[Vision2020] The UI Friday Letter from UI President White

[Tom Hansen]

University of Idaho
Office of the President
Moscow, Idaho 83844-3151
Phone: 208-885-6365
Fax: 208-885-6558

The Friday Letter
A Newsletter for University of Idaho Alumni and Friends February 4, 2005

Dear Friends,

As I have informed Idaho lawmakers over the past two weeks, the University's
financial challenges are significant, but not insurmountable. In fact, there
are two pieces of good news to share with you. First, two major credit
rating agencies - Moody's and Standard and Poor's - recently confirmed their
respective bond ratings of the UI as "A1" and "A+," and issued rating
reports categorizing the university's financial outlook as "stable." The
reports note our steady funded research and enrollment demand, and credit UI
administrators with "significant steps toward balanced financial
operations." I am very pleased that we have maintained our bond ratings and
that our efforts are being recognized by these independent agencies. In
addition, the State Board of Education has authorized the University to
refinance a significant portion of its debt for substantial savings. We were
able to take advantage of lower interest rates to refinance debt for several
projects, including earlier improvements to the ASUI-Kibbie Activity Center,
the Idaho Commons and the Sweet Avenue parking lot. The savings from
refinancing $29.8 million in debt will average approximately $150,000 per
year and will total $3.2 million over the life of the bonds. Those
additional revenues will be available to support the university's efforts to
balance annual operating budgets while maintaining core programs. The
refinance is part of an ongoing plan to strengthen UI's financial condition
and turn every stone to minimize costs. 

Tim White
President

Here's the latest news from the University of Idaho:
~ One of the world's largest engineering and project delivery firms, CH2M
Hill, will move its Boise operations into the Idaho Water Center in late
June, opening the door for research partnerships with other building
occupants, including the University. "The presence of a company with the
stature of CH2M Hill in the Idaho Water Center will mean huge benefits for
the University of Idaho - both programmatically and financially," said
President White. 
"The synergy among federal and state water agencies, university water
researchers and now one of the leading private water, engineering, and
development firms in the country will be unique and beneficial to Idaho." 
The company has agreed to lease more than 50,000 square feet, the majority
of remaining space in the Idaho Water Center, for at least the next five
years with options to renew the lease in three-year increments. CH2M Hill
will improve the raw space to fit its needs. The CH2M Hill lease covers
about
$1 million of the University's facility lease payments to the Idaho State
Building Authority.

~ John Hammel, who has served as dean of the College of Agricultural and
Life Sciences on a term appointment for the past year, now has the job on a
permanent basis. "John understands the college, the university and the
state," President White said. "In the past year, he has proven to be highly
competent and effective in his role as dean. He has built strong working
relationships with industries and commodity groups in Idaho. I am confident
in his qualifications, enthusiasm and dedication to the University of
Idaho." Hammel joined UI in 1982; he is a professor of soil physics and has
served as associate dean and director of academic programs since April 1998.

~ The UI Jazz Choir, conducted by Professor Dan Bukvich, will perform at
Seattle's Benaroya Hall at 8 p.m., Thursday, Feb. 17. A reception at the
same location begins at 7. The performance is sponsored by the Western
Washington chapter of the Alumni Association. More information is available
at alumni at idahovandals.com.