University of North Florida
Board of Trustees

Conference Call
December 12, 2011
at 9:30 a.m.

Minutes

Members Present 

Dr. Bruce Taylor, Mr. Matthew Brockelman, Mr. Fred Franklin, Mr. Rad Lovett, Ms. Joannie Newton, Ms. Lynn Pappas, Mr. Lanny Russell 

Members Absent 

Mr. Hugh Greene, Ms. Joy Korman, Mr. Oscar Munoz, Mr. Myron Pincomb, Dr. Patrick Plumlee, Ms. Sharon Wamble-King 

Item 1 Call to Order 

Chair Taylor documented a quorum and called the meeting to order.  

Item 2 Line of Credit 

Chair Taylor asked President Delaney to speak about this item. 

 

President Delaney stated that the UNF Foundation Investment Committee had voted to change capital management companies. He provided details how this change would be accomplished, specifically how the change would affect investments. President Delaney clarified that the Investment Committee felt the UNF Foundation should remain invested during the transition, which would entail securing a line of credit. He spoke about the risks and costs of a line of credit, noting that the costs and risks were the same as remaining invested. 

 

Chair Taylor asked for a MOTION for approval. A MOTION was offered by Trustee Newton and seconded by Trustee Lovett. The MOTION was carried unanimously. 

Item 3 Adjournment 

Chair Taylor offered appreciation to all who participated in the conference call and adjourned the meeting.