The funding available in Michigan is to help reinstate appropriations cut in the higher education bill. The applications will be reviewed by the Governor’s office with the intent to issue awards prior to the end of 2009.

Interim Provost Gary Shapiro said the funds will be used for need-based financial aid.

“I am very confident that we will receive all of that funding,” Shapiro said. “This is exactly what the state is looking for — targeting the funds at needy students. I would find it difficult to believe they wouldn’t support (our funding).”

He said $450,000 is to be reserved for students with emergency financial needs by discretion of the financial aid office.

Interim University President Kathy Wilbur said all of the funds will be used for need-based financial aid, including some funds used to assist freshmen and transfer students eligible for the Pell Grant and lost the Michigan Promise or Michigan Competitive scholarships.

Trustees elect new officers

The Board of Trustees elected new officers for the 2010 calendar year. Trustee Stephanie Comai was elected as Board chairwoman and will take over for Gail Torreano. Sam Kottamasu was elected to a second term as co-vice chairman, and Trustee Marilyn French Hubbard was elected to a first term as co-vice chairwoman.

Endowment fund investment policy

The Endowment Fund Investment Policy was amended to allow the addition of private equity and credit, non-investment grade, fixed asset classes.

This shift of funds reduces the Investment Grade and U.S. Equities fund ranges by 5 percent.

“Private equity could be funds that aren’t traded over the stock market that are private investments and (the credit fixed class) could be bonds that are not AAA rated,” said David Burdette, vice president of Finance and Administrative Services.

He said all they are changing is the range of each asset class to allow the addition of the new assets.

“All it really does is give our outside fund managers the ability to tweak the investments,” Burdette said. “It decreases the risk and increases the return. We’re diversifying the portfolio, which spreads the risk and also, we believe, will get a greater return.”

Acquisition of confocal microscope

The National Science Foundation has provided a grant of $463,150 for the purchase of a confocal microscope for use by faculty in the areas of developmental biology, cell biology and neuroscience.

Interim Provost Gary Shapiro said the microscope will replace an outdated microscope and will be used for multidisciplinary research and teaching.

“It supports an undergraduate microscopy program, which is the only program of it’s kind in the state, and a very excellent biology department,” he said. “It certainly has an important consequence for our students.”

Authorizer oversight information system

The Center for Charter Schools entered an agreement with Corporate Computer, Inc. in 2003, and the Board of Trustee approved a renewal of the agreement.

The agreement allows the Center to market, sell and distribute the Authorizer Oversight Information System. The system was designed to oversee the schools in the charter. The agreement brought in about $100,000 this year and about $300,000 over the past couple of years, said Trustee Stephanie Comai.