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Board approves overhaul of reserve policy to centralize campus fund balances into loanable system pool
Summary
Trustees approved amendments to Board Policy 5.1 to pool institutions' minimum reserves into a system reserve available for loans or one-time investments, increasing the potential pool from about $14 million to roughly $80 million while preserving institutional accounting and requiring board reporting.
The Board of Trustees on March 19 approved amendments to Board Policy 5.1 that change how institutions’ minimum general-fund reserves are managed and used across the Minnesota State system.
Vice Chancellor Bill Mackey told the Finance and Facilities Committee that the central change would be to manage the institutions’ minimum 5% general-fund reserve centrally, creating a system reserve pool that would increase available funds for limited, defined uses from the existing $14 million to about $80 million. "We're really trying to create this pool and adjust this policy so it creates more flexibility for the system, but also does not provide any harmful impacts…
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