Feb. 22, 2004 — At its Saturday meeting on the St. Croix campus, the University of the Virgin Islands Board of Trustees addressed a variety of issues ranging from capital improvement projects to the development of an internal auditing function to improve the university's financial operations. In addition the Board welcomed its newest member, Juanita Woods, who retired in 2002 as the associate chancellor of the St. Croix campus.
In her President's Report, Dr. LaVerne Ragster revealed that UVI's enrollment for Spring 2004 surged to 2,633 students overall — a 6.5 percent increase over last year's spring enrollment.
During the meeting, Dr. Ragster and Board Chair Dr. Auguste E. Rimpel Jr. praised faculty and staff who participated in the successful acquisition of a $4.5 million competitive grant from the National Science Foundation for research to support the economic development of the territory.
The Board also unanimously approved a list of capital projects for consideration as part of a 2004 Capital Improvement Bond, which the university is seeking. UVI Board members approved a resolution authorizing the president to finalize a bond issue for up to $25 million.
During Saturday's meeting, a resolution to approve summer school as a profit center for UVI was approved, as was the decision to move from a pro-rated summer salary for full-time faculty to a fixed rate. After some discussion, the Board tabled the summer school compensation plan for full-time faculty until further discussion could be had between the administration and the Finance Committee.
The Board also approved the development of an internal auditing function within UVI that will aid in the effectiveness of the university's financial operations. The Finance Committee chair and the president will determine the timing and cost of the internal audit function.
In other business, UVI Vice President for Administration and Finance Vincent Samuel said the University is on schedule for the receipt of first quarter government allotments totaling $6.2 million.
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