2024 WSU Board of Trustees Meetings

I. APPROVAL OF BOARD MEETING MINUTES, APRIL 10, 2025 – LABARCAII. CONFLICT OF INTEREST STATEMENTSIII. FINANCE AND AUDIT REPORT – LOCKE

• FOUNDATION INVESTMENT REPORT
• INFRASTRUCTURE INVESTMENT REVIEW
• MILL LEVY BUDGET & YEAR TO DATE REVENUE & EXPENDITURES
• OPERATING BUDGET (BOT UNRESTRICTED)
• BOARD INITIATIVES BUDGET REVIEW
• REVENUE & EXPENDITURES-FINANCIAL PLAN REVIEW

IV. IDLE FUNDS POLICY – SCHLAPP/LOCKEV. DENTAL SCHOOL STUDYVI. ELECTION OF NEW OFFICERS - SCHLAPPCURRENT OFFICERS:
LAURIE LABARCA (CHAIR)
CONNIE DIETZ (VICE CHAIR)
MICHELLE LOCKE (ASSISTANT TREASURER)
JUNETTA EVERETT (SECRETARY)
OLIVIA KERSCHEN (ASSITANT SECRETARY)
ANDY SCHLAPP (EXECUTIVE DIRECTOR)VII. BOARD OF TRUSTEES AWARD - SCHLAPPVIII. WICHITA STATE UNIVERSITY UPDATE – SCHLAPP/MUMAIX. AS MAY ARISEUpcoming BOT Meeting Dates
Thursday, September 25, 2025Additional Events
Heritage Gala – Thursday, October 9, 2025
BOT Holiday Party – Friday, December 5, 2025

Coming soon.

 

WSU Board O Trustees Resolution Approving Policy

Wichita State University Foundation
Pooled Investment Performance
as of May 31, 2025

FY 2025 Performance

Composite	4.9% estimated as of May 31, 2025
Target Weighted Benchmark	5.2%

Historical Investment Returns

	Fiscal Year	Calendar Year
2024	8.4%	8.6%
2023	6.5%	5.0%
2022	1.5%	-7.6%
2021	24.9%	16.3%
2020	-3.0%	6.4%
Five Year Annualized Return	9.9%

Balance of all BOT Funds as of 5/31/2025	5/31/2025	3/31/2025
Gore separately invested fund	$4,795,712	$4,938,631
Scholarship funds invested in endowed pool	$7,898,953	$7,946,036

---

Board of Trustees of Wichita State University-Interim Financial Statements for the Twelve Months Ended June 30, 2025

Board of Trustees of Wichita State University Statement of Net Position
June 30, 2025

Assets	Governmental Activities
Cash	$4,800,393
Cash available from county treasurer	$5,879,000
Cash held in escrow	$4,552,079
Investments	$12,741,747
Construction in progress	$9,346,045
Lease assets	$45,021,024
Accumulated amortization	(5,627,628)
Depreciable capital assets
Building	$24,662,089
Infrastructure	$2,461,870
Equipment and furnishings	$78,515
Accumulated depreciation	($25,202,659)
Total assets	$78,712,475
Liabilities
Accured interest payable	$738,842
Noncurrent liabilities
Due within one year
Bonds payable	$365,000
Lease payable	$781,416
Due in more than one year
Bonds payable	$10,531,377
Lease payable	$40,677,147
Total liabilities	$53,093,782
Net Position
Net investment in capital assets	$1,585,492
Restricted
Nonexpendable	$6,207,167
Expendable
Scholarships and student support	$6,534,580
Debt service	$1,350,903
Unrestricted	$9,940,551
Total net position	$25,618,693

These financial statements are intended for management use and may not reflect full GAAP presentation.

 
Board of Trustees of Wichita State University Statement of Activities for Twelve Months Ended June 30, 2025

	Expenses	Program Revenues	Net (Expense) Revenue
Governmental Activities
Scholarships and other student support	$4,923,876	--	($4,923,876)
Economic and community development	$498,535	--	($498,535)
General and administrative	$212,803	--	($212,803)
University support	$2,075,287	--	($2,075,287)
WSU Tech support	$800,000	--	($800,000)
Interest	$2,166,020	--	($2,166,020)
Total governmental activities	$10,676,521	--	($10,676,521)
General revenues
Gifts and contributions			$1,000
Property taxes			$10,983,402
Investment earnings			$1,245,781
Total general revenues			$12,230,183
Change in net position			$1,553,662
Net position, beginning			$24,065,031
Net position, ending			$25,618,693

These financial statements are intended for management use and may not reflect full GAAP presentation.

 

Board of Trustees of Wichita State University--Balance Sheet-Government Funds
June 30, 2025

	General Fund	Debt Service Fund	Capital Project Fund	Permanent Fund	Total Governmental Funds
Assets
Current Assets
Cash	$4,800,393	--	--	--	$4,800,393
Cash available from county treasurer	$5,879,000	--	--	--	$5,879,000
Cash held in escrow	--	$1,350,903	$3,201,176	--	$4,552,079
Investments	--	--	--	$12,741,747	$12,741,747
Total assets	$10,679,393	$1,350,903	$3,201,176	$12,741,747	$27,973,219
Fund Balances
Nonspendable
Endowment fund principal	--	--	--	$6,207,167	$6,207,167
Restricted
Scholarships and student support	--	--	--	$6,534,580	$6,534,580
Debt service	--	$1,350,903	--	--	$1,350,903
Capital Projects	--	--	$3,201,176	--	$3,201,176
Assigned	$4,800,393	--	--	--	$4,800,393
Unassigned	$5,879,000	--	--	--	$5,879,000
Total Fund Balances	$10,679,393	$1,350,903	$3,201,176	$12,741,747	$27,973,219
Total liabilities and fund balances	$10,679,393	$1,350,903	$3,201,176	$12,741,747	$27,973,219
Total fund balances - governmental funds					$27,973,219
Amounts reported for governmental activities in the statement of net position are different because:
Capital assets, net of accumulated depreciation, used in governmental activities are not financial resources and, therefore, are not reported in the funds.
Lease assets, net of accumulated amortization				$39,393,396
Depreciable capital assets, net of accumulated depreciation				$1,999,815
Construction in progress				$9,346,045	$50,739,256
Long-term liabilities are not due and payable in the current period, and therefore, are not reported in the funds.
Bonds payable				($10,095,000)
Bond premium				($801,377)
Lease payable				($41,458,563)
Accrued interest payable on long-term debt				($738,842)	($53,093,782)
Net position - governmental activities					$25,618,693

These financial statements are intended for management use and may not reflect full GAAP presentation.

 

Board of Trustees of Wichita State University--Statement of Revenues, Expenditures and Changes in Fund Balances-Government Funds for the Twelve Months Ended June 30, 2025

	General Fund	Debt Service Fund	Capital Project Fund	Permanent Fund	Total Governmental Funds
Revenues
Gifts and contributions	--	--	--	$1,000	$1,000
Property tax	$7,679,716	$3,303,686	--	--	$10,983,402
Investment return and rentals, net	$173,596	$60,681	$466,676	$544,828	$1,245,781
Total revenues	$7,853,312	$3,364,367	$466,676	$545,828	$12,230,183
Expenditures
Current
Scholarships and other student support	$4,563,851	--	--	$360,025	$4,923,876
Economic and community development	$498,535	--	--	--	$498,535
General and administrative	$33,738	$7,090	--	$171,975	$212,803
University support	$597,000	--	--	$4,224	$601,224
WSU Tech support	$800,000	--	--	--	$800,000
Capital outlay	--	--	$7,444,578	--	$7,444,578
Debt service
Principal payments	--	$1,090,099	--	--	$1,090,099
Interest payments	--	$2,229,356	--	--	$2,229,356
Total expenditures	$6,493,124	$3,326,545	$7,444,578	$536,224	$17,800,471
Revenue over expenditures	$1,360,188	$37,822	($6,977,902)	$9,604	($5,570,288)
OTHER FINANCING SOURCES (USES)
Transfers in	--	$7,090	--	--	$7,090
Transfers out	($7,090)	--	--	--	($7,090)
Total other financing sources (uses)	($7,090)	$7,090	--	--	--
Net change in fund balances	$1,353,098	$44,912	($6,977,902)	$9,604	($5,570,288)
Total fund balances, beginning	$9,326,295	$1,305,991	$10,179,078	$12,732,143	$33,543,507
Total fund balances, ending	$10,679,393	$1,350,903	$3,201,176	$12,741,747	$27,973,219
Net change in fund balances - governmental funds					($5,570,288)
Amounts reported for governmental activities in the statement of activities are different because:
Governmental funds report capital outlays as expenditures. However, in the statement of activities, the cost of assets is allocated over their estimated useful lives and reported as depreciation and amortization expense. This is the amount by which capital outlays exceeded depreciation and amortization expense in the current period.					$5,970,515
Bonds and other debt proceeds provide current financial resources to governmental funds, but issuing debt increases long-term liabilities in the Statement of Net Position. Repayment of bond and other debt principal is an expenditure in the governmental funds, but repayment reduces long-term liabilities in the Statement of Net Position.
Bond principal paid					$345,000
Lease principal paid					$745,100
Some expenses do not require the use of current financial resources and, therefore, are not reported as expenditures in the governmental funds.
Amortization of bond premium					$44,521
Accrued interest on long-term debt					$18,814
Change in net position of governmental activities					$1,553,662

These financial statements are intended for management use and may not reflect full GAAP presentation.

Board of Trustees of Wichita State University--Statement of Revenues, Expenditures and Changes in Fund Balance-General Fund Budget and Actual-Budgetary Basis for the Twelve Months Ended June 30, 2025

	Original Budget	Final Budget	Actual Amounts	Variance with Budget Positive (Negative)	Percent of Budget
Revenues
Mill levy	$7,360,137	$7,360,137	$7,679,716	$319,579	104.34%
Interest	$10,000	$10,000	$173,596	$163,596	1735.96%
Contingent mill levy	$500,000	$500,000	--	($500,000)	0.00%
Total revenues	$7,870,137	$7,870,137	$7,853,312	($16,825)	99.79%
Expenditures
Capital related
Contribution to NIRDT debt service	$532,000	$532,000	$532,000	--	100.00%
Total capital related	$532,000	$532,000	$532,000	--	100.00%
Student support/ workforce development
WSU Tech support	$800,000	$800,000	$800,000	--	100.00%
Undergraduate support	$4,191,458	$4,191,458	$4,103,296	$88,162	97.90%
Graduate support	$419,421	$419,421	$419,421	--	100.00%
PPMC support	$41,133	$41,133	$41,133	--	100.00%
Total student support/ workforce development	$5,452,012	$5,452,012	$5,363,850	$88,162	98.38%
Economic and community development
City/County interns	$144,324	$144,324	$142,909	$1,415	99.02%
Business and economic research	$159,181	$159,181	$159,181	--	100.00%
City government services	$106,121	$106,121	$112,820	($6,699)	106.31%
County government services	$106,121	$106,121	$110,325	$(4,204)	103.96%
Total economic and community development	$515,747	$515,747	$525,235	($9,488)	101.84%
General operating and board initiatives
General administrative	$60,489	$60,489	$33,738	$26,751	55.78%
Board initiatives	$809,889	$809,889	--	$809,889	0.00%
Total general operating and board initiatives	$870,378	$870,378	$33,738	$836,640	3.88%
Contingency
Contingency	$500,000	$500,000	--	$500,000	0.00%
Total contingency	$500,000	$500,000	--	$500,000	0.00%
Total expenditures	$7,870,137	$7,870,137	$6,454,823	$1,415,314	82.02%
Excess (deficiency) of revenues over (under) expenditures	--	--	$1,398,489	$1,398,489	0.00%
Other Financing Sources (Uses)
Transfers from other funds	--	--	$6,499,759	$6,499,759	0.00%
Transfers to other funds	--	--	($7,819,574)	($7,819,574)	0.00%
Total other financing sources (uses)	--	--	($1,319,815)	($1,319,815)	0.00%
Net change in fund balance - mill levy subfunds	--	--	$78,674	$78,674	0.00%
Board initiatives subfund
University support	($1,323,507)	($1,323,507)	($65,000)	$1,258,507	4.91%
Transfers in	--	--	$1,312,725	$1,312,725	0.00%
Subtotal Board Initiatives subfund	($1,323,507)	($1,323,507)	$1,247,725	$2,571,232	-94.27%
Net change in fund balance	($1,323,507)	($1,323,507)	$1,326,399	$2,649,906	-100.22%
Unencumbered fund balance, beginning	$3,494,536	$3,494,536	$3,494,536	--	100.00%
Unencumbered fund balance, ending	$2,171,029	$2,171,029	$4,820,935	$2,649,906	222.06%

These financial statements are intended for management use and may not reflect full GAAP presentation.

Board of Trustees of Wichita State University--Budgetary Comparisson Schedule-Debt Service Fund Budget and Actual-Budgetary Basis for the Twelve Months Ended June 30, 2025

	Original Budget	Final Budget	Actual Amount	Variance with Budget Positive (Negative)	Percent of Budget
Revenues
Mill levy	$3,326,197	$3,326,197	$3,303,686	($22,511)	99.32%
Investment Income	--	--	$60,681	$60,681	0.00%
Total revenue	$3,326,197	$3,326,197	$3,364,367	$38,170	101.15%
Expenditures
Capital improvements
Debt service - PBC Series 2014-3	$1,748,359	$1,748,359	$1,748,358	$1	100.00%
Debt service - PBC Series 2014-4	$747,298	$747,298	$747,297	$1	100.00%
Debt service - Series 2023J	$823,800	$823,800	$823,800	--	100.00%
Issuance costs	--	--	--	--	0.00%
Debt service admin fees	$6,740	$6,740	$7,090	($350)	105.19%
Total capital improvements	$3,326,197	$3,326,197	$3,326,545	($348)	100.01%
Total expenditures	$3,326,197	$3,326,197	$3,326,545	($348)	100.01%
Excess (deficiency) of revenues
over (under) expenditures	--	--	$37,822	$37,822	0.00%
Other Financing Sources (Uses)
Transfers from other funds	--	--	$7,090	$7,090	0.00%
Total other financing sources (uses)	--	--	$7,090	$7,090	0.00%
Net change in fund balance	--	--	$44,912	$44,912	0.00%
Unencumbered fund balance, beginning	$1,305,991	$1,305,991	$1,305,991	--	100.00%
Unencumbered fund balance, ending	$1,305,9991	$1,305,991	$1,350,903	$44,912	103.44%

These financial statements are intended for management use and may not reflect full GAAP presentation.

 

Board of Trustees of Wichita State University--Combining Balance Sheet-General Fund
June 30,2025

	General Operating Fund	Student Support Fund	University Support Fund	City/County Government Support Fund	Board Initiatives Fund	General Fund Reserve	Total General Fund
Assets
Current Assets
Cash	--	$88,301	--	$213,309	$1,598,783	$2,900,000	$4,800,393
Cash available from county treasurer	$5,879,000	--	--	--	--	--	$5,879,000
Total assets	$5,879,000	$88,301	--	$213,309	$1,598,783	$2,900,000	$10,679,393
Fund Balances
Assigned	--	$88,301	--	$213,309	$1,598,783	$2,900,000	$4,800,393
Unassigned	$5,879,000	--	--	--	--	--	$5,879,000
Total Fund Balances	$5,879,000	$88,301	--	$213,309	$286,059		$9,396,278
Total liabilities and fund balances	$6,921,857	($614,148)	($333,000)	$235,510	$1,598,783	$2,900,000	$10,679,393

These financial statements are intended for management use and may not reflect full GAAP presentation.

Board of Trustees of Wichita State University--Combining Statement of Revenues, Expenditures and Changes in Fund Balances-General Fund for the Twelve Months Ended June 30, 2025

	General Operating Fund	Student Support Fund	University Support Fund	City/County Government Support Fund	Board Initiatives Fund	General Fund Reserve	Total General Fund
Revenues
Property tax	$7,679,716	--	--	--	--	--	$7,679,716
Investment return and rentals, net	$173,596	--	--	--	--	--	$173,596
Total revenues	$7,853,312	--	--	--	--	--	$7,853,312
Expenditures
Scholarships and other student support	--	$4,563,851	--	--	--	--	$4,563,851
Economic and community development	--	--	--	$498,535	--	--	$498,535
General and administrative	$33,738	--	--	--	--	--	$33,738
University support	--	--	$532,000	--	$65,000	--	$597,000
WSU Tech support	--	--	$800,000	--	--	--	$800,000
Total expenditures	$33,738	$4,563,851	$1,332,000	$498,535	$65,000	--	$6,493,124
Revenue over (under) expenditures	$7,819,574	($4,563,851)	($1,332,000)	($498,535)	($65,000)	--	$1,360,188
Other Financing Sources (Uses)
Transfers in	--	$4,652,013	$1,332,000	$515,747	$1,312,724	--	$7,812,484
Transfers out	($7,819,574)	--	--	--	--	--	($7,819,574)
Total other financing sources (uses)	($7,819,574)	$4,652,013	$1,332,000	$515,747	$1,312,724	--	($7,090)
Net change in fund balances	--	$88,162	--	$17,212	$1,247,724	--	$1,353,098
Total fund balances, beginning	$5,879,000	$139	--	$196,097	$351,059	$2,900,000	$9,326,295
Total fund balances, ending	$5,879,000	$88,301	--	$213,309	$1,598,783	2,900,000	$10,679,393

 

 

 

1. APPROVAL OF BOARD MEETING MINUTES JANUARY 9, 2025 – DIETZ

2. FINANCE AND AUDIT REPORT – MCCARTHY SNYDER

     -- FOUNDATION INVESTMENT REPORT

     -- FY 2025 BUDGET TO ACTUAL AS OF END OF MARCH

   • • MILL LEVY

     • BOARD OPERATING

     • BOARD INITIATIVE

                -- FY 2026 BUDGET

• • • MILL LEVY

    • BOARD OPERATING

    • BOARD INITIATIVES

    • MILL LEVY BUDGET NARRATIVE

                -- REVENUE & EXPENDITURES- FINANCIAL PLAN REVIW

           III. WICHITA STATE UNIVERSITY UPDATE – MUMA

           IV. AS MAY ARISE

---

Upcoming BOT Meeting Dates

Thursday, July 10, 2025, 8-10:30 am, Club 95 Boardroom

Thursday, September 11, 2025, 8-10:30 am, Club 95 Boardroom

Thursday, April 10, 2025, 8:00 AM — Shocker Success Center, MR 101, 1845 Fairmount Street, Wichita, KS 67260

In attendance were BOT members, Nancy McCarthy Snyder, Junetta Everett, Tracee Adams, Dan Rouser, Aaron Bastian, Dan Rouser, Keith Lawing, Kevin McWhorter, and Connie Dietz. Also in attendance were BOT Staff, Jeff DeGraffenreid, Andy Schlapp, Michelle Locke, David Miller, Olivia Kerschen, and Rick Muma.

Connie called the meeting to order at 8:00 am.

Approval of Board Meeting Minutes

Connie Dietz asked for changes or additions to the minutes. Andy moved to approve the minutes, and Dan Seconded. Motion passed.

Finance & Audit Report

Michelle Lock was introduced to the Board as the interim Assistant Treasurer for the Board. Michelle reviewed the financial reports with the board. She reviewed the foundation investment report, infrastructure review, Mill Levy budget, YTD revenue and expenditures, Operating budget, the Board Initiatives budget. The board also reviewed the FY 26 Mill Levy budget and discussed the new funding levels. There was discussion around priorities and ability to change priorities going forward. After the discussion the board was comfortable with budget priorities and funding levels. The next step is to get city and county approval for the Fy 26 budget before it is submitted to KBOR. No other discussions. Dan moved to approve reports, and the FY 26 Mill Levy budget, seconded by Aaron. Motioned passed.

University Update

Rick Muma and Andy Schlapp gave an update on the construction that is happening round WSU, as well as enrollment projections (forecasted to be flat or down a little due to graduate and international students decreasing).
Rick provided an update of budget requests around the top 3 priorities:

• Priority #1 & 2: Affordability and Talent Pipeline – The request for $14.4M for need based aid was not approved in legislative budget sessions but &5.5M of the $6.4M requested was approved for student success.

• Priority #3: Economic Development - $5M was requested to do a feasibility study and design phase for Kansas’ first dental school. This was not funded by legislation.

• Andy provided some updates around disruptive technology and how it can be leveraged for good by refining the search tools and prompts to get much more targeted and accurate information.

Next board meeting is scheduled for July 10, 2025, and will take place in Club 95 Board Room.

Meeting adjourned.

Olivia Kerschen
Board Assistant Secretary

Wichita State University Foundation
Pooled Investment Performance
as of March 31, 2025

FY 2025 Performace

Composite	3.9% estimated as of December 31, 2024
Target Weighted Benchmark	5.2%

Historical Investment Returns

	Fiscal Year	Calendar Year
2024	8.4%	8.6%
2023	6.5%	5.0%
2022	1.5%	-7.6%
2021	24.9%	16.3%
2020	-3.0%	6.4%
Five Year Annualized Return	7.2%

 

Balance of all BOT Funds as of 03/31/2025	3/31/2025	12/31/2024
Gore separately invested fund	$4,938,631	$5,015,470
Scholarship funds invested in endowed pool	$7,946,036	$8,104,776

---

Board of Trustees of Wichita State University--Interim Financial Statements for the Nine Months Ended March 31, 2025

Board of Trustees of Wichita State University--Statement of Net Position

March 31, 2025

Assets	Governmental Activities
Cash	$3,517,277
Cash available from county treasurer	$5,879,000
Cash held in escrow	$8,701,339
Investments	$12,875,814
Construction in progress	$6,004,979
Lease assets	$45,021,024
Accumulated amortization	($5,275,901)
Depreciable capital assets
Building	$24,662,089
Infrastructure	$2,461,870
Equipment and furnishings	$78,515
Accumulated depreciation	($25,187,272)
Total assets	$78,738,734
Liabilities
Accounts payable	$1,129,994
Accrued interest payable	$432,231
Noncurrent liabilities
Due within one year
Bonds payable	$345,000
Lease payable	$781,416
Due in more than one year
Bonds payable	$10,907,507
Lease payable	$40,677,147
Total liabilities	$54,273,295
Net Position
Net investment in capital assets	$1,529,222
Restricted
Nonexpendable	$6,207,167
Expendable
Scholarships and student support	$6,668,646
Debt service	$1,096,357
Unrestricted	$8,964,047
Total net position	$24,465,439

These financial statements are intended for management use and may not reflect full GAAP presentation.

 

---

Board of Trustees of Wichita State University--Statement of Activities for the Nine Months Ended March 31, 2025

 

 

	Expenses	Program Revenues	Net (Expense) Revenue
Governmental Activities
Scholarships and other student support	$4,367,252	--	($4367,252)
Economic and community development	$347,398	--	($347,398)
General and administrative	$200,699	--	($200,699)
University support	$1,708,146	--	($1,708,146)
WSU Tech support	$800,000	--	($800,000)
Interest	$1,631,139	--	($1,631,139)
Total governmental activities	$9,054,634		($9,054,634)
General revenues
Gifts and contributions			$1,000
Property taxes			$8,309,319
Investment earnings			$1,144,723
Total general revenues			$9,455,042
Change in net position			$400,408
Net position, beginning			$24,065,031
Net position, ending			$24,465,439

These financial statements are intended for management use and may not reflect full GAAP presentation.

---

Board of Trustees of Wichita State University--Balance Sheet-Governmental Funds

March 31, 2025

	General Fund	Debt Service Fund	Capital Project Fund	Permanent Fund	Total Governmental Funds
Assets
Current Assets
Cash	$3,517,278	--	--	--	$3,517,278
Cash available from county treasurer	$5,879,000	--	--	--	$5,879,000
Cash held in escrow	--	$1,096,357	$7,604,982	--	$8,701,339
Investments	--	--	--	$12,875,813	$12,875,813
Total assets	$9,396,278	$1,096,357	$7,604,982	$12,875,813	$30,973,430
Liabilities
Accounts payable	--	--	$1,129,995	--	$1,129,995
Total liabilities	--	--	$1,129,995	--	$1,129,995
Fund Balances
Nonspendable
Endowment fund principal	--	--	--	$6,207,167	$6,207,167
Restricted
Scholarships and student support	--	--	--	$6,668,646	$6,668,646
Debt service	--	$1,096,357	--	--	$1,096,357
Capital Projects	--	--	$6,474,987	--	$6,474,987
Assigned	$2,474,421	--	--	--	$2,474,421
Unassigned	$6,921,857	--	--	--	$6,921,857
Total Fund Balances	$9,396,278	$1,096,357	$6,474,987	$12,875,813	$29,843,435
Total liabilities and fund balances	$9,396,278,	$1,096,357	$7,604,982	$12,875,813	$30,973,430
Total fund balances - governmental funds					$29,843,435
Amounts reported for governmental activities in the statement of net position are different because:
Capital assets, net of accumulated depreciation, used in governmental activities are not financial resources and, therefore, are not reported in the funds.
Lease assets, net of accumulated amortization				$39,745,123
Depreciable capital assets, net of accumulated depreciation				$2,015,202
Construction in progress				$6,004,979	$47,765,304
Long-term liabilities are not due and payable in the current period, and therefore, are not reported in the funds.
Bonds payable				($10,440,000)
Bond premium				($812,507)
Lease payable				($41,458,563)
Accrued interest payable on long-term debt				($432,231)	($53,143,301)
Net position - governmental activities					$24,465,438

These financial statements are intended for management use and may not reflect full GAAP presentation.

 

---

 

Board of Trustess of Wichita State University-Statement of Revenues, Expenditures and Changes in Fund Balances - Government Funds for Nine Months Ended March 31, 2025

	General Fund	Debt Service Fund	Capital Project Fund	Permanent Fund	Total Governmental Funds
Revenues
Gifts and contributions	--	--	--	$1,000	$1,000
Property tax	$5,831,125	$2,478,194	--	--	$8,309,319
Investment return and rentals, net	$125,062	$47,228	$399,420	$573,013	$1,144,723
Total revenues	$5,956,187	$2,525,422	$399,420	$574,013	$9,455,042
Expenditures
Current
Scholarships and other student support	$4,103,296	--	--	$263,956	$4,367,252
Economic and community development	$347,397	--	--	--	$347,397
General and administrative	$31,421	$7,090	--	$162,188	$200,699
University support	$597,000	--	--	$4,199	$601,199
WSU Tech support	$800,000	--	--	--	$800,000
Capital outlay	--	--	$4,103,511	--	$4,103,511
Debt service
Principal payments	--	$745,100	--	--	$745,100
Interest payments	--	$1,989,956	--	--	$1,989,956
Total expenditures	$5,879,114	$2,742,146	$4,103,511	$430,343	$13,155,114
Revenue over expenditures	$77,073	($216,724)	($3,704,091)	$143,670	($3,700,072)
OTHER FINANCING SOURCES (USES)
Transfers in	--	$7,090	--	--	$7,090
Transfers out	($7,090)	--	--	--	($7,090)
Total other financing sources (uses)	($7,090)	$7,090	--	--	--
Net change in fund balances	$69,983	($209,634)	($3,704,091)	$143,670	($3,700,072)
Total fund balances, beginning	$9,326,295	$1,305,991	$10,179,078	$12,732,143	$33,543,507
Prior period adjustment	--	--	--	--	--
Total fund balances, ending	$9,396,278	$1,096,357	$6,474,987	$12,875,813	$29,843,435
Net change in fund balances - governmental funds					($3,700,072)
Amounts reported for governmental activities in the statement of activities are different because:
Governmental funds report capital outlays as expenditures. However, in the statement of activities, the cost of assets is allocated over their estimated useful lives and reported as depreciation and amortization expense. This is the amount by which capital outlays exceeded depreciation and amortization expense in the current period.					$2,996,561
Some expenses do not require the use of current financial resources and, therefore, are not reported as expenditures in the governmental funds.
Amortization of bond premium					$33,390
Accrued interest on long-term debt					$325,429
Change in net position of governmental activities					$400,408

These financial statements are intended for management use and may not reflect full GAAP presentation.

 

---

 

Board of Trustees of Wichita State University--Statement of Revenues, Expenditures and Changes in Fund Balance - General Fund
Budget and Actual - Budgetary Basis for Nine Months Ended March 31,2025

	Original Budget	Final Budget	Actual Amounts	Variance with Budget Positive (Negative)	Percent of Budget
Revenues
Mill levy	$7,360,137	$7,360,137	$5,831,125	($1,529,012)	79.23%
Interest	$10,000	$10,000	$125,062	$115,062	1250.62%
Contingent mill levy	$500,000	$500,000	--	($500,000)	0.00%
Total revenues	$7,870,137	$7,870,137	$5,956,187	($1,913,950)	75.68%
Expenditures
Capital related
Contribution to NIRDT debt service	$532,000	$532,000	$532,000	--	100.00%
Total capital related	$532,000	$532,000	$532,000	--	100.00%
Student support/ workforce development
WSU Tech support	$800,000	$800,000	$800,000	--	100.00%
Undergraduate support	$4,191,458	$4,191,458	$4,103,296	$88,162	97.90%
Graduate support	$419,421	$419,421	--	$419,421	0.00%
PPMC support	$41,133	$41,133	--	$41,133	0.00%
Total student support/ workforce development	$5,452,012	$5,452,012	$4,903,296	$548,716	89.94%
Economic and community development
City/County interns	$144,324	$144,324	$70,747	$73,577	49.02%
Business and economic research	$159,181	$159,181	$159,181	--	100.00%
City government services	$106,121	$106,121	$112,820	($6,699)	106.31%
County government services	$106,121	$106,121	$102,350	$3,771	96.45%
Total economic and community development	$515,747	$515,747	$445,098	$70,649	86.30%
General operating and board initiatives
General administrative	$60,489	$60,489	$31,421	$29,068	51.94%
Board initiatives	$809,889	$809,889	--	$809,889	0.00%
Total general operating and board initiatives	$870,378	$870,378	$31,421	$838,957	3.61%
Contingency
Contingency	$500,000	$500,000	--	$500,000	0.00%
Total contingency	$500,000	$500,000	--	$500,000	0.00%
Total expenditures	$7,870,137	$7,870,137	$5,911,815	$1,958,322	75.12%
Excess (deficiency) of revenues over (under) expenditures	--	--	$44,372	$44,372	0.00%
Other Financing Sources (Uses)
Transfers from other funds	--	--	$4,874,819	$4,874,819	0.00%
Transfers to other funds	--	--	($4,881,909)	($4,881,909)	0.00%
Total other financing sources (uses)	--	--	($7,090)	($7,090)	0.00%
Net change in fund balance - mil levy subfunds	--	--	$37,282	$37,282	0.00%
Board initiatives subfund
University support	($1,323,507)	($1,323,507)	($65,000)	$1,258,507	4.91%
Subtotal Board Initiatives subfund	($1,323,507)	($1,323,507)	($65,000)	$1,258,507	4.91%
Net change in fund balance	($1,323,507)	($1,323,507)	($27,718)	$1,295,789	2.09%
Unencumbered fund balance, beginning	$3,494,536	$3,494,536	$3,494,536	--	100.00%
Unencumbered fund balance, ending	$2,171,029	$2,171,029	$3,466,818	$1,295,789	159.69%

These financial statements are intended for management use and may not reflect full GAAP presentation.

 

---

 

Board of Trustees of Wichita State University--Budgetary Comparisson Schedule - Debt Service Fund Budget and Actual - Budgetary Basis for the Nine Months Ended March 31, 2025

	Original Budget	Final Budget	Actual Amount	Variance with Budget Positive (Negative)	Percent of Budget
Revenues
Mill levy	$3,326,197	$3,326,197	$2,478,194	($848,003)	74.51%
Investment Income	--	--	$47,228	$47,228	0.00%
Total revenue	$3,326,197	$3,326,197	$2,525,422	($800,775)	75.93%
Expenditures
Capital improvements
Debt service - PBC Series 2014-3	$1,748,359	$1,748,359	$1,748,359	--	100.00%
Debt service - PBC Series 2014-4	$747,298	$747,298	$747,298	--	100.00%
Debt service - Series 2023J	$823,800	$823,800	$239,400	$584,400	29.06%
Issuance costs	--	--	--	--	0.00%
Debt service admin fees	$6,740	$6,740	$7,090	($350)	105.19%
Total capital improvements	$3,326,197	$3,326,197	$2,742,147	$584,050	82.44%
Total expenditures	$3,326,197	$3,326,197	$2,742,147	$584,050	82.44%
Excess (deficiency) of revenues
over (under) expenditures	--	--	($216,725)	($216,725)	0.00%
Other Financing Sources (Uses)
Transfers from other funds	--	--	$7,090	$7,090	0.00%
Total other financing sources (uses)	--	--	$7,090	$7,090	0.00%
Net change in fund balance	--	--	($209,635)	($209,635)	0.00%
Unencumbered fund balance, beginning	$1,305,991	$1,305,991	$1,305,991	--	100.00%
Unencumbered fund balance, ending	$1,305,9991	$1,305,991	$1,096,356	($209,635)	83.95%

These financial statements are intended for management use and may not reflect full GAAP presentation.

---

Board of Trustees of Wichita State University--Combining Balance Sheet - General Fund March 31, 2025

	General Operating Fund	Student Support Fund	University Support Fund	City/County Government Support Fund	Board Initiatives Fund	General Fund Reserve	Total General Fund
Assets
Current Assets
Cash	$1,042,857	($614,148)	($333,000)	$235,510	$286,059	$2,900,000	$3,517,278
Cash available from county treasurer	$5,879,000	--	--	--	--	--	$5,879,000
Cash held by county treasurer in escrow	--	--	--	--	--	--	--
Investments	--	--	--	--	--	--	--
Total assets	$6,921,857	($614,148)	($333,000)	$235,510	$286,059	$2,900,000	$9,396,278
Liabilities
Accounts payable	--	--	--	--	--	--	--
Total liabilities	--	--	--	--	--	--	--
Fund Balances
Nonspendable
Endowment fund principal	--	--	--	--	--	--	---
Restricted
Scholarships and student support	--	--	--	--	--	--	--
Debt service	--	--	--	--	--	--	--
Assigned	--	($614,148)	($333,000)	$235,510	$286,059	$2,900,000	$2,474,421
Unassigned	$6,921,857	--	--	--	--	--	$6,921,857
Total Fund Balances	$6,921,857	($614,148)	($333,000)	$235,510	$286,059	$2,900,000	$9,396,278
Total liabilities and fund balances	$6,921,857	($614,148)	($333,000)	$235,510	$286,059	$2,900,000	$9,396,278

These financial statements are intended for management use and may not reflect full GAAP presentation.

 

---

 

Board of Trustees of Wichita State University--Combining Statement of Revenues, Expenditures and Changes in Fund Balances - General Fund for the Nine Months Ended March 31, 2025

	General Operating Fund	Student Support Fund	University Support Fund	City/County Government Support Fund	Board Initiatives Fund	General Fund Reserve	Total General Fund
Revenues
Property tax	$5,831,125	--	--	--	--	--	$5,831,125
Investment return and rentals, net	$125,062	--	--	--	--	--	$125,062
Total revenues	$5,956,187	--	--	--	--	--	$5,956,187
Expenditures
Scholarships and other student support	--	$4,103,296	--	--	--	--	$4,103,296
Economic and community development	--	--	--	$347,397	--	--	$347,397
General and administrative	$31,421	--	--	--	--	--	$31,421
University support	--	--	$532,000	--	$65,000	--	$597,000
WSU Tech support	--	--	$800,000	--	--	--	$800,000
Total expenditures	$31,421	$4,103,296	$1,332,000	$347,397	$65,000	--	$5,879,114
Revenue over (under) expenditures	$5,924,766	($4,103,296)	($1,332,000)	($347,397)	($65,000)	--	$77,073
Other Financing Sources (Uses)
Transfers in	--	$3,489,009	$999,000	$386,810	--	--	$4,874,819
Transfers out	($4,881,909)	--	--	--	--	--	($4,881,909)
Total other financing sources (uses)	($4,881,909)	$3,489,009	$999,000	$386,810	--	--	($7,090)
Net change in fund balances	$1,042,857	($614,287)	($333,000)	$39,413	($65,000)	--	$69,983
Total fund balances, beginning	$5,879,000	$139	--	$196,097	$351,059	$2,900,000	$9,326,295
Prior period adjustment	--	--	--	--	--	--	--
Total fund balances, ending	$6,921,857	($614,148)	($333,000)	$235,510	$286,059	$2,900,000	$9,396,278

These financial statements are intended for management use and may not reflect full GAAP presentation.

 

---

 

Wichita State University Board of Trustees--City of Wichita/Sedgwick County Mill Levy Budget Fiscal Year 2026

Revenues		FY 2026 Budget	FY 2025 Budget	Budget Increase (Decrease)	FY 2024 Actual
Mill Levy		$11,500,000	$10,686,334	$813,666	$10,023,867
Interest		$10,000	$10,000	--	$306,639
Contingent Mill Levy		$500,000	$500,000	--	--
Total Revenues		$12,010,000	$11,196,334	$813,666	$10,330,506
Expenditures	Percent of Budget	FY 2026 Budget	FY 2025 Budget	Budget Increase (Decrease)	FY 2024 Actual
Capital Improvements
Debt Service - WSIA Series 2014-3 (2054)		$1,748,359	$1,748,359	--	$1,748,358
Debt Service - WSIA Series 2014-4 (2027)		$747,818	$747,298	$520	$750,068
Debt Service Admin Fees		$6,740	$6,740	--	$4,240
Contribution to WSU NIRDT Debt Service		$532,000	$532,000	--	$532,000
Debt Service - KDFA Series 2023J (2043)		$826,550	$823,800	$2,750	$826,133
Contribution to WSU Series 2025D Stadium		$441,733	--	$441,733	--
Total Capital Improvements	35.8%	$4,303,200	$3,858,197	$445,003	$3,860,799
Student Support/Workforce Development
WSU Tech Support		$800,000	$800,000	--	$800,000
Undergraduate Support		$4,275,287	$4,191,458	$83,829	$4,109,134
Graduate Support		$427,809	$419,421	$8,388	$411,197
Public Policy and Management Center Support		$41,956	$41,133	$823	$40,326
Total Student Support	46.2%	$5,545,052	$5,452,012	$93,040	$5,360,657
Economic and Community Development
Interns-City/County		$147,210	$144,324	$2 ,886	$211,076
Business and Economic Research		$162,365	$159,181	$3,184	$159,060
City Government Services		$108,243	$106,121	$2,122	$82,020
County Government Services		$108,243	$106,121	$2,122	$193,554
Total Economic and Community Development	4.4%	$526,061	$515,747	$10,314	$645,710
Board Support Services
Organization and Development		$61,698	$60,489	$1 ,209	$36,289
University Strategic Initiatives		$1,073,989	$809,889	$264,100	$3,235,510
Total Board Support Services	9.5%	$1,135,687	$870,378	$265,309	$3,271,799
Contingency
Contingency		$500,000	$500,000	--	--
Total Contingency	4.2%	$500,000	$500,000	--	--
Total Expenditures		$12,010,000	$11,196,334	$813,666	$13,138,965

These financial statements are intended for management use and may not reflect full GAAP presentation.

---

Wichita State University Board of Trustees--Board Support Services Fiscal Year 2026 Budget

Expenditures	FY 2026 Budget	FY 2025 Budget	Budget Increase (Decrease)	FY 2024 Actual
General and Administrative
Professional Fees	$35,700	$35,000	$700	$21,721
Insurance	$10,200	$10,000	$200	$5,400
Bank Fees	$12,240	$12,000	$240	$8,416
Other	$3,559	$3,489	$70	$752
Strategic Initiatives	$1,073,989	$809,889	$264,100	--
Total Expenditures	$1,135,688	$870,378	$265,310	$36,289

These financial statements are intended for management use and may not reflect full GAAP presentation.

 

---

 

Wichita State University Board of Trustees--Board Initiatives Fund Fiscal Year 2026 Budget

Revenues	FY 2026 Budget	FY 2025 Budget	Budget Increase (Decrease)	FY 2024 Actual
Mill Levy Board Initiatives	$1,073,989	$809,889	$264,100	$450,202
Total Revenues	$1,073,989	$809,889	$264,100	$450,202
Expenditures	FY 2026 Budget	FY 2025 Budget	Budget Increase (Decrease)	FY 2024 Actual
Board Initiatives	$1,073,989	$1,323,507	($249,518)	$3,235,510
Total Expenditures	$1,073,989	$1,323,507	($249,518)	$3,235,510

Fiscal Year 2026
Wichita State University
City-County Mill Levy Budget Request

Capital Improvements $4,303,200

John Bardo Center $2,500,417

Principal and interest payable on Sedgwick County Public Building Commission revenue bonds issued for the construction of the John Bardo Center and related infrastructure total $2,496,177 in FY 2026. In addition to debt service, this budget also pays annual administrative fees of $4,240 to the Bond Trustee. Final maturity on outstanding bonds is February 1, 2054.

National Institute for Research and Digital Transformation $532,000

The Board contributes $532,000 to the University each year to service debt related the Digital Research and Transformation Hub (DRTH). The project was originally funded with Series 2021L revenue bonds issued by Wichita State and KDFA in July 2021 to fund construction, which were partially refunded by Series 2025D-2 taxable revenue bonds. The University funds approximately $230,000 of the annual debt service. Final maturity for Series 2021L bonds is June 1, 2051.

University Stadium $1,270,783

Principal and interest payable on KDFA Series 2023J revenue bonds issued for the construction of Phase I of the University Stadium project total $826,550 in FY 2026. The project will modernize and transform University track and field programs and possibly accommodate a future Shocker soccer program. Beyond athletics, the new stadium will double as a state-of-the-art entertainment venue for live concerts from artists in the campus community and notable national entertainers. In addition to debt service, this budget also pays annual administrative fees of $2,500 to the Bond Trustee. Final maturity for Series 2023J bonds is June 1, 2043. In addition, the Board will contribute $441,733 to the University for the KDFA Series 2025D revenue bonds issued for the construction of Phase I. The final maturity date of the Series 2025D bonds is April 1, 2051.

Student Support $5,545,052

WSU Tech Support $800,000

In prior years, Sedgwick County received this support from the Board of Trustees to offset a portion of the County’s debt service for the National Center for Aviation Training. Since WATC is now WSU Tech, the County has eliminated their operating support of WATC, the Board of Trustees has eliminated support for the County’s debt service and redirected this support directly to WSU Tech. No change is requested in this budget item for Fiscal Year 2026.

Wichita State University Undergraduate Support $4,275,287

Funds from the City-County Mill Levy are utilized for recruitment, retention, and support scholarships. Undergraduate student scholarships are awarded in four types of scholarships: Freshman and Transfer Merit, Honors College Merit, National Merit, Shocker Opportunity Emergency Fund and other need-based retention scholarship programs. Funds from the Mill Levy are targeted to students who are Sedgwick County residents. A two percent ($83,829) increase is requested in this budget item for Fiscal Year 2026.

Wichita State University Graduate Support $427,809

Support for the Graduate School is targeted to assist graduate students studying for the Master of Public Administration degree, doctoral or master’s studies in areas directly affecting local industry or the public sector. Funding also used to recruit graduate research assistants to assist faculty-directed projects that have received or have a strong potential to receive external grant funding in areas that have applications to business, industry, and social agencies in Wichita/Sedgwick County. A two percent increase ($8,388) is requested in this budget item for Fiscal Year 2026.

Public Policy and Management Center $41,956

Budget for the Public Policy and Management Center funds graduate assistants who provide direct support to local governments, nonprofits, and community activities in Sedgwick County. The assistance comes in the form of research, professional development and community engagement through applied learning experiences directed by the Center staff. Graduate assistants at the Public Policy and Management Center work with faculty from multidisciplines including public administration, social work, community psychology, business, criminal justice, and others. The experience the graduate assistants receive by working at the Public Policy and Management Center prepares them for a career in public service and provides director support to nonprofit and local government organizations in Sedgwick County seeking assistance from the Center. A two percent increase ($823) is requested for Fiscal Year 2026.

Economic and Community Development $526,061

Funding for Economic and Community Development activities allows Wichita State University to continue expanding its involvement with the City of Wichita and Sedgwick County through education and training programs in support of economic development. The funding also provides opportunities to utilize faculty expertise in the analysis of community issues in partnership with the City and County, utilize student internships related to specific local needs and provide services related to maintaining and analyzing important socioeconomic databases.

Interns-City/County $147,210

The City/County intern program is directed by the Hugo Wall School of Urban and Public Affairs and is used to enhance the learning experience of four Master of Public Administration students through internships with the City of Wichita and Sedgwick County. A two percent increase ($2,886) is requested for Fiscal Year 2026.

Business and Economic Research $162,365

In 1999, the City of Wichita asked the Center for Business and Economic Research at Wichita State University to expand its research capabilities to provide Geographic Information System (GIS) services. In 2005, the Center was asked by the City of Wichita, Sedgwick County, and the Greater Wichita Economic Development Coalition (GWEDC) to expand its research capabilities and services by developing, maintaining, and operating the South-Central Kansas Economic and Fiscal Impact Model. The city, county and GWEDC have asked the Center to maintain most databases on a county-by-county basis for a ten-county service area, as economic development has become a more regional endeavor. The Center has expanded its research, forecasting, database management and economic modeling to better serve business, industry, government, and non-profit groups throughout southcentral Kansas. Through its research and programs, the Center has established a reputation for efficient, timely, reliable, and customer-friendly services. The Center contributes directly to the economic development efforts of Wichita, Sedgwick County and Kansas. Beginning January 1, 2017, all Business and Economic Research expenditures are also approved by the Greater Wichita Partnership. A two percent increase ($3,184) is requested for Fiscal Year 2026.

City Government Services $108,243

Wichita State University provides technical assistance and training to support the mission of the City of Wichita. Expertise of faculty, staff and students will be used to respond quickly to requests for assistance and information. A two percent increase ($2,122) is requested for Fiscal Year 2026.

County Government Services $108,243

Wichita State University provides technical assistance and training to support the mission of Sedgwick County. Expertise of faculty, staff and students will be used to respond quickly to requests for assistance and information. A two percent increase ($2,122) is requested for Fiscal Year 2026.

Board Support Services $1,135,688

Organization and Development $61,699

Organization and Development represents the operating costs for the Board of Trustees. The WSU Board of Trustees is responsible for administering the Mill Levy fund and monitoring endowments held at the WSU Foundation that are owned by the Board of Trustees. A two percent increase ($1,210) is requested for Fiscal Year 2026.

University Strategic Initiatives $1,073,989

This amount represents the difference between budgeted revenue and all other budgeted expenditures. This line item will be used by the Board of Trustees to take advantage of opportunities related to the Board’s strategic initiatives.

Contingency $500,000

The Contingency line item will support unanticipated program needs throughout the year. As recommended by Sedgwick County financial officials, $500,000 represents anticipated revenue depending on the financial determination of the actual dollar value of the revenues from the 1.5 Mill Levy. These additional resources may result from unanticipated increases in property valuation. Any unused portion of these funds will be utilized for additional support for the Board’s strategic initiatives.

1. BOT AUDIT – BRUUN & FORVIS

2. APPROVAL OF BOARD MEETING MINUTES, JULY 20, 2023 – LABARCA

3. FINANCE AND AUDIT REPORT – MCCARTHY SNYDER

   1.  FOUNDATION INVESTMENT REPORT

   2.  INFRASTRUCTURE INVESTMENTS REVIEW

   3.  MILL LEVY BUDGET & YEAR TO DATE REVENUE & EXPENDITURES

   4. OPERATING BUDGET (BOT UNRESTRICTED)

   5. REVENUE & EXPENDITURES-FINANCIAL PLAN REVIEW

   6. BOARD INITIATIVES BUDGET REVIEW

   7. AUDIT SERVICES RFP

4. BY-LAWS UPDATE – SCHLAPP & DEGRAFFENREID

5. WICHITA STATE UNIVERSITY UPDATE –MUMA,

6. AS MAY ARISE

Upcoming BOT Meeting Dates:

1. Thursday, January 9, 2025, 8-10:30 am John Bardo Center, Rm 164

2. Thursday, April 10, 2025, 8-10:30 am John Bardo Center, Rm 164

3. Thursday, July 10, 2025, 8-10:30 am John Bardo Center, Rm 164

4. Thursday, September 11, 2025, 8-10:30 am John Bardo Center, Rm 164

Additional Events:

1. October 29, 2024 – Heritage Gala (Board of Trustees Award presented) 5-8 pm, Beggs Ballroom (RSC)

2. December 6, 2024 – Board of Trustees Holiday Party 5:30-7 pm, TBD

Tuesday, October 15, 2024, 8:00 am — Club 95 Boardroom, 1937 N. Oliver Street, Suite A300, Wichita, KS 67208

In attendance were Laurie Labarca, Nancy McCarthy Snyder, Kevin McWhorter, Keith Lawing, Junetta Everett, Tracee Adams, Dan Rouser, Jeff DeGraffenreid, and Connie Dietz. Also in attendance were Andy Schlapp, Troy Bruun, Olivia Kerschen, and Rick Muma.

Laurie Labarca called meeting to order at 8 a.m.

Troy introduced Matt Cash from Forvis to review the audit findings. Findings were a clean audit with no deficiencies. After the review, there were no questions from the Board.

Dan moved to approve reports, seconded by Nancy. Motioned passed.

Approval of Board Meeting Minutes

Laurie Labarca asked for changes or additions to the minutes. Keith moved to approve the minutes and Junetta Seconded. Motion passed.

Finance & Audit Report

Nancy McCarthy Snyder asked Troy Bruun to review the financial reports with the board. He reviewed the foundation investment report, infrastructure review, Mill Levy budget, YTD revenue and expenditures, Operating budget and the Board Initiatives budget. Dan inquired as to how the city/county has changed over the years. Andy provided a brief history regarding how expenditures and priorities have changed. Throughout the history of Mill Levy the city and county have asked the board to modify the mill levy budget to meet the changing needs of the Community and University. Today we are focusing on university projects that can grow the economy. A request was made for WSU Foundation to visit at a future meeting so we can learn more about WSUFAE benchmarks and rate of return. Also, during Mill Levy review, Keith suggested it would be helpful for Board members to have talking points around historical story of how Mill Levy came about, and its use and what the Board of Trustees role is around it. No other discussions.

Kevin moved to approve reports, seconded by Dan. Motioned passed.

Review of By-Law Updates

All changes were reviewed. One additional correction to the by-laws was to remove gender references (i.e. chairman) and to delete Article IV, Section 4. Motion to approve the changes to new By-Laws by Junetta, seconded by Connie. Approved.

University Update

Rick Muma gave an update on what is happening at WSU. Rick Muma also gave updates on Fall enrollments at WSU and how declining high school graduation rates could affect WSU in the future. Also discussed that the search for a new Provost is still underway. The Board asked Rick to talk about new article claims of plagiarism. The Board was comfortable with his and the Universities response to these allegations. The Board agreed to write a letter of full support of President Muma. The letter will be sent to KBOR and a copy to the Governor.

Next board meeting is scheduled for January 9, 2025. Olivia Kerschen will be sending out a calendar invite with location and details.

Meeting adjourned.

Olivia Kerschen
Board Assistant Secretary

1. APPROVAL OF BOARD MEETING MINUTES, APRIL 11, 2024 – LABARCA

2. CONFLICT OF INTEREST STATEMENTS

3. FINANCE AND AUDIT REPORT – MCCARTHY SNYDER

   1. FOUNDATION INVESTMENT REPORT

   2. INFRASTRUCTURE INVESTMENT REVIEW

   3. MILL LEVY BUDGET & YEAR TO DATE REVENUE & EXPENDITURES

   4. OPERATING BUDGET (BOT UNRESTRICTED)

   5. BOARD INITIATIVES BUDGET REVIEW

   6. REVENUE & EXPENDITURES-FINANCIAL PLAN REVIEW

4. REVIEW OF MILL LEVY BUDGET MEETINGS WITH CITY AND COUNTY – SCHLAPP/MUMA

   1. UNIVERSITY STADIUM

   2. WBC PHASE II

5. REVIEW BY-LAWS - DEGRAFFENREID

6. ELECTION OF NEW OFFICERS - SCHLAPP

   1. CURRENT OFFICERS:

      1. LAURIE LABARCA (CHAIR)

      2. CONNIE DIETZ (VICE CHAIR)

      3. NANCY MCCARTHY SNYDER (TEASURER)

      4. TROY BRUUN (ASSISTANT TREASURER)

      5. JUNETTA EVERETT (SECRETARY)

      6. OLIVIA KERSCHEN (ASSITANT SECRETARY)

      7. ANDY SCHLAPP (EXECUTIVE DIRECTOR)

7. BOARD OF TRUSTEES AWARD - SCHLAPP

8. WICHITA STATE UNIVERSITY UPDATE – SCHLAPP/MUMA

9. AS MAY ARISE

Upcoming BOT Meeting Dates

• Thursday, September 12, 2024, 8-10:30 am

Additional Events

• Heritage Gala TBD

• BOT Holiday Party TBD

Thursday, July 11, 2024, 8:00 am; John Bardo Center, Room 164, 1815 Innovation Blvd. Wichita, KS 67208

In attendance were Laurie Labarca, Nancy McCarthy Snyder, Kevin McWhorter, Keith Lawing, Junetta Everett, Tracee Adams, Dan Rouser. Also in attendance were Andy Schlapp, Troy Bruun, Olivia Kerschen, Werner Golling and Rick Muma. Laurie Labarca called meeting to order at 8:00 am.

Andy introduced Olivia Kerschen and thanked all who helped compose the previous minutes with the departure of Susan Johnson.

Approval of Board Meeting Minutes

Laurie Labarca asked for changes or additions to the minutes. Keith Lawing, Tracee Adams and Nancy McCarthy Snyder offered 3 changes to the minutes. Keith moved to approve the minutes and Dan Rouser Seconded. Motion passed.

Conflict of Interest Statements

Laurie asked that everyone sign these and return them to Olivia Kerschen.

Finance & Audit Report

Nancy McCarthy Snyder asked Troy Bruun to review the financial reports with the board. He reviewed the foundation investment report, infrastructure review, Mill Levy budget, YTD revenue and expenditures, Operating budget and the Board Initiatives budget. Nancy also said that Troy would be bringing new financial documents that will be more in line with our audit documents to future BOT meetings. Keith Lawing inquired about the cash that is not available for Board Initiatives. Cash not spent for Scholarships, Interns, Business and economic research, city and county government services stay in their respective funds until spent. All other unspent funds roll over to university strategic initiatives. We also keep 2.9 million in reserve for cash flow.

Keith Lawing moved to approve reports, seconded by Junetta Everett. Motioned passed.

Review of Mill Levy Budget Meetings with City and County

Andy Schlapp gave an update on meetings – he has met with all County officials, the city manager’s office and a few City council members. The meetings went well. We are working to schedule meetings with the remaining city council members. Both City and County elected officials are generally supportive of the university stadium project and Wichita Bio Medical phase 2 project.

Review of By-Law Updates

There were a few questions about some wording. Since the Board did not have a redlined version, it was decided to hold off on approving updated bylaws until the next meeting. Olivia Kerschen will send out the Red Line version of the bylaws so everyone can see what changes were made. Feedback should be sent to Olivia.

Election of New Officers

Andy Schlapp mentioned that Junetta Everett, Tracee Adams and Kevin McWhorter’s are being reappointed to the board 2024. Nancy McCarthy Snyder noted that she will only serve one more year. The suggestion was made that we send out a list of each officer’s role, duties and expectations ahead of the meeting before elections. Keith Lawing asked that we appoint a nominating committee next year. Historically, this has been done. Dan Rouser motioned to retain officers for another year, Tracee Adams seconded, motion passed.

Board of Trustees Award

Andy Schlapp nominated Jill Docking for this award since she has been instrumental in Wichita Biomedical Campus. Kevin McWhorter suggested that for next year, we start compiling a list of possible nominees throughout the year and send them out before the nominating meeting. It was agreed that the nominating committee being assembled could also address the Award’ nominee. Dan Rouser motioned to nominate Jill Docking, Junetta Everett seconded, motion passed.

University Update

Rick Muma gave an update on what is happening at WSU. Rick Muma also gave updates on Legislative programs funded stating it has been collectively one of the most successful outcome in the history of WSU. Muma updated current and future construction projects. Discussion focused on Phase 2 of Wichita Biomedical Campus and what that will look like. Also discussed WSU Stadium and the plan going forward. P11 building should be completed soon, and we plan to hold the next meeting in that space. Also discussed that the search for a new Provost has begun. This will be Werner’s last meeting, as he is retiring on August 9th. They are conducting interviews in the next few weeks to backfill his position.

Next board meeting is scheduled for September 12, 2024, but Olivia Kerschen will be looking for new dates to reschedule due to multiple conflicts.

Meeting adjourned.

Olivia Kerschen
Board Assistant Secretary

 

Wichita State University Foundation
Pooled Investment Performance as of June 30, 2024

FY 2024 Performance

Composite	6.6% estimated as of May 31, 2024
Target Weighted Benchmark	7.0%

Historical Investment Returns

	Fiscal Year	Calendar Year
2024	6.6%	N/A
2023	6.5%	5.0%
2022	1.5%	-7.6%
2021	24.9%	16.3%
2020	-3.0%	6.4%
2019	3.9%	14.6%
2018	7.2%	Not available (transition to new investment provider)
2017	10.4%	12.1%
2016	-3.8%	7.2%
2015	0.4%	3.2%
Five Year Annualized Return	6.6%

Balance of all BOT Funds as of 06/30/2024	6/30/2024	3/31/2024
Gore separately invested fund	$4,875,313	$4,779,073
Scholarship funds invested in endowed pool	$7,768,804	$7,664,685

Wichita  State University Board of Trustess Infrastructure Investments

• FY 1965–Cessna Stadium and Henry Levitt Arena $418,582 annual bond
  payment
• FY 1967–Crestview Country Club golf course purchase $1,650,000
• FY 1977–Child Development Center and Physical Plant Building
• FY 1984–Weideman Recital Hall
• FY 1985–Refund existing debt of WSU
• FY 1987–NIAR, Physical Plant buildings, and Center for Entrepreneurship
• FY 1988–Woodman Alumni Center, Child Development Center, Golf Pro
  shop, and golf maintenance building
• FY 1992–Refund FY 1987 bonds, FY 1988 bonds and Elliott Hall Journalism
  and Speech Communications: $19,665,000
• FY 1997–Cessna Stadium Improvements: $2,200,000
• FY 1999–Eck Stadium Project: $3,500,000
• FY 2001–Refund FY 1992 and FY 1999 bonds: $17,295,000
• FY 2013–Refund FY 2001 bonds: $5,375,000
• FY 2014–Bonds for John Bardo Center: $44,945,000
• FY 2017–$2,500,000 for Student Athlete Center
• FY 2018–22 ‐ University Infrastructure
  • 600,000 for construction of 18th Street
  • 600,000 for Law Enforcement Training Center parking lots and
    related dirt work on the innovation campus
  • 1,200,000 for architectural/engineering fees associated with NIRDT
  • 1,600,000 for pond improvements and Deloitte energy sustainability
    project
• FY 2019–21‐$5,000,000 for Health and Wellness Center
• FY 2022–NIRDT ‐ $532,000 annual bond payment for NIRDT ($15,960,000)
• FY 2024–Softball Stadium Project: $3,000,000
• FY 2024–Bonds for University Stadium Project: $11,040,000

Wichita State University Board of Trustees City of Wichita/Sedgwick County Mill Levy Budget Fiscal Year 2024

	Fiscal Year 2024 Budget	Revenue as of 06/30/24	Budget Remaining	Percent of Budget Received
Revenues
Mill Levy	$9,750,000	$10,023,867	($273,867)	102.8%
Interest	$80,000	$306,633	($226,633)	383.3%
Contingent Mill Levy	$500,000	--	$500,000	0.0%
Total Revenues	$10,330,000	$10,330,500	($500)	100.0%
Expenditures
Capital Improvements
Debt Service - WSIA Series 2014‐3(2054)	$1,748,359	$1,748,359	$0	100.0%
Debt Service - WSIA Series 2014‐4(2027)	$750,068	$750,068	$1	100.0%
Debt Service Admin Fees	$4,240	$4,240	--	100.0%
Contribution to WSU NIRDT Debt Service	$532,000	$532,000	--	100.0%
Debt Service ‐ University Stadium ‐ 2023J	$862,430	$826,133	$36,297	95.8%
Total Capital Improvements	$3,897,097	$3,860,799	$36,298	99.1%
Student Support
WSU Tech Support	$800,000	$800,000	--	100.0%
Undergraduate Support	$4,109,273	$4,109,134	$139	100.0%
Graduate Support	$411,197	$411,197	--	100.0%
Public Policy & Management Center Support	$40,326	$40,326	--	100.0%
Total Student Support	$5,360,796	$5,360,657	$139	100.0%
Economic and Community Development
Interns‐City/County	$141,494	$211,076	($69,582)	149.2%
Business and Economic Research	$156,060	$159,060	($3,000)	101.9%
City Government Services	$104,040	$82,020	$22,020	78.8%
County Government Services	$104,040	$193,554	($89,514)	186.0%
Total Economic and Community Development	$505,634	$645,710	($140,076)	127.7%
University Research and Support Services
Organization and Development	$59,303	$36,289	$23,014	61.2%
University Strategic Initiatives	$7,170	--	$7,170	0.0%
Total University Research and Support Services	$66,473	$36,289	$30,184	54.6%
Contingency
Contingency	$500,000	--	$500,000	0.0%
Total Contingency	$500,000	--	$500,000	0.0%
Total Expenditures	$10,330,000	$9,903,456	$426,544	95.9%

Wichita State University Board of Trustees Operating Budget Fiscal Year 2024

Expenditures	Fiscal Year 2024 Budget	Expenditures as of 06/30/24	Budget Remaining	Percent of Budget Expended
General and  Administrative
Professional Fees	$30,000	$21,721	$8,279	72.4%
Insurance	$15,000	$5,400	$9,600	36.0%
Bank Fees	$9,000	$8,416	$584	93.5%
Other	$5,303	$751	$4,552	14.2%
Strategic Initiatives	$7,170	--	$7,170	0.0%
Total Expenditures	$66,473	$36,288	$30,185	54.6%

Wichita State University Board of Trustees-Board Initiatives Fund Fiscal Year 2024

	Fiscal Year 2024 Budget	Revenue as of 06/30/24	Budget Remaining	Percent of Budget Received
Revenues
Mill LevyBoard Initiatives	$7,170	$427,045	($419,875)	5956.0%
Total Revenues	$7,170	$427,045	($419,875)	5956.0%
Expenditures	Fiscal Year 2024 Budget	Expenditures as of 06/30/24	Budget Remaining	Percent of Budget Expended
Board Initiatives	$3,837,877	$3,235,510	$602,367	84.3%
Total Expenditures	$3,837,877	$3,235,510	$602,367	84.3%

Wichita State University Board of Trustees City of Wichita/Sedgwick County Mill Levy Financial Plan

By-Laws-Wichita State University Board of Trustees

Past Board of Trustees' Award Recipients

2023–Tom Winters
2022–Jeff Fluhr
2021–Bob Layton
2020–David Unruh
2019–Debbie Gann
2018–Bill Moore
2017–Robert Litan
2016–John Tomblin
2015–Karen Countryman-Roswurm
2014–Nancy Martin
2013–William Buchanan
2012–Paul Allen
2011–J.V. Lentell
2010–Justus H. Fugate
2009–Sheryl Wohlford
2008–Joseph Johnson
2007–Steve Clark
2006–Jeff Turner
2005–Kelly Callen
2004–Mary Lynn Oliver
2003–No Award
2002–John T. Arnold
2001–Christopher S. Shank
2000–E. George Fahnestock
1999–Russell W. Meyer
1998–Allan K. Higdon
1997–Frank L. Carney
1996–Marni Vliet
1995–Linwood Sexton
1994–D. Cramer Reed
1993–Lionel D. Alford
1992–No Award
1991–No Award
1990–Mrs. Floyd T. Amsden
1989–Lionel D. Alford