MSU Board of Trustees tackles full agenda

Contact: Tom Oswald, University Relations, Office: (517) 432-0920, Cell: (517) 281-7129, Tom.Oswald@ur.msu.edu

Apr 24, 2009

EAST LANSING, Mich.—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.