MLC Spring Governing Board Digest

Spring 2011 update on Governing Board actions.

MLC Governing Board photo.

• A management plan for unrestricted net assets was approved. The plan calls for the board to review and, if appropriate, allocate unrestricted net assets annually following completion of the audit.
• The formation of an Economic Sustainability Fund (ESF) was approved to function as a reserve fund that supports the operating budget in times of economic downturn leading to reduced synod subsidy, lower enrollments, or gift support. The fund goal is $4 million or 25% of the annual operating budget.
• The board subsequently allocated unrestricted net assets according to the following distribution: $1.5 million for the ESF; $500,000 for extra-budgetary programmed maintenance (roof and equipment replacements, elevator upgrades to meet new state laws, and the re-carpeting of Old Main classrooms, offices, and hallways) during the 2011-13 biennium; $1.0 million to support student assistance funding during the 2011-13 biennium as needed.
• After learning about the possibility of utilizing Mandarin instructors from the ALLEX Foundation, the board asked the Curriculum Oversight Committee to consider other credit and noncredit alternatives and report back in September.
• The administration of the college was asked to develop a plan for expanding the recruitment of international students from our WELS mission fields beginning with the 2012-2013 academic year and report to the board in September.
• The board reiterated its support for the launching of a capital campaign in cooperation with the WELS Ministry of Christian Giving while understanding that the matter is subject to the approval of the Conference of Presidents (COP).
• The college was directed to implement a multi-phase intergenerational ministry project, including the construction of a new early childhood learning center and a retirement living complex on the current Luther Manor site in cooperation with The Lutheran Home Association and a third-party developer. Permission to proceed with a proposal that requires the subdivision of the Luther Manor site will be sought from the Synodical Council.