In total, the University saw an increase of a little more than $35,000 in revenue this year, however the University saw its total expenses increase by more than $120,000 in the same time period.
Fajack said student study abroad programs, faculty pay raises, ConnectCarolina improvements, billing transfers between the School of Medicine and the School of Public Health and the cold winter all played a part in the rise in expenses.
"I think ConnectCarolina will make us more efficient over time, but until then we have to deal with the costs," Fajack said.
Mark Meares, representing David Routh, gave a presentation on behalf of the Office of University Investment.
Meares said the office received an incredible increase in outside gifts to the University, with a 26 percent increase from June 2013 to now. The increase was more than $32,000 more than last year's amount.
Meares said while grant money decreased slightly, the office still saw a 9 percent increase thanks to the gifts increase.
"Not only was it a good year, but it was a good year in a transition year," Board of Trustees Chairman W. Lowry Caudill said.
"You guys underwent a leadership change and had interim leadership for a period of time."
External Relations Committee
Joel Curran, vice chancellor for communications and public affairs, provided an update on the communications aspect at the University.
"I am always amazed, pleasantly so, of the content that comes out of the communications team here," he said.
Curran said something the communications team plans to focus on is celebrating major milestones with faculty, showcasing them to the public.
Along the same lines, Curran said they plan to incorporate more videography in order to help people on UNC's website understand why the MEASURE project with the Carolina Population Center received $180 million.
Medical Center News Office Director Jennifer James followed Curran, explaining how the new video series they are working on called "Real Medicine," which shows doctors' and other healthcare professionals' lives outside of the hospital.
Jones said the hospital's communications team is working on creating a message for the creation of the UNC hospital being constructed in Hillsborough.
"Our message is that we are a community hospital, we are the state's hospital, we are the state's healthcare system," she said.
The committee ended their session in closed session, after Meares presented again regarding the Office of Development's gifts.
Faculty Chairman Bruce Cairns presented first, with a proposal to replace the title of master lecturer with teaching professor.
Cairns said the faculty council voted on the matter, and while the vote was not unanimous, the change received easily 150 votes in support.
The Board of Trustees passed Cairns' proposal.
Executive Vice Chancellor and Provost Jim Dean followed Cairns. The highlight of his presentation revolved around online classes.
"It struck me, that even in it just being my first year as Provost, that we really need to take another look at (online education), that we really need to have a University position on where technology is going in higher education," Dean said.
Charles Streeter, chairman of the employee forum, said pay raises are the most pressing matters to his constituents.
"We know that the state budget has not been finalized yet," Streeter said. "A lot of staff are wanting some of the same considerations (for pay raises) that faculty is getting."
"We haven't had enough increases to keep up with inflation, rising medical deductibles and now with night parking, some people who did not have to pay for a permit before, have to."
The committee also ended its session in closed session after the graduate and professional schools federation gave its presentation.
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