in FY18 State grants 1,607,022 1,671,412 - - Interest on debt (26,171,889) (26,725,463) - - Payments to Miami University - - (23,092,749) (18,181,165) Other non-operating revenues (expenses) (2,930,588) 2,914,746 (102,483) (80,027) Net non-operating revenues (expenses) 120,611,939 129,998,430 (14,803,479) (2,089,791)

Income before other revenues, expenses, and gains or losses 52,077,400 160,575,539 (9,171,973) 440,955

Other revenues, expenses, gains or losses: State capital appropriation 20,308,351 16,432,808 - - Capital grants and gifts 7,958,468 4,895,331 - - Additions to permanent endowments 1,626,887 2,644,228 11,983,811 12,346,397 Total other revenues, expenses, gains, or losses 29,893,706 23,972,367 11,983,811 12,346,397

Change in net position 81,971,106 184,547,906 2,811,838 12,787,352

Total net position at beginning of year, as restated 1,176,328,361 991,780,455 352,170,500 339,383,148

Total net position at end of year $ 1,258,299,467 $ 1,176,328,361 $ 354,982,338 $ 352,170,500

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September 19, 2019 Finance and Audit Committee

Miami University Financial Highlights Year Ended June 30, 2019 Finance and Audit Committee

UNRESTRICTED GENERAL FUND SUMMARY A majority of the university operations flow through the unrestricted general fund. In FY19, general fund revenues were $481.5 million of the $756.8 million in total revenues. The narrative section of the report is followed by a schedule summarizing all university operating budget results and detailed schedules for the general fund budget results for each campus. The general fund highlights are as follows:

• Net general fund revenues for all three campuses and the Voice of America Learning Center (VOALC) were $481.5 million, exceeding the original budget of $467.8 million by $13.6 million (2.9%). Total net revenues on the Oxford campus were $436.1 million, or $12.3 million (2.9%) higher than the $423.8 million budget. Total net revenues for Hamilton were $25.8 million, or $1.0 million (4.25%) above the $24.8 million budget. Total net revenues for the Middletown campus were $19.5 million, $297,392 (1.6%) above the budget. Total revenues for the VOALC were $25,730, or $9,270 below budget. • General Fund investment income was $13.6 million above budget which accounted for 111% of the revenue surplus. The performance supported a year-end transfer to the reserve for investment fluctuations. • General fund expenses before transfers and year-end adjustments for all three campuses and the VOALC were $375.4 million, or $7.7 million (2.0%) below the $383.1 million budget. Total expenses on the Oxford campus were $331.6 million, or $7.6 million (2.2%) below the $339.2 million budget. Total expenses for Hamilton were $24.2 million, or $9,425 (0.01%) below the $24.2 million budget. Total expenses for Middletown were $19.0 million, or $42,591 (0.2%) below the $19.0 million budget. Total expenses for the VOALC were $645,987, or $24,154 below the $670,141 budget. • The combined general fund surplus before year-end adjustments for all 3 campuses and the VOALC was $30.5 million. Oxford operations ended the fiscal year with a $29.4 million surplus. Hamilton operations ended the fiscal year with a $1.2 million and the Middletown operations ended the fiscal year with a deficit of $52,034. The Middletown fund balance increased by $348,798 after accounting for the operating results and yearend adjustments. The VOALC operations ended the fiscal year with surplus of $11,455. Details for each campus are provided in the sections below.

Oxford Unrestricted General Fund General revenues for Oxford were $436.1 million, or $12.3 million (2.9%) above budget. Net instructional revenue for the year was $299.1 million, or $0.2 million (-0.1%) below budget. General fee revenue for the year was $50.4 million, or $0.4 million (0.7%) above budget. State

Overall Page1 39 of 129 September 19, 2019 Business Session Item 5b

September 19, 2019 Finance and Audit Committee appropriations were $63.2 million, or $0.8 million less than the $64.0 million budget. Investment income was $13.6 million above the $5.3 million budget.

Total expenses for Oxford were below budget by $7.6 million (-2.2%). Several categories of expense contributed to the positive performance. • Salary and benefits expenses were $11.8 million below budget. • Undergraduate financial aid is represented in two lines in the financial report. Aid is reported as a discount to revenue for scholarships awarded to new and continuing students under the university’s merit aid programs. Expenses in this category of aid can fluctuate due to student yield and retention outcomes. This category of aid was slightly above the $85.29 million budget. A second category of undergraduate scholarships, recognized in the report under expenses, is for categorical scholarship awards and are managed on a budgetary basis. Scholarships in this category were $1.5 million below budget. • Graduate assistant fee waivers and fellowships were $1.7 million less than budget. • Utilities expenses were $671,455 less then budget. Departmental support costs were $10.4 million more than budget. Spending in departmental support costs reflects the expenditure of accumulated carry forward balances that are not included in the current year operating budget for various capital investments.

This year’s financial results were influenced by year end transfers for the Oxford campus. A transfer of $19.6 million to the reserve for investment fluctuations per university policy. Additionally, $15.5 million was transferred to the University CR&R in support of various capital projects and $5.0 million was transferred to the Uncollected Gifts CR&R. This compares to 20.5 million in depreciation expense. A transfer of $11.1 million was made to departmental carry forward related to surplus earnings from net instructional revenue generated by the academic divisions under the RCM budget model.

Hamilton and Middletown General Fund The Hamilton general fund balance ended the fiscal year with a surplus of $1.9 million. Net instructional revenues were $17.3 million or $751,219 (4.5%) above the $16.6 million budget. Cross campus revenues exceeded the $3.1 million budget by $0.4 million. The general fee of $899,688 was $61,838 under budget. State subsidy exceeded budget by $280,414 (4.3%). The Hamilton campus budget assumed $1.5 million in underspending for salaries and benefits. Actual underspending on salaries and benefits exceeded this expectation by $1.0 million. The budget also assumed a year-end return from the benefit recovery fund of $217,803. The actual year-end benefit return was $479,382, or $261,579 higher than budget. Spending for utilities was $51,530 below budget. Departmental support expenses were over budget by $1.3 million for the fiscal year. The original budget assumed a $54,380 transfer in from the unobligated fund balance that was not necessary due to revenue and expenses performing better than budgeted. Finally, the above financial results exclude $1.8 million in depreciation expense and there was no contribution to the Hamilton facility renewal and replacement fund.

The Middletown campus general fund balance had a surplus of $211,770. Net tuition for the campus was $13.6 million, ending the year $108,598 short of the budget. Cross campus tuition was $219,585 below the $2.1 million budget. State subsidy for the campus exceeded budget by

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September 19, 2019 Finance and Audit Committee

$396,595 (9.6%). The Middletown campus budget assumed $1.5 million in underspending for salaries and benefits. Actual underspending on salaries and benefits were $1.0 million more than budgeted. The Middletown budget included a $563,121 transfer from the unobligated fund balance that was not necessary due to the campus performing close to budget. Depreciation expense in the amount of $1.7 million is not reflected in the results. No transfers were recorded to the Middletown facility renewal and replacement.

Voice of America Learning Center (VOALC) Funding for the VOALC is transferred from the other campuses as follows: Oxford (50%), Hamilton (25%), and Middletown (25%). The VOALC ended the fiscal year with a deficit of $1,214.

Investments Global capital markets experienced dramatic swings in volatility during the fiscal year. Much of the swings in market activity focused on the direction of interest rate policy by the U.S. Federal Reserve. After nine rate increases since 2015, policy makers communicated an intention to pause, while bond markets subsequently priced in expected rate cuts. The current economic cycle in the United States is in its tenth year of expansion and has set a new record for duration. Plenty of threats persist, including softening corporate earnings, an inverted yield curve, and continued uncertainty over tariffs and trade wars. The non-endowment pool made a significant transition to its allocation and exposures during the year. The non-endowment pool earned +3.4% for the fiscal year, led by a surge in equity prices during the second half of the year.

DESIGNATED AND RESTRICTED FUNDS The designated and restricted funds consist of numerous individual accounts. Designated funds are largely small self-supporting operations that are primarily managed by chairs, directors, and other department heads. The designated fun is also used to segregate funds set aside for major initiatives. Total designated fund balances increased by $9.7 million while restricted fund balances decreased by $4.4 million. Total restricted fund revenues were under budget by $11.0 million. In total, 87.7% of the restricted fund revenues are attributable to grants and contracts ($23.2 million) and donor restricted gifts ($19.0 million).

BUDGET CONTINGENCIES AND RESERVES Included in the attachments is a detailed schedule providing information on the status of the reserves. Total balances increased by $15.44 million or 13.8 percent before consideration of the change in the pension liability. Also enclosed later in the packet is a separate schedule summarizing the budget carry forward balances.

AUXILIARIES The “Financial Analysis – Auxiliary Units” report provides details for each auxiliary enterprise. Most auxiliary enterprises were self-sustaining for the year.

Auxiliary revenues were under budget by $2.8 million and auxiliary expenses were under budget by $7.6 million. The positive performance is primarily attributable to lower than expected spending for benefits, utilities and operating expenses. Because of the performance, Armstrong Student Center ($800,000), Goggin Ice Center ($800,000), Marcum Conference Center

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September 19, 2019 Finance and Audit Committee

($300,000), Recreational Sports ($850,000), Shriver Center ($850,000), Utility Enterprise ($3.25 million), Transportation Services ($1.0 million), and Residence and Dining Hall ($2.25 million) had the capacity to transfer an additional $9.9 million to their renewal and replacement accounts above what had been budgeted. Student Health Services had a deficit of $10,142 due to fewer lower than expected margins on pharmacy and laboratory services.

Overall Page4 42 of 129 September 19, 2019 Preliminary & Unaudited MIAMI UNIVERSITY FY2019 Forecast Oxford General Fund Only As of June 30, 2019

June June April Original End-of-Year Budget to End-of-Year Budget Forecast Forecast Forecast REVENUES: Instructional & OOS Surcharge $ 384,560,704 $ 384,369,045 $ (191,659) $ 384,510,166 Less Cohort Financial Aid Discount 85,281,262 85,282,752 1,490 85,587,988 Net Instructional Fee & Out-of-State Surcharge 299,279,442 299,086,293 (193,149) 298,922,178 General 50,060,929 50,413,991 $ 353,062 50,578,507 Other Student Revenue 2,596,500 2,327,402 (269,098) 2,596,500 Tuition, Fees and Other Student Charges 351,936,871 351,827,686 (109,185) 352,097,185

State Appropriations 64,007,384 63,201,498 $ (805,886) 63,028,697 Investment Income 6,390,000 19,982,877 $ 13,592,877 6,390,000 Other Revenue 1,450,000 1,090,145 $ (359,855) 1,450,000 Total Revenues $ 423,784,255 $ 436,102,206 $ 12,317,951 $ 422,965,882

EXPENDITURES: Salaries 189,401,394 184,615,914 (4,785,480) 187,381,031 Benefits 35,697,085 32,436,208 (3,260,876) 34,744,072 Healthcare Expense 28,391,038 24,669,792 (3,721,246) 27,633,077 Graduate Assistant, Fellowships & Fee Waivers 22,693,542 20,972,492 (1,721,050) 21,472,813 Undergraduate Scholarships & Student Waivers 14,569,934 13,113,394 (1,456,540) 13,275,440 Utilities 13,516,126 12,844,671 (671,455) 13,516,126 Departmental Support Expenditures 29,562,608 39,961,153 10,398,545 29,562,608 Multi-year Expenditures 5,378,792 2,987,848 (2,390,944) 5,378,792 Total Expenditures $ 339,210,519 $ 331,601,472 $ (7,609,047) $ 332,963,959

DEBT SERVICE AND TRANSFERS: General Fee (49,571,223) (49,571,223) - (49,571,223) Capital, Renewal & Replacement (5,480,000) (5,480,000) - (5,480,000) Debt Service (7,098,142) (5,311,061) 1,787,081 (7,098,142) Support for VOALC (50%) (584,244) (584,244) - (584,244) Other Miscellaneous Operational Transfers (15,472,814) (14,678,408) 794,406 (15,472,814) Other Transfers (net) 464,258 507,483 43,225 464,258 Total Debt Service and Transfers $ (77,742,165) $ (75,117,453) $ 2,624,712 $ (77,742,165)

Net Revenues/(Expenditures) Before Adjustments $ 6,831,571 $ 29,383,281 $ 22,551,710 $ 12,259,758

ADJUSTMENTS: Departmental Budgetary Carryforward - 4,390,236 (3,731,335) Strategic Investment Funding - Unallocated Funds - (1,315,287) - Strategic Investment Funding - Divisional Carryforward - (7,590,948) (8,333,333) Reserve for Carry Forward - 7,590,948 8,333,333 Divisional Revenue Carry Forward - (11,076,851) - Reserve for Investment Fluctuations - (19,590,036) - Reserve for Encumbrances - 36,274 - Future Student Facilities CR&R - (3,000,000) -

Net Increase/(Decrease) in Fund Balance $ 6,831,571 $ (1,172,383) $ 8,528,423

Overall Page5 43 of 129 September 19, 2019 Preliminary & Unaudited MIAMI UNIVERSITY FY2019 Forecast Hamilton General Fund Only As of June 30, 2019

June June April Original End-of-Year Budget to End-of-Year Budget Forecast Forecast Forecast REVENUES: Instructional & OOS Surcharge - Regional Students $ 14,360,268 $ 14,555,411 $ 195,143 $ 14,552,443 Instructional & OOS Surcharge - Cross Campus 3,096,032 3,465,905 369,873 3,396,838 Less Continuing & New Scholarships 880,364 694,160 (186,204) 691,540 Net Instructional Fee & Out-of-State Surcharge 16,575,936 17,327,155 751,219 17,257,741 General 961,526 899,688 (61,838) 925,425 Other Student Revenue 193,500 163,407 (30,093) 163,751 Tuition, Fees and Other Student Charges 17,730,962 18,390,250 659,288 18,346,917

State Appropriations - SSI 6,588,286 6,868,700 280,414 6,880,919 State Appropriations - CCP 343,626 444,272 100,646 327,176 Investment Income 50,000 55,532 5,532 50,000 Other Revenue 79,500 63,476 (16,024) 79,500 Total Revenues $ 24,792,374 $ 25,822,229 $ 1,029,855 $ 25,684,512

EXPENDITURES: Salaries 15,062,110 15,062,110 0 15,062,110 Allowance for Unspent Salaries (1,088,621) (1,477,433) (388,812) (1,381,497) Benefits 3,001,943 3,001,943 0 3,001,943 Allowance for Unspent Benefits (381,476) (972,515) (591,039) (541,681) Healthcare Expense 2,253,885 2,253,885 - 2,253,885 Anticipated Benefit Recovery (217,803) (479,382) (261,579) (217,803) Graduate Assistant Fee Waivers - - - - Utilities 619,000 567,470 (51,530) 516,437 Departmental Support Expenditures 4,986,399 6,243,674 1,257,275 4,986,399 Multi-year Expenditures - 26,260 26,260 Total Expenditures $ 24,235,437 $ 24,226,012 $ (9,425) $ 23,679,793

DEBT SERVICE AND TRANSFERS: General Fee (319,195) (183,923) 135,272 (319,195) Capital, Renewal & Replacement - - - Debt Service - - - Support for VOALC (25%) (292,122) (292,122) - (292,122) Other Miscellaneous Operational Transfers - 1,082 1,082 - Total Debt Service and Transfers $ (611,317) $ (474,963) $ 136,354 $ (611,317)

Net Revenues/(Expenditures) Before Adjustments $ (54,380) $ 1,121,254 $ 1,175,634 $ 1,393,402

ADJUSTMENTS: Departmental Budgetary Carryforward - Divisional Budgetary Carryforward (555,644) Strategic Investment Funding - Divisional Carryforward (344,928) (344,928) Reserve for Carry Forward 1,076,061 344,928 Transfer from Fund Balance 54,380 - 54,380 Reserve for Encumbrances - Reserve for Investment Fluctuations - Reserve for Future Budgets -

Net Increase/(Decrease) in Fund Balance $ - $ 1,852,387 $ 1,175,634 $ 892,138

Overall Page6 44 of 129 September 19, 2019 Preliminary & Unaudited MIAMI UNIVERSITY FY2019 Forecast Middletown General Fund Only As of June 30, 2019

June June April Original End-of-Year Budget to End-of-Year Budget Forecast Forecast Forecast REVENUES: Instructional & OOS Surcharge - Regional Students $ 12,754,347 $ 12,705,453 $ (48,894) $ 12,695,641 Instructional & OOS Surcharge - Cross Campus 2,103,202 1,883,617 (219,585) 1,887,100 Less Continuing & New Scholarships 1,169,335 1,009,455 (159,880) 980,097 Net Instructional Fee & Out-of-State Surcharge 13,688,214 13,579,616 (108,598) 13,602,644 General 636,900 569,973 (66,927) 591,321 Other Student Revenue 80,700 87,091 6,391 88,884 Tuition, Fees and Other Student Charges 14,405,814 14,236,680 (169,134) 14,282,849

State Appropriations - SSI 4,126,135 4,522,730 396,595 4,525,631 State Appropriations - CCP 635,798 588,338 (47,460) 610,025 Investment Income 50,000 70,073 20,073 50,000 Other Revenue 10,402 107,720 97,318 10,402 Total Revenues $ 19,228,149 $ 19,525,541 $ 297,392 $ 19,478,907

EXPENDITURES: Salaries 11,848,386 11,848,386 0 11,848,386 Allowance for Unspent Salaries (1,081,035) (1,628,000) (546,965) (1,548,355) Benefits 2,527,871 2,527,871 0 2,527,871 Allowance for Unspent Benefits (393,160) (878,021) (484,861) (515,095) Healthcare Expense 1,559,576 1,559,576 - 1,559,576 Anticipated Benefit Recovery (157,197) (356,662) (199,465) (157,197) Graduate Assistant Fee Waivers - - - - Utilities 483,500 417,177 (66,323) 405,813 Departmental Support Expenditures 4,212,759 5,432,131 1,219,372 4,212,759 Multi-year Expenditures - 35,651 35,651 - Total Expenditures $ 19,000,700 $ 18,958,109 $ (42,591) $ 18,333,758

DEBT SERVICE AND TRANSFERS: General Fee (242,059) (91,976) 150,083 (242,059) Capital, Renewal & Replacement - - Debt Service (256,389) (245,201) 11,188 (256,389) Support for VOALC (25%) (292,122) (292,122) - (292,122) Other Miscellaneous Operational Transfers - 9,833 9,833 - Total Debt Service and Transfers $ (790,570) $ (619,466) $ 171,104 $ (790,570)

Net Revenues/(Expenditures) Before Adjustments $ (563,121) $ (52,034) $ 511,087 $ 354,579

ADJUSTMENTS: Departmental Budgetary Carryforward - - Divisional Budgetary Carryforward - (666,942) Strategic Investment Funding - Divisional Carryforward - (392,982) (392,982) Reserve for Carry Forward - 675,522 392,982 Transfer from Fund Balance 563,121 - 563,121 Reserve for Encumbrances - 118,292 - Reserve for Investment Fluctuations - - Reserve for Future Budgets - -

Net Increase/(Decrease) in Fund Balance $ - $ 348,798 $ 511,087 $ 250,758

Overall Page7 45 of 129 September 19, 2019 Preliminary & Unaudited MIAMI UNIVERSITY FY2019 Forecast Voice of America Learning Center General Fund Only As of June 30, 2019

June June April Original End-of-Year Budget to End-of-Year Budget Forecast Forecast Forecast REVENUES: Instructional & OOS Surcharge - Regional Students $ - Instructional & OOS Surcharge - Cross Campus - Less Continuing & New Scholarships - Net Instructional Fee & Out-of-State Surcharge - - - - General - Other Student Revenue - Tuition, Fees and Other Student Charges - - - -

State Appropriations - SSI - State Appropriations - CCP - Investment Income - Other Revenue 35,000 25,730 (9,270) 35,000 Total Revenues $ 35,000 $ 25,730 $ (9,270) $ 35,000

EXPENDITURES: Salaries 247,888 247,194 (694) 247,888 Allowance for Unspent Salaries - Benefits 50,648 47,927 (2,721) 50,648 Allowance for Unspent Benefits - Healthcare Expense 44,789 37,568 (7,221) 44,789 Anticipated Benefit Recovery - Graduate Assistant Fee Waivers - Utilities 61,098 43,553 (17,545) 61,098 Departmental Support Expenditures 265,718 269,745 4,027 265,718 Multi-year Expenditures - Total Expenditures $ 670,141 $ 645,987 $ (24,154) $ 670,141

DEBT SERVICE AND TRANSFERS: General Fee - Capital, Renewal & Replacement (100,706) (100,706) - (100,706) Debt Service (432,641) (432,641) - (432,641) Support for VOALC (25%) 1,168,488 1,168,488 - 1,168,488 Other Miscellaneous Operational Transfers (3,429) (3,429) Total Debt Service and Transfers $ 635,141 $ 631,712 $ (3,429) $ 635,141

Net Revenues/(Expenditures) Before Adjustments $ - $ 11,455 $ 11,455 $ -

ADJUSTMENTS: Departmental Budgetary Carryforward Divisional Budgetary Carryforward Strategic Investment Funding - Divisional Carryforward (4,476) (4,476) Reserve for Carry Forward (33,053) 4,476 Transfer from Fund Balance - Reserve for Encumbrances 24,860 Reserve for Investment Fluctuations Reserve for Future Budgets

Net Increase/(Decrease) in Fund Balance $ - $ (1,214) $ 11,455 $ -

Overall Page8 46 of 129 SeptemberPreliminary 19, 2019 Unaudited MIAMI UNIVERSITY Financial Analysis - by Operational Unit (Oxford Campus) FY2019 / FY2018 / FY2017

FY2017 FY2018 FY2019 % Change from Year-end Actual Year-end Actual Budget Year-end Actual Variance % of '19 Budget '18 Year End College of Arts & Sciences Salary $ 54,092,580 $ 55,391,368 $ 57,359,855 $ 56,795,655 $ (564,200) 99.0% 2.5% Benefits 15,164,671 16,251,298 18,351,667 16,419,805 $ (1,931,862) 89.5% 1.0% Scholarships & Fellowships 9,387,494 9,715,232 10,414,500 9,506,226 $ (908,274) 91.3% -2.2% Departmental Support Expenses 4,890,086 5,457,166 7,408,512 5,657,275 $ (1,751,237) 76.4% 3.7% Total Expenses 83,534,831 86,815,064 93,534,534 88,378,961 (5,155,573) 94.5% 1.8%

College of Education, Health, and Society Salary 14,280,754 14,558,439 15,102,358 15,216,349 $ 113,991 100.8% 4.5% Benefits 4,010,633 4,200,871 4,949,025 4,324,382 $ (624,643) 87.4% 2.9% Scholarships & Fellowships 1,532,931 1,757,175 2,040,500 1,934,663 $ (105,837) 94.8% 10.1% Departmental Support Expenses 1,593,055 1,687,944 2,341,770 1,614,142 $ (727,628) 68.9% -4.4% Total Expenses 21,417,373 22,204,429 24,433,653 23,089,536 (1,344,117) 94.5% 4.0%

College of Engineering and Computing Salary 7,867,475 8,649,691 7,934,978 9,504,455 $ 1,569,477 119.8% 9.9% Benefits 2,340,509 2,647,657 2,835,935 2,921,207 $ 85,272 103.0% 10.3% Scholarships & Fellowships 567,513 677,959 583,000 752,015 $ 169,015 129.0% 10.9% Departmental Support Expenses 1,050,889 1,236,007 544,619 1,381,992 $ 837,373 253.8% 11.8% Total Expenses 11,826,386 13,211,314 11,898,532 14,559,669 2,661,137 122.4% 10.2%

Farmer School of Business Salary 22,537,231 23,599,921 20,412,527 22,574,638 $ 2,162,111 110.6% -4.3% Benefits 6,858,968 7,498,205 7,485,800 6,871,770 $ (614,030) 91.8% -8.4% Scholarships & Fellowships 493,811 468,272 874,500 514,727 $ (359,773) 58.9% 9.9% Departmental Support Expenses 2,612,230 2,486,473 3,225,141 2,262,502 $ (962,639) 70.2% -9.0% Total Expenses 32,502,240 34,052,871 31,997,968 32,223,637 225,669 100.7% -5.4%

College of Creative Arts Salary 10,149,777 10,254,633 11,076,228 10,841,620 $ (234,608) 97.9% 5.7% Benefits 3,006,968 3,062,501 3,847,044 3,353,563 $ (493,481) 87.2% 9.5% Scholarships & Fellowships 1,438,637 1,289,352 1,510,500 1,674,470 $ 163,970 110.9% 29.9% Departmental Support Expenses 978,987 1,093,514 1,209,438 1,260,330 $ 50,892 104.2% 15.3% Total Expenses 15,574,369 15,700,000 17,643,210 17,129,983 (513,227) 97.1% 9.1%

Overall Page9 47 of 129 SeptemberPreliminary 19, 2019 Unaudited

MIAMI UNIVERSITY Financial Analysis - by Operational Unit (Oxford Campus) FY2019 / FY2018 / FY2017

FY2017 FY2018 FY2019 % Change from Year-end Actual Year-end Actual Budget Year-end Actual Variance % of '19 Budget '18 Year End

Dolibois European Center - Luxemburg Salary 894,756 1,033,391 1,309,360 1,091,149 $ (218,211) 83.3% 5.6% Benefits 297,789 169,985 442,199 154,416 $ (287,783) 34.9% -9.2% Utilities 19,109 27,691 33,357 25,847 $ (7,510) 77.5% -6.7% Departmental Support Expenses 195,371 212,738 432,280 475,074 $ 42,794 109.9% 123.3% Total Expenses 1,407,025 1,443,805 2,217,196 1,746,486 (470,710) 78.8% 21.0%

Graduate School Salary 2,690,926 2,866,367 4,472,833 3,211,441 $ (1,261,392) 71.8% 12.0% Benefits 670,512 626,370 705,687 716,117 $ 10,430 101.5% 14.3% Scholarships & Fellowships 10,914,888 5,256,660 5,406,960 5,648,783 $ 241,823 104.5% 7.5% Departmental Support Expenses 375,573 489,768 749,990 856,124 $ 106,134 114.2% 74.8% Total Expenses 14,651,899 9,239,165 11,335,470 10,432,465 (903,005) 92.0% 12.9%

Other Provost Departments Salary 7,818,797 8,492,701 10,931,802 9,049,416 $ (1,882,386) 82.8% 6.6% Benefits 2,541,876 2,941,190 4,035,498 3,156,183 $ (879,315) 78.2% 7.3% Scholarships & Fellowships 962,799 964,582 1,199,619 921,259 $ (278,360) 76.8% -4.5% Utilities 462 838 - - $ - N/A -100.0% Departmental Support Expenses 6,105,292 6,173,889 9,581,045 6,852,455 $ (2,728,590) 71.5% 11.0% Total Expenses 17,429,226 18,573,200 25,747,964 19,979,313 (5,768,651) 77.6% 7.6%

Total Provost Office Salary 120,332,296 124,846,511 128,599,941 128,284,723 (315,218) 99.8% 2.8% Benefits 34,891,926 37,398,077 42,652,855 37,917,443 (4,735,412) 88.9% 1.4% Scholarships & Fellowships 25,298,073 20,129,232 22,029,579 20,952,143 (1,077,436) 95.1% 4.1% Utilities 19,571 28,529 33,357 25,847 (7,510) 77.5% -9.4% Departmental Support Expenses 17,801,483 18,837,499 25,492,795 20,359,894 (5,132,901) 79.9% 8.1% Total Expenses 198,343,349 201,239,848 218,808,527 207,540,050 (11,268,477) 94.9% 3.1%

Overall Page10 48 of 129 SeptemberPreliminary 19, 2019 Unaudited MIAMI UNIVERSITY Financial Analysis - by Operational Unit (Oxford Campus) FY2019 / FY2018 / FY2017

FY2017 FY2018 FY2019 % Change from Year-end Actual Year-end Actual Budget Year-end Actual Variance % of '19 Budget '18 Year End Physical Facilities Salary 12,095,365 15,346,315 17,045,289 15,293,713 $ (1,751,576) 89.7% -0.3% Benefits 4,017,821 5,445,823 6,505,000 5,149,978 $ (1,355,022) 79.2% -5.4% Utilities 13,028,831 12,983,324 13,482,769 12,817,015 $ (665,754) 95.1% -1.3% Departmental Support Expenses (85,999) (3,778,347) (3,084,405) (4,810,428) $ (1,726,023) 156.0% 27.3% Total Expenses 29,056,018 29,997,115 33,948,653 28,450,278 (5,498,375) 83.8% -5.2%

Other Finance & Business Services Departments Salary 7,884,249 8,464,090 10,205,182 9,416,188 $ (788,994) 92.3% 11.2% Benefits 2,676,452 2,843,728 3,906,741 3,334,250 $ (572,491) 85.3% 17.2% Departmental Support Expenses 1,871,166 2,190,569 1,739,758 966,663 $ (773,095) 55.6% -55.9% Total Expenses 12,431,867 13,498,387 15,851,681 13,717,101 (2,134,580) 86.5% 1.6%

Enrollment Management & Student Success Salary 6,979,677 7,160,353 8,657,136 7,839,090 $ (818,046) 90.6% 9.5% Benefits 2,310,941 2,479,666 3,308,141 2,804,825 $ (503,316) 84.8% 13.1% Scholarships & Fellowships 82,602,450 88,791,318 99,879,156 98,712,821 $ (1,166,335) 98.8% 11.2% Departmental Support Expenses 4,471,431 4,966,507 4,823,922 4,624,542 $ (199,380) 95.9% -6.9% Total Expenses 96,364,499 103,397,844 116,671,355 113,981,278 (2,687,077) 97.7% 10.2%

President Salary 4,902,634 4,515,020 5,308,926 4,693,790 $ (615,136) 88.4% 4.0% Benefits 1,586,930 1,581,830 1,990,024 1,669,052 $ (320,972) 83.9% 5.5% Departmental Support Expenses 3,373,602 3,777,969 4,483,115 4,174,574 $ (308,541) 93.1% 10.5% Total Expenses 9,863,166 9,874,819 11,782,065 10,537,416 (1,244,649) 89.4% 6.7%

Student Life Salary 5,707,052 6,012,989 6,500,301 6,052,876 $ (447,425) 93.1% 0.7% Benefits 1,905,373 2,009,080 2,403,773 2,019,483 $ (384,290) 84.0% 0.5% Scholarships & Fellowships 615,702 553,998 636,000 470,320 $ (165,680) 73.9% -15.1% Departmental Support Expenses (862,491) (1,511,310) (1,405,217) (2,168,334) $ (763,117) 154.3% 43.5% Total Expenses 7,365,636 7,064,757 8,134,857 6,374,345 (1,760,512) 78.4% -9.8%

Overall Page11 49 of 129 SeptemberPreliminary 19, 2019 Unaudited

MIAMI UNIVERSITY Financial Analysis - by Operational Unit (Oxford Campus) FY2019 / FY2018 / FY2017

FY2017 FY2018 FY2019 % Change from Year-end Actual Year-end Actual Budget Year-end Actual Variance % of '19 Budget '18 Year End University Advancement Salary 4,470,791 4,714,696 5,139,174 5,296,015 $ 156,841 103.1% 12.3% Benefits 1,498,312 1,638,522 1,964,925 1,675,137 $ (289,788) 85.3% 2.2% Departmental Support Expenses 411,731 311,303 378,434 267,605 $ (110,829) 70.7% -14.0% Total Expenses 6,380,834 6,664,521 7,482,533 7,238,757 (243,776) 96.7% 8.6%

Information Technology Salary 7,954,444 8,022,967 9,501,978 7,941,268 $ (1,560,710) 83.6% -1.0% Benefits 2,600,968 2,784,561 3,658,261 2,604,594 $ (1,053,667) 71.2% -6.5% Departmental Support Expenses 3,464,379 2,564,626 3,139,843 2,985,095 $ (154,748) 95.1% 16.4% Total Expenses 14,019,791 13,372,154 16,300,082 13,530,957 (2,769,125) 83.0% 1.2%

Centrally Budgeted Funds Departmental Support Expenses 1,038,153 1,350,677 4,713,359 2,524,069 $ (2,189,290) 53.6% 86.9% Total Expenses 1,038,153 1,350,677 4,713,359 2,524,069 (2,189,290) 53.6% 86.9%

Grand Total Salary 170,326,508 179,082,941 190,957,927 184,817,663 (6,140,264) 96.8% 3.2% Benefits 51,488,723 56,181,287 66,389,720 57,174,762 (9,214,958) 86.1% 1.8% Scholarships & Fellowships 108,516,225 109,474,548 122,544,735 120,135,284 (2,409,451) 98.0% 9.7% Utilities 13,048,402 13,011,853 13,516,126 12,842,862 (673,264) 95.0% -1.3% Departmental Support Expenses 27,792,841 24,713,329 34,902,812 25,935,068 (8,967,744) 74.3% 4.9% Admin Service Charge (8,591,703) (8,787,536) (9,201,335) (9,201,335) $ - 100.0% 4.7% Multi Year Accounts 3,690,614 3,996,164 5,378,792 2,988,612 $ (2,390,180) 55.6% -25.2% Total Expenses $ 366,271,610 $ 377,672,586 $ 424,488,777 $ 394,692,916 $ (29,795,861) 93.0% 4.5%

Note: Excludes Transfers

Overall Page12 50 of 129 SeptemberPreliminary 19, 2019Unaudited

MIAMI UNIVERSITY Financial Analysis - Auxiliary Units (Oxford Campus) FY2019 / FY2018 / FY2017

FY2017 FY2018 FY2019 % of 19 % Change From Year-end Actual Year-end Actual Budget Year-end Actual Variance Budget '18 Year-end Residence & Dining Halls Revenue 105,943,495 110,277,109 117,302,737 115,254,088 (2,048,649) 98% 4% General Fee Support - - - - - Total Sources 105,943,495 110,277,109 117,302,737 115,254,088 (2,048,649) 98% 4% Salary 16,838,578 13,836,869 14,949,604 13,558,129 (1,391,475) 91% -2% Benefits 4,791,283 3,910,901 5,010,502 4,110,196 (900,306) 82% 5% Utilites 6,274,049 6,382,869 6,838,561 6,408,810 (429,751) 94% 0% Charge Outs (2,932,594) (2,869,051) (617,287) (304,553) 312,734 49% -842% Operating Expenses 29,818,206 34,415,008 32,709,287 33,342,778 633,491 102% -3% Inventory Purchases 4,829,612 4,393,291 4,742,100 4,006,352 (735,748) 84% -10% Debt Service 35,973,640 41,597,907 42,430,059 42,391,186 (38,873) 100% 2% Total Uses 95,592,774 101,667,794 106,062,826 103,512,898 (2,549,928) 98% 2% Net Before Non-Mandatory Transfers 10,350,721 8,609,315 11,239,911 11,741,190 501,279 104% 27% Net Transfers (10,350,679) (5,478,456) (11,239,911) (11,661,745) (421,834) 104% 53% Net Total 42 3,130,859 - 79,445 79,445 0% -3841%

Shriver Center Revenue 21,146,520 15,835,073 15,303,854 14,702,961 (600,893) 96% -8% General Fee Support 913,124 923,487 951,755 951,755 - 100% 3% Total Sources 22,059,644 16,758,560 16,255,609 15,654,716 (600,893) 96% -7% Salary 3,431,352 3,237,648 3,221,501 3,034,395 (187,106) 94% -7% Benefits 891,145 864,833 995,840 803,972 (191,868) 81% -8% Utilities 320,957 329,640 296,773 256,343 (40,430) 86% -29% Charge Outs (650,218) (406,563) (228,212) (693,951) (465,739) 304% 41% Operating Expenses 3,173,526 2,680,015 2,686,589 2,579,117 (107,472) 96% -4% Inventory Purchases 12,506,258 8,655,010 7,908,583 7,506,643 (401,940) 95% -15% Debt Service 47,218 46,852 46,880 46,880 - 100% 0% Total Uses 19,720,238 15,407,436 14,927,954 13,533,399 (1,394,555) 91% -14% Net Before Non-Mandatory Transfers 2,339,406 1,351,124 1,327,655 2,121,317 793,662 160% 36% Net Transfers (2,165,174) (1,629,405) (1,327,655) (1,169,691) 157,964 88% -39% Net Total 174,232 (278,281) - 951,625 951,625 0% 129%

Overall Page13 51 of 129 SeptemberPreliminary 19, 2019Unaudited

MIAMI UNIVERSITY Financial Analysis - Auxiliary Units (Oxford Campus) FY2019 / FY2018 / FY2017

FY2017 FY2018 FY2019 % of 19 % Change From Year-end Actual Year-end Actual Budget Year-end Actual Variance Budget '18 Year-end

Marcum Conference Center Revenue 1,517,985 1,442,318 1,423,435 1,428,355 4,920 100% -1% General Fee Support - - - - - 0% Total Sources 1,517,985 1,442,318 1,423,435 1,428,355 4,920 100% -1% Salary 483,368 454,701 501,045 422,577 (78,468) 84% -8% Benefits 128,664 113,607 164,614 117,221 (47,393) 71% 3% Utilities 163,725 149,648 167,562 150,965 (16,597) 90% 1% Charge Outs 46,856 46,131 28,722 28,722 - 100% -61% Operating Expenses 539,289 382,678 393,231 363,934 (29,297) 93% -5% Inventory Purchases 3,033 5,637 3,079 8,537 5,458 277% 34% Debt Service - - - - - 0% Total Uses 1,364,935 1,152,402 1,258,253 1,091,956 (166,297) 87% -6% Net Before Non-Mandatory Transfers 153,050 289,916 165,182 336,399 171,217 204% 14% Net Transfers (117,472) (326,472) (165,182) (165,182) - 100% -98% Net Total 35,578 (36,556) - 171,217 171,217 0% 121%

Intercollegiate Athletics Revenue 8,228,849 7,223,469 7,545,504 7,627,686 82,182 101% 5% General Fee Support 17,370,800 17,763,652 19,129,418 18,654,753 (474,665) 98% 5% Designated Revenue 926,993 805,879 852,741 581,185 (271,556) 68% -39% Restricted Revenue 2,477,396 2,328,012 1,478,237 1,766,163 287,926 119% -32% Total Sources 29,004,038 28,121,012 29,005,900 28,629,787 (376,113) 99% 2% Salary 8,317,925 8,763,986 8,728,510 9,271,499 542,989 106% 5% Benefits 2,707,561 2,939,687 3,358,647 3,107,709 (250,938) 93% 5% Utilities 9,391 4,836 2,500 (1,517) (4,017) -61% 419% Charge Outs (126,253) (139,306) - (167,213) (167,213) 0% 17% Operating Expenses 14,961,224 14,775,767 14,535,265 14,932,185 396,920 103% 1% Inventory Purchases - - - - - 0% Debt Service - - - - - 0% Designated Expense 894,154 735,643 852,741 692,903 (159,838) 81% -6% Restricted Expense 1,943,519 2,029,134 1,478,237 1,236,245 (241,992) 84% -64% Total Uses 28,698,130 29,109,747 28,955,900 29,071,811 115,911 100% 0% Net Before Non-Mandatory Transfers 305,908 (988,735) 50,000 (442,024) (492,024) -884% -124% Net Transfers 887,865 757,555 (50,000) 619,960 669,960 -1240% -22% Net Total 1,193,773 (231,180) - 177,936 177,936 0% 230%

Overall Page14 52 of 129 SeptemberPreliminary 19, 2019Unaudited

MIAMI UNIVERSITY Financial Analysis - Auxiliary Units (Oxford Campus) FY2019 / FY2018 / FY2017

FY2017 FY2018 FY2019 % of 19 % Change From Year-end Actual Year-end Actual Budget Year-end Actual Variance Budget '18 Year-end

Recreation Center Revenue 3,102,183 3,013,758 3,093,216 2,971,633 (121,583) 96% -1% General Fee Support 3,890,157 3,848,807 3,928,304 3,928,304 - 100% 2% Total Sources 6,992,340 6,862,565 7,021,520 6,899,937 (121,583) 98% 1% Salary 2,781,868 2,826,216 3,045,857 2,562,853 (483,004) 84% -10% Benefits 651,634 660,094 818,498 550,288 (268,210) 67% -20% Utilities 731,156 749,916 747,998 708,921 (39,077) 95% -6% Charge Outs (1,234) - - (48) (48) 0% 100% Operating Expenses 1,528,337 1,346,677 1,246,432 1,500,379 253,947 120% 10% Inventory Purchases 343,928 276,142 248,700 255,198 6,498 103% -8% Debt Service - - - - - 0% Total Uses 6,035,689 5,859,044 6,107,485 5,577,591 (529,894) 91% -5% Net Before Non-Mandatory Transfers 956,651 1,003,521 914,035 1,322,346 408,311 145% 24% Net Transfers (870,328) (732,362) (914,035) (950,574) (36,539) 104% 23% Net Total 86,323 271,159 - 371,772 371,772 0% 27%

Goggin Ice Arena Revenue 2,017,332 1,862,814 1,759,500 1,844,163 84,663 105% -1% General Fee Support 4,286,039 4,322,497 4,370,401 4,370,401 - 100% 1% Total Sources 6,303,371 6,185,311 6,129,901 6,214,564 84,663 101% 0% Salary 1,238,114 1,304,892 1,348,292 1,063,317 (284,975) 79% -23% Benefits 368,106 377,936 447,769 311,342 (136,427) 70% -21% Utilities 1,069,012 1,073,959 1,043,067 1,025,372 (17,695) 98% -5% Charge Outs - - - - - 0% Operating Expenses 617,248 601,219 631,744 796,278 164,534 126% 24% Inventory Purchases 245,337 211,756 185,000 224,248 39,248 121% 6% Debt Service 1,827,949 1,826,892 1,825,523 1,825,522 (1) 100% 0% Total Uses 5,365,766 5,396,654 5,481,395 5,246,079 (235,316) 96% -3% Net Before Non-Mandatory Transfers 937,605 788,657 648,506 968,485 319,979 149% 19% Net Transfers (937,163) (551,161) (648,506) (800,000) (151,494) 123% 31% Net Total 442 237,496 - 168,485 168,485 0% -41%

Overall Page15 53 of 129 SeptemberPreliminary 19, 2019Unaudited

MIAMI UNIVERSITY Financial Analysis - Auxiliary Units (Oxford Campus) FY2019 / FY2018 / FY2017

FY2017 FY2018 FY2019 % of 19 % Change From Year-end Actual Year-end Actual Budget Year-end Actual Variance Budget '18 Year-end

Student Health Services Revenue 3,084,487 3,065,498 3,225,697 2,975,119 (250,578) 92% -3% General Fee Support - - - - - 0% Total Sources 3,084,487 3,065,498 3,225,697 2,975,119 (250,578) 92% -3% Salary 701,832 651,399 544,216 531,573 (12,643) 98% -23% Benefits 219,799 216,079 209,522 168,361 (41,161) 80% -28% Utilities 9,093 12,250 14,000 1,885 (12,115) 13% -550% Charge Outs - - - - - 0% Operating Expenses 2,206,863 2,567,026 2,457,959 2,310,984 (146,975) 94% -11% Inventory Purchases (40,099) - - 569 569 0% 100% Debt Service - - - - - 0% Total Uses 3,088,395 3,446,755 3,225,697 3,013,372 (212,325) 93% -14% Net Before Non-Mandatory Transfers (3,908) (381,257) - (38,253) (38,253) 0% -897% Net Transfers (13,669) (166,474) - 28,111 28,111 0% 692% Net Total (17,577) (547,731) - (10,142) (10,142) 0% -5301%

Transportation Services Revenue 2,682,122 2,656,984 2,420,000 2,641,218 221,218 109% -1% General Fee Support 2,500,954 2,567,669 2,585,955 2,585,955 - 100% 1% Total Sources 5,183,076 5,224,653 5,005,955 5,227,173 221,218 104% 0% Salary 217,616 221,752 276,509 217,458 (59,051) 79% -2% Benefits 64,577 69,606 94,610 69,530 (25,080) 73% 0% Utilities - - - - - 0% Charge Outs (70,832) (74,823) (20,000) (68,375) (48,375) 342% -9% Operating Expenses 1,982,916 2,516,475 2,666,801 2,333,889 (332,912) 88% -8% Inventory Purchases - - - - - 0% Debt Service 1,629,886 1,566,244 1,524,074 1,524,074 - 100% -3% Total Uses 3,824,163 4,299,253 4,541,994 4,076,576 (465,418) 90% -5% Net Before Non-Mandatory Transfers 1,358,913 925,400 463,961 1,150,597 686,636 248% 20% Net Transfers (1,190,101) (435,258) (463,961) (463,961) - 100% 6% Net Total 168,812 490,142 - 686,636 686,636 0% 29%

Overall Page16 54 of 129 SeptemberPreliminary 19, 2019Unaudited

MIAMI UNIVERSITY Financial Analysis - Auxiliary Units (Oxford Campus) FY2019 / FY2018 / FY2017

FY2017 FY2018 FY2019 % of 19 % Change From Year-end Actual Year-end Actual Budget Year-end Actual Variance Budget '18 Year-end

Utility Enterprise Revenue - - - - - 0% General Fee Support - - - - - 0% Total Sources - - - - - 0% Salary 1,446,240 1,511,017 1,817,877 1,481,032 (336,845) 81% -2% Benefits 501,568 528,650 685,655 525,249 (160,406) 77% -1% Utilities 9,618,862 9,686,460 11,553,570 9,666,479 (1,887,091) 84% 0% Charge Outs (5,497) (13,016) (45,000) - 45,000 0% Expense Recovery (23,538,042) (23,613,835) (24,630,541) (23,459,653) 1,170,888 95% -1% Operating Expenses 1,363,207 1,348,048 1,821,686 1,101,461 (720,225) 60% -22% Inventory Purchases - - - - - 0% Debt Service 2,538,984 2,345,921 2,305,609 2,305,610 1 100% -2% Total Uses (8,074,678) (8,206,755) (6,491,144) (8,379,822) (1,888,678) 129% 2% Net Before Non-Mandatory Transfers 8,074,678 8,206,755 6,491,144 8,379,822 1,888,678 129% 2% Net Transfers (7,922,754) (6,236,363) (6,491,144) (6,404,334) 86,810 99% 3% Net Total 151,924 1,970,392 - 1,975,488 1,975,488 0% 0%

Armstrong - Student Affairs - Revenue 213,723 187,793 215,500 181,079 (34,421) 84% -4% General Fee Support 4,874,396 5,445,825 5,512,826 5,519,698 6,872 100% 1% Total Sources 5,088,119 5,633,618 5,728,326 5,700,777 (27,549) 100% 1% Salary 377,430 455,320 553,287 485,985 (67,302) 88% 6% Benefits 73,146 94,348 108,619 103,410 (5,209) 95% 9% Utilities 267,236 378,003 386,290 352,454 (33,836) 91% -7% Charge Outs - - - - - 0% Operating Expenses 590,725 763,509 1,093,825 890,961 (202,864) 81% 14% Inventory Purchases - - - - - 0% Debt Service 2,450,000 2,450,000 2,450,000 2,450,000 - 100% 0% Total Uses 3,758,537 4,141,179 4,592,021 4,282,810 (309,211) 93% 3% Net Before Non-Mandatory Transfers 1,329,582 1,492,439 1,136,305 1,417,967 281,662 125% -5% Net Transfers (1,185,815) (1,159,542) (1,136,305) (1,132,756) 3,549 100% -2% Net Total 143,767 332,897 - 285,211 285,211 0% -17%

Overall Page17 55 of 129 SeptemberPreliminary 19, 2019Unaudited

MIAMI UNIVERSITY Financial Analysis - Auxiliary Units (Oxford Campus) FY2019 / FY2018 / FY2017

FY2017 FY2018 FY2019 % of 19 % Change From Year-end Actual Year-end Actual Budget Year-end Actual Variance Budget '18 Year-end

Miscellaneous Facilities Revenue 411,713 195,942 172,562 148,306 (24,256) 86% -32% General Fee Support 6,534,144 1,211,959 1,213,540 1,213,540 - 100% 0% Total Sources 6,945,857 1,407,901 1,386,102 1,361,846 (24,256) 98% -3% Salary 71,762 70,514 60,933 69,336 8,403 114% -2% Benefits 19,903 20,940 23,459 20,776 (2,683) 89% -1% Utilities - - - - - 0% Charge Outs - - - - - 0% Operating Expenses 681,225 535,490 142,201 159,582 17,381 112% -236% Inventory Purchases - - - - - 0% Debt Service 402,273 403,544 405,124 405,124 - 100% 0% Total Uses 1,175,163 1,030,489 631,717 654,818 23,101 104% -57% Net Before Non-Mandatory Transfers 5,770,694 377,412 754,385 707,028 (47,357) 94% 47% Net Transfers (5,625,998) (508,355) (754,385) (795,876) (41,491) 105% 36% Net Total 144,696 (130,943) - (88,848) (88,848) 0% -47%

Total Auxiliary Revenue 148,348,409 145,760,758 152,590,605 149,774,608 (2,815,997) 98% 3% General Fee Support 40,369,614 36,083,896 37,692,099 37,224,406 (467,693) 99% 3% Designated Revenue 926,993 805,879 852,741 581,185 (852,741) 0% Restricted Revenue 2,477,396 2,328,012 1,478,237 1,766,163 (1,478,237) 0% Total Sources 192,122,412 184,978,545 192,613,682 189,346,362 (3,267,320) 98% 2% Salary 35,906,085 33,334,314 35,047,631 32,698,154 (2,349,477) 93% -2% Benefits 10,417,386 9,796,681 11,917,735 9,888,054 (2,029,681) 83% 1% Utilities 18,444,997 18,767,581 21,050,321 18,569,712 (2,480,609) 88% -1% Charge Outs (23,538,042) (3,456,628) (881,777) (1,205,418) (323,641) 137% -187% Expense Recovery (3,739,772) (23,613,835) (24,630,541) (23,459,653) 1,170,888 95% -1% Operating Expenses 57,462,766 61,931,912 60,385,020 60,311,548 (73,472) 100% -3% Inventory Purchases 17,888,069 13,541,836 13,087,462 12,001,547 (1,085,915) 92% -13% Debt Service 44,869,950 50,237,360 50,987,269 50,948,396 (38,873) 100% 1% Designated Expense 894,154 735,643 852,741 692,903 (852,741) 0% Restricted Expense 1,943,519 2,029,134 1,478,237 1,236,245 (1,478,237) 0% Total Uses 160,549,112 163,303,998 169,294,098 161,681,488 (7,612,610) 96% -1% Net Before Non-Mandatory Transfers 31,573,300 21,674,547 23,319,584 27,664,874 4,345,290 119% 22% Net Transfers (29,491,288) (16,466,293) (23,319,584) (22,896,048) 423,536 98% 28% Net Total 2,082,012 5,208,254 - 4,768,825 4,768,825 0% -9%

Overall Page18 56 of 129 September 19, 2019

Preliminary & Unaudited

MIAMI UNIVERSITY FY2018 Budget-To-Actual and Endowment Fund Activity As of June 30, 2019

Oxford General Fund Investments FY2019 FY2019 Budget- Original YTD to-Actual Budget Actual Variance

Dividends and Interest (net of fees) $6,390,000 $5,157,432 ($1,232,568)

Realized Gains/(Losses) 42,131,791 42,131,791

Unrealized Gains - change in market value Mark to market as of June 30 (27,175,180) (27,175,180)

Allocations to Other Funds (222,375) (222,375)

Total Unrestricted General Fund Investment Income $6,390,000 $19,891,668 $13,501,668

Endowment and Quasi-endowment Funds Endowment Quasi- Total Funds Endowment Endowment

Beginning Balance $95,227,027 $125,626,554 $220,853,581

Dividends and Interest (net of fees) 43,966 291,693 335,659

Reinvested Realized Gains/(Losses) - (net of administrative fees) 6,428,949 9,427,249 15,856,198 Realized gains remaining after spending distribution

Unrealized Gains - change in market value Mark to market as of June 30 (6,892,019) (9,902,843) (16,794,862)

Gifts 3,718,274 1,873,233 5,591,507

Other 53,168 1,865,600 1,918,768

Total Endowment and Quasi-endowment funds $98,579,365 $129,181,486 $227,760,851

Investment Earnings Distributed to Expendable Funds $3,294,444 $3,605,508 $6,899,952

Overall Page19 57 of 129 September 19, 2019 Analysis of Investment Fluctation Fund at June 30, 2019

Current Balance of Investment Fluctuation Fund $79,758,887

Policy Target for Fund: Two Standard Deviation Loss 107,641,6231 Annual Investment Income Budget 6,490,000 Required Fund 114,131,623

Surplus or (Shortfall in Fund) ($34,372,736)

1The two standard deviation loss is based on the total investment at June 30, 2019 of $668,581,509.

Overall20 Page 58 of 129 September 19,Business 2019 Session Item 5c Unrestricted Net Position Summary

FY2019 FY2018 Change Fund Balances & Reserves- Before Pension Liability $ 126,924,337 $ 111,500,448 $ 15,423,890 Ohio Pension Liability (348,475,191) (339,107,287) (9,367,904) Fund Balances and Central Reserves - Net (221,550,854) (227,606,839) 6,055,986 Carry Forward and Designated - Academic Divisions 183,105,288 175,994,914 7,110,374 Carry Forward and Designated - Administrative Divisions 54,909,461 49,990,769 4,918,692 Facility Renewal & Replacement Funds 212,109,131 195,134,404 16,974,727 Quasi-Endowment 120,481,550 116,836,069 3,645,482 Total Unrestricted Net Position $ 349,054,576 $ 310,349,315 $ 38,705,261

Overall Page 59 of 129 September 19, 2019 Miami University Unrestricted Net Position at June 30, 2019 and 2018

Oxford and Regional Campuses Central Fund Balances & Reserves

FY2019 FY2018 Change Unallocated Fund Balance $ 1,607,294 $ 2,779,677 $ (1,172,383) Reserve for Investment Fluctuations 79,758,887 60,168,851 19,590,036 Reserve for Health Care Stabilization 15,000,000 15,000,000 0 Reserve for Financial Aid 8,066,232 7,942,598 123,634 Reserve for Litigation 1,547,953 1,547,953 0 Total Oxford Central Fund Balances $ 105,980,366 $ 87,439,080 $ 18,541,286 Hamilton $ 11,541,794 $ 9,689,407 $ 1,852,387 Middletown 1,730,391 1,381,594 348,798 Voice of America 118,844 120,058 (1,214) Total Regional Campus Central Fund Balances $ 13,391,030 $ 11,191,058 $ 2,199,972 Auxiliary Enterprises 2,689,121 7,835,721 (5,146,600) Encumbrances 4,863,821 5,034,589 (170,768) Total All Fund Balances & Reserves $ 126,924,337 $ 111,500,448 $ 15,423,890

Overall Page 60 of 129 September 19, 2019 Analysis of Investment Fluctuation Fund at June 30, 2019

Current Balance of Investment Fluctuation Fund $79,758,887

Policy Target for Fund: Two Standard Deviation Loss 107,641,6231 Annual Investment Income Budget 6,490,000 Required Fund 114,131,623

Surplus or (Shortfall in Fund) ($34,372,736)

1The two standard deviation loss is based on the total investment at June 30, 2019 of $668,581,509.

Overall Page 61 of 129 September 19, 2019 Unrestricted Net Position by University Division

Designated Fund Balance Division Carry Forward Funds & Reserves FY 2019 Total FY 2018 Total Provost Arts & Science $ 35,152,639 $ 11,239,393 $ - $ 46,392,032 $ 49,310,007 Education, Health & Society 14,767,040 3,581,174 0 18,348,214 20,981,905 Farmer School of Business 12,671,538 10,885,502 0 23,557,040 28,518,065 Engineering & Computer Services 1,513,783 2,290,083 0 3,803,866 8,565,466 Creative Arts 5,338,881 812,010 0 6,150,891 7,719,424 Regional Campuses 6,110,338 4,059,713 13,391,030 23,561,081 22,705,712 Other 28,367,347 46,315,846 0 74,683,193 49,385,393 Sub-Total Provost $ 103,921,566 $ 79,183,722 $ 13,391,030 $ 196,496,318 $ 187,185,972

President $ 2,274,901 $ 47,669 $ - $ 2,322,570 $ 1,560,471 Finance & Business Services Physical Facilities 1,029,011 1,293,614 0 2,322,625 2,618,833 Other 2,043,493 4,574,435 0 6,617,928 5,100,729 Enrollment Management 1,070,320 1,015,595 0 2,085,915 1,776,605 Student Life 1,017,679 1,746,395 0 2,764,074 1,893,066 University Advancement 828,063 17,037,022 0 17,865,085 19,998,261 Information Technology 3,239,200 8,696,673 0 11,935,873 9,146,488 Sub-Total Administrative $ 11,502,667 $ 34,411,403 $ - $ 45,914,070 $ 42,094,453

Auxiliary Enterprise 0 0 2,689,121 2,689,121 7,835,721 Central Budget 1,250,681 7,744,710 105,980,366 114,975,757 95,335,395 Sub-Total Available Balances $ 116,674,914 $ 121,339,835 $ 122,060,517 $ 360,075,266 $ 332,451,541

Facility Renewal & Replacement 0 0 212,109,131 0 195,134,404 Quasi-Endowment 0 0 120,481,550 0 116,836,069 Reserve for Encumbrances 0 0 4,863,821 0 5,034,589

Total Before Pension Liability $ 116,674,914 $ 121,339,835 $ 459,515,019 $ 360,075,266 $ 649,456,602 Less Pension Liability 0 0 (348,475,191) 0 (339,107,287) Total Unrestricted Net Position $ 116,674,914 $ 121,339,835 $ 111,039,828 $ 349,054,576 $ 310,349,315

Overall Page 62 of 129 September 19, 2019 Annual Change in Academic Divisions' Carry Forward Blances $25 Millions

$20

$15

$23.5 $10 $19.9

$5

$5.3

$0 ($1.0) ($2.7) ($5) FY15 FY16 FY17 FY18 FY19 Carry Forward

Overall Page 63 of 129 September 19, 2019 Unrestricted Net Position Facility Renewal and Replacement Funds

FY2019 FY2018 Change Oxford- General $ 15,478,329 $ 4,056,013 $ 11,422,316 Hamilton Campus 9,117,826 13,948,734 (4,830,908) Middletown Campus 2,216,919 2,236,691 (19,772) Voice of America 242,717 165,666 77,051 Oxford Auxiliary 94,893,274 66,893,849 27,999,425 Projects Funded/Not Expended 90,160,066 107,833,451 (17,673,385) Total Facility Renewal & Replacement $ 212,109,131 $ 195,134,404 $ 16,974,727

Overall Page 64 of 129 September 19,Business 2019 Session Item 5d Miami University Financial Performance Includes the Effect of GASB 68 & 75 (FY15, FY16, FY17, FY18 & FY19) 140.0% Viability - Expendable net assets Net Income - Change in total net assets Primary Reservve - Expendable divided by plant debt. divided by total revenues. net assets divided by total operating expenses. 120.0%

100.0%

80.0%

60.0%

40.0%

20.0%

0.0% Viability Net Income Primary Reserve

-20.0% 2015 2016 2017 2018 2019

Overall Page 65 of 129 September 19, 2019 Miami University Financial Performance Excludes the Effect of GASB 68 & 75 (FY08, FY09, FY14, FY17, FY18 & FY19) 140.0% Viability - Expendable net assets Net Income - Change in total net Primary Reserve - Expendable divided by plant debt. assets divided by total revenues. net assets divided by total operating expenses. 120.0%

100.0%

80.0%

60.0%

40.0%

20.0%

0.0% Viability Net Income Primary Reserve

-20.0% 2008 2009 2014 2017 (Exclude GASB 68) 2018 (Exclude GASB 68 & 75) 2019 (Exclude GASB 68 & 75)

Overall Page 66 of 129 September 19, 2019Business Session Item 5e Status of Gift Funded Projects as of June 30, 2019

Project Project Project Budget Outstanding Outstanding Project Description Budget Not Funded Pledges Bequests Deficit

1 Athletic Performance Center $22,993,815 $14,559,369 $8,893,893 $0 $5,665,476

Goggin Ice Arena 36,009,525 1,156,477 600,000 40,000 516,477 2

Hayden Park Addition 3,943,307 515,716 15,932 500,000 0

Dauch Indoor Sports Center 14,000,000 3,539,157 2,301,569 1,500,000 0

Total $76,946,647 $19,770,719 $11,811,394 $2,040,000 $6,181,953

1$356,290 was pledged towards the project in fiscal year 2019

2$1,047,673 was pledged towards the project in fiscal year 2019

Overall Page 67 of 129 September 19, 2019

Residence and Dining Halls Net Increase for Fiscal Year 19-09

FY19 FY18 FY17 FY16 FY15 FY14 FY13 FY12 FY11 FY10 Revenues $ 115,298,363 $ 110,343,907 $ 105,966,230 $ 99,675,905 $ 95,379,311 $ 88,831,459 $ 81,287,838 $ 78,756,210 $ 76,033,181 $ 73,504,118 Expenses Salaries & Benefits 17,668,325 17,747,770 21,629,860 20,457,009 19,779,250 19,282,892 19,143,162 20,522,868 21,083,130 26,154,177 Operating Expenses and Food Purchases 37,545,249 36,488,478 32,938,874 34,534,197 32,202,763 30,177,911 27,110,500 28,282,014 27,174,705 26,335,723 Residence Life Transfer to Student Life 5,908,139 5,833,638 5,336,093 5,323,404 5,059,978 4,786,056 4,802,246 4,677,926 4,641,010 0 Total Expenses 61,121,713 60,069,886 59,904,827 60,314,610 57,041,991 54,246,859 51,055,908 53,482,808 52,898,845 52,489,900

Net Income Before Debt Service & Transfers $ 54,176,650 $ 50,274,021 $ 46,061,402 $ 39,361,294 $ 38,337,320 $ 34,584,600 $ 30,231,930 $ 25,273,402 $ 23,134,336 $ 21,014,218

Debt Service and Transfers Debt Service (42,391,186) (41,597,907) (35,973,640) (33,873,421) (30,866,290) (22,303,542) (19,882,993) (11,906,810) (5,816,005) (3,760,628) Capital Projects (13,956,020) (8,545,255) (10,087,720) (5,487,287) (7,463,613) (11,845,020) (10,305,050) (13,339,934) (17,216,813) (17,089,500) Total Facility Investment (56,347,206) (50,143,162) (46,061,360) (39,360,708) (38,329,903) (34,148,562) (30,188,043) (25,246,744) (23,032,818) (20,850,128)

Change in Fund Balance $ (2,170,556) $ 130,859 $ 42 $ 586 $ 7,417 $ 436,038 $ 43,887 $ 26,658 $ 101,518 $ 164,090

Total All Fund Balances and Reserves $ 62,234,752 $ 57,476,589 $ 80,112,906 $ 71,931,648 $ 66,164,901 $ 60,014,075 $ 51,780,699 $ 44,436,411 $ 36,052,128 $ 23,696,971

Overall Page 68 of 129 September 19, 2019Business Session Item 5f

Miami University Foundation Preliminary & Unaudited

Statement of Financial Position June 30, 2019 (With Comparative Totals for June 30, 2018) 2019 2018 Assets Cash and cash equivalents $ 48,269,311 $ 64,282,976 Pledges receivable, net 28,817,280 31,258,652 Other receivables, primarily investment related 16,638,084 12,439,077 Investments 508,118,790 477,035,567 Cash value of life insurance 2,068,041 2,063,101 Real estate investments 30,000 30,000

Total assets $ 603,941,506 $ 587,109,373

Liabilities Accounts payable and other liabilities $ 16,359,967 $ 14,824,742 Assets held for other entities 227,155,079 214,465,794 Deferred revenue 1,529,075 1,671,980 Obligations under split-interest agreements 3,915,047 3,976,357

Total liabilities 248,959,168 234,938,873

Net Assets Without donor restrictions 7,105,034 7,135,135 With donor restrictions 347,877,304 345,035,365

Total net assets 354,982,338 352,170,500

Total liabilities and net assets $ 603,941,506 $ 587,109,373

See notes to financial statements.

Overall Page 69 of 129 September 19, 2019

Miami University Foundation Preliminary & Unaudited

Statement of Activities Year Ended June 30, 2019 (With Comparative Totals for the Year Ended June 30, 2018)

Without Donor With Donor 2019 2018 Restrictions Restrictions Total Total Revenues and other additions: Contributions $ 23,683 $ 17,591,635 $ 17,615,318 $ 14,877,143 Investment income: Dividend and interest income, net 64,509 2,773,206 2,837,715 4,444,626 Net realized and unrealized (losses) gains 196,486 8,286,024 8,482,510 14,536,415 Net investment income 260,995 11,059,230 11,320,225 18,981,041

Change in value of split-interest agreements - 394,526 394,526 680,812

Net assets released from restrictions due to satisfaction of donor restrictions 26,203,452 (26,203,452) - - Total revenues and other additions 26,488,130 2,841,939 29,330,069 34,538,996

Expenses and other deductions: Distributions to Miami University (Note 6) 23,092,749 - 23,092,749 18,181,165 Other expenses 497,011 - 497,011 760,839 Administrative expenses (Note 6) 2,928,471 - 2,928,471 2,809,640 Total expenses and other deductions 26,518,231 - 26,518,231 21,751,644

Change in net assets (30,101) 2,841,939 2,811,838 12,787,352

Net assets - beginning of year 7,135,135 345,035,365 352,170,500 339,383,148

Net assets - end of year $ 7,105,034 $ 347,877,304 $ 354,982,338 $ 352,170,500

Overall Page 70 of 129 September 19, 2019 Trends in Contribution Revenue & Advancement Costs Based on Accounting Standards $60 Millions

$50

$40

$30

$20

$10

$0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Advancement Costs Contribution Revenue (University & Foundation)

Overall Page 71 of 129 September 19, 2019 Love & Honor Campaign Compared to Current Comprehensive Campaign First Three Years $120 Love and Honor Comprehensive Campaign

Millions $103 $100 $93

$80

$60

$44 $40

$23 $20

$0 Contributions Advancement Costs Contributions Advancement Costs FY03 - FY05 FY03 - FY05 FY17 - FY19 FY17 - FY19

Overall Page 72 of 129 September 19, 2019

Endowment Model

Yellow cells are variable inputs Quasi- Fiscal Endowment Endowment Endowment Endowment Administrative Investment Year Balance Pledge Addition Additions Fee and Payout Earnings Ending Balance $ 75,000,000 5 Annual Inst $5 M Per Year 5.00% 7.00%

2016$ 444,154,847 $ 10,000,000 $ 5,000,000 $ 22,207,742 $ 31,090,839 $ 468,037,944 2017$ 468,037,944 $ 15,000,000 $ 5,000,000 $ 23,401,897 $ 32,762,656 $ 497,398,703 2018$ 497,398,703 $ 75,000,000 $ 25,000,000 $ 5,000,000 $ 24,869,935 $ 34,817,909 $ 537,346,677 2019$ 537,346,677 $ 75,000,000 $ 40,000,000 $ 5,000,000 $ 26,867,334 $ 37,614,267 $ 593,093,610 2020$ 593,093,610 $ 75,000,000 $ 55,000,000 $ 5,000,000 $ 29,654,681 $ 41,516,553 $ 664,955,483 2021$ 664,955,483 $ 75,000,000 $ 70,000,000 $ 5,000,000 $ 33,247,774 $ 46,546,884 $ 753,254,592 2022$ 753,254,592 $ 75,000,000 $ 75,000,000 $ 5,000,000 $ 37,662,730 $ 52,727,821 $ 848,319,684 2023$ 848,319,684 $ 75,000,000 $ 75,000,000 $ 5,000,000 $ 42,415,984 $ 59,382,378 $ 945,286,078 2024$ 945,286,078 $ 75,000,000 $ 75,000,000 $ 5,000,000 $ 47,264,304 $ 66,170,025 $ 1,044,191,799

Actual Performance

2016$ 444,154,847 $ 10,715,354 $ 19,043,233 $ 20,930,385 $ (19,209,480) $ 433,773,569 2017$ 433,773,569 $ 24,605,411 $ 15,791,252 $ 21,332,000 $ 19,744,046 $ 47,895,136 $ 499,047,911 2018$ 499,047,911 $ 3,784,876 $ 16,121,982 $ 1,503,253 $ 21,438,537 $ 31,700,000 $ 519,973,725 2019$ 519,973,725 $ 7,604,601 $ 8,396,858 $ 5,299,572 $ 22,596,170 $ 11,340,224 $ 522,799,782

* Note: actual endowment pledges exclude bequests due to uncertainty of timing

Overall Page 73 of 129 September 19, 2019

Summary of University and Foundation Gift Activity for Scholarships

Contributions Fiscal Year 2019 Gifts- Foundation Commitments for Scholarships $ 24,487,445 Commitments for Recruitment Scholarships $ 10,040,213 Gifts- University Commitments for Scholarships $ 3,552,605 Commitments for Recruitment Scholarships $ 1,569,131 Permanent Endowment- Foundation Cash for Scholarships $ 5,731,637 Cash for Recruitment Scholarships $ 3,185,041 Permanent Endowment- University Cash for Scholarships $ 108,834 Cash for Recruitment Scholarships $ 10,774

Overall Page 74 of 129 September 19, 2019

Ten Year Endowment Spending Distribution History Miami University and Foundation June 30, 2019

Calculated Calculated Actual Actual Average Fund Number of Number of Total Spending Total Spending Spending Underwater Partial Administrative Year Distribution Rate Distribution Rate Rate Funds Distributions Fee

FY 2010 $ 17,510,561 5.6%$ 13,729,397 4.4% 5.8% $ 1,152,007 FY 2011 $ 18,340,707 5.3%$ 16,167,440 4.7% 5.2% $ 3,514,244 FY 2012 $ 18,706,336 4.6%$ 15,897,703 3.9% 4.7% 170 158 $ 3,502,010 FY 2013 $ 19,384,814 5.0%$ 18,098,616 4.7% 5.2% 34 61 $ 3,812,410 FY 2014 $ 20,264,984 4.9%$ 19,248,703 4.6% 5.0% 0 2 $ 4,169,154 FY2015 $ 20,797,077 4.5%$ 19,664,183 4.3% 4.6% 8 26 $ 4,461,220 FY2016 $ 21,319,926 4.6%$ 17,839,409 3.9% 4.7% 203 533 $ 3,539,976 FY2017 $ 17,544,542 3.9%$ 15,877,068 3.6% 4.0% 7 28 $ 4,258,019 FY2018 $ 18,225,443 3.6%$ 16,659,099 3.3% 4.0% 0 0 $ 4,807,546 FY2019 $ 19,848,655 3.7% $ 17,482,931 3.3% 3.7% 19 22 $ 5,113,239 Total $ 191,943,045 4.6%$ 170,664,549 4.1% 4.7% 55 104 $ 38,329,825 (average) (average) (average) (average) (average)

Comments In FY2019, the average endowed fund distributed about 3.7% of beginning of the year market value. In FY2017, the endowment spending formula was changed from the weighted average formula to 4% of the average of the last 12 quarterly market values. Spending Rates are defined as spending distribution divided by beginning of year market value. The difference between Calculated Distribution Amount and Actual Amount Distributed reflects partial distributions and reinvestments.

Overall Page 75 of 129 September 19, 2019

Business Session Item 6 September 19, 2019 Finance and Audit

RESOLUTION R2019-

WHEREAS, Miami University incurs certain costs for the generation of new gifts that benefit the Miami University endowment fund; and

WHEREAS: the Miami University Board of Trustees previously adopted an Administrative Fee Plan which authorizes the assessment of an annual administrative fee to be used to offset some of the advancement and investment management expenses; and

WHEREAS: The Miami University Board of Trustees has determined the Administrative Fee Plan should be an Administrative Fee Policy; and

WHEREAS: The Administrative Fee Policy is hereby attached;

NOW THEREFORE BE IT RESOLVED: The Miami University Board of Trustees adopts the Administrative Fee Policy; and

BE IT FURTHER RESOLVED: Resolution R2017-27 is hereby rescinded.

Overall Page 76 of 129 September 19, 2019

Business Session Item 6 September 19, 2019 Finance and Audit MIAMI UNIVERSITY Administrative Fee Policy September 2019

OBJECTIVE The objective of the Administrative Fee Policy is to reimburse Miami University to support certain expenses related to the advancement and investment of the Miami University endowment fund and annual fund.

REVENUE An administrative fee of 1.00 percent will be calculated against the market value of the Miami University endowment investment pool as of March 31 (in conjunction with the annual spending distribution calculation). The Administrative Fee may be reduced or waived for any endowed gift with the approval of the Senior Vice President for University Advancement and the Senior Vice President for Finance and Business Services. The total Administrative Fee revenue will be distributed to the University’s Education & General Fund before the end of the following fiscal year and used to offset certain costs incurred in that fiscal year as described below.

EXPENSES The administrative fee revenue shall be used to offset expenses as follows: • Advancement: A portion of the Administrative Fee shall be used to fund advancement related expenses including but not limited to the salaries, operating, travel, and entertainment expenses of university advancement staff as determined by the Senior Vice President for University Advancement • Investment: A portion of the administrative fee shall be used to fund investment related expenses, including but not limited to the salaries of finance and business services staff related to investment and administration of endowment funds, travel and registration expenses related to external investment manager meetings and conferences, external audit fees, and external investment fees as determined by the Senior Vice President for Finance and Business Services

Any Administrative Fee balance not spent in the current fiscal year may be accumulated and carried forward to a future fiscal year.

This policy and the administrative fee rate will be reviewed on an annual basis by the Miami University Finance and Audit Committee.

Overall Page 77 of 129 September 19, 2019

MIAMI UNIVERSITY Administrative Fee PlanPolicy February 2017September 2019

OBJECTIVE The objective of the Administrative Fee PlanPolicy is to reimburse Miami University to support certain expenses related to the advancement and investment of the Miami University endowment fund and annual fund.

REVENUE An administrative fee of 1.00 percent will be calculated against the market value of the Miami University endowment investment pool as of March 31st (in conjunction with the annual spending distribution calculation). The administrative fee may be reduced or waived for any endowed gift with the approval of the Senior Vice President for University Advancement and the Senior Vice President for Finance and Business Services. The total administrative fee revenue will be distributed to the University’s Education & General Fund before the end of the following fiscal year and used to offset certain costs incurred in that fiscal year as described below.

EXPENSES The administrative fee revenue shall be used to offset expenses as follows: • Advancement: A portion of the administrative fee shall be used to fund advancement related expenses including but not limited to the salaries, operating, travel, and entertainment expenses of university advancement staff as determined by the Senior Vice President for University Advancement • Investment: A portion of the administrative fee shall be used to fund investment related expenses, including but not limited to the salaries of finance and business services staff related to investment and administration of endowment funds, travel and registration expenses related to external investment manager meetings and conferences, external audit fees, and external investment consulting fees as determined by the Senior Vice President for Finance and Business Services

Any administrative fee balance not spent in the current fiscal year may be accumulated and carried forward to a future fiscal year.

This planpolicy and the administrative fee rate will be reviewed on an annual basis by the Miami University Finance and Audit Committee.

Overall Page 78 of 129 September 19, 2019 Miami University Finance & Audit Committee FY2020 Administrative Fee Budget

Estimated Fee Revenue $ 5,272,220

Expenses Advancement Related Development $ 1,228,687 23% Advancement Related Operations $ 1,343,750 25% Investment Related $ 2,344,826 44% Contingency $ 354,957 7% Total $ 5,272,220 100%

The annual administrative fee is disclosed in endowment gift agreements

Ohio State University assesses a 1% annual fee (down from 1.33%) on endowment market value University of Cincinnati assesses a 1% annual fee (down from 2%) on endowment market value and a 5% fee on new current use gifts

Overall Page 79 of 129 September 19, 2019

Business Session Item 7 To: Finance and Audit Committee

From: Barbara K. Jena, Chief Audit Officer

Subject: Internal Audit & Consulting Services - FY 2020 Internal Audit Plan

Date: August 30, 2019

The following presents the Internal Audit and Consulting Services annual plan and scope of activities for fiscal year 2020. The plan is based on a risk analysis of key areas across the University. It was shared with Committee Chair Michael Armstrong and is now presented to the full Committee for approval and any comments you may have.

The attached Audit Plan lists the audit projects, time schedule, and the related University division and audit area. The Audit Plan also provides a reference to the Audit Risk Analysis, so you can see the level of risk addressed. For example, the Psychology Department P-Card Audit (second row of the Audit Plan) has a reference to the Audit Risk Analysis of 10 as the College of Arts and Science is the tenth ranked risk.

Because IT Services is routinely one of the highest audit risks, the Audit Plan includes the following four IT audit areas:

⦁ Payment Card Industry Compliance Audit; ⦁ Compliance with Vulnerability Management Standard – Follow-up Audit; ⦁ NuPark Web Application – Follow-up Audit; and ⦁ IT consulting, including new Finance and Business Services systems.

In addition to IT audits, other highlights of the Audit Plan include:

⦁ Audit of Fundraising Amounts; ⦁ Audit of Cash Receiving and Depositing; and ⦁ Audit of Compliance with Uniform Guidance for Grants and Contracts.

I look forward to discussing the proposed plan with the Committee.

Overall Page 80 of 129 September 19, 2019 Internal Audit and Consulting Services FY 2020 Audit Plan Reference to Audit Division Audit Area Audit Project Lead Assisting July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June Risk Analysis Auditor Auditor 1 2 3 4 5 6 7 8 9 10 11 12

True False False False False False False False False False False False 31 Academic Affairs Provost Office Consultant Payments BJ QZ

True False False False False False False False False False False False 10 Academic Affairs College of Arts & Science Psychology Department P-Card Audit QZ

True True False False False False False False False False False False 6 Enrollment Mgt & SS Admissions Admissions P-Card and Travel Audit Follow-up Audit QZ AG

True True False False False False False False False False False False 6 Enrollment Mgt & SS Admissions Special Admit Process BJ TM

True True True False False False False False False False False False 3 Finance & Bus. Svc. Physical Facilities Dept. Locally Admin. Capital Projects Audit - Pearson Hall TM QZ

True True True False False False False False False False False False 8 Student Life OCS VAWA Required Notifications - Agreed-upon Procedures CY18 TM

True True True True True True True True True True False False 9; 35 University-wide University-wide P-Card Continuous Monitoring TM AG;JZ

True True True True True True True True True True True True 1 IT Services IT Services Consulting - IT BJ

True True True True True True True True True True True True University-wide University-wide Lean Consulting Services TM

True False False False False False False False False True True True Finance & Bus. Svc. University-wide External Audit Coordination BJ

True True True True True True True True True True True True 13 University-wide University-wide EthicsPoint Reporting System with General Counsel BJ

False True False False False False False False False False False False 25; 37 Finance & Bus. Svc. Controller's Office Health Services Accounting Follow-up Audit BJ

False False True False False False False False False False False False 19 Finance & Bus. Svc. Police Clery Act Crime Statistics - CY18 Agreed-upon Procedures TM

False False True True True False False False False False False False 3 Finance & Bus. Svc. Physical Facilities Dept. Lean Project - Audits of Locally Administered Capital Projects QZ

False False False True False False False False False False False False 35 Finance & Bus. Svc. Accounts Payable ACH Fraud - Follow-up Audit TM

False False False True False False False False False False False False 21; 41 Finance & Bus. Svc. Campus Services Physical Inventory Audit - Campus Services Follow-up Audit TM

False False False True True True False False False False False False 35 Finance & Bus. Svc. Accounts Payable Vendor Audit QZ

False False False True True True False False False False False False 4 University Advancement Development Fundraising Amounts BJ

False False False False True False False False False False False False 30 Enrollment Mgt & SS Bursar Tuition Promise Follow-up Audit TM

False False False False False True True False False False False False 34 Enrollment Mgt & SS One Stop Ohio Residency for Tuition Purposes Audit TM

False False False False False False True False False False False False 10 Academic Affairs College of Arts & Science Psychology Department P-Card Audit Follow-up Audit QZ AG

False False False False False False True False False False False False 1 IT Services Information Security NuPark Web Application - Follow-up Audit BJ

False False False False False False True True True False False False 1 IT Services Information Security Payment Card Industry Compliance Audit BJ

False False False False False False True True True False False False 2 Finance & Bus. Svc. General Accounting Cash Receiving and Depositing Audit QZ

False False False False False False False True False False False False 11 Intercollegiate Athletics Ticket Office ICA football attendance FY20 agreed-upon procedures TM

False False False False False False False True False False False False 1 IT Services Information Security Compliance with Vulnerability Management Standard - Follow-up Audit BJ

False False False False False False False True True True False False 38 Finance & Bus. Svc. Grants and Contracts Uniform Guidance TM

False False False False False False False False False True True True 13 University-wide University-wide Enterprise Risk Assessment BJ

False False False False False False False False False True True True 37 Finance & Bus. Svc. General Accounting Miscellaneous Accounts Receivable Audit QZ

Overall Page 81 of 129 September 19, 2019 Business Session Item 9

DRAFT Forward Twelve Month Agenda September June Beginning of December February May End of Year Fall Winter Spring Year Agenda Item Meeting Meeting Meeting Meeting Meeting

Committee Structure:  Committee Priority Agenda x x x x x  Committee Self-Assessment x x  Organization of Committee Agendas x  Annual Review of Committee Charter x

Strategic Matters and Significant Topics Affecting Miami:  Comprehensive Campaign Update x x  Annual Report on the State of IT x —● Strategic Initiatives Fund (Boldly Creative) x ●— Budget Planning for the 2020 Decade x x x

Regular Agenda Items:  Report on Year-to-Date Operating Results x x x x x  Approval of Minutes of Previous Meeting x x x x x

Finance and Accounting Agenda Items:  Budget Planning for New Year x x  Appropriation Ordinance (Budget) x  Tuition and Fee Ordinance x  Miscellaneous Fee Ordinance x  Room and Board Ordinance x  Annual Report on Operating Results x  Review of Financial Statements x x  PMBA Tuition Proposal x

Audit and Compliance Agenda: Planning Meeting with Independent Auditors x  Management Letter and Other Required Communications x  Annual Planning Meeting with Internal Auditor x  Annual Report by Internal Auditor x

Investment Agenda:  Semi-Annual Review of Investment Performance x x

Facilities Agenda:  Approval of Six-Year Capital Plan (every other year) x  Facilities Condition Report x  Annual Report of Gift-Funded Projects x  Status of Capital Projects x x x x x

Routine Reports:  University Advancement Update x x x x x  Cash and Investments Report x x x x  Lean Project Summary x x x x x  Enrollment Report x x x x x  Annual State of Ohio Fiscal Watch Report x x  Health Benefit Strategic Indicators x  Annual Report on University Efficiency x x

Overall Page 82 of 129 September 19, 2019 Reporting Update Item 1

Board of Trustees Meeting Finance and Audit Committee September 2019

Enrollment Management & Student Success

Overall Page 83 of 129 September 19, 2019 Fall 2019 Applications Key Academic Quality Indicators

2018 2019

ACT Best 27.6 27.7

GPA 3.72 3.75

Curriculum Strength 13.9 14.0

Data as of First Day of Fall Semester MiamiOH.edu Overall Page 84 of 129 September 19, 2019 Fall 2019 Confirmations Key Academic Quality Indicators

2018 2019

ACT Best 28.0 28.0

GPA 3.76 3.78

Curriculum Strength 14.1 14.0

Data as of First Day of Fall Semester MiamiOH.edu Overall Page 85 of 129 September 19, 2019 Fall 2019 Confirmations Residency

2015 2016 2017 2018 2019

Non-Resident 1,690 1,682 1,643 1,564 1,786

Domestic Non-Resident 1,393 1,394 1,325 1,258 1,601

International 297 288 318 306 185

Ohio Resident 2,140 2,134 2,202 2,412 2,572

Grand Total 3,830 3,816 3,845 3,976 4,358

Data as of First Day of Fall Semester MiamiOH.edu Overall Page 86 of 129 September 19, 2019 Fall 2019 Confirmations Academic Division

2015 2016 2017 2018 2019

CAS 1,870 1,891 1,836 1,930 1,837

FSB 929 904 961 859 1,225

CEC 470 452 464 484 554

EHS 377 402 377 430 417

CCA 184 167 207 207 231

CLAAS 66 94

Total 3,830 3,816 3,845 3,976 4,358

Data as of First Day of Fall Semester MiamiOH.edu Overall Page 87 of 129 September 19, 2019 Fall 2019 Confirmations Diversity

2015 2016 2017 2018 2019

Student of Color 525 594 649 692 717

% Student of Color 13.7% 15.6% 16.9% 17.4% 16.5%

First Generation 440 555 583 635 580

% First Generation 11.5% 14.5% 15.2% 16.0% 13.3%

Data as of First Day of Fall Semester MiamiOH.edu Overall Page 88 of 129 September 19, 2019 Fall 2019 Confirmations

Presidential Fellows Program » Inaugural cohort for Fall 2019 is 12 first-year Oxford students » Average ACT Best is 34.8 and average GPA is 4.45

National Pathways Program » Inaugural cohort for Fall 2019 is 23 first-year Hamilton students who live on the Oxford campus » Students are expected to relocate fully to the Oxford campus in Spring 2020

American Culture and English (ACE) Program » Fall 2019 enrollment goal was 200 students » 105 confirmed students or a 46.2% YTD decrease versus Fall 2018

Transfers » Fall 2019 enrollment goal was 200 students » 204 confirmed students or a 4.7% YTD decrease versus Fall 2018

Data as of First Day of Fall Semester MiamiOH.edu Overall Page 89 of 129 September 19, 2019

Reporting Update Item 2 To: Finance and Audit Committee

From: Barbara K. Jena, Chief Audit Officer

Subject: Internal Audit & Consulting Services - Reporting Update

Date: August 26, 2019

Please see the attached report for a summary of the three high-risk open audit issues.

Line 1 - The 5/2017 Audit of Pledge Financial Accounting issue 150.3 remains open, and based on discussion with management, is unlikely to be resolved before 7/2020.

Line 2 - IT Services plans to address the 3/2019 issue 173.1 in conjunction with installing new scanning software by the end of 8/2019.

Line 3 - Issue 174.1 was added 5/2019 and arose in an outsourced vulnerability assessment. IT Services anticipates this issue will be resolved in 9/2019. IACS has scheduled follow-up audits during FY 2020 related to both IT issues.

Audit Issue Status Open audit Open audit issues issues Risk Level 4/26/2019 Added Closed 8/26/2019 High 2 1 0 3

Attachment

Overall Page 90 of 129 September 19, 2019 Open Internal Audit Issues Line Audit Name And Date Date Date Risk Division Recommendation Responsible Management Response and Status Opened Due Level Person and Percentage of Completion

1 150.3 - Audit of Pledge 5/26/2017 7/31/2020 High Finance & To increase reporting transparency, IACS recommends that Bruce Guiot, In a 8/23/2019 status update, the Chief Investment/Treasury Officer Financial Accounting - Business Treasury Services work with University Advancement to prepare Chief stated, "We have been successfully conducting weekly reconciliations 5/2017 Services annual reconciliations between published financial reports and Investment between Advancement and Finance since June. We are preparing to fundraising totals reported by University Advancement. Treasury Officer replicate the process with monthly data." In further discussion, he Reconciliations should be prepared for both MU and MUF and added that the goal is to reconcile annually as recommended, but on address the following components: a going-forward basis. As such, the earliest this could be accomplished would be in July 2020 for the FY 2020 fiscal year end. a. Revenue - gift revenue in the published financial reports to University Advancement's fundraising attainment (i.e., new pledges plus new outright gifts) in the fiscal year.

b. Pledges receivable - pledges receivable in the published financial reports to University Advancement's pledges outstanding balance at fiscal year-end. 85%

2 173.1 - Compliance with 3/12/2019 8/31/2019 High IT Services IACS recommends the Information Security team strengthen David Seidl, VP Management agrees with the auditor's recommendations. We the Vulnerability analysis and follow-up of cases where remediation is not taking for Information acknowledge that there have been deficiencies in the following Management Standard - place in accordance with the 30-day standard. Consequences of Tech & CIO process, which will be addressed when the revised standard is rolled 3/2019 noncompliance should be re-evaluated to address problem areas. out. The vulnerability management standard will be revised by SCRM by the end of the 4th quarter of the fiscal year 2019. End users who receive the vulnerability report directly will be notified of the revised standard either through training and/or by email notification.

In a 8/15/2019 update, management stated, "OpenVAS is being installed with a due date at the end of August. These changes will occur after the new scanning software is in place. This effort is on track for delivery as noted in the original management response." 80%

3 174.1 - Outsourced 5/23/2019 9/15/2019 High IT Services As part of an assessment of Miami University's overall technical David Seidl, VP The ISO agreed to follow-up and remediate findings 1-6 and Vulnerability security posture, IACS outsourced a web application penetration for Information investigate issues 7 and 8. Assessment - 5/2019 test on two web applications. The objective of the security Tech & CIO assessment was to reveal any potential issues that could result in In a 8/15/2019 update, management stated that SCRM is working a breach and/or disclosure of potentially sensitive information. with the vendor on the findings, which they are comparing to a Two high severity issues were found that should be remediated recent third party audit effort. We are waiting on their detailed immediately, as well as several medium and low severity response, and will follow up. Internal fixes that we can make are vulnerabilities. being reviewed, however we will wait for the vendor's response before making significant changes so as not to interfere with their fixes. 20%

2

Overall Page 91 of 129 September 19, 2019 Reporting Update Item 3

REPORT ON CASH AND INVESTMENTS Finance and Audit Committee Miami University September 19, 2019

Non-Endowment Fund

For the fourth fiscal quarter ending June 30, 2019, the non-endowment’s estimated net-of- fees return excluding operating cash was +2.0%, bringing the fiscal year-to-date return up to an estimated +3.4%. Tier III long-term capital’s return was led by U.S. public equities which rose 3.7% in the quarter, but dampened by commodities, which declined 1.9%.

At June 30th, the Operating Cash balance was about $60.9 million, down from $146.2 million at the end of March after the receipt of spring semester tuition. During the June quarter, $25 million was transferred from Operating Cash to Core Cash Tier II in order to target a higher rate of return. Transfers from Operating Cash to Core Cash totaled $40 million during the fiscal year. Operating Cash earned an approximate 1.0% annualized yield on the average balance, in addition to a significant portion receiving earnings credit against bank fees.

Fair Value Current Funds (Millions) % of Portfolio Operating Cash (Tier I): Short-term Investments* $ 60.853 9.1%

Core Cash (Tier II): Short-Term Bonds $ 75.837 11.3% Special Initiatives $ 53.183 8.0% Total Core Cash (Tier II): $129.020 19.3%

Long-Term Capital (Tier III): Equity Investments $254.060 38.0% Debt Investments $102.348 15.3% Hedge Funds $ 55.883 8.3% Real Assets $ 38.087 5.7% Other** $ 0.114 0.0% Cash $ 27.911 4.2% Total Long-Term Capital (Tier III) $478.289 71.6%

Total Current Fund Investments $668.276 100.0% * not included on performance report ** includes Cintrifuse Syndicate Fund II

(Continued on next page)

Overall Page 92 of 129 September 19, 2019

Endowment Pooled Investment Fund

The endowment’s preliminary returns were +1.6% for the June quarter. The fiscal year- to-date return rose to approximately +3.4%. These figures exclude updated values for private capital, which reports on a significant lag. The endowment benefited most from U.S. public equities’ +3.7% return for the quarter. Contributions to full fiscal year returns were broadly positive across the portfolio, with the exception of non-U.S. public equity.

The Miami University Foundation Investment Committee met via teleconference on August 12th to discuss the findings of an integrated financial model that studied the impact of gifts, investment returns, and spending on the projected growth of the endowment. The Committee also reviewed the construction of the policy portfolio and approved updates to the Committee’s Charter.

Bond Project Funds

Construction activity continued in the second quarter of the calendar year. Approximately $10 million in draws were made during the March quarter. As of June 30, 2019, the balance was as follows:

Plant Funds Series 2017 Bond Project Fund $9,618,530 Total Plant Funds $9,618,530

Attachments Non-endowment Performance Summary as of 6/30/2019 MUF Performance Summary as of 6/30/2019

Overall Page 93 of 129 September 19, 2019

PERFORMANCE SUMMARY Miami University

June 30, 2019 . Rates of Return (%) Market Strategic Fiscal Calendar Since Asset Class Value Portfolio 1 3 Year To Year To 1 3 5 10 Policy Since Inception Benchmark ($ mill) (%) Month Month Date Date Year Year Year Year Inception Inception Date

Miami University Long-Term Capital Tier III 478.289 100.0% 3.9 2.2 3.5 10.0 3.5 4.8 2.9 4.8 10.0 4.4 30-Jun-02 (Net of Sub-Mgr Fees) SHOW 478.289 100.0% 3.9 2.2 3.5 10.0 3.5 4.8 2.9 4.8 10.0 4.4 Miami University Long-Term Capital Tier III 478.289 100.0% 3.9 2.2 - 9.8 - - - - 9.8 - 31-Dec-18 (Net of Sub-Mgr and Strategic Fees) Total Portfolio Policy Benchmark 4.1 2.8 4.6 11.2 4.6 5.0 3.0 4.8 11.2 4.4 Total Portfolio Policy Benchmark (Net of Fees) 4.1 2.8 - 11.1 - - - - 11.1 - Miami University - Baseline Tier II 75.837 100.0% 0.3 0.9 2.4 1.5 2.4 0.7 1.2 2.2 1.5 2.7 30-Jun-02 (Net of Sub-Mgr Fees) SHOW 75.837 100.0% 0.3 0.9 2.4 1.5 2.4 0.7 1.2 2.2 1.5 2.7 Miami University - Baseline Tier II 75.837 100.0% 0.3 0.8 - 1.5 - - - - 1.5 - 31-Dec-18 (Net of Sub-Mgr and Strategic Fees) Total Portfolio Policy Benchmark 0.4 1.0 2.6 1.8 2.6 0.8 0.9 1.1 1.8 2.2 Total Portfolio Policy Benchmark (Net of Fees) 0.3 0.9 - 1.6 - - - - 1.6 - Miami University Special Initiatives Fund 53.183 100.0% 0.7 2.2 - 3.8 - - - - 6.5 6.5 19-Sep-18 (Net of Sub-Mgr Fees) SHOW 53.183 100.0% 0.7 2.2 - 3.8 - - - - 6.5 6.5 Miami University Special Initiatives Fund 53.183 100.0% 0.7 2.2 - 3.7 - - - - 6.4 6.4 19-Sep-18 (Net of Sub-Mgr and Strategic Fees) Total Portfolio Policy Benchmark (Net of Fees) 0.7 2.2 - 3.7 - - - - 6.4 6.4 Total Miami University Client Group Total Miami University Client Group 607.309 3.2 2.0 3.4 8.4 3.4 3.6 2.3 3.0 3.3 3.3 30-Jun-02 (Net of Sub-Mgr and Strategic Fees)

R

Downloaded by 'Timothy Viezer' on '8/30/2019'

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Printed: 07/25/2019 Past performance is not a guarantee of future results. Page 1 of 11 Overall Page 94 of 129 September 19, 2019

PERFORMANCE SUMMARY Miami University Pooled Investment Fund

June 30, 2019

Rates of Return (%) Market Total Fiscal Calendar Since Asset Class Value Portfolio 1 3 Year To Year To 1 3 5 10 Policy Since Inception Benchmark ($ mill) (%) Month Month Date Date Year Year Year Year Inception Inception Date

U.S. Equity 115.200 21.4% 7.3 3.5 - 17.6 - - - - (1.9) 1.5 24-Jul-18 U.S. Equity Policy Benchmark 7.0 4.1 - 18.7 - - - - 1.7 5.3 Non-U.S. Equity 124.908 23.2% 6.2 1.7 (0.7) 13.0 (0.7) - - - (0.3) (0.7) 30-Jun-18 Non-U.S. Equity Policy Benchmark 6.0 2.1 0.4 12.5 0.4 - - - 0.8 0.4 Global Equity 41.627 7.7% 6.4 3.7 5.4 16.5 5.4 - - - 1.1 5.4 30-Jun-18 Global Equity Benchmark 6.5 3.6 5.1 16.3 5.1 - - - 0.9 5.1 Total Equity 281.735 52.3% 6.7 2.7 2.6 15.4 2.6 11.0 6.2 9.1 (0.8) 6.3 31-Dec-96 Total Equity Private Equity - IRR 40.188 7.5% - - 7.6 - 7.6 8.6 1.8 9.0 - 7.5 30-Sep-95 Private Equity Policy Benchmark - IRR - - 3.9 - 3.9 12.6 9.7 13.9 - 11.5 Hedge Funds (Net Exposure) 63.034 11.7% 0.7 1.3 0.5 3.7 0.5 - - - (0.4) 0.5 30-Jun-18 Hedge Funds Policy Benchmark 1.2 1.2 (1.0) 2.2 (1.0) - - - (1.8) (1.0) Total Alternatives 103.221 19.2% 0.3 0.5 3.0 4.3 3.0 - - - 1.2 3.0 30-Jun-18 Total Alternatives Real Estate - IRR 34.612 6.4% - - 6.3 - 6.3 7.9 6.7 7.1 - 4.0 31-May-06 Real Estate Policy Benchmark - IRR - - 4.1 - 4.1 8.5 9.2 9.7 - 6.6 Timber 5.136 1.0% - 0.0 (3.6) 0.5 (3.6) - - - (7.1) (3.6) 30-Jun-18 Timber Policy Benchmark - 0.0 5.0 0.6 5.0 - - - 1.2 5.0 Total Real Assets 39.749 7.4% - 0.0 6.0 2.8 6.0 - - - 3.3 6.0 30-Jun-18 Total Real Assets U.S. Fixed Income 63.103 11.7% 0.8 1.6 5.6 3.6 5.6 - - - 5.1 5.6 30-Jun-18 U.S. Fixed Income Policy Benchmark 1.4 3.0 8.1 6.6 8.1 - - - 7.6 8.1 Total Fixed Income 63.103 11.7% 0.8 1.6 - 3.6 - - - - 5.1 5.1 30-Sep-18 Total Fixed Income Opportunistic 21.650 4.0% (0.1) (0.1) 4.8 2.2 4.8 7.3 2.9 7.8 3.0 13.1 28-Feb-01 Opportunistic Policy Benchmark 0.0 (0.1) 4.8 2.2 4.8 10.4 7.8 11.6 3.0 11.6 Total Opportunistic 21.650 4.0% (0.1) (0.1) 4.8 2.2 4.8 7.3 2.9 7.8 3.0 13.1 28-Feb-01 Total Opportunistic R Total Cash, Accruals, and Pending Trades 29.038 5.4% 0.1 0.2 1.0 0.5 1.0 - - - 0.7 1.0 30-Jun-18 Total Cash, Accruals, and Pending Trades Total Portfolio 538.496 100.0% 3.5 1.7 3.4 9.6 3.4 6.9 3.5 6.9 1.1 8.5 Miami University Pooled Investment Fund 538.496 100.0%Downloaded 3.5 by 1.7'Timothy Viezer'3.4 on '8/30/2019'9.6 3.4 6.9 3.5 6.9 1.1 8.5 30-Apr-93 (Net of Sub-Mgr Fees) Total Portfolio 538.496 100.0% 3.5 1.7 3.4 9.6 3.4 6.9 3.5 6.9 1.1 8.5 Miami University Pooled Investment Fund 538.496 100.0% 3.5 1.6 - 9.4 - - - - 0.9 - 30-Sep-18 (Net of Sub-Mgr and Strategic Fees) Total Combined Portfolio Policy Benchmark 3.8 2.2 4.3 10.1 4.3 7.9 4.1 7.8 2.0 6.6 Total Combined Portfolio Policy Benchmark (Net of 3.8 2.2 - 9.9 - - - - 1.8 - Fees)

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Printed: 07/25/2019 Past performance is not a guarantee of future results. Page 1 of 9 Overall Page 95 of 129 September 19, 2019 Lean Project Update Reporting Update as of 08/30/2019 Item 4 MU-Lean Project Status Totals Completed Projects Division Active Completed Future Total Cost Avoidance Cost Reduction Revenue Generated Total Finance and Business Services 104 1422 6 1532 $40,734,936 $28,219,186 $8,504,876 $77,458,998 President+Intercollegiate Athletics+OEEO 4 7 0 11 $530,371 $233,500 $1,015 $764,886 Advancement 6 28 0 34 $146,476 $226,290 $4,223,000 $4,595,766 Enrollment 5 43 0 48 $501,633 $33,991 $37,705 $573,329 Student Affairs 3 5 0 8 $58,569 $0 $0 $58,569 Information Technology Services 1 20 0 21 $458,948 $0 $4,180 $463,128 Academic Affairs 17 33 1 51 $2,519,054 $0 $402,116 $2,921,170 Lean Project Total - MU 140 1558 7 1,705 $44,949,987 $28,712,967 $13,172,892 $86,835,846

MU-Lean Project Changes since 06-01-19 report Newly Completed Projects since 06-01-19 report Newly Newly Newly New New New New Division Active Completed Future New Total Cost Avoidance Cost Reduction Revenue Generated Total Finance and Business Services* -3 39 0 19 $2,295,434 $1,156,526 $67,054 $3,519,014 President+Intercollegiate Athletics 0 0 0 0 $0 $0 $0 $0 Advancement -2 3 0 1 $0 $0 $0 $0 Enrollment 0 0 0 0 $0 $0 $0 $0 Student Affairs 0 0 0 0 $0 $0 $0 $0 Information Technology Services 0 0 0 0 $0 $0 $0 $0 Provost (including regionals) 2 2 0 4 $4,590 $0 $0 $4,590 Lean Project Total - MU -3 44 0 24 $2,300,024 $1,156,526 $67,054 $3,523,604

Overall Page 96 of 129 Status of Capital Projects Attachment AVP Powell September 19, 2019

Cole Service Building Oxford, Ohio 45056‐3609 (513) 529‐7000 (513) 529‐1732 Fax www.pfd.muohio.edu

Status of Capital Projects Executive Summary September 19, 2019

1. Projects completed:

Ten major projects were completed since the last report. Substantial cosmetic improvements were made in the corridors and lobby gallery area within the Art Building. Similar improvements occurred in the basement of MacMillan Hall for Global & Intercultural Studies. In both projects, our students have returned to much improved and functional spaces. MacCracken, Richard and Porter Halls were all completely renovated improving finishes, heating, ventilation, cooling, and life safety systems. MacCracken Hall is also home to the MacCracken Market, a popular convenience store with some hot food options. Improvements were made to the central quadrangle framed by two of these buildings. The work included new storm, sanitary, lighting and irrigation. Tunnel top was replaced adjacent to Richard and Porter Halls. The first phase of Pearson Hall’s renovation was completed this summer. This phase had the largest impact on the building by converting the under-utilized courtyard area into an enclosed area of the building. This addition improved the circulation and added some much-needed student study and collaboration space. At the Voice of America building, renovations occurred to support the relocation of the Commerce Department from the Hamilton Campus. Intercollegiate Athletics also saw improvements through the renovation of the soccer complex and new, efficient heating, ventilation, and air-conditioning systems in the Yager West Stands locker rooms, offices, and training areas. Finally, several infrastructure projects were completed across campus through multiple roof replacements, walks and drives repairs, and completion of the South Chiller Plant Conversion. The projects were completed on time and within their respective budgets. Twenty projects under $500,000 were completed since the last report.

2. Projects added:

No major projects and 31 projects under $500,000 were added since the last report.

3. Projects in progress:

Pearson Hall Phase 2 renovation is making great progress. Framing and rough-in of the mechanical, electrical and plumbing systems have now begun. The project began earlier than expected and is continuing to build float in the schedule. The renovation of Stanton Hall is also well underway. Much of the exterior utility work is now complete. Our plan to get these areas addressed prior to the start of the fall semester when the students returned was successful. Inside the building, demolition is complete and work has begun on installing mechanical, electrical, and plumbing systems. The work to restore one of the stone pedestrian bridges on Western Campus is nearing completion. Preserving these iconic bridges has been interesting and rewarding. Finally, infrastructure work is nearly complete with various electrical feeder conversions from the old 4160-volt distribution system to the new robust and reliable 12,470-volt system. The project is the final of many spanning several years to convert the campus to a new high capacity system.

Respectfully submitted,

Cody J. Powell, PE Associate Vice President – Facilities Planning & Operations

Overall Page 97 of 129 Attachment Page 1 of 33 Status of Capital Projects Attachment AVP Powell September 19, 2019

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Overall Page 98 of 129 Attachment Page 2 of 33 Status of Capital Projects Attachment AVP Powell September 19, 2019

September 19, 2019 Page 1 Miami University Physical Facilities Department Status of Capital Projects Report

TABLE OF CONTENTS

Page Number PROJECT SYNOPSIS ...... 3

UNDER CONSTRUCTION ...... 5 Requiring Board of Trustees Approval: Pearson Hall Renovations – Phase 2 ...... 5 Stanton Hall Renovation ...... 6

Projects Between $500,000 and $2,500,000: Patterson Place Renovation ...... 9 Presser Hall Bridge Renovation ...... 10 UTL Electric Feeder J and Feeder I Upgrade 2019 ...... 11 Western Campus Tunnel Removal ...... 11

IN DESIGN ...... 13 Dodds Hall Renovation ...... 13 High Street Safety Improvements ...... 13

IN PLANNING ...... 15 Hamilton Campus – Knightsbridge Building Renovation ...... 15 Health Science Building ...... 15 Innovation/STEM Building ...... 16

COMPLETED PROJECTS ...... 17 Art Building Corridor and Stairwell Renovation Summer 2019 ...... 17 MacCracken, Richard and Porter Halls Renovations with Central Quad Improvements ...... 18 Mac Millan Hall Basement Renovation ...... 20 Pearson Hall Renovations – Phase 1 ...... 21 Roof Replacements/Repairs 2019 ...... 21 Soccer Stadium Improvements 2019 ...... 22 South Chiller Plant Conversion ...... 23 VOA Commerce Department Renovations ...... 24 Walks and Drives 2019 ...... 24 Yager West Stands HVAC Replacement 2019 ...... 25

SUMMARY OF PROJECTS LESS THAN $500,000 ...... 27

GLOSSARY OF TERMS ...... 31

Overall Page 99 of 129 Attachment Page 3 of 33 Status of Capital Projects Attachment AVP Powell September 19, 2019

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Summary of Active Projects

Number of Projects Value

Under Construction 6 $53,269,800 In Design 2 $3,900,000 In Planning 3 tbd Projects Under $500,000 104 $19,954,729

Total $77,124,529

New Projects Over $500,000

No new projects this report

Projects Completed Since Last Report

Art Building Corridor and Stairwell Renovation Summer 2019 $676,274 MacCracken, Richard and Porter Halls Renovations with Central Quad Improvements $71,700,000 Mac Millan Hall Basement Renovation $760,000 Pearson Hall Renovations – Phase 1 $32,630,000 Roof Replacements/Repairs 2019 $2,072,500 Soccer Stadium Improvements 2019 $2,060,635 South Chiller Plant Conversion $21,250,000 VOA Commerce Department Renovations $1,200,000 Walks and Drives 2019 $1,200,000 Yager West Stands HVAC Replacement 2019 $1,000,000

Total $134,549,409

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UNDER CONSTRUCTION (Under Contract) Projects Requiring Board of Trustees Approval

1. Pearson Hall Renovation, Phase 2: Porchowsky This project is to complete the balance of the renovation of Pearson Hall for the biological sciences, including the Departments of Biology and Microbiology. This phased, occupied renovation will address deferred maintenance issues with the facility through the installation of new and efficient mechanical, electrical, data, and fire suppression systems. The project also includes lab safety improvements. The project will be occupied during renovations.

Phase 2 will complete the remaining 50% of the necessary heating, cooling, and lab exhaust systems; upgrade electrical switchgear, modernize the public areas, remaining lab classrooms and research laboratories. This project will be completed in two, year-long segments ending August 2020. Research teams for this first segment have moved from their laboratories in Pearson to the swing space located in the Hughes Hall C- Wing.

All faculty and staff in the final portion of the building being renovated have been moved to Hughes Hall. Demolition is now underway and 90% complete. Framing and in-wall rough-in has begun on the second and third levels. Construction activities are tracking several weeks ahead of schedule.

Under Construction

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Pearson Hall Renovation, Phase 2 (continued):

Delivery Method: Design-Build

Project Cost Funding Source Design and Administration $2,571,630 State $19,523,586 Cost of Work $25,238,135 Local $10,476,414 Contingency $1,500,000 Owner Costs $690,235 Total $30,000,000 Total $30,000,000

Contingency Balance: 53% Construction Complete: 65% Project Completion: August 2020

2. Stanton Hall Renovation: Heflin This project will renovate Stanton Residence Hall as a continuation of the 2010 Long Range Housing Master Plan. Stanton Hall will receive an upgrade in the mechanical systems, fire suppression, energy efficiency, and minor interior renovations. The design includes improvements in the heating, cooling, electrical, life safety systems and building envelope. The renovation extends the life of the facility.

The new 12” water main on Maple Street is complete, including new sidewalks, curbs and paving between Center and Harris Drives. New exterior deep storm lines are installed on the site. The building demolition and abatement are complete, and crews are working on mechanical, electrical, and plumbing rough-in. Window installation and roof repairs have commenced. The project is on schedule and in budget.

Under Construction

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Stanton Hall Renovation (continued):

Delivery Method: Design-Build

Project Cost Funding Source Design and Administration $1,111,000 Bonds $1,500,000 Cost of Work $16,000,000 Local $17,500,000 Contingency $1,089,000 Owner Costs $800,000 Total $19,000,000 Total $19,000,000

Contingency Balance: 100% Construction Complete: 30% Project Completion: August 2020

Under Construction

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Under Construction

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UNDER CONSTRUCTION (Under Contract) Projects Between $500,000 and $2,500,000

1. Patterson Place Renovation: Dole This project will renovate portions of the exterior and interior of Patterson Place for The Western College Alumnae Association. The major component of the interior renovation includes the installation of an ADA restroom on the first floor of the building. On the exterior of the building, an ADA ramp will be installed to the South of the building, the roof will be replaced, the box gutters and exterior trim will be repaired, all masonry will be cleaned and tuck pointed, and all exterior trim and porches will be repaired and painted.

The roof replacement is nearing completion. The gutter and flashing repairs will be complete by end of September. The new first floor ADA restroom has been roughed-in and we are awaiting fixture installation and finishes. Exterior wood trim is being repaired and replaced in preparation for painting in early October. This will be the last report.

Delivery Method: Single Prime Contractor

Project Cost Funding Source Design and Administration $44,800 Local $544,800 Cost of Work $410,000 Contingency $50,000 Owner Costs $40,000 Total $544,800 Total $544,800

Contingency Balance: 100% Construction Complete: 50% Project Completion: October 2019 (Revised since last report – September 2019)

Under Construction

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2. Presser Hall Bridge Renovation: Dole This project includes the deconstruction of the existing bridge, demolition of the existing tunnel within the extents of the bridge, installation of new foundations, reconstruction of the bridge structure, reconstruction of the decorative stone façade, and installation of a new walking surface, railing, and new bridge lighting.

All new foundations are complete. New structural concrete “saddles” have been installed to stabilize the bridge arches. The stone veneer on the bridge is complete. The parapet walls are being installed on the walking surface of the bridge. Wrought iron railings and light fixtures will follow by the end of October. The project is scheduled to be completed by the end of October. The project completion date has been pushed to the end of October instead of September as originally planned. Extra work days were required to remove unsuitable soils identified by our geotechnical engineer during the foundation installation for the bridge. This will be the last report.

Delivery Method: Single Prime Contractor

Project Cost Funding Source Design and Administration $49,400 Local $1,500,000 Cost of Work $1,004,500 Contingency $115,000 Owner Costs $331,100 Total $1,500,000 Total $1,500,000

Contingency Balance: 90% Construction Complete: 85% Project Completion: October 2019 (Revised since last report - September 2019)

Under Construction

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3. UTL Electric Feeder J and Feeder I Upgrade 2019: Fellman The UTL Electric Feeder J and Feeder I Upgrade 2019 project includes upgrading the existing 4,160 Volt electric feeder J and I to 12,470 Volt. This project will complete the conversion from the 4,160 Volt electric distribution system to the new 12,470 Volt electric system. The 12,470 Volt distribution system has increased the electric capacity on campus while also creating a more reliable electric looped distribution system.

The project includes new underground electric feeders and duct-bank. In addition to the upgraded feeder, a new electrical substation will be installed in the Campus Avenue Building, new pad mounted transformer will be installed for Williams Hall and Bonham House and new 12,470 Volt Electrical Switch will be installed behind Hanna House. Hanna House and Wells Hall will receive a relocated step-down electrical transformer. Finally, the feeder will serve Goggin Ice Arena and Recreational Sports Center to balance out existing circuits with new 12,470 Volts feeds to the buildings.

The project is on schedule. The underground duct bank work is complete. Recreational Sports Center and MacMillan Hall conversions are complete. The Campus Avenue Building new switchgear installation is scheduled for the week of September 16, 2019. The project will be complete in October 2019.

Delivery Method: Single Prime Contractor

Project Cost Funding Source Design and Administration $70,000 Local $1,225,000 Cost of Work $1,045,000 Contingency $100,000 Owner Costs $10,000 Total $1,225,000 Total $1,225,000

Contingency Balance: 100% Construction Complete: 80% Project Completion: October 2019

4. Western Campus Tunnel Removal: Dole This project consists of the removal of an abandoned and damaged tunnel beginning at the East entrance of Presser Hall and moving to the east, stopping just short of McKee Hall. The demolition consists of removing the tunnel top and sides as well as abandoned steam piping throughout the length of the tunnel. Once the tunnel top and walls are removed the only existing utilities, phone lines and fiberoptic cable, will be placed in conduits and installed in a duct bank poured on top of the existing tunnel floor which will remain in place. Once the installation of the duct bank is complete, fill material will be placed on top of the duct bank raising the grade to match the surrounding area and a sidewalk will be poured in the same path as the old tunnel.

The eastern half of the tunnel removal project has been completed. The adjacent grounds have been restored and open to the public. The Western half of the tunnel removal project is nearing completion. Demolition of all tunnel tops and walls are complete. All data and electrical conveyances have been installed, and all duct banks have been completed. On the Western half of the tunnel removal project near Presser Hall, the only work remaining is the installation of a section of new sidewalk, patching asphalt, and grounds restoration. This work is expected to be complete by the end of October in conjunction with the deck of the adjacent Presser Hall Bridge Restoration project.

Under Construction

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Western Campus Tunnel Removal (continued):

Delivery Method: Single Prime Contractor

Project Cost Funding Source Design and Administration $29,000 Local $1,000,000 Cost of Work $430,500 Contingency $65,000 Owner Costs $475,500 Total $1,000,000 Total $1,000,000

Contingency Balance: 85% Construction Complete: 95% Project Completion: October 2019 (Revised since last report - September 2019)

Under Construction

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IN DESIGN (Pre-Contract)

1. Dodds Hall Renovation: Morris This project will renovate Dodds Residence Hall at the northeast corner of the South Quad as a continuation of the 2010 Long Range Housing Master Plan. This, with Stanton Hall, will be the last of the South Quad halls to be renovated. Dodds Hall will receive an upgrade very similar to what is currently being done at Porter Hall – mechanical systems, energy efficiency, finishes and accessibility. The design includes improvements in the heating, cooling, plumbing and life safety systems, as well as the building envelope. The renovation extends the life of the facility.

After evaluating the size of the incoming class, the decision was made to table this project and it is now remobilizing for a May 2020 construction start. The project is in the end of Construction Document phase and the GMP negotiation will conclude in early November 2019. The intent will be to renovate Dodds Hall over the 2020-2021 school year. The proposed budget will be adjusted with inflation and other necessary changes closer to time of bid.

Delivery Method: Design-Build Funding Source Proposed Budget: $16,500,000 Local $16,500,000 Desired Start: June 2020 Desired Completion: August 2021 Total $16,500,000

2. High Street Safety Enhancements: Christian This project will enhance pedestrian safety on High Street between Patterson Avenue and Campus Avenue, and also on Patterson Avenue between State Route 73 and Withrow Street. The project includes refuge islands, planted medians, safety signals, lighting, sidewalks, and reducing the number of crosswalks.

In the spring of 2018, the City of Oxford and Miami University jointly applied for and were awarded a transportation safety grant in the amount of $1 Million from the Ohio Department of Transportation. The grant requires a minimum 15% local match for construction.

The City of Oxford and the University have developed a Memorandum of Understanding identifying the roles of staff and financial contributions from each entity. The University will perform the majority of design, project management, and day-to-day construction administration, with the City acting as the official Local Public Agency during bidding and construction. The University will fund the local construction match, design and administration fees, and contingency for the safety enhancements. The City will provide the local construction match and perform the design for the paving portion of the project.

The ODOT Stage 3 review submission was submitted to ODOT on August 12th. ODOT has 30 days to complete the review, which will be due mid-September. Final plans will be submitted to ODOT in late October 2019. The work will also include additional islands on Patterson and North Patterson Avenue to ensure the safety of pedestrians throughout this corridor. The project replaces the sidewalk along the entire south side of High Street between Patterson Avenue and Campus Avenue.

In Design

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High Street Safety Enhancements (continued):

Delivery Method: Single Prime Contractor Funding Source Proposed Budget: $3,900,000 Grant Funds (ODOT to (Revised since last report - $725,000) City of Oxford) $1,000,000 Desired Start: May 2020 Local $2,905,000

Desired Completion: August 2020 Total $3,900,000

In Planning

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IN PLANNING (Pre-A&E)

1. Hamilton Campus – Knightsbridge Building Renovation:

This project will provide for the renovation of the recently acquired 23,500 square feet Richard Allen Academy building located on the Hamilton Campus at the intersection of Knightsbridge Drive and University Boulevard in Hamilton. A facility assessment to be used in developing program and renovation cost has been completed. The assessment has identified the need for mechanical/electrical upgrades as part of the renovation, reporting approximately $4,000,000 in probable cost. A recent professionally-prepared campus space plan is contributing to the programmed scope of this project.

Planning is underway to align the campus space requirements, academic priorities, and existing facilities condition/needs.

Proposed Budget: TBD Funding Source Desired Start: TBD TBD TBD Desired Completion: TBD Total TBD

2. Health Science Building: Heflin This project is performing programming related to consolidating and expanding health sciences. The possibility of renovation or new construction is being evaluated. These programs could include existing and potential new programs that would benefit Miami’s long-term goals. A Programming Committee comprised of faculty, administration and Physical Facilities staff was convened in January 2019 to determine the program of the facility. The team is working with the Criteria AE firm of Moody Nolan and Perkins and Will to develop the Program of Requirements, assist in site selection analysis, and provide Conceptual and Schematic Design.

The programming is progressing well and the team will move into Schematic Design in late October. Three Design Builder firms were interviewed in August, with the recommendation to pursue negotiations with Messer Construction as the best value firm. Bringing the Design Builder into the process early will facilitate design intent coordination, faster delivery and tight budget control.

Proposed Budget: $96,000,000 Funding Source Desired Start: Summer 2020 TBD TBD Desired Completion: Summer 2022 Total TBD

In Planning

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3. Innovation/STEM Building: Christian This project is performing programming related to innovation, multidisciplinary project-based work, and instilling a sense of leadership and entrepreneurship in our students. The possibility of renovation or new construction is being evaluated. A Programming Committee with representation from areas of STEM, data science, entrepreneurship, Interactive Media, and design thinking was convened in January 2019. The University has hired a Criteria AE firm to develop the program of requirements, assist in potential site selection, and provide conceptual design.

The Criteria AE firm is under contract, but commencement of the programming phase is on hold pending further direction by senior administration.

Proposed Budget: $50,000,000 Funding Source Desired Start: To Be Determined TBD TBD Desired Completion: To Be Determined Total TBD

In Planning

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COMPLETED PROJECTS

1. Art Building Corridor and Stairwell Renovations Summer 2019: Price This project renovated the first and second floor corridors and the east and west stair towers only. The project included replacement of ceiling pads, replacement of existing sprinkler heads to recessed sprinkler heads, replacement of existing lighting with lay-in LED lighting, and installation of new track lighting to augment art display surfaces. All existing art display surfaces were replaced with an eco-friendly 100% recyclable material. Existing drinking fountains were replaced with new water cooler bottle filler stations. All existing flooring on the first and second floors was removed and the concrete floors were polished and sealed. The existing flooring on the stairs/treads/landings was removed and replaced. Existing lockers on the second floor hallway were removed and reinstalled in classrooms. Cubby seating for study/teaching opportunities was installed in place of the removed lockers. All existing signage throughout the building was updated.

Delivery Method: Single Prime Contractor

Project Revenue Project Expense Design and Administration $37,052 Design and Administration $35,690 Cost of Work $416,387 Cost of Work $475,600 Contingency $67,614 Contingency $33,439 Owner Costs $155,221 Owner Costs $55,759 Total $676,274 Total $600,488

Est. Contingency Balance Returned: $34,175 Est. Contingency Balance Returned, Percent of Total: 50% Est. Bid Savings / VE Returned: $41,611 Est. Final Total: $75,786

2. MacCracken, Richard and Porter Halls Renovations with Central Quad Improvements: (BOT Feb ’18) Morris This project fully renovated MacCracken and Richard Residence Halls – two co-located residence halls in the Central Quad. The project also renovated Porter Hall at a level similar to what was recently completed at Clawson. The exterior quad has been enhanced with LED lighting, improved drainage and irrigation. The MacCracken and Richard Hall programs provided for new sorority suites and an expanded MacCracken Market facility with limited food service. The renovation also included upgrades to systems, finishes and accessibility. Fire protection was added to MacCracken and Richard and other safety elements were enhanced. The residence life spaces were reconfigured.

Completed Projects

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MacCracken, Richard and Porter Halls Renovations with Central Quad Improvements (continued):

Completed Projects

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MacCracken, Richard and Porter Halls Renovations with Central Quad Improvements (continued):

Delivery Method: Design-Build

Project Revenue Project Expense Design and Administration $4,262,223 Design and Administration $4,300,000 Cost of Work $57,613,808 Cost of Work $58,400,000 Contingency $5,635,815 Contingency $3,835,000 Owner Costs $4,188,154 Owner Costs $3,000,000 Total $71,700,000 Total $69,535,000

Est. Contingency Balance Returned: $1,800,000 Est. Contingency Balance Returned, Percent of Total: 32% Est. Bid Savings / VE Returned: $365,000 Est. Final Total: $2,165,000

Completed Projects

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3. MacMillan Hall Basement Renovation: Moss The MacMillan Hall Basement Renovation is for Global & Intercultural Studies. The project introduced more daylight, widened the corridors and brought uniformity to the office sizes within University office standards. New LED lighting is installed in all spaces. The existing vending area has been opened up for a more joint collaborative space for students, faculty and staff, with new technology integrated into the space. The existing restrooms have been renovated into all-gender restrooms. The classroom/seminar/ meeting/conference room has been restructured for more flexibility and spaciousness, and bringing daylight into the corridor with full-height glass walls. New technology, seating and tables were added into the multipurpose room. The project will disperse existing seating into the new corridors for students to interact as they await their appointments.

Delivery Method: Single Prime Contractor

Project Revenue Project Expense Design and Administration $55,000 Design and Administration $65,000 Cost of Work $513,000 Cost of Work $505,000 Contingency $108,000 Contingency $90,000 Owner Costs $84,000 Owner Costs $82,000 Total $760,000 Total $742,000

Est. Contingency Balance Returned: $18,000 Est. Contingency Balance Returned, Percent of Total: 17% Est. Bid Savings / VE Returned: $0 Est. Final Total: $18,000

Completed Projects

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4. Pearson Hall Renovations - Phase 1: (BOT Feb ’17) Porchowsky The Pearson Hall Renovations – Phase 1 was an occupied rehabilitation renovated teaching and research labs, common areas, mechanical, electrical, plumbing and fire systems, and circulation spaces. This first phase addressed 50% of the heating, cooling, and lab exhaust systems. The courtyard area in the building was enclosed and incorporated into a large public collaboration space and multi-purpose room. In addition, nursing skills and simulation laboratories were added into the scope. The modernization of the public areas and laboratories have made a substantial improvement for the programs using the space.

Delivery Method: Design-Build

Project Revenue Project Expense Design and Administration $3,434,253 Design and Administration $3,434,253 Cost of Work $26,877,140 Cost of Work $26,912,340 Contingency $1,583,407 Contingency $1,083,407 Owner Costs $735,200 Owner Costs $700,000 Total $32,630,000 Total $32,130,000

Est. Contingency Balance Returned: $500,000 Est. Contingency Balance Returned, Percent of Total: 32 % Est. Bid Savings / VE Returned: $0 Est. Final Total: $500,000

5. Roof Replacements/Repairs 2019: Moss The Roof Replacements/Repairs 2019 project included three major roof projects on the Oxford Campus – Yager West Press Box/Second Floor Roofs, the Gross Family Student Athlete Development Center Roof Replacement, and the Bachelor Hall South Wing, West Face Partial Roof Replacement. On Yager West, the existing roof was replaced with a new EPDM roof. At the Gross Family Student Athlete Development Center the existing fiberglass shingle and the flat EPDM roofs was replaced with new similar materials. At Bachelor Hall, the existing clay tile and underlayment was replaced with new similar materials.

Delivery Method: Single Prime Contractor

Project Revenue Project Expense Design and Administration $160,000 Design and Administration $140,000 Cost of Work $1,450,000 Cost of Work $1,419,000 Contingency $388,000 Contingency $74,000 Owner Costs $74,500 Owner Costs $30,000 Total $2,072,500 Total $1,663,000

Est. Contingency Balance Returned: $314,000 Est. Contingency Balance Returned, Percent of Total: 80% Est. Bid Savings / VE Returned: $95,500 Est. Final Total: $409,500

Completed Projects

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6. Soccer Stadium Improvements 2019: Porchowsky This project provided a new, distinct stadium entrance and plaza for fans. The complex has become an additional unifying element in this part of campus through its new architecture and materials. In addition, the complex includes a new 700-seat bleacher structure and a complete re-skin and renovation of the existing press box. Infrastructure has been installed for potential future addition of field lighting.

Delivery Method: Single Prime Contractor

Project Revenue Project Expense Design and Administration $190,470 Design and Administration $187,067 Cost of Work $1,710,165 Cost of Work $1,713,568 Contingency $150,000 Contingency $128,706 Owner Costs $10,000 Owner Costs $10,000 Total $2,060,635 Total $2,039,341

Est. Contingency Balance Returned: $21,294 Est. Contingency Balance Returned, Percent of Total: 14% Est. Bid Savings / VE Returned: $0 Est. Final Total: $21,294

Completed Projects

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7. South Chiller Plant Conversion: (BOT Feb ’18) LaGrange As part of the Campus Utility Master plan, the South Chiller Plant Conversion Project converted a large portion of the south half of campus from steam to simultaneous heating and cooling. This project included conveyance of hot water piping in existing tunnel systems and direct buried piping to connect the South Chiller Plant to several buildings. Hot water connection to Scott, Minnich, Richard, MacCracken, and Porter were achieved as these buildings were renovated. Hot water connection and conversion to Anderson, Hamilton, Harris, Heritage Commons, Rec Sports Center, Goggin Ice Center, Health Services, Phillips Hall were completed through the project. The South Chiller Plant is now a 24/7/365 plant distributing both hot and chilled water to these campus buildings. A 1,600,000 gallon chilled water thermal energy storage tank was added in the parking lot adjacent to the South Chiller Plant to reduce electric demand during peak consumption, resulting in operational savings for the University. This project was a key step in the Utility Master Plan to meet strategic energy reduction and campus sustainability goals of decommissioning coal- fired steam systems by 2026.

Delivery Method: Construction Manager at Risk

Project Revenue Project Expense Design and Administration $1,550,000 Design and Administration $1,500,000 Cost of Work $18,500,000 Cost of Work $18,500,000 Contingency $1,000,000 Contingency $525,000 Owner Costs $200,000 Owner Costs $125,000 Total $21,250,000 Total $20,650,000

Est. Contingency Balance Returned: $475,000 Est. Contingency Balance Returned, Percent of Total: 47% Est. Bid Savings / VE Returned: $125,000 Est. Final Total: $600,000

Completed Projects

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8. VOA Commerce Department Renovations: Morris This project renovated the Voice of America Learning Center to accommodate relocation of the Commerce Department from University Hall on the Hamilton Campus.

Delivery Method: Design-Build

Project Revenue Project Expense Design and Administration $100,025 Design and Administration $101,000 Cost of Work $665,500 Cost of Work $665,500 Contingency $264,475 Contingency $90,000 Owner Costs $170,000 Owner Costs $152,000 Total $1,200,000 Total $998,500

Est. Contingency Balance Returned: $174,475 Est. Contingency Balance Returned, Percent of Total: 65% Est. Bid Savings / VE Returned: $27,025 Est. Final Total: $201,500

9. Walks and Drives 2019: Dole The Walks and Drives 2019 project included a wide range of work across the entire Oxford Campus. Some of the larger items of work in this year’s project were the removal and reconstruction of a wider sidewalk on the East side of Patterson Avenue, raising the grade of the Patterson Avenue sidewalk to be flush with the roadway from Western Drive to Presser Hall, repaving the parking lot at Patterson Place, repaving the parking lot at Glos Center, replacement of damaged sidewalk at Heritage Commons, and preventative maintenance crack filling of multiple parking lots across campus.

Completed Projects

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Walks and Drives 2019 (continued):

Delivery Method: Single Prime Contractor

Project Revenue Project Expense Design and Administration $32,000 Design and Administration $32,000 Cost of Work $1,017,000 Cost of Work $808,000 Contingency $110,000 Contingency $36,000 Owner Costs $41,000 Owner Costs $16,000 Total $1,200,000 Total $892,000 Est. Contingency Balance Returned: $74,000 Est. Contingency Balance Returned, Percent of Total: 67% Est. Bid Savings / VE Returned: $234,000 Est. Final Total: $308,000

10. Yager West Stands HVAC Replacement 2019: Rein The Yager West Stands HVAC Replacement 2019 project included a new Dedicated Outdoor Air System (DOAS) unit to replace six air-cooled direct condensing air handling units. The project meets current code requirements, incorporates energy conservation, and improves climate throughout the building.

Delivery Method: Single Prime Contractor

Project Revenue Project Expense Design and Administration $50,000 Design and Administration $49,500 Cost of Work $845,000 Cost of Work $844,000 Contingency $95,000 Contingency $1,100 Owner Costs $10,000 Owner Costs $12,400 Total $1,000,000 Total $907,000 Est. Contingency Balance Returned: $93,000 Est. Contingency Balance Returned, Percent of Total: 98% Est. Bid Savings / VE Returned: $0 Est. Final Total: $93,000

Completed Projects

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Completed Projects

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Projects Between $50,000 and $500,000

Project Budget

Airport Pavement Repair 2018 $230,000 Alumni Hall Graduate Studio $253,800 Armstrong Student Center – Elevator Upgrade 2019 $104,000 Armstrong Student Center – Esports Café 2019 $306,900 Art Building – Room 148 Refresh $53,000 Bachelor Hall – Emergency Generator Replacement 2019 $77,143 Bonham House – Interior Refresh $110,075 Brandon Hall – HVAC Upgrades $499,090 Campus Avenue Garage Improvements 2018 $385,000 Campus Services – Roof Repairs 2019 – Heritage Commons and Stoddard Hall $90,000 Center for Career Exploration & Success Renovation Phase 1 $241,300 Center for Performing Arts – Horizontal Limestone Repair $150,000 Chestnut Fields Ropes Challenge Course $300,000 Cole Service Building – Purchasing Renovation 2017 $400,000 Collins Hall – HVAC Upgrades $359,677 Dennison Hall – HVAC Upgrades $500,000 Ecology Resource Center Barn – Phase 2 $54,410 Ecology Resource Center – Ecology Classroom Facility $177,000 E & G Buildings – LED Retrofits 2019 $350,000 E & G Buildings – LED Retrofits 2020 $350,000 Engineering Building – Lab Gas Upgrades 2019 $51,000 Engineering Building – Mezzanine Expansion $120,750 Engineering Workshop – State Route 73 Renovation 2018 $275,000 Farmer School of Business 0042 Renovation $110,000 Farmer School of Business – Building Envelope Study $54,037 Field Hockey Field Upgrades $90,000 Garden Commons – Dishwasher Improvements 2019 $200,000 Goggin Locker Room Energy Recovery 2020 $325,000 Gross Family Athlete Development Center – One Stop $100,000 Hall Auditorium – Stage Lighting LED Replacement $125,000 Hamilton Campus – Mosler Hall E-Campus Expansion $500,000 Havighurst Hall – Chimney Caps 2020 $100,000 Havighurst/Clawson Emergency Generator $100,000 Hepburn Hall – HVAC Upgrades $500,000 Hiestand Hall – Room 100 Renovation $183,000 Hiestand Hall – Air Handler 2 Conversion & Chilled Water Pumps Replacement $75,000 Hiestand Hall – Fire Alarm Upgrades $250,000 Hoyt Hall APC UPS Refresh 2019 $120,000 Hoyt Hall UPS Upgrade 2020 $175,000 HUB Quad Engraved Brick Replacement $145,500 Hughes Hall – 143/158 Renovation $154,000 Hughes Hall – Exterior Door Replacement $200,000 Institute for Food Farm – Solar Irrigation System $35,385 King Library – Howe Renovation $60,305 King Library – Main Floor Carpet, Phase 2 $50,000

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King Library – Reading Rooms Renovation $54,000 Kreger Hall – Furniture Package $300,000 Lewis Place – Exterior repairs $250,000 Lewis Place – Walter Infiltration Improvements 2019 $52,950 Maplestreet Station – Chimney Modifications $70,000 Marcum Conference Center – Alumni Center Study $62,000 Marcum Conference Center – Wallcovering Removal 2019 $219,350 McGuffey Hall – Room 127 Renovation $72,400 McGuffey Hall – Room 406 Renovation $100,000 Miami Inn – Roof Replacement 2020 $300,000 Middletown Campus – Johnston Hall Career Services Offices $400,000 Middletown Campus – Thesken Hall Fire Suppression $400,000 Millett Hall – Gym Floor Replacement 2019 $400,000 Millett Hall – 074A Locker Room Renovation $58,625 Morris Hall – Chimney Flashing Repairs $100,000 Morris Hall – Shower Surrounds $250,000 Morris Hall & Thomson Hall - Masonry Work $55,000 MUO Campus Services Exterior 2020 $173,000 MUO Dead Tree Removal 2019 $150,000 MUO Emergency Radio responders Coverage System (ERRCS) Upgrade $470,000 MUO Masonry & Limestone Repairs 2019 $195,000 MUO Misc ADA Projects $100,000 MUO Painting E & G Exterior 2019 $150,000 North Campus & Campus Avenue Garage Water Infiltration $215,000 North Campus Garage Improvements 2019 $295,000 North Chiller Plant – Automate Chemical Monitoring and Dosing $85,000 North Chiller Plant – Side-Steam Filtration for Condenser Water $115,000 North Chiller Plant – Upgrade Siemens BAS Panels $70,000 Old Manse – Electric Service Upgrade 2019 $60,000 Peabody Hall – Classroom Finishes and Furniture $75,223 Peabody Hall – Electrical Distribution Improvement 2019 $78,776 Peabody Hall – Restroom Upgrades 2019 $499,000 Pearson Hall – Room 367J Lab Renovation $200,000 Phillips Hall – Exterior Door Replacement $50,000 Recreational Sports Center – Ceiling Pad Replacement $123,536 Recreational Sports Center – Exterior Sealant Replacement $90,000 Recreational Sports Center – Lightning Protection $50,000 Recreational Sport Center – Natatorium Lighting Replacement 2018 $200,000 Regional Campuses – Classroom AV Tech Upgrades 2018 $65,650 Residence Halls – Ventilation A/E Fees $290,000 Richard Hall – Electrical Modifications – 4 to 12.5kv Conversion $199,600 Roudebush Hall – Chiller Boiler and Humidifier Upgrade 2020 $440,000 Roudebush Hall – Office Upgrade 2018 $75,000 Simpson Shade House Renovation 2019 $100,000 Switch House 2 Decommissioning $110,000 Switch House 6 to Switch House 7 Circuit Reconfiguration – Rebid $100,000 Symmes Hall – HVAC Upgrades $498,982 Tappan Hall – 2018 MEP Improvements $91,935 Tappan Hall – Exterior Upgrades $88,000

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UEA Plant Security Upgrades $500,000 Upham Hall – Room 382 Collaboratory $74,000 Utility Enterprise Plant Security Upgrades $500,000 VOA – Exterior Repairs $100,000 Western Dining Commons – Express Renovation $98,000 Williams Hall – Renovation 2018 $338,200 Yager – Field Hockey Locker Room Upgrade $225,000 Yager – Football Offices $100,000 Yager West Shelter $181,130 Yager West Stands Fire Alarm Upgrade $100,000

Projects Closed Between $50,000 and $500,000

Project Original Budget Returned Funds

Art Building – Room 130 Conversion to RAD Lab $404,360 $43,865 Benton Hall – Technology and Classroom Upgrade $97,625 $31,595 Campus Avenue Garage Improvements 2018 $385,000 $48,461 Campus – Dead Tree Removal 2018 $150,380 $102,837 Campus Services Exterior Painting 2018 $161,550 $20,697 Center for Performing Arts – Basement Renovation $227,540 $30,743 Creative Arts – New Pianos $297,060 $2,500 E&G Building Painting 2018 $182,674 $22,071 Engineering Building – Misc 2018 AV $68,092 $0 Hughes Hall – 4th Floor Offices $500,000 $124,527 King Library – 320 Refresh $101,040 $22,713 Marcum Conference Center – Window Replacement Phase 2 $156,600 $12,727 North Campus – Duct Completion 2018 $120,000 $5,100 Psychology Building – 126/242 Renovation $84,868 $47,086 Recreational Sports Center – Envelope Evaluation $145,000 $36,098 Recreational Sports Center – Building Envelope Repairs 2017 $102,580 $47,419 Recreational Sports Center – Controls $250,000 $32,771 Regional Campuses – Classroom AV Tech Upgrades 2017 $250,000 $59,526 Yager – East Stands Masonry Repair $200,000 $1,265 Yager West – Motion Capture Room $75,000 $1,756

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Glossary of Terms

Construction Manager at Risk (CMR) – is a delivery method which entails a commitment by the construction manager to deliver the project within a Guaranteed Maximum Price (GMP). The owner contracts the architectural and engineering services to perform the design from concept through construction bid documents using the construction manager as a consultant. The construction manager acts as the equivalent of a general contractor during the construction phase. CMR arrangement eliminates a "Low Bid" construction project. This method will typically be used on projects with high complexity and demanding completion schedules.

Contingency – includes both owner contingency and the D/B or CMR contingency where applicable.

Cost of the Work – is the cost of construction. This includes general condition fees, contractor overhead and profit, D/B or CMR construction stage personnel.

Design & Administration – includes all professional services to support the work. This consists of base Architect/Engineer (A/E) fees, A/E additional services, A/E reimbursables, non-error/omission A/E contingency fees, geotechnical services, special inspection services partnering services, multi-vista photo documentation of projects, D/B or CMR pre-construction services, third party estimator, and local administration fees.

Design Build (D/B) – is a project delivery method in which the design and construction services are contracted by a single entity and delivered within a Guaranteed Maximum Price (GMP). Design Build relies on a single point of responsibility contract and is used to minimize risks for the project owner and to reduce the delivery schedule by overlapping the design phase and construction phase of a project. This method will typically be used on projects with less complexity and have demanding completion schedules.

Guaranteed Maximum Price (GMP) – is the negotiated contract for construction services when using D/B or CMR. The owner negotiates a reasonable maximum price for the project (or component of the project) to be delivered within the prescribed schedule. The D/B firm or CMR is responsible for delivering the project within the agreed upon GMP. This process eliminates bidding risks experienced by the owner, allows creative value engineering (VE) to manage the budget, and permits portions of the work to begin far earlier than traditional bidding of the entire project.

Multiple Prime Contracting – is a project delivery method historically allowed by the State of Ohio. The owner contracts the architectural and engineering services to perform the design from concept through construction bid documents. The construction services are divided into various trade specialties – each bid as a separate contract (general, plumbing, mechanical, electrical, sprinkler, etc.). The owner is responsible for managing the terms of each contract and coordinating the work between the multiple contractors.

Owner Costs – are costs directly borne by the owner to complete the project. This includes furniture, fixtures, and equipment (FF&E), audio/visual (A/V), IT networking, percent for art (applicable on State funded projects exceeding $4 million), printing and advertising expenses, and any special moving or start-up funds.

Preconstruction Services – are the development and design services provided by a D/B firm or CMR to the owner. These services are typically performed for an identified cost prior to the negotiation of a GMP. These services are included in “Design and Administration.”

Single Prime Contracting – is a project delivery method in which the owner contracts the architectural and engineering services to perform the design from concept through construction bid documents. The construction services are contracted separately, but through a single entity. Single Prime Contracting is beneficial on projects with specialized construction requiring more owner oversight or control. This method will typically be used on projects with high complexity and low schedule importance.

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