REPORT OF THE
INFORMATIONAL
ITEMS.
a. 2004-05 Budget-to-Actual. [Attachment A]
The second quarter results include $15,445,000 in revenue and $6,448,655 in expenses. Please note that the Financial Aid Education expenses for this year will also reflect the delayed honorarium payments from 2003-04. This is the first year for the new mandated reserve level of $1,500,000.
b. Six-year Revenue and Expense Projections. [Attachment B]
This schedule includes the results and projections from 2004 through 2010. The projected reserve balance in 2010 is $8,145,479. The Championships Committee is working on initiatives to enhance the quality of championships, including enhancements to the student-athlete experience that may reduce that reserve level over the next several years.
c. Insurance Update. [Attachment C]
The current rate for the Association’s policy has decreased to a rate of 2.0 percent from the original estimate of 2.5 percent. The cost of obtaining $5,000,000 to $10,000,000 in coverage would be $100,000 to $200,000. The annual search for insurance providers begins in the fall and is finalized in mid to late January. The policy for Division III would be included as an extension on the Association’s annual policy. The committee will hold a conference call in April to finalize the Division III insurance policy and determine feasibility.
Committee Chair: Ivory Nelson,
Staff Liaison: Beth Altstadt Barnett, Finance