Trustees Authorize Sale of Office Units
Galloway, N.J. – The Stockton University Board of Trustees authorized the sale of units at the Stockton Medical Building and approved meal plan rates for 2020-21 at the board meeting held May 6 via Zoom.
The trustees approved allowing the president or his designee to move forward with negotiations for the sale of four office condo units the university owns in the Stockton Medical Building on Jimmie Leeds Road near campus. The six owners of the 11 office suites in the building are involved in the sale of the entire building. Stockton received the four units through two separate donations. All four are currently leased.
Trustees approved a 2.9% average increase in meal plan rates for 2020-21, averaging about $82 per plan. Actual costs vary with the plan chosen. Trustee Stan Ellis, who chairs the finance committee, said the increase covers operating costs.
Before the meeting, the board held the annual tuition hearing. Vice President for Administration and Finance Jennifer Potter said tuition makes of 53% of revenue, with federal and state grants and aid making up another 37%. Stockton’s 2019-20 tuition and fee cost of $14,047 is below the state average of $14,420. The board is expected to address 2020/21 tuition at the July board meeting.
Board chairman Leo Schoffer said he and the board are proud of the work that was done by leadership, faculty, staff and students in confronting the challenges presented by the coronavirus.
“Your efforts have protected the health and safety of the community without compromising the mission of the university,” Schoffer said.
President Harvey Kesselman concurred, adding “This has been an extraordinary time. We cannot be more proud.”
Interim Provost Michelle McDonald reported that of 2,073 courses offered in the spring semester, only 137 were originally online.
“It was a Herculean effort,” she said of the faculty and staff’s work to convert all courses online in just a few days after Spring Break.
The trustees also approved the appointment of Rowan provost Anthony M. Lowman to the board of the National Aviation Research Technology Park. Lowman has a background in chemical engineering.
Vice President for Facilities and Operations Donald Hudson reported that plans for the summer electrical project on the Galloway campus have been accelerated. Plans now call for the work on wings A through D to be done during the first week in June while staff is still working from home. The Campus Center will also remain open. The remaining work is still on schedule for the last week in July.
Director of Development Daniel Nugent reported support for the virtual online Scholarship Gala has been strong and to date raised just over $190,000 for the Stockton Foundation and Student Relief Fund.
“We can ensure money is available to meet the needs of our students,” Nugent said. He said the university is having a record-setting year with just over $10 million in donations.
Ellis reported that the university’s investment fund has lost money during the coronavirus crisis, but has recovered some of the initial losses.
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