At its February meeting, the UVM Board of Trustees approved two much-anticipated undergraduate degree programs – a bachelor of science in biomedical engineering and a bachelor of science in data science – and heard an encouraging report on UVM’s comprehensive campaign.
The new degree programs support UVM’s efforts to expand STEM education, with a goal of doubling enrollments in STEM-related programs by 2020. The programs in the College of Engineering and Mathematical Sciences will be housed in the new $104 million STEM complex of laboratories, classrooms and research facilities scheduled for completion in May of 2019.
“With existing faculty experts, courses already in place and both student and societal demand,” the two new degrees are a “fine addition to UVM’s portfolio,” Faculty Senate Curriculum Committee chair Cathy Paris told members of the board's Educational Policy and Institutional Resources Committee. The full board approved the new degrees on the recommendation of the EPIR committee.
There are currently only 91 biomedical/bioengineering undergraduate degrees in the U.S. accredited by the Accreditation Board for Engineering and Technology. Of these, UVM is one of 50 offered by institutions that have a medical school that grants M.D. degrees.
The bachelor of science degree in data science was created to prepare students for careers in the rapidly growing field of big data science and analytics. The demand for data scientists and analytics talent is among the highest of any job sector in the U.S. due to a growing need by employers for individuals who can analyze large, highly complex data sets.
UVM Foundation president and CEO Rich Bundy presented to trustees an upbeat status report on UVM’s comprehensive campaign. At just past the halfway point, the campaign has raised $268.6 million, 54 percent of its $500 million goal. Fully two-thirds of funds that have been committed have already been received, Bundy said.
Bundy also reported on a recently achieved fundraising high point: In December, the campaign secured a commitment that brings to 100 the number of endowed faculty positions at UVM, almost double the 52 that existed before the start of the campaign.
“At the rate we’re going, we’ll meet our goal to double the number of endowed faculty positions, to 104, during this campaign by end of the fiscal year, with three more years to add to that total,” he said.
Bundy spoke optimistically about raising the campaign’s remaining $231 million.
“Our fundraising staff and campus partners are engaged in multiple conversations with prospective donors, and have built a pipeline of potential future gifts large enough that we can see the path forward to successfully completing this campaign,” he said.
Bundy also reported that $9 million of the $11.2 million non-debt goal for Alumni House has been raised. About $6 million has been raised as of the end of January against the $26 million non-debt portion of the $104 million STEM Complex, Bundy said. Bundy said he is confident that a high percentage of the remaining non-debt goal of $20 million will be reached through donor funding.
In other developments:
Budget, Finance and Investment Committee
- Richard Cate, vice president for finance and treasurer, told committee members that the FY17 budget would be balanced and that administrative units have been asked to reduce their budgets by 1.1 percent, compared to 3.0 percent for FY 2016. Committee members approved a 3.8 percent room and board increase – this will result in the second lowest rate among peer institutions – bringing total room and board to $11,578. They also approved a combined 1.5 percent increase to the comprehensive fee for FY 17, excluding a $50 increase to the athletic fee and a $26 increase in the SGA fee for a student-supported peer-advising program, bringing the total comprehensive fee to $1,974.
- Committee members passed a resolution calling for revisions to the 2006 Statement of Investment Policies and Objectives based on recommendations by the Investment Subcommittee. The revised statement emphasizes that the core fiduciary responsibility of the Board of Trustees is to steward university assets in a manner consistent with prudent fiduciary practices while also considering moral, ethical, and social criteria in selecting investments. The Investment Sub-Committee has reaffirmed that the university does not own, and has no plans to acquire, direct investments in coal companies.
- Robert Vaughan, director of Capital Planning and Management, updated committee members on Phase I of a two-phase project for the Taft School building. The $2 million privately funded renovation includes modifications to make the former elementary school accessible to disabled persons and to bring it into compliance with current building codes and necessary repairs.
- Vaughan also informed committee members that the Bailey/Howe Library addition project would include the construction of a 2,350 square foot addition to the library including a new bridge that will enter into the library’s second floor. The $3 million addition project will be paid for with existing unrestricted plant funds that currently exist with the library.
Educational Policy and Institutional Resources Committee
- The EPIR committee conceptually approved $1.6 million to build a new UVM Rescue building to replace its current facility, located at 284 East Avenue. The project, to be built nearby on a corner of the 184 East Avenue parking lot adjacent to the rugby field, will be self-financed by UVM Rescue from funds the group has saved, supplemented by borrowing it will pay back. EPIR approved the conceptual scope of the project and referred it to BFI for financial review at a future meeting. UVM Rescue hopes to build its new facility over the summer and occupy it beginning in the fall 2016 semester. Founded in 1972, UVM Rescue is a full service advanced life support ambulance agency that serves not just UVM but several surrounding communities.