UNIVERSITY OF SOUTH ALABAMA
BOARD OF TRUSTEES MEETING
March 22, 2007
10:30 a.m.
A meeting of the University of South Alabama Board of Trustees was duly convened by
Mr. Donald L. Langham, Chair Pro Tempore, on Thursday, March 22, 2007, at 10:32 a.m. in the
Mitchell College of Business Learning Resource Center.
Members Present:
Trustees Scott Charlton, Steven Furr, Cecil Gardner, Donald Langham,
Bettye Maye, Christie Miree, Mayer Mitchell, Bryant Mixon, James Nix,
John Peek, Steven Stokes, Larry Striplin, and James Yance.
Members Absent:
Trustees J. L. Chestnut, Samuel Jones, Joseph Morton, and Bob Riley.
Administration
and Others:
President Gordon Moulton; Drs. Dale Adams, Joseph Busta,
Thomas Butler, Pat Covey, Matthew D’Alessio, Lamar Duffy (COM
Alumni Assn.), Rebecca Estes, Michael Finan, Irene McIntosh (Faculty
Senate), Srinivas Palanki, Rodney Rocconi, Robert Shearer,
Cindy Stanfield, Sam Strada, and Ming Tan; Messrs. Ken Davis,
Wayne Davis, Ker Ferguson, Robert Galbraith, Stan Hammack,
Will Jackson (SGA), Abe Mitchell, and Ben Samel; and Mss. Diana Laier
(USA National Alumni Assn.), Beth Schiavoni, Vicki Tate (Faculty
Senate), and Jean Tucker.
Press:
Messrs. George Altman (Press-Register), Arnell Hamilton (WKRG),
Brian Hulon (WPMI), and Chad Ray (Fox 10); and Ms. Mary Hattler
(Press-Register).
Upon the call to order, Chairman Langham called for adoption of the revised agenda. On motion
by Ms. Maye, seconded by Mr. Mitchell, the revised agenda was unanimously approved.
Chairman Langham congratulated Mr. Striplin for his induction into the Alabama High School
Sports Hall of Fame.
Chairman Langham called for consideration of ITEM 1, the minutes of the December 14, 2006,
meeting of the Board of Trustees, as well as the minutes of the January 8, 2007, meeting of the
Executive Committee. On motion by Dr. Stokes, seconded by Ms. Maye, the minutes were
unanimously adopted.
President Moulton presented ITEM 2, the President’s Report. He welcomed new Trustee
Dr. Scott Charlton. Also introduced were Dr. Irene McIntosh and Ms. Vicki Tate - Chair and
Secretary, Faculty Senate; Mr. Will Jackson - President, SGA; Ms. Diana Laier - President, USA
National Alumni Association; Dr. Lamar Duffy - President, COM Alumni Association;
Dr. Rebecca Estes - Chair, Department of Occupational Therapy; Dr. Srinivas Palanki - Chair,
Department of Chemical Engineering; and Dr. Cindy Stanfield - Advisor for Pre-Health Professions.
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March 22, 2007
President Moulton called upon Dr. Busta for a report on Campaign USA. Dr. Busta said that the
Leadership Team would meet following the dedication of the Mitchell College of Business Learning
Resource Center and luncheon. He reported that campaign fundraising exceeds $51 million from
more than 7,000 donors. He introduced Ms. Beth Schiavoni, Campaign USA Coordinator, and
Mr. Ben Samel, Director of Leadership Gifts and Gift Planning. Handouts were provided Trustees
outlining plans for a Bell Tower and Alumni Plaza project. Dr. Busta said that there is much interest
in supporting the project, including a commitment from Dr. Furr.
Concerning commencement on May 5, President Moulton noted that the University expects to top
60,000 in conferred degrees. He said that searches were being conducted for the positions of Vice
President for Health Sciences and Vice President for Research. He reported that the colleges of
Allied Health Professions and Nursing would be incorporated into the Division of Health Sciences
within the year. He discussed recruitment for the positions of Dean, School of Computer and
Information Sciences, and Director of Facilities Management. The University has identified strong
candidates from the applicant pools.
Chairman Langham called for consideration of health affairs items. Dr. Stokes, Health Affairs
Committee Chair, presented ITEM 3 resolutions as follows. On motion by Mayor Nix, seconded by
Mr. Peek, the resolutions were unanimously approved.
RESOLUTION
USA HOSPITALS MEDICAL STAFF APPOINTMENTS AND REAPPOINTMENTS
FOR NOVEMBER AND DECEMBER 2006, AND JANUARY 2007
WHEREAS, the Medical Staff appointments and reappointments for November and December 2006, and January
2007, for the University of South Alabama Hospitals are recommended for approval by the Medical Executive Committees
of the University of South Alabama Hospitals,
THEREFORE, BE IT RESOLVED, that the appointments and reappointments be approved as submitted.
RESOLUTION
USA HOSPITALS MEDICAL STAFF BYLAWS AND RULES AND REGULATIONS
REVISIONS OF FEBRUARY 6, 2007
WHEREAS, revisions of the USA Hospitals Medical Staff Bylaws were approved by the Medical Staffs of the
University of South Alabama Hospitals at their February 6, 2007, Medical Staff meeting and recommended to the Board
of Trustees for approval,
THEREFORE, BE IT RESOLVED, that the revisions be approved as presented.
Concerning ITEM 4, a report on the USA Mitchell Cancer Institute, Dr. Boyd talked about the MCI’s
progress from the time he was appointed as Director in April 2002. He introduced new MCI faculty
members Drs. Thomas Butler, Matthew D’Alessio, Michael Finan, Rodney Rocconi, and Ming Tan.
The Board received a written outline of the MCI’s FY 2006 goals and progress.
Mr. Hammack presented ITEM 5, a report on the Health System and the USA / IHS Strategic Health
Alliance. Regarding the strategic alliance with Infirmary Health System (IHS), Mr. Hammack said
that USA continues to work with IHS to coordinate physician services and resident education. He
said that together, the USA Health System and IHS employ approximately 7,000 medical staff. He
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March 22, 2007
reported that the USA Health System is in good financial condition. He said that the census is up
by 18 percent at Children’s and Women’s Hospital and 12 percent at the Medical Center. He
discussed major equipment upgrades.
Chairman Langham called for a report of academic and student affairs items. Ms. Miree, Academic
and Student Affairs Committee Chair, called upon Dr. Covey to present ITEM 6, a report of
academic affairs. Dr. Covey said that USA has a growing reputation for quality teaching and
research programs, as evidenced by a 6.9 percent increase in new student acceptances for the 2007
fall semester. She noted that the increase in scholarships in 1999 and the Mitchell Scholars Program
in the Mitchell College of Business have helped attract top students. She reported that the average
ACT score among freshmen accepted at South Alabama has increased in the last year. USA funds
a minimum of 50 scholarships to new freshmen. Dr. Covey said that the University is competitive
in offering quality facilities and academics to its students. She noted that the pharmacy program
agreement with Auburn University is receiving much interest, with over 5,000 hits on the Web site
since December.
Ms. Miree introduced ITEM 6.A as follows and said a thorough discussion had taken place during
a Committee of the Whole meeting held on March 21. President Moulton read aloud the resolution.
He said that awarding Mr. Mayer Mitchell an honorary doctorate in recognition of his exemplary
record of humanitarian service and his tireless efforts on behalf of the University of South Alabama,
that span more than three decades, is long overdue. On motion by Ms. Maye, seconded by Mayor
Nix, the resolution was unanimously approved with Mr. Mitchell abstaining. Mr. Mitchell said he
was honored and humbled for the recognition.
RESOLUTION
HONORARY DOCTORATE DEGREE FOR MR. MAYER MITCHELL
WHEREAS, the University of South Alabama seeks to honor exceptional individuals who have given a substantial
part of their lives to serving others and who have distinguished themselves throughout their professional careers, and
WHEREAS, Mr. Mayer Mitchell earned a Bachelor of Science degree with honors at the University of Pennsylvania
Wharton School of Finance and served as First Lieutenant in the U. S. Army in Korea, earning commendations for
meritorious service, and
WHEREAS, Mr. Mitchell has achieved regional and national recognition for his leadership in business and finance
and served as founder, chairman and CEO of one of the Southeast’s largest residential and commercial real estate firms,
and
WHEREAS, Mr. Mitchell has made extraordinary contributions to the citizens of Mobile, the State of Alabama and
to the nation through his leadership and philanthropy, and
WHEREAS, Mr. Mitchell has provided unwavering leadership and support of the University of South Alabama,
having served as a member of the Board of Trustees for 32 years, including one term as chairman, and served as Chair
of the Budget and Finance and the Health Affairs Committees, and currently serves as Chair of the Endowment and
Investments Committee, and
WHEREAS, the Mitchell family’s philanthropic support of the University of South Alabama represents the greatest
amount of combined giving by one family to a single public university in Alabama, and
WHEREAS, the Mitchell family has given more than $36.6 million in support of the University of South Alabama’s
Cancer Research Institute, College of Business, and sports arena, all of which the University of South Alabama Board of
Trustees resolved to bear the name Mitchell as testaments to their generosity, and
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March 22, 2007
WHEREAS, Mr. Mitchell’s generous philanthropic and leadership service has included Alabama Power Company,
Wright School, Bishop State Community College, Leukemia Society of America, USA Foundation, AmSouth Bank, Altus Bank,
Mobile Area United Way, Mobile Area Chamber of Commerce, Congregation Ahavas Chesed, Mobile Jewish Welfare Fund,
Mobile Federation of Jewish Charities, Mobile County Real Estate Association, Archives of American Art, Anti-Defamation
League, and The Banc Corporation, and
WHEREAS, Mr. Mitchell is the recipient of numerous honors and awards including the USA National Alumni
Association’s Distinguished Service Award, Outstanding Young Men of America, Jewish Welfare Fund Man of the Year,
Prichard Honorary Citizen of the Year, and Mobile County Realtor of the Year; and high honors from the Boys Clubs of
Mobile, Bishop State Community College, University of Rochester, New Orleans Chapter of Hadassah, Alabama Institute for
the Deaf and Blind, Mobile Kiwanis Club, and the American Hellenic Educational Progressive Association,
THEREFORE, BE IT RESOLVED, for his extraordinary contributions and commitment to the University of South
Alabama and to the advancement of new knowledge in the diagnosis, treatment and cure of cancer, and for his dedication
to and support of the education of business professionals, and for his many local, national and international philanthropic
endeavors, the University of South Alabama is pleased to bestow upon you, this day, the degree of Doctor of Humane
Letters (L.H.D.), honoris causa.
Dr. Adams presented ITEM 7, a report on student affairs. He said that Phase 1 of the new student
apartment complex on Cleverdon Drive is taking shape. All units are rented for the 2007 fall
semester and there is a waiting list for apartments as they become available. Mr. Mitchell
commended the Administration on the strategy employed to finance the project. Dr. Adams said
that six Epsilon housing buildings would be renovated during the summer term, with plans for
completing renovations on the remaining housing facilities in the 2008 summer term.
Chairman Langham called for a report of budget and finance items. Mayor Nix, Budget and Finance
Committee Chair, called upon Mr. Wayne Davis to discuss ITEM 8, the University’s Monthly Fund
Accounting Reports for October, November, and December 2006. Copies were distributed of the
report Summary Comparison of Fund Financial Reports to GASB Statement 34 Financial
Statements, December 31, 2006, and 2005. Mr. Davis summarized highlights from the report and
noted that the increase in net assets was primarily due to the increase in state appropriations and
gifts.
Mr. Wayne Davis called upon Mr. Ken Davis to present ITEM 9 resolutions as follows.
Mr. Ken Davis said that the property on Dauphin Island was received as a restricted gift from the
Mobile County Foundation for Public Higher Education and consists of four unimproved lots that
together total about two-thirds of an acre. He said the lots are zoned for residential use and added
that the location of the property makes it unsuitable as a campus site. A recent appraisal established
a property value of $200,000; proceeds from the sale of the lots will be put in an endowed
scholarship fund for Mobile County residents. President Moulton reported that the Budget and
Finance Committee unanimously agreed to recommend approval by the full Board. On motion by
Mr. Striplin, seconded by Mr. Mitchell, the resolution was unanimously approved.
RESOLUTION
SALE OF REAL PROPERTY
WHEREAS, the University of South Alabama owns real property on Dauphin Island, specifically Lots 15, 16, 17,
and 18 of Block 139, said property having been deeded to the University by the Mobile County Foundation for Public
Higher Education, a public body corporate, and
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March 22, 2007
WHEREAS, this gift was made to the University for the establishment of scholarships for Mobile County students
at the University, and
WHEREAS, the University desires to sell the property and to use the proceeds of the sale for the aforedescribed
purpose,
THEREFORE, BE IT RESOLVED, that the Board of Trustees authorizes the President of the University of South
Alabama and the Vice President for Financial Affairs to place the property on the market through the process outlined in
the Policy and Procedure By Which The University of South Alabama Would Sell or Lease Real Property or Interest Owned
by The University of South Alabama, as approved by this Board on March 9, 2006.
Mr. Ken Davis presented a second resolution (as follows) as part of ITEM 9 (refer to APPENDIX A
for copies of policies and other authorized documentation). Mr. Davis reported that 9.77 acres of
unimproved land located on Repoll Road in west Mobile, approximately 10 miles from the
University’s main campus, was received as an unrestricted gift on August 6, 2001, from a former
USA professor and his wife, Dr. and Mrs. Melton McLaurin. A current appraisal established a
property value of $160,000. The location of the land makes it unsuitable for use as a campus site.
On motion by Mr. Striplin, seconded by Ms. Miree, the resolution was unanimously approved.
RESOLUTION
SALE OF REAL PROPERTY
WHEREAS, the University of South Alabama owns real property on Repoll Road in Mobile County (Exhibit A),
consisting of approximately 9.77 acres of unimproved land, and
WHEREAS, this gift of the land was made to the University in 2001 by Melton A. and Sandra C. McLaurin and,
WHEREAS, the property is remote to the campus, and it would be in the best interest of the University to sell
such property and utilize the proceeds of the sale to further the mission of the University,
THEREFORE, BE IT RESOLVED, that the Board of Trustees authorizes the President of the University of South
Alabama and the Vice President for Financial Affairs to place the property on the market through the process outlined in
the Policy and Procedure By Which The University of South Alabama Would Sell or Lease Real Property or Interest Owned
by The University of South Alabama, as approved by this Board on March 9, 2006.
Mr. Wayne Davis presented a third resolution (as follows) as part of ITEM 9. Mr. Davis discussed
details of the proposed land lease and referenced an aerial photo of the property. He said that the
long-term lease to the Research and Technology Corporation will support the future development
of patient care facilities for USA Hospitals and the College of Medicine. On motion by Dr. Stokes,
seconded by Mr. Striplin, the resolution was unanimously approved.
RESOLUTION
GROUND LEASE OF UNIVERSITY PARCEL TO THE USA RESEARCH AND TECHNOLOGY CORPORATION
WHEREAS, the University of South Alabama (“University”) owns certain real property which it utilizes to further
its mission, and
WHEREAS, the USA Research and Technology Corporation (“Corporation”), a not-for-profit, supporting
organization of the University, was incorporated to further the educational and scientific mission of the University, to
promote the University and its schools and departments, to promote the development of and to facilitate funding for the
infrastructure and services in Mobile, Alabama, and to attract high-technology and scientific enterprises, and
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March 22, 2007
WHEREAS, in order for said Corporation to fulfill its above-stated mission, it is recommended that the University
lease a portion of the land on the campus of the University of South Alabama Medical Center (USAMC) (a picture and map
of which is attached hereto as Exhibit “A”) to the Corporation for support of the development and operation of the
Corporation for the sum of ONE DOLLAR AND NO/100 ($1.00) per annum, and a term of approximately 29 years with two
options to renew, each fora term of 10 years, and
WHEREAS, should said Corporation cease to exist for any reason, the land will revert to the University consistent
with the terms of the lease, and
WHEREAS, the University has determined that leasing the real property described above is in the best interest
of the University in that it will allow the University to continue and enhance its valued missions of education, research, and
service.
THEREFORE, BE IT RESOLVED, that the Board of Trustees of the University of South Alabama authorizes the
President of the University to proceed with finalizing a land lease agreement with USA Research and Technology
Corporation for the lease of a portion of the University of South Alabama Medical Center parcel to the Corporation for
support of the development and operation of the Corporation.
President Moulton presented ITEM 9.A as follows. He said the USA National Alumni Association
has expressed interest in building a structure on campus that would become a symbol of the
Institution. He said that the resolution would authorize that up to $1.25 million from the most recent
bond issue be allocated to match 50 cents of every dollar contributed to the project. The project will
cost $2.75 million to complete. On motion by Ms. Miree, seconded by Dr. Furr, the resolution was
unanimously approved.
RESOLUTION
FUNDS FOR THE ALUMNI PLAZA AND BELL TOWER PROJECT
WHEREAS, for over ten (10) years, the University of South Alabama National Alumni Association and the
University of South Alabama have promoted the concept of a significant campus landmark, and
WHEREAS, the landmark envisioned is an Alumni Plaza and Bell Tower located in the central core of the campus,
and
WHEREAS, such a landmark provides the opportunity to create a campus symbol of everlasting value and
meaning for students, alumni, faculty and staff, and
WHEREAS, over the years the University of South Alabama National Alumni Association has raised and pledged
$200,000 for such project, and
WHEREAS, the University of South Alabama and the University of South Alabama National Alumni Association
have current commitments of over $1 million for the project, and
WHEREAS, the current estimated cost of the project is approximately $2.75 million, and
WHEREAS, the Association respectfully requests the University of South Alabama to become a financial partner
in the project,
NOW, THEREFORE, BE IT RESOLVED, the University of South Alabama Board of Trustees does hereby approve
the allocation of up to $1.25 million for the Alumni Plaza and Bell Tower project.
USA Board of Trustees
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March 22, 2007
Mr. Wayne Davis presented ITEM 9.B as follows. He discussed the four bids received for necessary
additional site work and exterior utilities for the proposed Allied Health Professions and Nursing
building. President Moulton said that a request for proposals for general contractor services would
go out within the next couple of days. On motion by Mr. Striplin, seconded by Sheriff Mixon, the
resolution was unanimously approved.
RESOLUTION
CONSTRUCTION CONTRACT FOR THE ALLIED HEALTH PROFESSIONS AND NURSING BUILDING
WHEREAS, the Board of Trustees by a resolution on September 2, 2004, authorized the University President
to enter into a contract with Barganier, Davis, Sims Architects Associates for architectural services to design the Allied
Health and Nursing Building, and
WHEREAS, the overall general contractor construction bids are expected to be received in April 2007, and
WHEREAS, the low bid for the initial site work and soil surcharge for high-voltage power equipment and
equipment installation, made by McConnell Contracting, LLC, in the amount of $998,965.77, was approved at the
December 14, 2006, Board of Trustees meeting, and
WHEREAS, bids for additional site work and exterior utilities were opened on March 12, 2007 (see attached
schedule), and McConnell Contracting, LLC, was the lowest responsible bidder at $684,177.09,
NOW, THEREFORE, BE IT RESOLVED, that the Board of Trustees of the University of South Alabama hereby
authorizes the University President to award the contract for additional necessary site work and exterior utilities as
specified above for the dollar amounts specified above, as well as any other minor contracts necessary to complete the
site-preparation phase of the project, in accordance with the bid laws of the State of Alabama.
Dr. Adams presented ITEM 9.C as follows. He reviewed how the concept for a new state-of-the-art
student recreation center had evolved with the creation of a program document, tours of other
comparable campus recreation centers, and a consultant-conducted survey of USA students to poll
their preferences for the new facility. He said the minimum requirements for architectural proposals
were that firms must have designed at least three recreation centers, and be recognized as a national
firm or be affiliated with a national firm. President Moulton said that a $50-per-semester student
building fee will be assessed to assist in the financing of the project. He introduced
Mr. Will Jackson, SGA President, who said the SGA had passed a resolution in favor of a new
student recreation center. President Moulton said that, with very recent interviews of the firms
outlined, he recommends not rushing into a final decision without additional time to review the
qualifications of each firm. On motion by Ms. Miree, seconded by Mr. Yance, the resolution was
unanimously approved.
RESOLUTION
ARCHITECT FOR THE STUDENT RECREATION CENTER
WHEREAS, the construction of a Student Recreation Center on the University of South Alabama (“University”)
main campus has been discussed with the University’s Board of Trustees and is a significant goal of the Master Plan of
the University, and
WHEREAS, a new Student Recreation Center is of great interest to the University’s students and the University,
and
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March 22, 2007
WHEREAS, certain architectural firms are prominent in the field of student recreation center design, and
WHEREAS, the University requested proposals from these firms and twelve responses were received, and
WHEREAS, after reviewing all proposals, the University selected the four firms listed below for interviews, and
such interviews have occurred:
TAG, The Architects Group/Cannon Design
Williams-Blackstock/VOA
Watermark/Cooper Carry
WHL/Sasaki,
THEREFORE, BE IT RESOLVED, that the Board of Trustees of the University of South Alabama authorizes the
President of the University to engage one of the suitable firms for this project.
Chairman Langham called for consideration of audit items. Mr. Ken Davis presented ITEM 10, a
report of an audit by KPMG of USA Research and Technology Corporation (RTC) Basic Financial
Statements for September 2006 and 2005. Mr. Davis stated that KPMG provided an unqualified or
“clean” opinion on the financial statements. He said that the report reflects operations of only
Building I at the Technology and Research Park. He said that the building, valued at approximately
$10 million, is the Corporation’s primary asset, while the debt to Whitney Bank is the primary
liability. Net assets of the Corporation increased $290,000 for the year. Mr. Davis noted that there
were no financial transactions between the RTC and any University employee or trustee.
Mr. Ken Davis introduced Mr. Ker Ferguson, Director of the USA Technology and Research Park,
to discuss the RTC Director’s Report. Mr. Ferguson discussed the approved transfers and finance
transactions of Building II and III. He stated that approximately 200,000 square feet of leasing
space was available in the buildings, and said that the Technology and Research Park was in the
process of talking with possible tenants. The Park will soon be 95 percent leased. One lessee,
ShipConstructor, announced that $400,000 in grants had been received from the Department of the
Navy. Of that, $120,000 had been dedicated to the School of Continuing Education for software
development. He discussed Radiance Technologies and other lessee firms, and stated that their
presence will benefit USA students and graduates through internships and employment
opportunities, as well as USA professors through professional interactions.
Mr. Ken Davis presented ITEM 11, a report of an audit by KPMG of the USA Intercollegiate
Athletics Department, 2006. Mr. Davis said that KPMG performs an agreed-upon procedures
engagement on the revenues and expenses of the Athletics Department and the Jaguar Athletic Club
every year in order for the University to be in compliance with NCAA’s constitution and bylaws.
He noted that any variances noted by KPMG were explained to its satisfaction.
Chairman Langham called for a report of endowment and investments items. Mr. Mitchell, Chair,
Endowment and Investments Committee, presented ITEM 13 as follows. He said that approximately
$28 million in short-term investments would be transferred to the University’s various money
managers in order to increase return. On motion by Mr. Striplin, seconded by Dr. Furr, the
resolution was unanimously approved.
USA Board of Trustees
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March 22, 2007
RESOLUTION
TRANSFERS TO INVESTMENT MANAGERS
WHEREAS, the University of South Alabama has certain gifts and other funds totaling approximately $4,500,000
and capital asset and depreciation funds of $23,500,000, and
WHEREAS, University gifts and other funds will continue in the future, and
WHEREAS, the University desires to maximize the return on the investment of these funds,
THEREFORE, BE IT RESOLVED, that the Board of Trustees authorizes the President of the University of South
Alabama to transfer approximately $28,000,000 to the investment managers, and
BE IT FURTHER RESOLVED, that the Board of Trustees authorizes the President of the University of South
Alabama to make regular transfers of gifts and other funds on at least a quarterly basis as appropriate beginning April 1,
2007, to the University’s investment managers based on the relative fair market values of the University’s portfolio invested
with each manager, recognizing that over time this will utilize a “dollar cost averaging” approach to endowment
investments.
President Moulton presented ITEM 12 as follows. He said that the resolution to name the Mitchell
College of Business Learning Resource Center in honor of Mayer and Abraham Mitchell’s parents,
Joseph and Rebecca, had been thoroughly reviewed at the Committee of the Whole meeting on
March 21, and was unanimously recommended for full Board approval. On motion by Ms. Miree,
seconded by Dr. Stokes, the resolution was unanimously approved, with Mr. Mitchell abstaining.
RESOLUTION
NAMING OF THE MITCHELL COLLEGE OF BUSINESS LEARNING RESOURCE CENTER
WHEREAS, Mr. Abraham A. Mitchell has made a major private challenge gift to build a Learning Resource Center
at the Mitchell College of Business, and Mayer and Arlene Mitchell have joined him with a major gift to the building
campaign, and
WHEREAS, the Mitchell family has a sincere interest in the continued improvement, growth, and success of the
business college which they have supported generously over many years, and
WHEREAS, the purpose of constructing the Learning Resource Center is to provide office space for faculty, a
business library, study rooms, and computer access, and to house the John B. Saint Financial Analysis Center, and
WHEREAS, the Learning Resource Center facilities will advance the College’s commitment to preparing students
for successful careers in business and commerce, and
WHEREAS, Abraham and Mayer Mitchell wish to honor their parents for the love and support shown to them,
NOW, THEREFORE, BE IT RESOLVED, The University of South Alabama Board of Trustees approves the naming
of the Learning Resource Center at the Mitchell College of Business, the Joseph and Rebecca Mitchell Learning Resource
Center.
Mr. Mitchell reported on the performance of the total endowment for FY 2007. He stated that the
endowment had outperformed its relative index thus far in FY 2007 (9.08 percent vs. 4.71 percent),
and since inception in March 2000 through February 28, 2007 (6.64 percent vs. 3.04 percent), noting
that the University had doubled the performance of the benchmark. The University’s endowment
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EXHIBIT A