The Board of Trustees approved a balanced budget at its May. 2 meeting.
The budget was aided by a bond refinance and the use of $2.2 million out of the equity reserve along with other budget-saving methods.
The board also announced that the investment fund, which was reported to be $96.1 million at the October 2013 meeting, is now at $100 million. Otterbein’s best performing investment is in the taxi service Uber.
The board briefly debated using a $25 budget surplus but did not decide on which project to which the money should be allocated. One board member said that he was excited to see this amount of money until he had seen that Otterbein’s deferred maintenance costs amounted to above $100 million.
Outgoing VP for Institutional Advancement Heidi Tracy said that the “Where We Stand Matters” capital campaign was a year ahead of its projections with about $19 million in secured and promised contributions fulfilled. The plan requires about $3 million more in order to fulfill its goal by the end of next year.
Outgoing student trustees Nikki Sherbahn and Madeleine Holmes will be replaced by juniors Kayla Bean, an accounting major, and Amelia Gramling, a women’s gender and sexuality studies major.
