Board Meets Off-Cycle To Increase What University Can Spend Without Its Approval
Update 5:05 p.m.: Today’s meeting and the topics discussed were not official. The meeting was held to discuss the proposed changes that will be considered by the committee on Governance and Long-Range Planning when the Board meets for its May meeting.
Spending rules for Penn State will remain unchanged until the proposed changes are discussed in May.
Original: A special Board of Trustees meeting was held earlier Thursday afternoon that resulted in some changes pertaining to Penn State administration spending powers.
Previously, Penn State needed to seek approval from the Trustees on projects that cost up to $5 million. That figure saw a 300 percent increase today meaning Penn State can spend up to $20 million without Trustee approval.
These projects include building renovations and the distribution of funds. Certain rights such as honorific road and building names must still be approved by the Board, however. This decision gives Penn State far more power — or creative control, if you will — than it’s had before in terms of spending decisions, and shows a type of leniency we haven’t seen in some time from the Board in allowing the university to make these decisions without approval.