WEA - 1729 MacVicar
February 27, 2007
Mr. Bob W. Storey
3649 SW Burlingame Road
Topeka KS 66611
Dear Mr. Storey:
I have reviewed Washburn University’s published Financial Report 2005-06 and subsequent monthly claims reports through December 31, 2006. Enclosed is a financial status report for the Washburn Endowment Association (WEA) 1729 MacVicar renovation project, comparing actual expenditures to the board approved budget.
This project was approved as a “not to exceed” $2.0 million project. To date, the full $2.0 million in university reserves have been transferred to fund this project. In addition, the university has credited this project with an additional $1,400 in other income
As you can see, the project has exceeded the approved $2.0 million limit. Additional funds will need to be allocated to fully fund this entire project when it is completed. It will be interesting to watch the funding sources for the actual move and the furnishing of the new space.
There is another funding shortfall that remains on the books as of June 30, 2006. The Carole Chapel remains unfunded in the amount of $124,120. Will University reserves be used to make up this funding shortfall?
Sincerely,
Mary Lou Herring