West Virginia University’s financial records and those of its regional campuses and research corporation are financially sound, according to an independent audit presented today (Nov. 15) to the University’s governing board.

“The report for fiscal year 2002-2003 by Deloitte&Touche shows a positive financial position for WVU during a very difficult year,”said Scott Kelley, vice president for administration, finance and human resources.”It indicates that the leadership of this board and our current administration have managed the budget reductions effectively.”

It does not mean, however, that WVU can sustain additional budget cuts.”WVU needs to avoid additional reductions to our state appropriations to ensure that this institution continues to serve the needs of our students from a position of financial strength,”Kelley added.

A steady decline in state appropriations has forced WVU to reallocate resources in order to maintain quality programs and services, the report states. A projected $22 million reduction in fiscal year’s 2004 state appropriations will impose a greater financial exigency on the University.

WVU also faces an increase of approximately $11 million for health insurance costs, BRIM premiums, faculty promotions and other operating costs.

“The University is faced with several challenges in light of the predicted state budget cuts,”the report states, and calls for the leadership to continue to address priority requirements for investments in employees, in capital projects and in technology, as well as investments to generate resources.

WVU President David Hardesty updated the board on WVU ’s ongoing integrated strategic planning process, and also addressed the”new Big East”now a 16-member conference (8 basketball; 8 football) with the addition of five”fine, diverse institutions.”

In other news, the Board granted the University administration the authority to name WVU facilities for donors who have expressed a desire to fund these naming opportunities, and heard a report from Student Government Association President and BOG member Charlie Battleson on a new statewide student group formed in response to proposed higher education cuts and other important issues.

Battleson applauded the work of a Post-Baccalaureate Placement Task Force, co-chaired by Associate Provost Cheryl Torsney and Dean of Students David Stewart, outlining improvements to advising and career services areas at the University such as placing career counselors in the colleges and making the career fairs major specific.

Vice President for Student Affairs Ken Gray said his units will be addressing on- and off- campus housing issues as enrollment continues to grow, nutrition and wellness strategies and student behavior, among other goals.

Chairman Hank Barnette, said Gray’s office has the full support of the board regarding WVU ’s extensive security and safety plans for Saturday’s WVU -Pitt game.

Among items approved today at the meeting:

• appointments to the WVU Institute of Technology Community&Technical College Board of Advisors. Phillip Dobbins of Clay, Janna Hanson of Charleston and Nancy Keatley of Beckley will replace outgoing members Susan Faulkner, George Beck and Tim Fish.

• the adoption of Policy 19: Regulation of Credit Card Solicitation and Marketinga rule prohibiting credit card solicitation and marketing within the premises and on the grounds of WVU and its regional campuses without first registering and agreeing to certain University regulations and applicable laws.

• authorization of a long-term lease purchase financing arrangement to effect a refinancing of an existing lease purchase arrangement (Fieldcrest Hall, the former Madison House) and acquire capital equipment such as phone and data systems and other purchases.

• renovations to the lobby and public areas, study area and player’s lounge, etc. of the Milan Puskar Center, contingent upon funding availability from private fund raising, club ticket sales and bond proceeds.

• the Evansdale Residential Complex exterior repairs project, with construction to begin in March and be completed by September 2004.

The next BOG meeting is set for Feb. 13, 2004.