The MSU Board of Trustees tackled a full agenda at its April 24 meeting, taking on such issues as room and board rates, adjusting the university’s endowment spending policy, and entering into a long-term lease with Grand Rapids’ Van Andel Research Institute.
(Media-Newswire.com) - The MSU Board of Trustees tackled a full agenda at its April 24 meeting, taking on such issues as room and board rates, adjusting the university’s endowment spending policy, and entering into a long-term lease with Grand Rapids’ Van Andel Research Institute.
The board voted to raise the university’s room and board rates by 5.25 percent for the 2009-10 academic year. That translates to a cost of $7,395 for freshman, transfer and returning students who select the silver unlimited meal plan – an increase of $369 over last year.
In addition, the rates for university apartments were raised by 5.25 percent. That means a one bedroom apartment will increase from $665 to $700 a month, while a two-bedroom apartment will increase from $735 to $774. University Village apartments will see a monthly rate increase from $630 to $663 per month.
The board approved a resolution slightly reducing the university’s endowment spending rate from 5.75 percent to 5 percent. This was brought about by the recent market downturn and uncertain market conditions. The cut will result in an approximately $5 million reduction in the amount of funds made available to MSU units.
The board approved a lease agreement with Grand Rapids’ Van Andel Research Institute for approximately 21,806 square feet of laboratory space. The 10-year lease will allow College of Human Medicine faculty based in Grand Rapids to conduct research.
Other board action included:
The selection of the Vanguard Group as the university’s new investment manager.
The awarding of a contract in the amount of $999,760 to CEI Michigan, LLC, for the Giltner Hall roof replacement project.
Authorizing the administration to plan for an improvement project on Stadium Drive between Chestnut Road and Red Cedar Road.
Honoring 15 graduating seniors with the Board of Trustees Scholarship Award. ###
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