July 11, 2024
Agenda, Minutes and Meeting Materials
October 15, 2024
Agenda, Minutes and Meeting Materials
August 1, 2025
Agenda
I. APPROVAL OF BOARD MEETING MINUTES, APRIL 10, 2025 – LABARCA
II. CONFLICT OF INTEREST STATEMENTS
III. 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/LOCKE
V. DENTAL SCHOOL STUDY
VI. ELECTION OF NEW OFFICERS - SCHLAPP
CURRENT 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 - SCHLAPP
VIII. WICHITA STATE UNIVERSITY UPDATE – SCHLAPP/MUMA
IX. AS MAY ARISE
Upcoming BOT Meeting Dates
Thursday, September 25, 2025
Additional Events
Heritage Gala – Thursday, October 9, 2025
BOT Holiday Party – Friday, December 5, 2025
Minutes
Coming soon.
Meeting Materials
Board of Trustees of Wichita State University Statement of Net Position
These financial statements are intended for management use and may not reflect full
GAAP presentation.
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
These financial statements are intended for management use and may not reflect full
GAAP presentation.
These financial statements are intended for management use and may not reflect full
GAAP presentation.
These financial statements are intended for management use and may not reflect full
GAAP presentation.
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
These financial statements are intended for management use and may not reflect full
GAAP presentation.
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
|
|
|
| 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 |
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 |
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 |
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 |
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% |
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% |
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 |
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 |
April 10, 2025
Agenda
- APPROVAL OF BOARD MEETING MINUTES JANUARY 9, 2025 – DIETZ
- 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
Minutes
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
Meeting Materials
Board of Trustees of Wichita State University--Interim Financial Statements for the
Nine Months Ended March 31, 2025
These financial statements are intended for management use and may not reflect full
GAAP presentation.
These financial statements are intended for management use and may not reflect full
GAAP presentation.
These financial statements are intended for management use and may not reflect full
GAAP presentation.
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
These financial statements are intended for management use and may not reflect full
GAAP presentation.
These financial statements are intended for management use and may not reflect full
GAAP presentation.
These financial statements are intended for management use and may not reflect full
GAAP presentation.
These financial statements are intended for management use and may not reflect full
GAAP presentation.
These financial statements are intended for management use and may not reflect full
GAAP presentation.
These financial statements are intended for management use and may not reflect full
GAAP presentation.
Fiscal Year 2026
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
|
|
|
| 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 |
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 |
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 |
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 |
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% |
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% |
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 |
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 |
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 |
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 |
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.
October 15, 2024
Agenda
- BOT AUDIT – BRUUN & FORVIS
- APPROVAL OF BOARD MEETING MINUTES, JULY 20, 2023 – LABARCA
- FINANCE AND AUDIT REPORT – MCCARTHY SNYDER
- FOUNDATION INVESTMENT REPORT
- INFRASTRUCTURE INVESTMENTS REVIEW
- MILL LEVY BUDGET & YEAR TO DATE REVENUE & EXPENDITURES
- OPERATING BUDGET (BOT UNRESTRICTED)
- REVENUE & EXPENDITURES-FINANCIAL PLAN REVIEW
- BOARD INITIATIVES BUDGET REVIEW
- AUDIT SERVICES RFP
- BY-LAWS UPDATE – SCHLAPP & DEGRAFFENREID
- WICHITA STATE UNIVERSITY UPDATE –MUMA,
- AS MAY ARISE
Upcoming BOT Meeting Dates:
- Thursday, January 9, 2025, 8-10:30 am John Bardo Center, Rm 164
- Thursday, April 10, 2025, 8-10:30 am John Bardo Center, Rm 164
- Thursday, July 10, 2025, 8-10:30 am John Bardo Center, Rm 164
- Thursday, September 11, 2025, 8-10:30 am John Bardo Center, Rm 164
Additional Events:
- October 29, 2024 – Heritage Gala (Board of Trustees Award presented) 5-8 pm, Beggs Ballroom (RSC)
- December 6, 2024 – Board of Trustees Holiday Party 5:30-7 pm, TBD
Minutes
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
July 11, 2024
Agenda
- APPROVAL OF BOARD MEETING MINUTES, APRIL 11, 2024 – LABARCA
- CONFLICT OF INTEREST STATEMENTS
- FINANCE AND AUDIT REPORT – MCCARTHY SNYDER
- 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
- REVIEW OF MILL LEVY BUDGET MEETINGS WITH CITY AND COUNTY – SCHLAPP/MUMA
- UNIVERSITY STADIUM
- WBC PHASE II
- REVIEW BY-LAWS - DEGRAFFENREID
- ELECTION OF NEW OFFICERS - SCHLAPP
- CURRENT OFFICERS:
- LAURIE LABARCA (CHAIR)
- CONNIE DIETZ (VICE CHAIR)
- NANCY MCCARTHY SNYDER (TEASURER)
- TROY BRUUN (ASSISTANT TREASURER)
- JUNETTA EVERETT (SECRETARY)
- OLIVIA KERSCHEN (ASSITANT SECRETARY)
- ANDY SCHLAPP (EXECUTIVE DIRECTOR)
- CURRENT OFFICERS:
- BOARD OF TRUSTEES AWARD - SCHLAPP
- WICHITA STATE UNIVERSITY UPDATE – SCHLAPP/MUMA
- AS MAY ARISE
Upcoming BOT Meeting Dates
- Thursday, September 12, 2024, 8-10:30 am
Additional Events
- Heritage Gala TBD
- BOT Holiday Party TBD
Minutes
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