COLUMBUS - The Ohio State University Board of Trustees, in its monthly meeting Friday (11/3), conducted a variety of business, including accepting the audit of the last fiscal year and approving parking and construction projects.

Trustees accept audit and financial report for FY 1999-2000

Trustees voted to accept the audit of university financial statements conducted by Deloitte and Touche LLP. The accounting firm examined the university's accounts and records for fiscal year 1999-2000, found them to be in satisfactory condition and issued an unqualified audit opinion.

The report showed that, for the year ending June 30, the university had revenues of $2.4 billion and expenditures of $2.2 billion. The university had assets worth $5.1 billion, an equity balance of $4.3 billion and long-term debt of $391 million.

According to Greta Russell, university controller, the university's revenue mix remains about the same as last year, with state support accounting for 22 percent and private support making up 11 percent of overall revenue.

Of the $1.2 billion for education and general expenses for the year - a 6 percent increase over the previous year - 40 percent was spent on instruction, 19 percent on research, 8 percent on public service, 8 percent on academic support, 7 percent on scholarships and fellowships and 4 percent on student services. The remaining 14 percent was spent on other support costs.

Oval restoration to proceed

The Board of Trustees has given approval to the university to proceed with the first phase of a multi-year project aimed at a historic restoration of the Oval. A design consultant will be hired to map out installation of an irrigation system, turf restoration, new pavements and landscaping at a cost of $2 million.

Construction will be scheduled to begin in the spring of 2002, and conclude by the beginning of fall quarter 2002. The Oval restoration is linked to a larger project, aimed at reclaiming the historic qualities of Mirror Lake Hollow and building a pedestrian walkway, called the River of Trees, that will connect the Oval and Mirror Lake with the Olentangy River.

Future phases of the Oval renovation will include new building entrance plazas and plant management, including selective removal and additions of plant materials.

Construction projects authorized

Trustees also authorized the employment of architects and engineers and requests for construction bids for the following projects:

· Replacement of existing fire alarm systems in Steeb Hall, Smith Hall, Park Hall and Stradley Hall at a cost of $1.5 million.

· Construction of a larger steam line from the McCracken Power Plant/Neil Avenue junction to the north number one tunnel at a cost of $750,000.

· Construction of a pre-engineered building to serve as the headquarters and shop for the College of Food, Agricultural, and Environmental Sciences at a cost of $622,000.

· Modifications to the air handling systems that support the College of the Arts office area to eliminate heating and cooling problems at a cost of $500,000.

· Renovation of the existing criminalistics lab and an adjoining classroom in Founders Hall on the Newark campus to provide a new instrument room, darkroom and chemistry research lab at a cost of $234,560.

Board approves draft parking plan

Trustees adopted a proposed South Campus/Health Sciences District Parking Plan that recommends three new garages and at least 1,500 new parking spaces to serve the South Campus and Medical Center areas. The plan is the result of an in-depth study of parking demand in this section of campus. Funding would come from resources already available to Transportation and Parking Services.

Investments Committee reviews manager reports

In an afternoon meeting, the members of the board's Investments Committee reviewed yearly reports by the university's fixed income managers.

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(LO)