Dhiraj Bhartu

The Board of Regents approved the Corrective Action Plan (CAP) for the Fiscal Year 2023 audit. The CAP addresses audit findings through remediation, oversight, third-party review, and strengthened internal controls. The administration is directed to fully implement the plan, engage a third-party reviewer, and provide quarterly progress reports to the Board until all findings are resolved.

The meeting addressed various topics including updates from Regents, the President's report covering the Integrated Education Master Plan (IEMP) and Strategic Plan (SP), and reports from Vice Presidents on administrative services, financial status, cooperative research and extension, enrollment management, instructional affairs, and institutional effectiveness. Key discussions involved facilities maintenance, financial investments, program alignments, enrollment data, faculty development, and program promotions. The board also reviewed old business such as the Chuuk Campus potential site and personnel audit, and new business including the Enabling Law and Board policies related to governance, fiscal affairs, and human resources.

The Board deferred and approved Chapter 1 Board Policies and approved proposed amendments to Chapter 2, 3, and 5 Board Policies. Additionally, amendments and deletions of Chapter 4 Board Policies were approved. The Board approved the tabling of Chapter 6 Policies, to be presented at the next Board meeting in June 2025. The Board approved Chapter 7 Policies and the addition of the Vice-President of Innovation & Sustainability as a new signatory of all COM-FSM bank accounts. The Board also approved the increase of the Inter-Campus Shuttle Service fees. The Board directed that Board Policy No. 1221 be sent to the College's attorney for review and legal advice and affirmed the continued use of the COMET as the placement test for student admissions. It directed that the mission statement be re-evaluated, the development of a policy tracking system, and the VPIS and the SLT to identify alternative funding sources for employee housing. The Board directed the OTP to send all policies, procedures, and bylaws related to the endowment fund to the Board members for their review and that the COM-FSM Vehicle Use Policy be strictly enforced. It directed the Comptroller to develop a comparative chart outlining travel insurance options for Board members and the OTP to organize and deliver a training session for the Board in preparation for the new financial year.

The meeting addressed several key areas including the signing of a Memorandum of Agreement with the University of Guam, a request for a supplemental budget from the FSM government, and the presentation of the FY2026 budget. Reports were given on the Maintenance & Facilities department, the Property and Procurement Management Office (PPMO), and the Cooperative Research & Extension office (CRE). The board also discussed a concept proposal for on-campus facilities use and rental fees, an investment report, and the college's financial status. Additionally, there were discussions and reports from various Vice Presidents and Deans regarding enrollment, instructional affairs, campus activities, and strategic planning. The board reviewed and approved several policies from different chapters, including Fiscal Affairs, Human Resources, and Facilities and Maintenance.

The Board approved recommendations from Raymond and James regarding investment strategies, including monitoring Aristotle, assessing Lazard Asset Management, and reallocating investments in emerging markets and non-U.S. stocks. It directed the inclusion of Environmental Social Governance (ESG) language in the Investment Policy Statement (IPS) and tasked Amanda from Raymond James with drafting revised IPS language. The EO was directed to update the Master Planning Calendar, and the SLT was instructed to clearly indicate policy amendments. Resolutions were approved to add a Business Representative and a Student Regent to the Board, acknowledge the 2023 Audit Findings, recognize Faculty and Staff Development Achievements, and confirm the amendment to the Corporate Credit Card Policy. The VPIS was directed to respond to Raymond & James' letter and update the IPS. Amendments to the enabling law were directed to be sent to H.E. President Simina, and the IPS, IP, and Endowment Policy were directed to be reviewed. Several Chapter policies related to Board of Regents, Instructional Affairs, Student Services, Fiscal Affairs, Human Resources, and Information Technology were approved.