IHL board approves $70M bond for Southern Miss, $39M Ellucian contract and several medical and consulting agreements
April 18, 2024 | Mississippi Public Universities, Agencies, Organizations, Executive, Mississippi
This article was created by AI summarizing key points discussed. AI makes mistakes, so for full details and context, please refer to the video of the full meeting. Please report any errors so we can fix them. Report an error »
The Mississippi Institutions of Higher Learning board approved major financial actions on April 16, including a request from the University of Southern Mississippi to issue a $70,000,000 bond offering and a University of Mississippi software subscription agreement with Ellucian.
Board staff summarized the $70 million offering for Southern Miss: $35 million will fund renovations at Reed Green Coliseum and $35 million was described as a new portion of the resolution intended to refund prior series bonds. The financial advisor’s report (dated April 16, 2024) estimated net present value savings of $615,000 (about 2%) on the refunding; board staff recommended the university not proceed unless the NPV savings reached 3%. Trustees noted the estimate and moved the item; the motion carried on the record.
On the software item, staff described a 10‑year Ellucian agreement (commonly called Banner) to replace the current SAP‑based system that will sunset in 2027; the estimated cost presented was $39,000,000. Board staff said the vendor selection involved an RFP and review by evaluation committee members and subject matter experts; legal staff found the item compliant with applicable law. The board approved the Ellucian contract on the record.
Trustee Ogletree was recorded as recused for finance items 3–5. Those grouped items approved by the board included: a UMMC request to enter a purchase agreement with Cardinal Health (five‑year, est. $5,000,000) for cell therapy products; a system consulting agreement with Periscope Holdings (one year, est. $350,000) to review procurement and compliance with board policy 707.01; and an amendment to a UMMC pharmacy distribution agreement with Morrison Dixon to extend the term (the transcript lists an unchanged cost figure recorded as '800,000,000', a figure that appears inconsistent and flagged in audit). Legal staff reviewed those items and recommended approval. The board voted to approve the grouped items.
The board also approved a system request to renew student health insurance with UnitedHealthcare Student Resources; staff presented an annual premium of $2,300 per student and an estimated enrollment of 350 participants yielding a total annual premium estimate of $6,900,000. UnitedHealthcare was selected through a 2023 RFP as the lowest quoted premium. Trustee Martin was temporarily excused for discussion of a separate finance item, as noted in the record.
Where recusals were recorded, the meeting minutes/director noted them on the public record. The motions and approvals were recorded as carried on the public record; detailed roll‑call tallies were not provided in the transcript for most items.
Board staff summarized the $70 million offering for Southern Miss: $35 million will fund renovations at Reed Green Coliseum and $35 million was described as a new portion of the resolution intended to refund prior series bonds. The financial advisor’s report (dated April 16, 2024) estimated net present value savings of $615,000 (about 2%) on the refunding; board staff recommended the university not proceed unless the NPV savings reached 3%. Trustees noted the estimate and moved the item; the motion carried on the record.
On the software item, staff described a 10‑year Ellucian agreement (commonly called Banner) to replace the current SAP‑based system that will sunset in 2027; the estimated cost presented was $39,000,000. Board staff said the vendor selection involved an RFP and review by evaluation committee members and subject matter experts; legal staff found the item compliant with applicable law. The board approved the Ellucian contract on the record.
Trustee Ogletree was recorded as recused for finance items 3–5. Those grouped items approved by the board included: a UMMC request to enter a purchase agreement with Cardinal Health (five‑year, est. $5,000,000) for cell therapy products; a system consulting agreement with Periscope Holdings (one year, est. $350,000) to review procurement and compliance with board policy 707.01; and an amendment to a UMMC pharmacy distribution agreement with Morrison Dixon to extend the term (the transcript lists an unchanged cost figure recorded as '800,000,000', a figure that appears inconsistent and flagged in audit). Legal staff reviewed those items and recommended approval. The board voted to approve the grouped items.
The board also approved a system request to renew student health insurance with UnitedHealthcare Student Resources; staff presented an annual premium of $2,300 per student and an estimated enrollment of 350 participants yielding a total annual premium estimate of $6,900,000. UnitedHealthcare was selected through a 2023 RFP as the lowest quoted premium. Trustee Martin was temporarily excused for discussion of a separate finance item, as noted in the record.
Where recusals were recorded, the meeting minutes/director noted them on the public record. The motions and approvals were recorded as carried on the public record; detailed roll‑call tallies were not provided in the transcript for most items.
View the Full Meeting & All Its Details
This article offers just a summary. Unlock complete video, transcripts, and insights as a Founder Member.
✓
Watch full, unedited meeting videos
✓
Search every word spoken in unlimited transcripts
✓
AI summaries & real-time alerts (all government levels)
✓
Permanent access to expanding government content
30-day money-back guarantee
