Financial Vice President and Treasurer Peter C. McKenzie reported that the University's net assets stand at $1.4 billion, helping to reaffirm BC's Standard & Poor's credit rating at the AA level. Of the nation's approximately 3,000 colleges and universities, he noted, 225 receive credit ratings, with a total of 14 receiving AAA ratings and 42 receiving AA ratings.
Based on the strength of its balance sheet, its fund-raising and investment performance and its management stability and consistency, McKenzie said, Boston College is ranked in the top 25 percent of all credit-rated schools.
R. Michael Murray Jr., chairman of the Finance and Audit Committee, called for a vote to allocate $24.5 million toward the construction of the Yawkey Athletics Center to be built on the north end of Alumni Stadium, $2 million for the phased upgrades of McElroy Commons, and an additional $2.1 million for construction costs associated with the 21 Campanella Way office building.
In his report, Investment Committee Chairman Robert J. Morrissey noted that the University's endowment portfolio had performed well during the first eight months of 2003, reversing a national trend in declining returns that had plagued colleges and universities for the past two years.
Development Chair Kathleen A. Corbet announced that the University would host a celebration on Oct. 24 to mark the successful completion of the $441 million Ever to Excel Campaign [see story.]. She also outlined her committee's fund-raising goal of $270 million in pledges over the next three years, including $75 million in 2004.
The board voted to elect eight trustees to four-year terms: Patrick Carney, Cynthia Lee Egan, Mario J. Gabelli, Rev. Paul F. Harman, SJ, Robert K. Kraft, Paula D. Polito, Pierre R. Prosper and Rev. Scott Pilarz, SJ. Trustees Rev. Daniel J. Harrington SJ, R. Robert Popeo and Marianne D. Short were reelected for additional four-year terms.
Nine trustee associates were elected to three-year terms: Rev. Casey C. Beaumier, SJ, Charles I. Clough, Rev. Christopher S. Collins, SJ, Rev. Mark Kramer, SJ, John A. McNeice Jr., Rev. Kevin F. O'Brien SJ, Thomas J. Rattigan, Thomas F. Ryan Jr. and Benaree P. Wiley.
The board re-elected the following trustee associates for additional three-year terms: William L. Brown, Wayne A. Budd, John M. Corcoran. John F. Farrell Jr., Thomas J. Flatley, Rev. John J. Higgins, SJ, Richard T. Horan, Anne P. Jones, Rev. Francis C. Mackin, SJ, Sister Catherine T. McNamee, CSJ, Robert L. Sullivan and Blenda J. Wilson.
The next meeting of the Board of Trustees is scheduled for Dec. 5.
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