BU. Board Chairman Turner Resigns

[Bravesfanchicago]

Bob Turner suddenly resigned as Chairman of the Board of Trustees.


Campus wide email is below. Very odd and brief. Another case of the better informed Trustees voting with their feet?


"On August 1, at the quarterly meeting of the Board of Trustees of Bradley University, Doug Stewart was elected as Chairman of the Board.

Mr. Stewart is Regional President of PNC Bank and has served on the Board of Trustees since 2003, most recently serving as Vice Chairman. He received his MBA from Bradley in 1979.

Mr. Stewart replaces former chairman Bob Turner, who resigned recently. Mr. Turner served 14 years on the Board of Trustees and has made numerous contributions to the University.

Bradley University thanks Mr. Turner for his service and dedication to the University. Bradley looks forward to Mr. Stewart??™s leadership as chairman."

[tornado]

members resign for various reasons but it is extremely unusual for the board chairman to suddenly resign without notice forcing the board to meet & elect a new chairman..
since we heard the board just met in late May to address the financial report - could it be that Chairman Turner resigned as a result of that?


the Bradley senate report says...

" Bradley’s Current Practices are Unsustainable
Recent and ongoing trends show that Bradley is in a financially unsustainable position due to
long-term increases in spending and troublesome revenue trends (see PowerPoint slides 8-9.)
Bradley currently has $134 million in total debt ($117 million in bonds payable, $11,000 line of
credit, and $6,183 bond swap). Moreover, as of May 31, 2013, the university had borrowed $27
million from its endowment funds to meet payment obligations. Borrowings are higher at other
points of the fiscal year. Continued operating losses as well as declining operating cash flows
will only exasperate this unsustainable position.
For fiscal year 2013, Bradley reported $245 million in investments ($272 million in endowment
funds minus $27 million “borrowed” from these funds to cover cash flow requirements.)
Bradley’s net debt investment position is $111 million. Bradley’s current debt/investment ratio
of 55% raises concerns. One recently published article raised serious concerns about high
debt/endowment ratios at academic institutions. The worst/highest ratio reported was University
of Chicago at 54%. Bradley’s is 1% higher. Due to both high financial leverage and continuing
operating losses, Bradley’s ability to borrow for any capital or operating needs is becoming more
difficult.
Clearly, Bradley’s financial situation requires immediate attention."

then this...
" Mr. Gary Anna, Vice President for Business Affairs, presented a graph .....
there are other auxiliary activities that were not represented.... collectively represented spending of over $3.5 million. In
particular, there was a $2 million loss in 2011 that was not reported. Following Mr. Anna’s
presentation, the University Resources Committee asked about the nature and cause of this $2
million expenditure, but no explanation was provided. At the least, omission of this $3.5 million
in auxiliary expenses represents a significant oversight or a selective lack of disclosure."

"Clearly, spending is out of control in athletics"
"The financial problems in athletics are also quite alarming. Between 2005 and 2014, Bradley’s
athletics spending almost doubled, growing from $5.5 million to $10.1 million per year, even
though athletics revenue remained relatively static at about $4 million per year (see PowerPoint
slide 14.) This significant overspending has tripled the athletics loss from $2 million per year to
almost $6 million per year. Clearly, spending is out of control in athletics, yet explanations have
not been provided and the trend is continuing. More troubling, there appears to be little sense of
urgency to identify the problems or opportunities for improvements. Part of this is due to the fact
that there is little if any “responsibility centered” control in place that fixes accountability and
responsibility for operating results. On the positive side, substantial tuition revenue is generated
from non-scholarship athletes that have never been considered in the financial analysis of
Bradley athletics. It is generally a common practice to reflect this income in the overall athletics
financial analysis to better assess the viability of the University’s sports offerings. Currently,
Bradley athletics’ bottom line is negative, but the make-up of this loss is quite unclear."

http://www.bradley.edu/academic/cio/senate/documents/2013-2014/Bradley+University+Senate+Agenda+May+2014+website.pdf

[amckillip]

Not the resignation I was expecting with the budget issues, is another on its way?

[bradleyfan124]

Not the resignation I was expecting with the budget issues, is another on its way?

I second this!!!!!

[bu fan 9]

Why don't the board fire Glasser? No one has any guts?

[lefty]

It's pretty unfair to assign motive??¦...

[Da Coach]

Robert Turner has been a Board member since 1998, and was just elected chairman in January, 2013. He graduated from Bradley in 1977, and received an MBA in 1978. He founded an investment firm in Pennsylvania in 1990, and has been very successful. He and his wife have donated enormous amounts of money to Bradley, and he is a member of the Bradley centurion Society.
It is very strange and unusual for such a distinguished alumnus and long-time board member to quit his position of Board Chairman so abruptly, and well before his 2-year term as Chairman ends.

If the Chairman of Caterpillar, or any other major business or entity in Peoria suddenly resigned with no reason given, the Peoria Journal Star would be tripping over themselves trying to find out why and reporting on it. This happened 3 days ago (Friday, Aug. 1) and a campus-wide email was sent out the same day, yet there has not even been a mention of it by the PJ Star or any local news organization. You don't think that is a bit odd?

BTW, the new Chairman of the Board is Douglas Stewart, who is an Illinois Wesleyan grad.

[lefty]

Robert Turner has been a Board member since 1998, and was just elected chairman in January, 2013. He graduated from Bradley in 1977, and received an MBA in 1978. He founded an investment firm in Pennsylvania in 1990, and has been very successful. He and his wife have donated enormous amounts of money to Bradley, and he is a member of the Bradley centurion Society.
It is very strange and unusual for such a distinguished alumnus and long-time board member to quit his position of Board Chairman so abruptly, and well before his 2-year term as Chairman ends.

If the Chairman of Caterpillar, or any other major business or entity in Peoria suddenly resigned with no reason given, the Peoria Journal Star would be tripping over themselves trying to find out why and reporting on it. This happened 3 days ago (Friday, Aug. 1) and a campus-wide email was sent out the same day, yet there has not even been a mention of it by the PJ Star or any local news organization. You don't think that is a bit odd?

BTW, the new Chairman of the Board is Douglas Stewart, who is an Illinois Wesleyan grad.

I don't think it's that odd at all....but I don't try to speculate on why someone does something like this. These guys are busy people and they have lives other than Bradley......it isn't fair to Mr. Turner to assign motive

[wily coyote]

I don't think it's that odd at all....but I don't try to speculate on why someone does something like this. These guys are busy people and they have lives other than Bradley......it isn't fair to Mr. Turner to assign motive

I agree with you Lefty. I don't see where the PJStar falls into this picture unless someone has an agenda against them. Just saying. 98% of us really don't care if Mr. Turner resigns as long as they have an abled body replacement. Which I'm sure they do. I am not disputing there may be money issues but to blame PJS for not reporting a resignation and alluding it to possible money problems without proof is tacky.

[tornado]

BTW, the new Chairman of the Board is Douglas Stewart, who is an Illinois Wesleyan grad.

he also has an MBA from Bradley '79
..and I somewhat agree with lefty - nobody knows the reasons but it is something people might be interested in especially if they are grads, donors, or supporters of Bradley.

but a bunch of people wondering about it on a message shouldn't bother anyone - anymore than wondering what the coach talks about in the timeouts

[Bravesfanchicago]

In an age of more transparency better governance fiscal prudence....the departure of the Board Chair mid term raises some challenges and concerns.

The BU board seemingly has struggled with actual understanding of the Admins spending and the appropriateness of spending in declining enrollment and other financial challenges. ( the references above from the faculty report hilite some of these points).

The BU board has lost a number of true experts on governance and finance since JG came to Bradley. The Board got weaker over the last few years when Michael Bryant, Bryan McGough and others with legal, not for profit and finance backgrounds left the board....a few of those trustees actively questioned the lack of transparency and financial decision making.

[bradleyfan124]

In an age of more transparency better governance fiscal prudence....the departure of the Board Chair mid term raises some challenges and concerns.

The BU board seemingly has struggled with actual understanding of the Admins spending and the appropriateness of spending in declining enrollment and other financial challenges. ( the references above from the faculty report hilite some of these points).

The BU board has lost a number of true experts on governance and finance since JG came to Bradley. The Board got weaker over the last few years when Michael Bryant, Bryan McGough and others with legal, not for profit and finance backgrounds left the board....a few of those trustees actively questioned the lack of transparency and financial decision making.

I think we need to get Twitter Jim involved. Have him get 3 judges to issue subpoena's. Then have a bunch of police go raid some houses

[tornado]

members resign for various reasons but it is extremely unusual for the board chairman to suddenly resign without notice forcing the board to meet & elect a new chairman..
since we heard the board just met in late May to address the financial report - could it be that Chairman Turner resigned as a result of that?


the Bradley senate report says...

" Bradley’s Current Practices are Unsustainable
Recent and ongoing trends show that Bradley is in a financially unsustainable position due to
long-term increases in spending and troublesome revenue trends (see PowerPoint slides 8-9.)
Bradley currently has $134 million in total debt ($117 million in bonds payable, $11,000 line of
credit, and $6,183 bond swap). Moreover, as of May 31, 2013, the university had borrowed $27
million from its endowment funds to meet payment obligations. Borrowings are higher at other
points of the fiscal year. Continued operating losses as well as declining operating cash flows
will only exasperate this unsustainable position.
For fiscal year 2013, Bradley reported $245 million in investments ($272 million in endowment
funds minus $27 million “borrowed” from these funds to cover cash flow requirements.)
Bradley’s net debt investment position is $111 million. Bradley’s current debt/investment ratio
of 55% raises concerns. One recently published article raised serious concerns about high
debt/endowment ratios at academic institutions. The worst/highest ratio reported was University
of Chicago at 54%. Bradley’s is 1% higher. Due to both high financial leverage and continuing
operating losses, Bradley’s ability to borrow for any capital or operating needs is becoming more
difficult.
Clearly, Bradley’s financial situation requires immediate attention."

then this...
" Mr. Gary Anna, Vice President for Business Affairs, presented a graph .....
there are other auxiliary activities that were not represented.... collectively represented spending of over $3.5 million. In
particular, there was a $2 million loss in 2011 that was not reported. Following Mr. Anna’s
presentation, the University Resources Committee asked about the nature and cause of this $2
million expenditure, but no explanation was provided. At the least, omission of this $3.5 million
in auxiliary expenses represents a significant oversight or a selective lack of disclosure."

"Clearly, spending is out of control in athletics"
"The financial problems in athletics are also quite alarming. Between 2005 and 2014, Bradley’s
athletics spending almost doubled, growing from $5.5 million to $10.1 million per year, even
though athletics revenue remained relatively static at about $4 million per year (see PowerPoint
slide 14.) This significant overspending has tripled the athletics loss from $2 million per year to
almost $6 million per year. Clearly, spending is out of control in athletics, yet explanations have
not been provided and the trend is continuing. More troubling, there appears to be little sense of
urgency to identify the problems or opportunities for improvements. Part of this is due to the fact
that there is little if any “responsibility centered” control in place that fixes accountability and
responsibility for operating results. On the positive side, substantial tuition revenue is generated
from non-scholarship athletes that have never been considered in the financial analysis of
Bradley athletics. It is generally a common practice to reflect this income in the overall athletics
financial analysis to better assess the viability of the University’s sports offerings. Currently,
Bradley athletics’ bottom line is negative, but the make-up of this loss is quite unclear."
http://www.bradley.edu/academic/cio/...14+website.pdf

I guess I am stumped - this huge and unexpected shakeup in the Board of Bradley took place four months ago - and there's yet to be any substantial coverage about it anywhere except right here on this forum - not even in our local media that seems to scrutinize everything on campus if it has to do with an arrest or party, but ignore the news that's substantial...
We know this major change took place as it is confirmed by the changes on the Board of Trustees page - LINK
This would be akin to the CEO of Caterpillar suddenly stepping down amid rumors of turmoil, financial troubles, and major disagreements, then being replaced and yet seeing zero coverage in any local newspaper or news outlet.

Anyone know why there was such a big time shakeup? I have heard some things but I have seen no actual media coverage...and the absence of coverage kinda speaks volumes...

The last time a new Chairman was elected is was indeed very big news

http://www.pjstar.com/x1037501595/Bradley-board-of-trustees-picks-chairman

http://www.bradley.edu/about/publications/hilltopics/2013spring/notebook/page3.dot

http://www.cinewsnow.com/news/local/Bradley-University-elects-new-chairman-to--188708871.html

[Da Coach]

The only news that the PJ Star reports is what the're told to report. That's why the only place it gets reported is here. Some people just can't take criticism.

The admin and the PJS can whitewash the lack of success in Bradley athletics all they want. It is not fooling anyone. Fans and supporters aren't that stupid. It has brought the athletic programs at Bradley down to unprecedented, all-time lows. It has resulted in massive drops in attendance and donations, and it has contributed to the most serious financial problems the university has ever faced. How long before the cuts in the academic departments lead to drops in the ratings for the university, and leads to further loss of good students and further drops in enrollment? How many more bottom of the barrel finishes will it take for the Board of Trustees to do something?

[bradleyfan124]

The only news that the PJ Star reports is what the're told to report. That's why the only place it gets reported is here. Some people just can't take criticism.

The admin and the PJS can whitewash the lack of success in Bradley athletics all they want. It is not fooling anyone. Fans and supporters aren't that stupid. It has brought the athletic programs at Bradley down to unprecedented, all-time lows. It has resulted in massive drops in attendance and donations, and it has contributed to the most serious financial problems the university has ever faced. How long before the cuts in the academic departments lead to drops in the ratings for the university, and leads to further loss of good students and further drops in enrollment? How many more bottom of the barrel finishes will it take for the Board of Trustees to do something?

That is why there is no such thing as freedom of the press any more. They should be ashamed of themselves