Traci Wolfe

The board meeting focused on several key agenda items, including the discontinuation of the Civil Engineering Technology program and the adoption of a new performance evaluation instrument for Non-Unit Professional staff. Financial agenda items involved the approval of student fees and the budget for fiscal year 2027. The President's report highlighted recent grant awards from the Smith Family Foundation and the Mass Clean Energy Center, updates on the School of Health capital project, the BRIGHT Act, the Quantum Supply Chain Accelerator, and the upcoming 2026 commencement. Additionally, the agenda included discussions regarding the presidential transition and a farewell event for the president.

The meeting featured a review of the Investment Subcommittee report and a discussion of FY 2026 trust fund reports, which indicated higher revenues due to increased enrollment. Financial updates included a cash flow projection and an overview of FY 2026 revenue and spending, noting favorable net income figures. The committee also examined the FY 2027 budget process, including a five-year scenario analysis, key budget drivers such as salary-related expenses, and strategies for maintaining fiscal alignment between revenue and expenditures. Additionally, the Investment Subcommittee detailed its quarterly review, covering asset allocation, portfolio performance, and market forecasts for the college's investment accounts.

The committees reviewed the FY 2025 Single Audit, which identified two findings related to Return of Title IV Funds and NSLDS enrollment reporting, for which corrective action plans were established. The FY 2025 Single Audit was recommended for approval to the Board of Trustees. Additionally, the meetings included a review of the current cash flow projection, a favorable FY 2026 budget outlook driven by increased enrollment and state appropriations, and a preliminary discussion regarding the balanced FY 2027 budget draft, focusing on key assumptions such as fee increases, wage adjustments, and strategic investments.

The committee reviewed the leasing activity report and the second-quarter financial statements for the fiscal year. Discussions included an update on the Quantum Supply Chain Accelerator project, which has been awarded a $1 million grant to fund a feasibility study, and future plans to potentially access additional construction funding. The committee also noted upcoming plans to issue a Request for Proposals related to the feasibility study.

The Board of Directors reviewed leasing activity and examined the Q2 financial statements, which reported a net surplus that was unfavorable to the budget due to unbudgeted building and tenant improvements. Additionally, an update was provided on the Quantum Supply Chain Accelerator project, including the upcoming issuance of a request for proposals for a feasibility study funded by a Mass Tech grant and an overview of the projected governance structure and financial flow for the initiative.