Date: October 28, 2005
The Andrews University Board of Trustees (Board) met in a special executive session in Silver Spring, Md. on Wednesday, October 26, 2005. At the meeting, the Board reappointed each of the incumbent vice presidents at Andrews University. This session was a continuation of the Board meeting held on Monday, October 17, where the Board had encouraged the University to find new ways to reach its financial goals.
At the meeting, President Andreasen presented his report to the Board, including enrollment trends, financial initiatives and capital investments, and details of the investment Andrews is making in its students through the scholarship plan instituted four years ago. In addressing the need for change, the Board ultimately decided to support an outline of possible new methods of financial and institutional management prepared jointly by academic and financial administration. This outline addressed the Board’s concerns expressed at last week’s meeting, which focused on the need for synergy and collaboration between the University’s financial and academic functions.
The immediate indications of the new methods of achieving financial success will include processes in the preparation of budget time lines, ratios and outcomes for the University’s budget. The 2007 budget will be prepared consistent with the assumptions voted at the Board’s October meeting and presented at its March 2006 meeting.
At Thursday’s briefing to the campus, Andreasen shared the Board members’ affirmation for the work of the University and their ownership, commitment, and passion for its success. He conveyed their words to the campus, stating “We believe in Andrews; it is God’s school. It belongs to all of us in the Seventh-day Adventist church, and we want to see it thrive. Our insistence on financial best-practices will assure that Andrews will continue its mission of leadership in Adventist education for the world church.”
President Andreasen summed up the spirit of the Board meeting with a charge to the campus to “take the action of the board and carry it out as brothers and sisters, as children of God.” Andreasen stated, “There are no ‘ifs’ in my administration. I believe we have set a course that we can achieve together with the love, respect and support that comes from the owners and stakeholders of Andrews University.”