Concordia University Foundation grows to $71.4 million, Board told

By Laurie Zack

The open session of the Feb. 19 meeting of the Board of Governors began with the announcement of the appointment of Martin Singer as Provost.

Governor Richard Renaud then gave an overview of the University Foundation. Created in 1995, the Foundation has grown from a modest $1.5 million in 1995-96 to $71.4 million as of Dec. 31, 2003. The market value of funds invested by the Foundation has also increased from $16.5 million to $78.2 in the same time frame. Funds transferred from the Foundation to the university have gone from $0.6 million in 1998-99 to $9.6 million in 2002-03.

Renaud explained that despite recent difficulties for all universities during the market dip, Concordia did better than 12 other universities grouped in the "middle to large fund" category ($30 to $99 million).

Concordia also performed well compared to the 60 Canadian universities. Renaud identified the portfolio managers of the various Foundation funds and reviewed the performance of each one.

Reporting for the Real Estate Committee, Jonathan Wener explained that although the construction of the Engineering, Computer Science and Visual Arts Complex is running several months behind schedule, he does not foresee cost overruns. The project is being monitored closely and adjustments will be made to assure cost controls without compromising the quality of the structure. In consultation with the Faculties, the plans have been modified for a Spring 2005 opening.

Government support and potential donor support (including major donors) is being examined in order to finalize the construction schedule of the JMSB building.

Wener said the committee is looking at several innovative funding ideas for addressing a pressing need for 300-500 residence spaces.

Lastly, Wener announced an exciting design concept for the Drummond Science Building renovations. The design will create an amphitheatre-type area in the quadrangle and tunnel connections to the new Richard J. Renaud Science Complex. Detailed plans will be coming to the Board soon.

Search and Evaluation Committees

The Board approved the composition of the Advisory Search Committee for the Vice-Rector Advancement and Alumni Affairs. Dr. Lowy will chair the committee and Enza de Cubellis (Assistant to the Rector) will act as Secretary. The Board will be represented by Peter Kruyt and Richard Renaud and Alain Benedetti will be the alumni representative. Two faculty representatives, a student and a staff representative remain to be chosen.

The Board also established the composition of an Evaluation Committee for the Vice-Rector Services. The Committee will be composed of a chair and secretary, a Board member from the community-at-large or alumni, four full-time faculty members representing each of the Faculties, one part-time faculty representative, a representative of the senior administration, two students (undergrad and grad) and a member of administrative and support staff (preferably from the sector).

A motion to prevent the use of hate symbols on campus from Governor Noah Joseph led to a long discussion. Although supporting the spirit of the motion, several Board members questioned the effectiveness of existing regulations on campus to deal with the issue.

Vice-Chair Rita de Santis suggested that as chair of a committee revising the Code of Rights and Responsibilities, she meet with interested governors to look at the existing measures and their application and the possible need to reinforce the code. This was acceptable to the mover of the motion and the results of these consultations will be brought back to the Board.