Conflict of Interest?

WU Board of Regents Conflict of Interest Policy

The Washburn University Board of Regents adopted a Conflict of Interest Policy in November, 2004. The policy, in part, states the following:

"... no regent shall participate in an action where he or she is financially interested either directly or indirectly through business, investment, or family in any contract or transaction affecting the interest of the University ...

"A regent shall disclose those matters where a conflict arises or where a potential conflict could theoretically arise."

Facilities Services - Relocation to 1313 SW 21st Street

In March, 2006, the University entered into a 5 year lease agreement with Lincoln Center Partnership for 7,095 sq ft at 1313 SW 21st Street. This building is being leased by Washburn University for the maintenance services that were dislocated by the sale of 1518 SW Washburn for the new College Hill Redevelopment project.

The Rent terms of the lease are quite unique and are as follows:

Washburn University shall pay $10.00 per year, provided Dr. Jerry B. Farley is President of Washburn University.
Should Dr. Jerry B. Farley no longer be President of Washburn University during the first five years of the lease, then the rent will be $2.50 per sq. ft., $17,737.50 per year at $1,478.13 per month, beginning the first month that Jerry B. Farley is no longer President of Washburn University.
If Washburn University exercises its option to extend the lease for an additional five years, the fair rental value of the leased premises will be negotiated.

The signature of the landlord, Lincoln Center Partnership, was by Howard T. Paul, Partner.

Renovation of Leased Space

On June 26, 2006, the Washburn University Board of Regents accepted a $214,000 bid for the renovation of the leased property at 1313 SW 21st Street. Chairperson Nancy Paul presided at this meeting. Unlike other meetings, no one was asked if there were any conflicts of interest at the start of the meeting.