Present: Jonathan Brand, David Clay, Tom Crady, Jacob Kaufman-Osborn, Mark Montgomery, Mickey Munley, Jack Mutti, Todd Reding, Susan Schoen, Helen Scott, Jim Swartz, Frank Thomas, and Karen Voss.

Jonathan Brand opened the meeting at 12:07 p.m. Karen Voss distributed the latest budget model which incorporates the proposed budget requests to date. Jonathan Brand directed the committee's attention to the list of four items not included in the current budget model and to the fact that there is a contingency with this model. Jonathan Brand stated that the Committee has the opportunity at this point to contemplate unique strategic decisions. He invited the Committee to discuss any changes to the larger budget parameters such as tuition and fees, salaries, or the endowment contribution to the budget. A lengthy discussion ensued.

A Committee member raised the issue of whether it is a given that the College's budget will increase every year. Another member indicated it is not necessary but common among educational institutions to do so. Discussion ensued. Another member stated we should take advantage of the circumstances and do three things-1) make more progress with faculty salaries; 2) reduce the contribution from the endowment; and 3) build a bit of contingency, especially in light of the strategic planning process and the possibility that funding will be needed to support new programming or other areas. There was consensus among the Committee members regarding these objectives and discussion continued regarding these and other ideas.

After some deliberation, the Committee agreed to revise the budget model, which will then be distributed to the Committee once it is completed.

According to the Committee's previous discussion, the budget requests will be reviewed by sub-committees, which will, in turn, make recommendations to the full Committee. Non-salary expenditure requests will be sent to the two groups reviewing those budgets: 1) the academic non-salary budgets requests will go to Jim Swartz, Mark Montgomery, Jack Mutti, Marci Sortor, and Helen Scott; and 2) the non-academic non- salary budget requests will go to Tom Crady, John Kalkbrenner, Marci Sortor, Frank Thomas, Karen Voss, and Jonathan Brand. The full Committee will meet again when the sub-committee ae prepared to provide recommendations.

Russell Osgood, David Clay, Karen Voss, and Jonathan Brand will report on the status of the budget process at its December 14th meeting with a few members of the Board's Budget Committee.

The meeting adjourned at 1:16 p.m. Central Standard Time.

Respectfully submitted,

Susan M. Schoen