Jun 23, 2022 Regular Board Meeting (June 23, 2022)

[00:00:02]

GOOD MORNING. THE MEETING WILL COME BACK TO ORDER.

[D. 1:00 p.m. CALL TO ORDER/PUBLIC MEETING, Chair Jack Kroll presiding - CU Boulder, UMC 235 (1669 Euclid Ave, Boulder, CO 80309)]

CHANCELLOR DISTEFANO.

THANK YOU, REGENT SMITH AND GOOD MORNING TO EVERYONE.

I'M VERY EXCITED TODAY ABOUT OUR HOST CAMPUS REPORT, WHICH IS FOCUSED ON STARTUP AND INNOVATION EFFORTS STEMMING FROM CU BOULDER.

THESE INNOVATIONS ARE HAVING IMMENSE POSITIVE IMPACTS ON OUR WORLD AND THEY WOULD NOT BE POSSIBLE WITHOUT A STRONG FOUNDATION OF BASIC AND APPLIED RESEARCH AND OUR STRONG TRADITION OF UNDERGRADUATE AND GRADUATE EDUCATION.

WE HAVE A LOT TO CELEBRATE IN THIS REALM AND YOU'LL HEAR ABOUT IT IN JUST A MINUTE.

I WANT TO BEGIN BY WELCOMING BRYN REESE, OUR ASSOCIATE VICE CHANCELLOR FOR RESEARCH AND INNOVATION AND MANAGING DIRECTOR OF CU BOULDER VENTURE PARTNERS,

[2. Land Acknowledgement Statement]

SO, BRYN, WHY DON'T YOU COME UP AND THEN PLEASE INTRODUCE OUR OTHER GUESTS.

SO THANK YOU, CHANCELLOR DISTEFANO, AND GOOD MORNING.

AND THANK YOU SO MUCH FOR FOR HAVING ME JOIN THIS MORNING.

THIS IS FANTASTIC.

SO I AM GOING TO BE SPEAKING ABOUT STARTUPS AND ABOUT INNOVATION.

BUT REALLY THIS TOPIC IS ABOUT TRANSFORMATION AND THERE'S THREE TYPES OF TRANSFORMATION THAT I'D REALLY LIKE TO FOCUS ON.

FIRST IS TRANSFORMING THE UNIVERSITY IN THE REALM OF STARTUPS.

THE SECOND IS TRANSFORMING RESEARCH INTO SOLUTIONS THAT IMPACT LIVES.

AND THE THIRD IS THE TRANSFORMATION OF THOSE LIVES TOUCHED BY THE RESEARCH OF OUR CAMPUS.

SO TO BEGIN, I'D LIKE TO HAVE A BRIEF ANALOGY, AND THAT IS THAT OUR COLORADO ATTORNEY GENERAL, PHIL WEISER, RECENTLY RETURNED TO CAMPUS FOR AN ENTREPRENEURSHIP AND STARTUP MEETING, AND HE SAID THAT THE STARTUP ECOSYSTEM HERE WAS TOTALLY UNRECOGNIZABLE FROM THE SHORT TIME AGO WHEN HE WAS ON THE CAMPUS.

AND I'D LIKE TO HIGHLIGHT A FEW OF THE WAYS THAT THAT TYPE OF TRANSFORMATION OF THE STARTUP COMMUNITY HAS TAKEN EFFECT.

SO THE FIRST IS IN 2021, CU BOULDER WAS NAMED AS THE INNOVATION UNIVERSITY BY THE ASSOCIATION OF PUBLIC LAND GRANT UNIVERSITIES.

SO THE TOP INNOVATION INNOVATION UNIVERSITY AMONG THE PUBLIC SCHOOLS, OUR STARTUP COMPANIES IN 2021 RAISED OVER $2 BILLION OF CAPITAL.

SO I'D LIKE TO EMPHASIZE THAT THESE VENTURES THAT ARE TRANSLATING THE RESEARCH EFFORTS AT THE UNIVERSITY INTO THESE NEW ENDEAVORS ARE NOT JUST IN QUANTITY, BUT BUT QUALITY VALIDATED BY THE INVESTMENT COMMUNITY.

WE'VE DONE 44 STARTUP COMPANIES BRINGING INNOVATIONS OUT OF THE LAB AND TO SOCIETY OVER THE LAST THREE YEARS.

AND AND ACTUALLY JUST THIS YEAR IN A NATIONAL RANKING, CU CAME UP FIFTH IN THE WHOLE COUNTRY.

AND IF FOR A LITTLE BIT OF CONTEXT AT NUMBER SIX MIT NUMBER SEVEN STANFORD AND THIS REALLY CIRCLES BACK TO WHAT ATTORNEY GENERAL WEISER WAS SPEAKING ABOUT A FEW YEARS AGO.

CU WAS NOT EVEN ON THE RADAR, YOU KNOW, NOT EVEN IN THE TOP 30 FOR STARTUP COMPANIES IN US INSTITUTIONS.

[3. Action Item: Approval of the June 23-24, 2022, Board of Regents Meeting Agenda]

AND I'LL JUST EMPHASIZE AS WELL THAT AMONG THOSE STARTUP COMPANIES IN 2021 THAT ACHIEVED THAT FIFTH OVERALL RANKING FOR CU, 80% CAME FROM CU BOULDER.

[4. Public Comment]

THIS IS NOT JUST ABOUT CU.

THIS IS AN IMPACT FOR COLORADO AND IT'S AN IMPACT FOR THE COUNTRY.

SO WE COLLABORATED.

CAN I INTERRUPT FOR ONE SECOND? YEAH. SO CAN YOU JUST GO BACK TO THAT LAST SLIDE? SO THAT'S AN EXTRAORDINARY THING, WHAT YOU JUST SAID, RIGHT? SO WE'RE WE'RE FIFTH IN THE COUNTRY.

WE'RE AHEAD OF MIT, WE'RE AHEAD OF OF STANFORD.

AND WE'VE MADE EXTRAORDINARY PROGRESS OVER A RELATIVELY SHORT PERIOD OF TIME.

SO THAT'S THAT'S SOMETHING THAT WE ALL SHOULD BE SHOUTING FROM THE MOUNTAINTOPS.

I WANT TO CONGRATULATE YOU AND THE PEOPLE ON THE CAMPUS WHO MADE THAT HAPPEN.

THAT IS EXTRAORDINARY WORK.

AND AND, YOU KNOW, WE'RE ALL PROUD TO TO GET TO BE PART OF IT.

SO THANK YOU FOR SHARING THAT.

GREAT. THANK YOU, PRESIDENT ELLIMAN.

SO WE COLLABORATED WITH THE BUSINESS RESEARCH DIVISION AT THE LEAD SCHOOL OF BUSINESS AND SPECIFICALLY BRIAN LEWANDOWSKI TO CONDUCT AN ECONOMIC IMPACT STUDY AND

[00:05:10]

THIS INCLUDES ABOUT 40,000 JOBS BEING CREATED AND WONDERFUL OPPORTUNITIES AROUND THE STATE AND AROUND THE COUNTRY AND AROUND THE COUNTRY.

SO I THINK THIS IS A NEW DAWN, RIGHT, FOR CU AND CU BOULDER AND STARTUPS AND INNOVATION.

BUT HOW HOW IS THIS HAPPENING? I THINK TO HAVE A TRANSFORMATION LIKE THIS, IT'S IMPORTANT TO UNDERSTAND THE INTENTIONALITY BEHIND IT AND WHAT LED TO THIS, THIS SUCCESS.

IF WE THINK ABOUT AN INVENTION CREATED IN A RESEARCH LAB AND THE THE JOURNEY TO GET TO AN INVESTABLE STARTUP COMPANY, THIS IS SOMETHING THAT IS NOT TRIVIAL.

AND WHEN SOMETHING IS CREATED IN THE LAB, IT'S NOT A BUSINESS, IT'S NOT A PRODUCT, BUT IT CAN GET THERE.

AND SO THIS GAP SOMETIMES IS AFFECTIONATELY CALLED THE VALLEY OF DEATH, RIGHT? THIS IS WHERE NEW PROMISING INVENTIONS AND TECHNOLOGIES GO TO DIE, RIGHT? THERE'S NOT THE FUNDING, THE RESOURCES TO MAKE THAT JOURNEY.

AND SO WHAT WE FOCUSED ON AT CU BOULDER IS A BRIDGE, RIGHT? WE'VE BUILT A SERIES OF PROGRAMS, AND I'M NOT GOING TO GO THROUGH ALL OF THEM, BUT I AM GOING TO SHOW YOU THEM.

THE POINT IS THAT WE HAVE DEEPLY UNDERSTOOD WHAT ARE THE OBSTACLES AND WHAT ARE THE CHALLENGES BETWEEN GOING FROM A PROMISING TECHNOLOGY IN A RESEARCH LAB TO A TRUE COMMERCIAL VENTURE? AND AND IN EACH CASE OF THOSE OBSTACLES, WE'VE CREATED A SPECIFIC RESOURCE TO HELP.

SO I WILL MENTION JUST A FEW OF THEM FOR ILLUSTRATION.

THE FIRST IS THIS REALLY, THIS ALL STARTS WITH RESEARCH, RIGHT? BUT THEN IP INTELLECTUAL PROPERTY BECOMES FUNDAMENTAL.

THESE ARE BREAKTHROUGH INNOVATIONS.

THIS IS BRAND NEW.

AND SO THE UNIVERSITY IS ABLE TO OBTAIN INTELLECTUAL PROPERTY OR MARKET EXCLUSIVITY THAT'S NECESSARY TO OBTAIN THE INVESTMENT TO BRING THESE THINGS FORWARD. IT IS ALSO, OF COURSE, A MECHANISM FOR THE UNIVERSITY TO PARTICIPATE IN THE FINANCIAL SUCCESS OF THESE STARTUP COMPANIES.

WHEN THE UNIVERSITY LICENSES THAT IP, IT RECEIVES ROYALTY AND EQUITY POSITIONS.

SO REALLY FOCUSING NOW MORE ON WHAT IS THE GREATEST CHALLENGE OF A UNIVERSITY INNOVATION OR DISCOVERY.

AND IT'S OFTEN A PRODUCT MARKET FIT.

WE KNOW THAT WHAT'S COMING OUT OF OUR LABS IS TECHNOLOGICALLY ADVANCED.

WE KNOW THAT IT'S WORLD LEADING RESEARCH, BUT IT DOESN'T ALWAYS ALIGN WITH MARKET NEEDS.

AND SO WE HAVE A GRANT FROM THE NATIONAL SCIENCE FOUNDATION TO RUN A PROGRAM CALLED I-CORPS THAT TEACHES OUR RESEARCHERS THE BASICS OF UNDERSTANDING MARKET NEEDS AND HOW TO ALIGN THEIR THEIR INNOVATIONS WITH THAT.

THE SECOND PROGRAM I WANT TO MENTION IS DESTINATION STARTUP, AND THIS IS AN EXAMPLE OF HOW CU IS COLLABORATING ACROSS THE WHOLE REGION.

SO YOU MAY BE AWARE THAT MOST OF THE INVESTMENT CAPITAL IN THE US IS ON THE COASTS.

IT'S NOT IN COLORADO, RIGHT? AND SO HOW DO WE GET OUR STARTUP COMPANIES ACCESS TO THAT CAPITAL? AND WE'VE CREATED AN EVENT CALLED DESTINATION STARTUP THAT HAS NOT ONLY THE BEST STARTUPS FROM CU BOULDER AND CU ANSCHUTZ AND UCS AND CU DENVER, BUT ALSO ALL OF THE OTHER RESEARCH UNIVERSITIES IN COLORADO, IN NEW MEXICO, UTAH, ARIZONA, MONTANA.

SO IT'S A REGIONAL SHOWCASE OF THE VERY BEST IN UNIVERSITY INNOVATION AND IT ATTRACTS INVESTORS TO THE REGION.

IT'S A GREAT EXAMPLE OF HOW CU IS LEADING AT A SCALE BEYOND JUST OUR OWN BORDERS.

SO THAT'S HOW THAT'S HOW WE'VE BEEN DOING IT.

AND THAT'S THE FIRST TYPE OF TRANSFORMATION THAT I'M TALKING ABOUT, HOW WE TRANSFORM THE UNIVERSITY AND THE STARTUP ECOSYSTEM HERE.

I'D REALLY LIKE TO SHIFT NOW INTO THE THE SECOND AND THE THIRD TYPE OF TRANSFORMATION.

HOW DO WE TRANSFORM INDIVIDUAL TECHNOLOGIES INTO NEW BUSINESSES AND HOW DO WE TRANSFORM LIVES WITH THOSE INNOVATIONS? WE'RE TALKING HERE ABOUT SOME OF THE GREATEST GLOBAL PROBLEMS THAT WE FACE HEALTH, CLIMATE.

AND WE'VE GOT A COUPLE OF FANTASTIC ILLUSTRATIONS FOR YOU.

WE HEARD THE REQUEST FROM THE REGENTS THAT YOU WANTED TO TO HEAR ABOUT QUANTUM.

AND SO WE HAVE TWO EXAMPLES OF CU BOULDER CREATED INNOVATIONS AND THE STARTUP COMPANIES THAT ARE COMMERCIALIZING THEM.

SO FIRST I'D LIKE TO INTRODUCE OR PERHAPS REINTRODUCE TO YOU DR.

JUNE YEE, WHO'S A FELLOW WITH NYSED, AND WITH JILA.

HE'S AN ADJOINT PROFESSOR IN THE DEPARTMENT OF PHYSICS, AND HE'S ALSO THE DIRECTOR OF THE CU QUBIT QUANTUM INITIATIVE.

[00:10:02]

GOOD MORNING. THANK YOU FOR GIVING ME THE OPPORTUNITY TO COME TELL YOU A LITTLE STORY.

AND IN FACT, SOME OF YOU KNOW ME AND KNOW I'M A PHYSICS PHYSICIST WORKING ON FUNDAMENTAL SCIENCE AND BEARINGS, TALKING ABOUT INNOVATIONS TRANSLATIONAL TO ECONOMIC IMPACT.

AND BELIEVE ME, I'M NOT THAT KIND OF A BUSINESS PERSON.

BUT I'LL TELL YOU A STORY ABOUT WHY QUANTUM CONNECTS TO MEDICAL SCIENCE.

THAT'S VERY SURPRISING, AND I'LL TELL YOU THAT STORY IN THE NEXT TEN MINUTES.

SO CU BOULDER ACTUALLY HAS THE WORLD'S BEST ATOMIC CLOCK.

THAT ITSELF HAS A TREMENDOUS IMPACT.

DLD IS A TREMENDOUSLY INTERESTED IN THIS CAPABILITY ON THE BOULDER CAMPUS.

IN FACT, THIS CLOCK IS SO GOOD THAT YOU START TO SEE LAYER BY LAYERS OF ATOMS SEEING THEIR TIME BEING DIFFERENT.

AND IT LOOKS LIKE A FUTURISTIC SCIENCE FICTION, BUT IT'S ACTUALLY HAPPENING IN THE LAB JUST ABOUT 100M FROM HERE.

AND THIS. AND WHO AND WHO CREATED THAT? CU BOULDER. YEAH.

I'M JUST A RESEARCHER HERE.

AND SO, YOU KNOW, THIS IS GETTING TO A POINT WHERE 100 YEARS AGO WHEN PEOPLE FIRST HEARD ABOUT EINSTEIN'S GENERAL RELATIVITY ARTISTS TO PAINT THE PICTURES OF, OH, TIME IS GOING TO LOSE ITS MEANING, AND THIS IS ACTUALLY BECOMING TRUE.

WE ARE GOING TO USE TIME TO TELL THE EVOLVING EARTH WE CAN ACTUALLY TIME IS SO SENSITIVE WE CAN ACTUALLY KNOW THE GROUNDWATER IS MOVING AROUND, THE GLACIERS ARE MELTING AND SO ON.

BUT WHAT I WANT TO TELL YOU ABOUT IS NOT ABOUT ATOMIC CLOCK.

IT'S ACTUALLY ON ITS CONNECTION TO MEDICAL SCIENCE FROM REALLY UNEXPECTED ANGLE.

THE REASON IS BEING FOR BUILDING ATOMIC CLOCK LIKE THIS.

YOU NEEDED INNOVATIVE TECHNOLOGY OF LASERS.

AND HERE I'M SHOWING YOU A LITTLE BOTTOM OF THE SCREEN, A DIGITAL RAINBOW OF COLOR.

IT LOOKS LIKE A RAINBOW, EXCEPT IT'S MADE OUT OF LASER LIGHT.

AND IF YOU EXPAND THAT RAINBOW, YOU WILL SEE THIS INDIVIDUAL LASER LINES EXTREMELY REGULARLY SPACED, MARCHING ACROSS MILLIONS OF THOSE MARKERS, MARCHING, CROSSING SPECTRUM.

AND WE ACTUALLY USE THIS TO COUNT THE FREQUENCY OF ATOMIC CLOCKS FROM LASER ALL THE WAY DOWN TO MICROWAVE.

AND FOR THIS TECHNOLOGY, DR.

JANE HALL, MY COLLEAGUE, SENIOR COLLEAGUE AT JILA, HE'S NOW SINCE RETIRED, RECEIVED A SHARED NOBEL PRIZE IN 2005.

SO IT'S A VERY FUNDAMENTAL SCIENTIFIC RESEARCH.

BUT BECAUSE WE CAN CREATE THIS DIGITAL RAINBOW OF COLORS OF ELECTROMAGNETIC SPECTRUM, WE CAN ACTUALLY USE THIS FOR SOMETHING VERY SPECIAL.

EVEN BACK IN 2009, AT THE TIME, WE WERE THINKING ALREADY, WELL, IN THE VISIBLE SPECTRUM IS ONLY A SMALL, SMALL WINDOW OF THE ENTIRE ELECTROMAGNETIC SPECTRUM OF THE LIGHT.

WHAT IF WE WERE ABLE TO EXPAND THIS FREQUENCY COMB IN A DIGITAL RAINBOW INTO THE MID AIR, INTO THE EXTREME ULTRAVIOLET, AND.

AND IT TURNS OUT YOU CAN USE THIS TO TURN INTO A MACHINE WHICH YOU CAN SMELL.

YOU CAN USE THIS FOR MEDICAL DIAGNOSIS FOR ENVIRONMENTAL SENSING.

GREG IS GOING TO TALK ABOUT THAT.

SO YOU CAN SEE THIS SLIDE WAS ACTUALLY MADE BACK IN 2010.

BUT THIS WE DIDN'T REALLY MAKE MUCH PROGRESS UNTIL VERY RECENTLY, TRIGGERED BY THE PANDEMIC OF COVID.

WHEN COVID HAPPENED, A NUMBER OF RESEARCHERS FROM NATIONAL ACADEMY OF SCIENCES, FROM AIR FORCE, OFFICE OF SCIENTIFIC RESEARCH AND SO ON, THEY CALLED MY LAB.

THEY SAY, DOCTOR, YOU HAVE BEEN WORKING ON FREQUENCY COMBS FOR A WHILE.

DO YOU THINK YOU CAN DO SOMETHING FOR THE PANDEMIC? AND TO ACTUALLY MEASURE WHETHER ONE IS A POSITIVE OR ONE IS NEGATIVE IN A VERY REAL TIME SORT OF A MANNER? AND THIS WAS BACK IN MARCH OF 2020, AND WE DECIDED, WELL, WE WILL TURN THIS DIGITAL RAINBOW OF COLOR INTO SOMETHING THAT CAN MEASURE PEOPLE'S BREATH.

AND THE BASIC IDEA IS WHEN WE BREATHE IN AND OUT, THERE ARE HUNDREDS OF DIFFERENT MOLECULES COMING OUT.

IF WE BECOME SICK, YOUR BREATH MAY CHANGE.

AND WE KNOW THAT DOGS CAN SMELL WHEN PEOPLE GET SICK.

AND SO THE IDEA WAS, CAN WE TRAIN A DIGITAL DOG THAT WILL BE MILLION TIMES MORE SENSITIVE THAN DOGS NOSE? AND YET WITH MACHINE LEARNING, THAT'S A NEW TECHNOLOGY THAT'S COMING UP.

I WE CAN JUST TRAIN IT TRAIN THE MACHINE SO THAT YOU CAN SMELL EVERYONE.

YOU'RE HEALTHY, YOU'RE STARTING TO BECOME SICK AND SO ON.

[5. Chair of the Board of Regents Report, Jack Kroll]

IMAGINE EVERY DOCTOR'S CLINIC HAS A MACHINE LIKE THAT.

YOU COME IN, THEY MEASURE YOUR FOREHEAD TEMPERATURE, THEY MEASURE YOUR BREATH, AND IN TWO SECONDS LATER WILL TELL YOU MAYBE YOU WANT TO CHECK OUT YOUR LUNG, MAYBE YOU WANT TO CHECK OUT YOUR COPD AND SO ON.

SO THE BASIC IDEA BEING IF YOU CAN VERY SENSITIVE SENSITIVITY MEASURE EVERY SINGLE MOLECULE COMING OUT OF YOUR BREATH, IT WILL TELL ALL THE INFORMATION OF YOUR HEALTH CONDITION.

AND IT'S EASY TO SAY THAT.

BUT DOGS, AFTER ALL, HAD TENS OR HUNDREDS OF THOUSANDS OF YEARS OF EVOLUTIONARY HISTORY.

HERE WE ARE TRAINING A NEW MACHINE IN THE NEXT FEW MONTHS TO MAKE MAKE SURE THAT IT CAN WORK.

[00:15:04]

EVERY SINGLE MOLECULE COMING OUT OF YOUR BREATH AND TURN THAT INTO INFORMATION THAT'S USEFUL.

SO HERE IS AN EXAMPLE.

IF YOU IF I IF I GIVE YOU A PIECE OF A BANANA AND ASK YOU TO EAT IT, THE MACHINE CAN ACTUALLY MEASURE.

YOU CAN SEE ON THE SCREEN, YOU CAN OVER THE NEXT FEW MINUTES, METHANOL FROM YOUR BREATH WILL START TO INCREASE.

AND THIS INCREASE IS VERY, VERY, VERY TINY AMOUNT.

WE ARE TALKING ABOUT 100 PARTS PER BILLION, MEANING 100 MOLECULES OUT OF A BILLION OTHERS.

YOU CAN START TO SEE IT'S RISING UP AND COME DOWN IN THE PRESENCE OF WATER, IN THE PRESENCE OF A METHANE, WHICH ARE HAPPENING AT A 1% LEVEL, AT A 1,000% LEVEL. SO YOU CAN SEE THE IDEA IS OVER THIS HUGE DYNAMIC RANGE.

WE HAVE ALL KINDS OF MOLECULES AND YET I CAN GO IN AND AND DETECT BIOMARKERS WHICH.

MAYBE AT ONE MOLECULE PER BILLION OTHERS, OR EVEN ONE MOLECULE PER TRILLION OTHERS.

IT'S EXCEEDINGLY SENSITIVE AND UNAMBIGUOUS DETECTION.

BUT INDEED, TO TURN THAT INTO PLAYING GROUND AND MEASURING, IF YOU DRINK ALCOHOL, YOU SMOKED OR YOU EAT A PIECE OF A BANANA.

NOW LET'S TURN THIS INTO A REAL MEDICAL DEVICE.

TO DO THAT, YOU REALLY HAVE TO BE VERY SERIOUSLY LOOKING AT ALL KINDS OF MOLECULES IN YOUR BREATH.

AND SO I LISTED SOME SOME EXAMPLES.

IF YOU CAN MEASURE THINGS AT A PARTS PER MILLION, PARTS PER TRILLION, YOU CAN START TO COMBINE THESE DIFFERENT MOLECULES TURNING INTO A DIAGNOSTIC TOOL.

THAT'S THE BASIC CONCEPT.

YOU CAN THINK OF THESE ARE, YOU KNOW, MANY TENS OR HUNDREDS OF CHANNELS OF THESE MOLECULES.

AND THIS IS SUPPOSED TO INDICATE THIS BARCODE IS SUPPOSED TO INDICATE WHEN YOU'RE HEALTHY AND WHEN YOU START TO BECOME SICK, MAYBE A CERTAIN MOLECULE NUMBER GO UP, CERTAIN MOLECULES GO DOWN.

AND THE IDEA IS TO CATCH THAT PATTERN WHEN YOUR HEALTH CONDITION CHANGES IN A VERY SENSITIVE WAY WITH THIS LASER TOOLS THAT WE INVENTED FOR ATOMIC CLOCKS.

SO HOW DO WE TURN THIS HEALTH BARCODE? IN FACT, IT'S ACTUALLY VERY DIFFICULT.

THAT'S THE REASON WHY IN 2009 WE SORT OF TOUCHED ON THIS A LITTLE BIT BY SAYING, OH, WOW, THIS IS A TREMENDOUSLY SENSITIVE WE CAN SEE ALL KINDS OF MOLECULES, BUT WE DIDN'T REALLY CONTINUE UNTIL THE AI TOOL BECOMES AVAILABLE BECAUSE WHEN A TOOL BECOMES AVAILABLE, YOU CAN SEE THAT THIS DIGITAL RAINBOW THAT'S GOT HUNDREDS OF THOUSANDS OF FREQUENCY MARKERS, BUT EACH ONE OF THEM BECOME A DETECTION CHANNEL.

EACH ONE OF THEM IS SEEING THE PRESENCE OF A SPECIFIC MOLECULE.

NOW YOU'VE GOT MANY HUNDREDS OF THOUSANDS OF THOSE CHANNELS.

AND IF I HAVE A MACHINE LEARNING ALGORITHM ACTUALLY TRAIN AND I CAN ASK A DOCTOR TO TELL ME, IS THIS PERSON COVID POSITIVE OR COVID NEGATIVE? AND I CAN COLLECT A 100 STUDENTS BREATH AND TRAIN THE MACHINE.

IF A COVID IF YOU HAVE COVID POSITIVE, YOUR BREATH PATTERN LOOKS LIKE THIS.

IF YOU'RE NEGATIVE, YOUR BREATH PATTERN LOOKS LIKE THAT BASED ON HUNDREDS OF HUNDREDS OF THOUSANDS OF CHANNELS OF MOLECULES.

ONCE IT'S LEARNED, I CAN COLLECT ANOTHER 100 STUDENTS WHO I DON'T KNOW WHETHER THEY ARE COVID POSITIVE OR NEGATIVE.

AND I CAN I CAN MAKE A PREDICTION.

AND THIS IS THE RESULT.

ONCE WE LEARNED WITH MACHINE LEARNING, YOU CAN YOU CAN MAKE A PREDICTIVE POWER.

AND THIS PREDICTIVE POWER STARTED TO DIAGNOSE WHETHER YOU'RE COVID POSITIVE OR NEGATIVE.

IN THIS PARTICULAR CASE, YOU HAVE PROBABLY HAVE HEARD THE TERMS OF FALSE POSITIVE RATE.

YOU WANT THAT TO BE AS LOW AS POSSIBLE.

YOU DO NOT WANT TO IDENTIFY PEOPLE WHO ARE POSITIVE TO BE NEGATIVE AND VICE VERSA.

AND THE OTHER ONE IS CALLED A TRUE POSITIVE RATE.

YOU WANT THIS TO BE AS HIGH AS POSSIBLE.

YOU WANT NOT MISDIAGNOSED ANYONE.

SO IN MEDICAL TERMS, THIS IS SOMETHING I JUST LEARNED FROM PEOPLE.

THAT'S WHY IT'S WONDERFUL TO BE WORKING IN BORDER.

YOU CAN CALL BIOFRONTIERS COLLEAGUES, YOU CAN CALL PEOPLE IN ANXIOUS AND LEARN ABOUT MEDICAL SCIENCE, WHICH I HAVE NO KNOWLEDGE, HAD NO KNOWLEDGE ABOUT.

THIS IS A CURVE CALLED AUC, WHICH MEDICAL SCIENCE PROFESSIONALS USE.

IF YOU GET REACH OF 100%, MEANING YOU HAVE ZERO FALSE POSITIVE RATE, YOU HAVE ONLY 100% TRUE POSITIVE RATE AND THAT'S GREAT.

EVERY COVID POSITIVE PERSON IDENTIFIED, NOT A SINGLE ONE OF THEM WAS MISIDENTIFIED.

BUT THAT'S ACTUALLY VERY DIFFICULT.

AND I WAS TOLD IN MEDICAL SCIENCE THAT THE BEST ONE IS A PREGNANCY TEST, AND THAT'S 95% ACCURATE PCR TEST THAT WE ALL HAVE ALL HEARD ABOUT FOR COVID. IS THAT ONLY 93% ACCURATE? AND THIS TECHNIQUE IS THE FIRST TRIAL BASED ON 200 STUDENTS OF CU-BOULDER CAMPUS USING THIS FREQUENCY COMB TECHNOLOGY ACHIEVED 85% ACCURACY, AND THAT'S CONSIDERED MEDICALLY ALREADY EXCELLENT.

AND SO WHAT I WANTED TO END ON THE MESSAGE IS THE FOLLOWING.

THIS IS THE FREQUENCY COMB SPECTRUM I'M SHOWING ON THE SCREEN.

YOU CAN SEE THAT IT'S GREAT.

I CAN SEE ALL KINDS OF MOLECULES OUT THERE BECAUSE OF MY FREQUENCY COMB.

THIS DIGITAL RAINBOW IS VERY POWERFUL SEEING THESE MOLECULES, BUT THAT'S ONLY JUST A SMALL, TINY WINDOW OF DETECTION.

[00:20:07]

BUT TURNS OUT I CAN EXPAND THIS WAY OUT IF YOU GO FURTHER OUT, ALL THE WAY OUT TO HERE AND WE HAVE JUST RECENTLY DEVELOPED TECHNOLOGIES, YOU'RE GOING TO HEAR A LITTLE BIT MORE FURTHER PROBABLY FROM EVA THAT WE CAN SEE THIS TEN TIMES BROADER RANGE OF THIS FREQUENCY COMB SPECTRUM, SEEING, 100 HUNDREDS OF DIFFERENT MOLECULES VERY, VERY SENSITIVELY.

AND WHERE DO WE END? WELL, WITH THIS WITH THIS INCREDIBLY EXTENDED COVERAGE WITH SO THESE SO MANY MOLECULES AND WITH ENHANCED AI TOOLS, THIS WILL GIVE YOU A MUCH STRONGER PREDICTIVE POWER. SO WE HAVE STARTED A COLLABORATION WITH PEOPLE FROM ANSCHUTZ CHILDREN'S HOSPITAL.

TWO EXAMPLES, ONE.

THE DIRECTOR OF RESEARCH AT CHILDREN'S HOSPITAL IN ANXIOUS LILIOM.

SHE ACTUALLY WANTS US TO START TO LOOK AT CHILDREN'S BREATH TO MEASURE THEIR CHILDREN WHO SUFFER FROM ASTHMA.

COULD COME FROM EITHER BACTERIA OR FROM VIRAL INFECTION.

CAN WE USE BREATH TO TELL THE DIFFERENCE? AND THE OTHER ONE IS COPD.

WE ARE ALSO STARTING A COLLABORATION WITH CLINICIANS TO DO COPD DIAGNOSIS AND I DON'T WANT TO THIS OBVIOUSLY IS UNDER ACTIVE RESEARCH RIGHT NOW TO TRY TO REALLY EXPAND ON THIS INCREDIBLE POTENTIAL.

BUT IF THIS WORKS, IF THIS BREAKTHROUGH WORKS, GOING THROUGH MORE MEDICAL CASES BEYOND COVID, I THINK THIS WILL UNLOCK A TREMENDOUS POTENTIAL.

AND IT'S A QUANTUM SCIENCE.

BUT YOU CAN SAY IT'S REALLY NOT.

IT'S MEDICAL SCIENCE NOW.

AND AND I FEEL VERY EXCITED BECAUSE WE CAN HAVE NEW OPPORTUNITIES TO LEARN ABOUT NEW SCIENTIFIC IMPACT.

THANK YOU VERY MUCH.

WOW, THAT'S GREAT.

[6. University of Colorado President Report, Todd Saliman]

BUT WE WE HAVE THE OPPORTUNITY AND ALSO THE RESPONSIBILITY TO ENSURE THAT SOMETHING AS BREAKTHROUGH AS THE THE FREQUENCY COMB BREATHALYZER THAT JOON IS TALKING ABOUT ACTUALLY GETS INTO THE HANDS OF THE CLINICIANS AND THE PATIENTS WHO NEED IT.

RIGHT. AND IT DOESN'T STAY AS A RESEARCH PROJECT.

SO I'M GOING TO BRING US BACK TO THE VALLEY OF DEATH AND MORE IMPORTANTLY, THE BRIDGE OVER THE VALLEY OF DEATH AND TALK ABOUT A PROGRAM TO DO THAT.

SO THE START UP COMPANIES THAT I INTRODUCED EARLIER, THESE ARE USUALLY CREATED OR FOUNDED BY THE INVENTORS OF THE TECHNOLOGY, THE FACULTY, THE STUDENTS WHO CREATE THAT.

BUT YOU MIGHT BE SURPRISED TO KNOW THAT MOST INNOVATIONS IN TECHNOLOGY IS CREATED AT A UNIVERSITY, DON'T HAVE A RESEARCH TEAM WHO WANT TO START UP, START A COMPANY. SO WHAT HAPPENS TO THOSE? SO WE'VE CREATED THE EMBARK PROGRAM, THE DEEP TECH STARTUP CREATOR, WHERE WE TAKE INNOVATIONS FROM CU BOULDER AND WE PARTNER THEM WITH ENTREPRENEURS IN THE COMMUNITY.

WE TAKE THEM THROUGH A VERY RIGOROUS PROCESS WHERE THEY CAN CONDUCT DILIGENCE ON THE ROSTER OF INNOVATIONS THAT WE'VE DEVELOPED HERE.

WE LET THEM MEET WITH THE RESEARCH TEAMS AND PUT TOGETHER A BUSINESS PLAN AND THEN PITCH IT BACK TO THE UNIVERSITY.

WE'VE JUST RUN THE FIRST COHORT OF EMBARK AND CREATED 50 NEW 15 NEW STARTUP COMPANIES, INCLUDING ONE THAT IS GOING TO BE COMMERCIALIZING THE FREQUENCY COMB TECHNOLOGY THAT THE JUNE JUST INTRODUCED.

AND WE SAW THAT WE WEREN'T THE ONLY ONES EXCITED ABOUT IT.

WE APPRECIATED THIS TWEET FROM YOU, PRESIDENT SOLOMON INTRODUCING THE COMMUNITY TO TO EMBARK.

AND IT JUST SO HAPPENED THAT THAT WE HAD JUNE BEING FEATURED ON THAT.

SO WE THOUGHT WE'D BETTER BRING HIM IN TODAY AND TALK A LITTLE BIT MORE ABOUT HIS ABOUT HIS COMPANY.

SO ONE OF THE ENTREPRENEURS, IN FACT, A SERIAL ENTREPRENEUR FROM THE COMMUNITY WHO PARTICIPATED IN EMBARK IS DR.

EVA YAO, AND SHE IS HERE WITH US TODAY.

SHE'S THE CEO OF FLAIR, WHICH IS THE BRAND NEW COMPANY JUST FORMED TO COMMERCIALIZE THIS BREATH ANALYZER.

SO, EVA, IF YOU COULD COME UP, PLEASE.

OKAY. OH.

AH, THIS ONE THING YOU.

IT WAS POINTING. HI, EVERYONE.

I WOULD LIKE TO TALK TO YOU ABOUT WHY WE SMELL WITH LIGHT.

AND THIS IS THE FUTURE OF SMELLING TECHNOLOGY.

MY NAME IS EVA.

AND LET ME TELL YOU ABOUT FLOREY.

BY THE WAY, FLOREY MEANS TO SMELL IN ESPERANTO.

[00:25:02]

SO LET ME TAKE YOU THROUGH A JOURNEY.

IMAGINE THAT YOU HAVE HAD A PERSISTENT COUGH FOR THE LAST THREE MONTHS AND YOU KNOW THAT IT'S NOT COVID BECAUSE YOU USE THE AT HOME TEST, BUT YOU WEREN'T SURE EXACTLY WHAT IT IS.

SO FINALLY YOU GOT A CHANCE TO TAKE A BREAK FROM WORK AND YOU DECIDE THAT YOU'RE GOING TO THE LOCAL PHARMACY BECAUSE YOU HEARD THAT THEY HAVE A NEW LASER DIAGNOSE MACHINE THAT CAN SMELL DIFFERENT DISEASES.

SO YOU GET THERE AND YOU EXHALE INTO A DEVICE, A MASK THAT'S CONNECTED TO A PRINTER SIZED MACHINE ON THE TABLE, AND SECONDS LATER IT TELLS YOU THAT YOU LIKELY HAVE CHRONIC BRONCHITIS.

SO THE MACHINE ACTUALLY SENDS THE RESULTS TO YOUR DOCTOR'S OFFICE.

MOMENTS LATER, THE PHARMACY RECEIVES A PRESCRIPTION FROM YOUR DOCTOR'S OFFICE SO THAT YOU CAN ACTUALLY START MANAGING YOUR SYMPTOMS RIGHT AWAY. THIS IS WHAT WE ATTEMPT TO DO AT FLOREY TO CREATE THAT LASER DIAGNOSED MACHINE PRINTER SIZED MACHINE ON YOUR TABLE THAT CAN DETECT A LOT OF DISEASES.

SO THIS MACHINE, BASED ON JUNE'S BRILLIANT TECHNOLOGY FROM HIS LAB, IS NONINVASIVE.

IT ONLY TAKES YOUR BREATH AWAY, NOTHING MORE.

IT'S VERY RAPID.

IT TAKES ONLY SECONDS TO DETECT DISEASES AND CONDITIONS.

IT SNIFFS LIKE A DOG NOSE, SO IT SNIFFS UNDER ROOM TEMPERATURE.

IT DOESN'T HAVE TO DO ANYTHING TO HER BREATH SAMPLE SUPER SENSITIVE AND IT CAN DETECT MULTIPLE CONDITIONS AT THE SAME TIME.

SO WHEN I DESCRIBE THIS TECHNOLOGY TO AN E.R.

DOC THAT I KNOW, HE EXCLAIMED REALLY IN THE MIDDLE OF MY CONVERSATION WITH HIM, SKY IS THE LIMIT.

I WOULD LOVE THIS MACHINE IN OUR OFFICE.

SO MY FIRST JOB IN LOOKING AT THIS OPPORTUNITY IS TO REALLY LOOK AT WHAT ARE SOME MARKET OPPORTUNITIES, THINGS THAT WE CAN USE THIS FOR.

SO DIAGNOSTICS MARKET OBVIOUSLY IS THE FIRST THING THAT CAME TO MIND.

AS YOU CAN IMAGINE, GENERAL LUNG DISEASES, CANCER, AUTOIMMUNE DISEASES, NEURODEGENERATIVE DISEASES.

IF THE DOG CAN SMELL, SMELL IT, THEN WE SHOULD PROBABLY GO AFTER THEM.

THERE ARE ALSO OTHER OPPORTUNITIES WHERE YOU CAN USE THIS SYSTEM TO PERFORM A PUBLIC HEALTH AND SAFETY MONITORING TO DETECT ESSENTIALLY ANY KIND OF CHEMICAL AND BIOLOGICAL CONTAMINANTS IN THE AIR.

AND YOU HAVE PROBABLY ALL HEARD ABOUT 23 AND ME.

SO THIS COULD ALSO BE THE EQUIVALENT FOR BREAST ANALYSIS FOR 23 ME TO MONITOR YOUR MICROBIOME HEALTH, FOR EXAMPLE, THROUGH YOUR BREASTS. SO THERE ARE LOTS AND LOTS OF OPPORTUNITIES.

SO THE FIRST POTENTIAL BEACHHEAD MARKET, THE LINGO IS ESSENTIALLY THE FIRST MARKET THAT WE COULD GO AFTER IS COPD, WHICH IS CHRONIC OBSTRUCTIVE PULMONARY DISEASE.

THIS IS A CHRONIC DISEASE.

IT DOES NOT GET BETTER, IT GETS WORSE AND THERE IS NO CURE.

SO THE CURRENT DIAGNOSTICS APPROACHES THAT DOCTORS USE ARE BASED ON PATIENT HISTORY, AND THEN THEY OFTEN WOULD USE A LUNG FUNCTIONING TEST. SO THERE'S ACTUALLY NO PRECISE WAY TO DETERMINE COPD.

AND AS YOU CAN SEE FROM A BUSINESS PERSPECTIVE, WE WANT HUGE, GINORMOUS MARKET.

AND ACCORDING TO A RECENT MARKET REPORT, THE COMBINED COPD AND ASTHMA DIAGNOSTICS AND MONITORING DEVICE MARKET WORLDWIDE IS APPROACHING $7 BILLION IN 2021, AND IT WILL DOUBLE BY 2030.

AND GUESS WHAT? MOST OF THAT IS IN NORTH AMERICA AND IN THE US RIGHT NOW, OVER 12 MILLION AMERICANS LIVE WITH COPD.

AND THERE'S ACTUALLY QUITE A LOT OF UNDERDIAGNOSED GNOSIS AND MISDIAGNOSIS IN THIS AREA.

SO DEVELOPING THAT DIAGNOSTIC TOOL TO HELP MONITOR DISEASE AND DETERMINE DISEASE COURSE CAN BE REALLY FRUITFUL AND HELPFUL FOR THE PATIENTS.

LET ME TELL YOU A LITTLE BIT ABOUT MYSELF RIGHT NOW.

THE FLOWERY TEAM IS ME.

I'M THE FOUNDER CEO.

I'M STILL LOOKING FOR VERY CAPABLE INDIVIDUALS TO HEAD PRODUCT AND PATHOLOGY.

RIGHT NOW, I'M A BUSINESS ADVISOR FOR STARTUPS.

I'M ALSO AN ACTIVE ANGEL INVESTOR.

AND DURING THE PANDEMIC I WAS ACTUALLY THE COO OF A AND SPINOFF IN DIAGNOSTICS.

WE WENT FROM A VIRTUAL TEAM TO $3 MILLION IN A YEAR, IN 14 MONTHS WITH A WITH A FULLY EQUIPPED CLEAR LAB AT

[00:30:05]

SO I BECAME REALLY INTERESTED IN DIAGNOSTICS.

AS YOU CAN SEE, A SUCCESSFUL STARTUP REALLY RELIES ON A GREAT GROUP OF STARTUP ADVISORS.

I WAS ABLE TO RECRUIT THESE INDIVIDUALS AND THEY HAVE INDICATED VERBAL INTEREST DURING EMBARK EMBARK WHEN I WAS INVESTIGATING THIS OPPORTUNITY. LET ME TELL YOU A LITTLE BIT ABOUT THEM.

SO, STAN, HE IS A SERIAL ENTREPRENEUR AND AN INVENTOR.

HE ACTUALLY INVENTED THE PAP TEST, DIAGNOSTIC TEST FOR WOMEN HERE, THE PAP SMEAR TEST.

AND THEN HE FOUNDED CITIC, WHICH WAS SOLD TO HOLOGIC FOR $6 BILLION.

HE ALSO FOUNDED AND WAS THE INITIAL ORIGINAL CEO OF EXACT SCIENCES.

THE COLON GUARD TEST IS FROM EXACT SCIENCES.

THEY HAVE $15 BILLION IN MARKET IN MARKET CAP.

STAN IS ACTUALLY HERE IN COLORADO.

IN FACT, EVERYBODY HERE IS IN COLORADO DAVID.

HE WAS THE CO FOUNDER AND INITIALLY THE CEO OF SOMALOGIC, ANOTHER CO SPIN OFF, VERY FAMOUS HERE IN BOULDER.

HE WAS ALSO THE FOUNDER AND CEO OF BIODISK FLOYD.

HE'S ALSO AN INVENTOR.

HE INVENTED A HPV TEST AND HE SOLD HIS COMPANY, DIOGENE TO CAIJING FOR $1.6, $1.6 BILLION IN 2007, ALL VERY SUCCESSFUL.

AND LAST BUT NOT LEAST, I WAS ABLE TO SECURE THE INTEREST OF A SENIOR DIRECTOR AT NATIONAL JEWISH HEALTH WHO INDICATED A LOT OF INTEREST IN COLLABORATION.

SO I'M VERY EXCITED ABOUT THAT.

SO WE ARE FLURRY.

WE WILL TAKE YOUR BREATH AWAY.

THANK YOU. OKAY.

THANK YOU. TO EVA.

SO NOW, IF YOU'RE LIKE ME, YOU'VE HEARD THE STORY OF THE FREQUENCY COMB.

PROBABLY ABOUT 84 TIMES.

AND I'M STILL LEARNING EACH TIME I HEAR ABOUT IT.

SO WE'RE GOING TO HAVE ANOTHER CHANCE TO TO HEAR ABOUT FREQUENCY COMBS.

SO THIS AGAIN, IS THE NOBEL PRIZE WINNING TECHNOLOGY, FIRST CREATED IN THE 90S HERE AT CU BOULDER.

AND WE'VE HEARD ABOUT ITS APPLICATIONS IN THE BIOMEDICAL SPACE FROM FROM EVA AND FROM JUNE.

AND NOW WE'RE GOING TO HEAR ABOUT IT IN THE ENVIRONMENTAL SENSING SPACE.

SO I'M VERY HAPPY TO INTRODUCE PROFESSOR GREG REKER.

HE'S A PROFESSOR OF MECHANICAL ENGINEERING AT CU BOULDER.

HE'S ALSO THE ENGINEERING DIRECTOR FOR THE THE QUBIT QUANTUM INITIATIVE AND THE CO FOUNDER OF LONGPATH TECHNOLOGIES, HIS STARTUP COMPANY. SO, GREG.

ALL RIGHT. THANK YOU TO BRYN AND THANK YOU TO EVERYONE FOR THE OPPORTUNITY TO BE HERE.

SO I'VE BEEN A PROFESSOR, A FACULTY IN THE MECHANICAL ENGINEERING DEPARTMENT FOR ABOUT A DECADE NOW.

THIS HAS BEEN THE MOST PRODUCTIVE.

IT'S BEEN THE MOST CHALLENGING, IT'S BEEN THE MOST REWARDING TEN YEARS OF MY LIFE.

AND THAT HAS EVERYTHING TO DO WITH THE ACADEMIC FLEXIBILITY AND FREEDOM THAT THE UNIVERSITY HAS GRANTED.

IT'S HAD EVERYTHING TO DO WITH THIS INCREDIBLE INNOVATION ECOSYSTEM THAT HAS REALLY BLOSSOMED UNDER BRYN.

IT'S ONE OF THE TRULY AMAZING THINGS THAT'S HAPPENED DURING MY TIME HERE.

AND THEN IT'S ALSO BECAUSE OF THE INCREDIBLE QUANTUM SCIENCE COMMUNITY THAT LIVES RIGHT HERE.

YOU KNOW, AS JUNE SAID, WITHIN 100M OF THIS BUILDING.

AND SO IT'S TRUE.

I'M GOING TO TALK A LITTLE BIT ABOUT THIS SAME THEME OF THE FREQUENCY COMB.

I'M GOING TO TALK ABOUT THE JOURNEY OF THE LAST TEN YEARS, WHICH HAS TAKEN US ALL THE WAY FROM THE RESEARCH LAB TO A STARTUP THAT'S NOW GROWING LONG PATH TECHNOLOGIES, PROVIDING THIS TYPE OF TECHNOLOGY INTO THE OIL FIELD TO MITIGATE METHANE EMISSIONS.

AND SO CERTAINLY, AS YOU'RE STARTING TO TO UNDERSTAND FROM THESE CONVERSATIONS, ONE OF THE TRULY GREAT INNOVATIONS FROM THE UNIVERSITY OF COLORADO IS THIS FREQUENCY COMB.

IT'S A LASER THAT EMITS A DIGITAL RAINBOW.

AS JUNE SAID, TENS OF THOUSANDS, HUNDREDS OF THOUSANDS OF DISTINCT COLORS OF LIGHT THAT ARE PERFECTLY SPACED LIKE THE TINES ON A COMB.

AND IT HAS AN UNBELIEVABLE NUMBER OF APPLICATIONS.

SO, OF COURSE, THIS WAS THE JAN HALL NOBEL PRIZE IN 2005.

AND IF YOU LOOK AT THOSE PAPERS THERE THAT ARE THE ORIGINAL PAPERS, YOU'RE GOING TO SEE SOME FAMILIAR NAMES LIKE JUNE, LIKE SCOTT DIDDAMS, WHO JUNE AND I JUST BROUGHT BACK TO THE UNIVERSITY OF COLORADO FROM NICE TO JOIN THIS ECOSYSTEM.

AND SO THERE'S MANY APPLICATIONS.

THE ONE THAT I HAD IMPACT IN IS AROUND ATMOSPHERIC SENSING.

SO WHEN I WAS AT NEST BEFORE COMING TO COLORADO UNIVERSITY OF COLORADO IN 2012, WE TOOK THIS KIND OF FLEDGLING TECHNOLOGY AND WE DID THE FIRST PRACTICAL DEMONSTRATION OF SENSING OF GREENHOUSE GASES OVER VERY, VERY LONG DISTANCES.

SO WE THIS IS JUST ACROSS THE ROAD NEST.

[00:35:03]

WE SENT THE LASER LIGHT ABOUT A KILOMETER UP TO THE MOUNTAINTOP AND THEN BOUNCED IT BACK.

AND WHAT WE COULD SEE IS WHEN THE LIGHT RETURNED, THERE WAS ALL OF THESE COLORS OF LIGHT THAT WERE MISSING AND THOSE COLORS OF LIGHT WHICH ARE SHOWN ON THE BOTTOM THERE, THE ABSORBANCE OF THE LASER BEAM AS A FUNCTION OF WAVELENGTH OR COLOR.

THOSE ARE ABSORPTION FROM METHANE, FROM CO TWO, FROM WATER, FROM THIS PLETHORA OF MOLECULES THAT JUNE IS SENSING AND BREATH.

AND WE COULD MEASURE JUST LIKE JUNE DOWN TO SORT OF PARTS PER BILLION LEVELS OF OF METHANE OF CO TWO AND THESE OTHER QUANTITIES.

NOW I CALL THAT THE FIRST PRACTICAL DEMONSTRATION.

IT'S DEFINITELY NOT THE FIRST PRACTICAL APPLICATION, AND THAT'S THE SPECTROMETER ON THE LEFT THAT WE USED.

IT WAS BUILT BY THESE PHYSICISTS OVER MANY, MANY YEARS FOR PERFORMANCE, NOT THINKING SO MUCH ABOUT ROBUSTNESS AND GETTING IT OUT INTO THE FIELD.

SO THIS WAS VERY SENSITIVE TO THE ENVIRONMENT IT WAS IN, DIFFICULT TO OPERATE, VERY EXPENSIVE.

SO WHEN I CAME OVER TO THE UNIVERSITY OF COLORADO AS ONE OF THE FIRST ENGINEERS TO REALLY GET TO WORK WITH THE PHYSICISTS AND THINK ABOUT THIS TECHNOLOGY, WE GOT A LOT OF FUNDING FROM THE DEPARTMENT OF ENERGY, DEPARTMENT OF DEFENSE TO TAKE THAT TECHNOLOGY AND TURN IT INTO SOMETHING REALLY, REALLY ROBUST.

SO WE HAVE A SMALL, AUTONOMOUSLY OPERABLE FRACTION OF THE COST OF THE ORIGINAL SYSTEM VERSION OF THAT SPECTROMETER FOR SENSING OVER THE OPEN ATMOSPHERE.

NOW, THE DEPARTMENT OF ENERGY, THEY PUT ALL OF THIS MONEY INTO THE TECHNOLOGY BECAUSE WE'VE GOT A PROBLEM, RIGHT? METHANE EMISSIONS CONTINUES TO GROW.

THIS IS WHERE WE ARE AT.

I'LL JUST POINT OUT, DURING THE TIME IT TOOK FOR US TO MAKE THIS SYSTEM PORTABLE AND ROBUST, WE GOT ANOTHER 50 PARTS PER BILLION OF METHANE IN OUR ATMOSPHERE AND IT CONTINUES TO GROW SINCE THEN.

THERE'S A LOT OF PLACES THAT THIS METHANE IS COMING FROM.

AT LEAST 20% OF IT IS COMING FROM EMISSIONS FROM THE OIL AND GAS INDUSTRY.

THE REASON IS BECAUSE THIS IS A BIG IT'S A HARD PROBLEM TO HANDLE.

THERE'S A MILLION PLUS ACTIVE WELLS IN THE UNITED STATES ALONE.

THAT PICTURE ON THE RIGHT IS THE PERMIAN BASIN IN TEXAS.

EACH OF THOSE LITTLE SQUARES IS WHAT YOU SEE ON THE LEFT THERE.

IT'S A FACILITY WITH LOTS OF TANKS, SEPARATORS FLARES, ALL OF THIS DIFFERENT EQUIPMENT THAT'S USED TO EXTRACT THE OIL AND GAS, THOUSANDS OF LITTLE LEAK POINTS, VALVES TO GET STUCK OPEN, THINGS LIKE THAT.

AND UP UNTIL A FEW YEARS AGO, WHAT YOU SEE THERE WITH A PERSON AND A CAMERA IS THE ONLY WAY THAT WAS POSSIBLE TO GO OUT AND FIND LEAKS ON THIS VAST INFRASTRUCTURE.

SO IT WASN'T WORKING AND IT WAS INCREDIBLY EXPENSIVE.

SO WE TOOK THIS SYSTEM THAT COULD SENSE DOWN TO A PART PER BILLION OF METHANE.

WE SET IT UP NORTH OF BOULDER, ABOUT EIGHT MILES AND ABOUT A MILE AWAY FROM OUR SYSTEM.

WE PLACED A TINY LITTLE LEAK OF METHANE AND WE BRACKETED THAT LEAK OF METHANE WITH A COUPLE OF LASER BEAMS. AND WHAT WE FOUND IS IF THE WIND IS KIND OF BLOWING ACROSS THOSE BEAMS. YOU SEE THIS TINY ENHANCEMENT DOWNWIND OF THE THE TO THE DOWNWIND LASER BEAM, THIS BRACKETING, THIS AND THAT TINY ENHANCEMENT WHICH COMES ABOUT WHEN THE LEAK IS ON AND GOES AWAY, WHEN THE LEAK IS OFF, IS A FEW PARTS PER BILLION.

AND IT INDICATES THAT THERE'S A LEAK IN BETWEEN THESE BEAMS. AND IN FACT, WE CAN QUANTIFY DOWN TO A FEW, YOU KNOW, KF CUBIC FEET PER HOUR, ABOUT A QUARTER OF YOUR BREATHING RATE RIGHT NOW.

WHAT THE LEAK SIZE WAS OUT THERE.

THIS IS ONLY POSSIBLE BECAUSE OF THE EXTREME PRECISION OF THESE DUAL FREQUENCY COMBS.

SO WE HAD THE IDEA LET'S GO OUT INTO EASTERN COLORADO AND THAT'S WHERE THIS IMAGE IS FROM.

AND WITHIN JUST A FIVE KILOMETER, ABOUT A THREE MILE RANGE, EACH OF THOSE YELLOW DOTS IS ANOTHER ONE OF THOSE OIL AND GAS PRODUCTION FACILITIES.

SO IF WE COULD PUT THIS SYSTEM ON A TOWER, IF WE COULD SENSE THAT WHOLE REGION WITH A SINGLE SYSTEM AND IDENTIFY SPECIFIC LEAKS AROUND THERE AND, YOU KNOW, THE COST PER SITE TO DO THAT MONITORING GOES WAY DOWN BECAUSE WE'RE USING ONE INSTRUMENT.

AND SO IF IT'S THAT LOW COST, WE COULD POTENTIALLY LEAVE THAT SYSTEM AND MONITOR ALL OF THE TIME.

SO WE CONVINCED THE DEPARTMENT OF ENERGY A FEW OIL AND GAS COMPANIES TO LET US TRY THIS.

WE BUILT THREE SYSTEMS. WE PUT THEM OUT INTO THE DIFFERENT GEOGRAPHIES, DIFFERENT OIL AND GAS BASINS, SET THEM UP TO MONITOR 20 SQUARE MILE REGIONS AROUND THEM.

AND WHAT WE FOUND WAS REALLY INTERESTING.

MANY OF THESE OIL AND GAS FACILITIES ON A DAY TO DAY BASIS PERFORM QUITE WELL.

IT'S PRETTY QUIET, BUT EACH FACILITY, ON AVERAGE A FEW TIMES A YEAR HAS A FAIRLY LARGE EVENT.

A VALVE GETS STUCK, A HATCH GETS LEFT OPEN WHEN A WORKER GOES BY.

AND THOSE FEW SIGNIFICANT EVENTS, JUST THE GAS LOST, IF YOU FIND IT, YOU KNOW, RIGHT AWAY VERSUS SIX MONTHS FROM NOW, WHEN THE NEXT PERSON COMES BY WITH A CAMERA, PAYS FOR JUST THIS MONITORING COST OVER, PAYS FOR WHAT THIS MONITORING COST IS.

BUT MORE IMPORTANTLY, EACH OF THESE SYSTEMS THAT WE PUT OUT MITIGATED ON AVERAGE ABOUT 83,000,000 CUBIC FEET OF METHANE EMISSIONS PER YEAR.

SO WE'RE NOT TALKING ABOUT SMALL LEAKS IN THIS LARGE REGION.

SO FROM THERE, WE REALLY WANTED TO GET OUT AND MAKE IMPACT, TRY TO BEND THAT METHANE CURVE IF WE COULD.

[00:40:06]

IT WAS IT WAS AN EA FUNDED PROJECT THAT WE THEN FOLLOWED ON WITH ABOUT $35 MILLION WORTH OF PRIVATE INVESTMENT FROM DIFFERENT COMPANIES AND INVESTORS TO CREATE LONG PATH TECHNOLOGIES.

WE'VE GROWN THIS NOW TO 47 EMPLOYEES AND GROWING FAST.

IT'S RIGHT HERE, ABOUT FIVE MILES FROM WHERE WE ARE RIGHT NOW.

IT HAS 21 MAJOR OIL AND GAS COMPANIES, INCLUDING EXXON PIONEER, CHEVRON.

MANY OF THE NAMES, YOU KNOW, 750 SQUARE MILE AREA THAT'S BEING MONITORED OF INFRASTRUCTURE WITH THIS NETWORK.

AND SO WE CONTINUE TO GROW THIS TECHNOLOGY.

IT'S REALLY BEEN AN EXCITING RIDE, I THINK, OVER THIS LAST TEN YEARS.

AND SO JUNE AND I AND SEVERAL OTHERS IN THIS QUANTUM COMMUNITY, WE SAID, OKAY, THIS IS A NEAT KIND OF PATH THAT THAT WE WERE ABLE TO FOLLOW.

SO I GO BACK TO THAT PATHWAY TO IMPACT FROM SCIENCE TO ENGINEERING TO TRANSLATION.

AN AND WE SAID, CAN WE MAKE THIS PATHWAY INTO A HIGHWAY? AND SO WHAT WE'VE BEEN WORKING ON THIS LAST FEW YEARS WITH SUPPORT FROM THE MASSIMO ROSSINI, DEANS IN THE COLLEGE OF ENGINEERING AND ARTS AND SCIENCES, IS TO BUILD THIS QUANTUM ENGINEERING INITIATIVE WHERE WE BUILD WORKFORCE THROUGH EDUCATION, WHERE WE INCREASE OUR RESEARCH COLLABORATION IN A WAY I'LL TALK ABOUT IN A MOMENT, AND WE START TO PULL IN ALL OF THESE EXCITING PROGRAMS THAT BRIN HAS AND GIVE THEM THAT KIND OF TOUCH POINT WITH THE QUANTUM COMMUNITY THAT CAN CREATE MORE LONG PATHS.

AND SO WE HAVE A SUCCESSFUL MODEL FOR THIS JUNE.

AS PART OF THAT MODEL, IT'S JILA.

IT CONNECTS. IT'S THE JOINT INSTITUTE THAT CONNECTS NYSED WITH THE COLLEGE OF ARTS AND SCIENCES.

OUR PLAN AND WHAT WE'RE WORKING ON HERE IS REFRESHING.

THAT SUCCESSFUL MODEL BETWEEN NYSED AND THE COLLEGE OF ENGINEERING WITH THIS QUANTUM ENGINEERING INITIATIVE.

AND SO IT'S VERY ENGINEERING MINDED TRANSLATION IN MIND, CLOSE CONNECTIONS TO THE WORK THAT BRIN IS DOING.

WE'VE GOT OUR FIRST SETS OF FACULTY THAT ARE JOINING INTO THE INITIATIVE, FIRST LAB SPACE, FIRST SEED FUNDING TO GET THIS GOING.

AND SO I'M HOPEFUL THAT IN FIVE YEARS, TEN YEARS FROM NOW, THERE WILL BE A LINE BEHIND ME OF PEOPLE TO TELL MORE LONG PATH STORIES AS WE GO. SO THANKS FOR THE OPPORTUNITY TO COME AND TALK ABOUT THIS LAST TEN YEARS.

THEY'VE BEEN TRULY WONDERFUL, THANKS TO THE UNIVERSITY.

SO THANK YOU.

SO THAT IS ACTUALLY THE CONCLUSION OF OUR PRESENTATIONS THIS MORNING.

I JUST WANT TO THANK YOU ALL AGAIN FOR THE OPPORTUNITY.

THANK YOU TO THE CHANCELLOR FOR BEING ABLE TO TELL YOU ABOUT THE MACRO RIGHT, THE SUCCESS OF THE UNIVERSITY IN CREATING THESE STARTUPS, BUT ALSO THE MICRO OF THE INDIVIDUAL STORIES OF THE TYPES OF INNOVATIONS WHERE THEY ARE NOW IN THE COMMUNITY, THE ECONOMIC DEVELOPMENT AS WELL, AND OF COURSE THE SUB MICRO, THE QUANTUM.

SO THANKS VERY MUCH.

WE'D BE REALLY HAPPY TO TAKE ANY QUESTIONS, BUT I WILL LEAN ON MY MY COLLEAGUES TO HELP ME OUT WITH THAT.

YES, PLEASE BRING THEM UP BECAUSE I IMAGINE THERE MIGHT BE QUESTIONS.

I WILL JUST START WITH A COMMENT.

I MEASURE METHANE EMISSIONS FROM NATURAL WETLANDS AND THE AMAZON AND VENEZUELA AND CONSTRUCTED WETLANDS AND SO FORTH.

AND I WOULD HAVE TO GO OUT AND COLLECT THE SAMPLES AND BRING THEM BACK TO THE LAB AND MEASURE THEM ON MY GAS CHROMATOGRAPH.

SO I KNEW THIS SORT OF TECHNOLOGY WAS COMING.

AND I THINK IT'S SUPER EXCITING WITH THE LONG PATH AS WELL AS THE BREATHALYZER.

SO REALLY SUPER INTERESTING TO HEAR ALL THIS TODAY.

SO YES.

REGENT MCNULTY THANK YOU, MADAM CHAIR.

I'M NOT SMART ENOUGH TO ASK YOU ANY QUESTIONS, BUT I WOULD LIKE TO THANK YOU FOR THE WORK THAT YOU'RE DOING.

WE GO FROM CAMPUS TO CAMPUS AND WE HAVE THESE PRESENTATIONS.

AND MADAM CHAIR, THANK YOU.

THANK YOU FOR MAKING TIME ON OUR AGENDA FOR THESE TYPES OF PRESENTATIONS BECAUSE IT CONNECTS US WITH THE WORK THAT'S GOING ON ON EACH CAMPUS AT OUR UNIVERSITY.

[E. 1:45 p.m. GOVERNANCE LEADERS REPORTS]

THANK YOU FOR PUTTING IT IN TERMS THAT WE CAN UNDERSTAND.

I WAS JUST TALKING WITH MY COLLEAGUE HERE ABOUT HOW WE APPRECIATE THE GRAPHICS THAT YOU GUYS PUT TOGETHER THAT SHOW US IN PICTURES WHAT YOU'RE DOING, BECAUSE SOMETIMES WE GET LOST IN THE WORDS, BUT VERY PLEASED WITH IT.

AND PLEASE KEEP IT UP.

AND THANK YOU FOR TAKING YOUR TIME TO BE HERE TODAY TO TALK TO US ABOUT THE GOOD THINGS THAT YOU'RE DOING.

THANK YOU, MADAM CHAIR. YOU'RE WELCOME.

AND REGENT RENNISON.

THANK YOU. I'M JUST CURIOUS IF YOU HAVE A TIMELINE, SAY, IN TERMS OF SOME OF THESE OBVIOUSLY THE METHANE MEASURING IS HAPPENING, BUT THE BREATHALYZER TYPE STUFF, IS THERE A TIMELINE WHEN THIS SCENARIO YOU TALK ABOUT IS GOING TO BE IN THE LOCAL PHARMACY? YES. SO THE ROADMAP OF THE STARTUP IS ALWAYS A GUESSING GAME.

[00:45:06]

SO WE ANTICIPATE TO MINIATURIZE THE HARDWARE.

SO THE PRINTER SIZE MACHINE GOING FROM JUNE'S OPTICAL TABLE, WHICH IS THE SIZE OF A PING PONG TABLE, SHRINK IT DOWN TO A PACKAGED PRINTER SIZED MACHINE.

WE ANTICIPATE THAT WILL HAPPEN IN FIVE YEARS BECAUSE THERE'S A LOT OF DEVELOPMENT GOING ON IN THE PHOTONICS INDUSTRY AND IN THE QUANTUM INDUSTRY.

SO WE'RE RIDING THAT WAVE AND HOPEFULLY THAT COST WILL COME DOWN AS WELL.

I'M ANTICIPATING THAT IN SEVEN YEARS WE WILL LAUNCH THE PRODUCT.

SO AS WE WERE MINIATURIZING THE HARDWARE, WE'RE ALSO LOOKING AT ON THE PATHOLOGY ON THE DIAGNOSTIC SIDE, WE NEED TO GO THROUGH REGULATION, THE FDA, FDA APPROVAL PROCESS.

SO A LOT OF THINGS NEEDS TO HAPPEN THERE AND WE NEED TO DO BIOMARKER STUDY, CLINICAL VALIDATION AND THEN ULTIMATELY SUBMIT TO FDA FOR APPROVAL. AND BECAUSE OF COVID, BECAUSE OF PANDEMIC, THERE'S ACTUALLY ANTICIPATION ON THE SIDE OF FDA THAT THERE WILL BE MORE POINT OF CARE.

WE CALL IT POC DEVICES LIKE THIS COMING ONTO THE MARKET.

SO WE'RE ALSO, IN MY MIND, BENEFITING FROM THAT AS WELL.

SO IT'S A 5 TO 7 AND POTENTIALLY BECAUSE IT'S A STARTUP UP TO TEN YEARS TIMELINE, HOPEFULLY SHORTER.

OKAY. DO YOU HAVE A FOLLOW UP? IT'S NOT A FOLLOW UP. IT'S A WHOLE DIFFERENT QUESTION.

OKAY. SO REGENT GALLEGOS.

YEAH. I AM CURIOUS ABOUT THE COMPETITION.

THE UNIVERSITY OF COLORADO IS CERTAINLY LOOKING FOR STARTUPS AND TO SUPPORT THEM AND AND TRY TO GET THEM ON THE MARKET.

BUT IT FEELS TO ME LIKE THERE'S A LOT OF COMPETITION FOR STARTUPS AND FOR DIFFERENT IDEAS AND THERE'S MONEY AVAILABLE OUT THERE.

SO DO YOU FIND THAT YOU'RE IN A REAL COMPETITIVE SITUATION? YEAH, I CAN SPEAK TO THAT GENERALLY.

AND THEN AND THEN MAYBE IT WOULD BE GREG.

IT'D BE GREAT TO GET YOUR THOUGHTS AS SOMEBODY WHO'S ON THAT SIDE, AS SOMEBODY WHO'S ACTUALLY RAISING CAPITAL.

SO THERE IS COMPETITION.

I THINK IT'S SOMETHING FREQUENTLY TALKED ABOUT THAT EVEN A MAJORITY OF STARTUP COMPANIES FAIL, RIGHT? I WOULD SAY THAT UNIVERSITY STARTUPS TEND TO HAVE A HIGHER VIABILITY BECAUSE THEY'RE ABLE TO BE BUTTRESSED BY THIS FEDERAL FUNDING AND INNOVATION THAT'S BEHIND THEM.

BUT IT IS A VERY COMPETITIVE ENVIRONMENT.

AND SO AS A STARTUP ENTREPRENEUR, YOU KNOW, QUALITIES LIKE GRIT AND HUSTLE ARE OFTEN VALORIZED BECAUSE IT'S A HARD THING TO DO.

IT'S THERE'S COMPETITION FOR TALENT, RIGHT? THERE'S COMPETITION FOR INVESTMENT CAPITAL AND THERE'S COMPETITION, OF COURSE, AMONG THESE THESE COMPANIES OCCUPYING THE SAME MARKET.

NOW, FROM THE POINT OF VIEW OF THE INVESTOR, I THINK THAT'S A GOOD THING.

IT'S GOOD BECAUSE THIS IS A NATURAL SELECTION PROCESS AND THERE'S NOT ENOUGH CAPITAL FOR ALL THE COMPANIES TO GET FUNDED.

AND THAT'S A GOOD THING BECAUSE ONLY THE VERY BEST WILL GO FORWARD.

NOW THAT'S THE INVESTOR PERSPECTIVE.

MAYBE ON THE STARTUP FOUNDER PERSPECTIVE AS THEY'D LIKE TO HAVE A LITTLE MORE.

AND SO WE'RE ACTIVELY TRYING TO MAKE PARTNERSHIPS WITH INVESTORS ON THE COAST, AS I MENTIONED EARLIER, AND BOTH CU BOULDER AND CU ANSCHUTZ NOW HAVE THEIR OWN AFFILIATED VENTURE CAPITAL FUNDS THAT CAN PARTICIPATE AS WELL.

SO GREG, DO YOU WANT TO ADD ANYTHING? YEAH. SO CERTAINLY THERE'S A LOT OF COMPETITION AND WHENEVER THERE'S A BIG MARKET, THERE'S GOING TO BE MANY, MANY COMPANIES TRYING TO ATTACK THAT MARKET.

SO I WOULD SAY IN THE METHANE MONITORING SPACE, WE'RE PROBABLY HAVE ABOUT 30 COMPETITORS WORKING IN THAT SPACE.

THE TRICK IS COMING FROM THE UNIVERSITY OF COLORADO, COMING FROM A LONG LINE OF DEVELOPMENT.

I APPRECIATE THAT EVA GAVE A LONGER TIMELINE.

IT'S ALWAYS, YOU KNOW, TEMPTING TO SAY WE'RE GOING TO HAVE IT IN THREE YEARS.

THE TRUTH IS, I MEAN, IT TOOK US A DECADE TO KIND OF ROUND THIS TECHNOLOGY.

BUT WHAT MAKES LONGPATH AND A HANDFUL OF OUR OTHER, I WOULD SAY COMPETITORS, BUT THIS IS THE OTHER COMPANIES THAT TYPICALLY ROUND OUT THE PORTFOLIO OF METHANE MONITORING. THERE ARE ABOUT FIVE OF US THAT ARE GROUNDED IN REALLY SOLID TECHNOLOGY, AND LONGPATH IS ONE OF THOSE.

I THINK WE HAVE A PORTFOLIO OF MAYBE 15 PATENTS THROUGH THE UNIVERSITY OF COLORADO.

WHEN THAT COMES INTO OUR COMPANY, WHEN WE GO TO RAISE FUNDS, IT'S A MASSIVE DIFFERENTIATOR.

AND THEN THE OTHER THING I'LL SAY IS THAT BRIN IS STRUCTURED, THE VENTURE PARTNERS, TO HAVE A VERY, VERY STRAIGHTFORWARD, EASY LICENSING PROCESS.

AND SO A LOT OF, YOU KNOW, THE VENTURE CAPITALISTS AND SERIES A INVESTORS THAT CAME TO LONGPATH, THEY SAID, OKAY, UNIVERSITY TECHNOLOGY, THIS LICENSING IS ALWAYS HARD. AND I SAID, YOU SHOULD TALK TO BRIN BEFORE YOU THINK THAT BECAUSE UNIVERSITY OF COLORADO IS DIFFERENT, VERY, VERY STRAIGHTFORWARD PROCESS.

AND SO I THINK WE DID OUR LICENSE IN WEEKS.

[00:50:04]

AND THE INVESTORS ALL SAID THAT WAS UNBELIEVABLE.

SO SO ANYWAY, WHEN IT COMES TO COMPETITION, PATENTS, SOLID TECHNOLOGY AND A AND A WORKING VENTURE PARTNERS OFFICE AT SOME POINT LATER, NOT TODAY. I'D LIKE TO SEE HOW THIS IS FUNDED AND WHEN THINGS COME BACK TO THE UNIVERSITY, HOW THE UNIVERSITY PROFITS FROM THAT AS WELL.

I'D LIKE TO SEE THAT AT SOME TIME.

OKAY, GREAT. REGENT MONTARA, THANK YOU SO MUCH FOR THE RESEARCH YOU'RE DOING AND THE BREADTH OF THE RESEARCH IS PHENOMENAL.

THE APPLICATION IS PRETTY ASTOUNDING.

I'M JUST CURIOUS, IN THE METHANE DETECTION ONCE IDENTIFIED, HOW CORRECTABLE ARE THOSE LEAKS AND HOW OPEN ARE THOSE COMPANIES TO CORRECTING THOSE LEAKS? YEAH, SO THAT'S A WONDERFUL QUESTION.

SO THERE IS SOME RETICENCE, RIGHT? ESPECIALLY A QUANTITATIVE TECHNOLOGY THAT KNOWS HOW BIG THE LEAKS ARE, WHICH IS KNOWN FOR THE FIRST TIME NOW.

SO THERE WAS A RECENT BLOOMBERG RELEASED OF WHICH LONGPATH WAS PART OF ON A COMPANY, LITTLE OIL COMPANY CALLED TRIPLE CROWN RESOURCES IN TEXAS.

THEY PUT UP A LONG PATH SYSTEM.

THEIR ESTIMATE BASED ON SORT OF THE EPA GUIDELINES OF TOTALING UP EVERY VALVE AND WHAT ITS EMISSIONS WERE THAT WAS THAT THEY WERE LEAKING ABOUT 0.3% OF THEIR METHANE.

AND I CAN SAY THIS PUBLICLY BECAUSE THEY'VE DONE IT THROUGH A BLOOMBERG VIDEO, THEIR ACTUAL EMISSIONS WAS ABOUT 3% OF THE METHANE THAT WAS TRAVELING THROUGH THEIR SYSTEM.

AND SO AS HE SAYS, IT'S A NO BRAINER.

THEY BROUGHT THAT 3% DOWN TO ACTUALLY 0.3%.

AND THERE'S A RETURN ON INVESTMENT TO DO THIS.

EXACTLY. AND SO IT'S IT'S TAKING TIME FOR THE FOR THE INDUSTRY TO KIND OF GET OUT THERE, RECOGNIZE THE MAGNITUDE OF THE PROBLEM AND ALSO TO FIGURE OUT HOW TO MAKE THIS EFFICIENT, TO BUILD IT INTO THEIR WORK PRACTICE BECAUSE IT'S A MASSIVE DISTRIBUTED NETWORK AND IT TAKES A WHILE TO GO OUT AND FIND AND FIX THESE LEAKS.

SO BEING VERY, VERY CAREFUL ABOUT WHEN YOU ALERT AND WHEN YOU DON'T, THEY DON'T LOVE AN ALERT ON SUNDAY.

SO WE ALERT ON MONDAYS.

YEAH. SO THANK YOU.

REGENT. SPIEGEL. GREAT.

THANK, THANK YOU SO MUCH.

AND I'VE BEEN REALLY TRYING TO THINK ABOUT A QUESTION THAT DOESN'T COMPLETELY SHOW MY IGNORANCE OR LACK OF KNOWLEDGE BECAUSE IT'S JUST ABSOLUTELY AMAZING THE WORK YOU'RE DOING. SO A COUPLE QUESTIONS.

ONE IS TO FOLLOW UP ON THAT QUESTION.

YOU KNOW, SO THEN THERE'S THE POTENTIAL FOR THE TECHNOLOGY ABOUT, WELL, HOW DO YOU HOW DO YOU CAPTURE IT? RIGHT? CREATE DEVICES THAT CAPTURE THE METHANE.

SO, YOU KNOW, THERE'S A LEAK.

AND NOW AND I KNOW I DON'T KNOW IF THAT'S SOMETHING THAT THE QUANTUM WORK IF ANY OF YOUR LABS ARE DOING.

BUT THEN THE OTHER ONE AND I DON'T KNOW IF THIS IS HAPPENING IN ANY OF THE QUANTUM LABS OR IN OTHER PLACES.

AND YOU WERE TALKING ABOUT THE COASTS.

I KNOW THERE'S, YOU KNOW, SOME RESEARCH INNOVATION GOING ON IN OTHER AREAS OF ENERGY DEVELOPMENT, YOU KNOW, IN PARTICULAR THIRD AND FOURTH GENERATION NUCLEAR ENERGY. AND HOW DO YOU, YOU KNOW, THINK ABOUT FLORIDA AND SHRINKING THESE PRODUCTS? HOW DO YOU HOW DO YOU SHRINK THE PRODUCTION OF THAT ENERGY TO PERHAPS POWER AUTOMOBILES OR OR STOVES OR, YOU KNOW, DIFFERENT SOURCES OF ENERGY? AND IS THAT SOMETHING THAT'S GOING ON IN ANY OF OUR INNOVATION LABS, WHETHER IT'S THROUGH THE QUANTUM WORK OR IN OTHER PLACES? SO ONE SPECIFIC TO THE KIND OF METHANE ONE.

AND THEN WHAT ELSE ARE WE WORKING ON? SURE. SO I'LL TAKE THE QUANTUM ONE OR EXCUSE ME, THE METHANE ONE.

SO THE YOU KNOW, A LOT OF THE EMISSIONS THAT WE SEE ARE OUT THERE ARE NOT NOT PLANNED OR NOT.

THAT'S NOT WHAT THEY WANT. SO IT MIGHT BE, YOU KNOW, AGAIN, SOMEBODY COMES BY TO EMPTY A TANK OF OIL OR WATER, PRODUCE WATER FROM THE WELLS AND THEY LEAVE THE HATCH OPEN AND THEN GASES GET VENTED INTO THOSE TANKS AND COME RIGHT OUT.

SO IT'S THINGS LIKE THAT THAT ARE THERE ARE A LOT OF WHAT WE SEE.

SO THERE'S A LOT OF TECHNOLOGY BEING DEVELOPED TO TRY TO IMPROVE THE OIL FIELD.

BUT YOU CAN IMAGINE I'VE GOT A MILLION WELLS OUT THERE THAT ARE ALREADY BUILT AT THE COST OF EACH ONE, ABOUT $6 MILLION.

SO YOU DO THE MATH.

IT'S MASSIVE. SO TO GO OUT AND JUST REPLACE ALL OF THAT EQUIPMENT, FAR MORE EXPENSIVE THAN JUST SETTING A MONITOR OUT AND SAYING, OKAY, LET'S LET'S REPLACE IT WHEN SOMETHING GOES WRONG. ACTUALLY, I'M JUST GOING TO WRAP UP A COUPLE OF THOSE QUESTIONS TOGETHER IN TERMS OF THE DIRECT RESEARCH ON ENERGY. RIGHT NOW, I WOULD SAY NOT REALLY.

YOU KNOW, IN SOME AMONG SOME OF THE QUANTUM RESEARCHERS I KNOW OF, HOWEVER, YOU PROBABLY HAVE HEARD THE TREMENDOUS COMPETITION GOING ON RIGHT NOW ON QUANTUM COMPUTERS, BECAUSE IF A QUANTUM COMPUTER BECOMES A REALITY, THERE WILL BE TRANSFORMATIONAL FOR THE SOCIETY IMPACT, INCLUDING DESIGNING A NEW DRUGS OR DESIGNING MUCH MORE IMPACTFUL OR ENERGY EFFICIENT DEVICES.

AND AND THERE WAS AN EARLIER QUESTION ABOUT COMPETITION.

AND I WANT TO JUST GREG GAVE A GREAT ANSWER TO THAT.

I WANT TO EXPAND THIS A LITTLE BIT.

KNOW THE COMPETITION IS NOT JUST ABOUT THE REASON WHY CU BOULDER HAS BEEN SO SUCCESSFUL THANKS TO BRING AND MANY OTHERS HERE, BUT IT'S ALSO BECAUSE LEOPOLD HAS A TREMENDOUS

[00:55:06]

THERE IS NO QUESTION THAT MANY OTHER RESEARCH UNIVERSITIES SEES BOULDER AS A IF BOULDER CAN DO THAT, WHY CAN'T WE WHY CAN'T WE DO THAT? AND BUILDING A BETTER PARTNERSHIP WITH NEST AND SO ON.

SO JUST TO GIVE YOU ONE EXAMPLE, QUANTUM COMPUTER, THERE'S A HUGE AMOUNT OF COMPETITION.

DIFFERENT REGIONS WANT TO ATTRACT THE BEST QUANTUM COMPUTER COMPANIES THERE.

AND ONE OF MY FORMER STUDENTS WHO BUILDS ATOMIC CLOCKS ACTUALLY FOUNDED A COMPANY, AND HE IS A PHD STUDENT FROM BOULDER CALLED THE ATOM COMPUTING.

WHEN HE STARTED, HE BUILT IN THE BAY AREA BECAUSE THEY GAVE HIM TREMENDOUS OPPORTUNITIES AND FUNDINGS AND SO ON.

BUT IN THE END, HE DECIDED TO ACTUALLY MOVE A BIGGER BRANCH HERE IN BOULDER.

IN BOULDER. WHY? BECAUSE THERE ARE SO MANY TALENTS COMING OUT OF BOULDER AND HE WANTS TO ATTRACT THEM.

AND THIS IS EXACTLY THE SAME THING.

SORRY, HONEYWELL BUILD A CONTINUUM.

AND ONE OF NOT LEADING QUANTUM COMPUTER COMPANIES IN BROOMFIELD RIGHT NEXT DOOR TO BOULDER, AGAIN WAS TO ATTRACT THESE BEST MINDS OR TALENTS COMING OUT OF CU BOULDER. SO I JUST WANT TO GIVE THE ANSWER THAT ON BROAD SCOPE, THIS IS A TREMENDOUSLY IMPORTANT FOR CU BOULDER OR GENERAL SYSTEM.

SORRY TO MAINTAIN RESEARCH COMPETITIVENESS AT THE AT THE VERY BEST LEVEL AND THAT WILL JUST GIVE INNOVATIONS A MAJOR FOUNDATION TO DO THAT. AND OF COURSE, AS A LARGER CONTEXT.

WHILE TODAY WE'RE FOCUSED ON QUANTUM, THE STARTUPS AND INNOVATION AT THE UNIVERSITY ABSOLUTELY REFLECT THAT BREADTH OF EXPERTISE THAT JUNE IS TALKING ABOUT ACROSS THE RESEARCH ACROSS THE CAMPUS.

AND SO ADVANCED ENERGY AND ALTERNATIVE ENERGY IS ABSOLUTELY A PART OF THAT.

I'LL JUST GIVE YOU TWO QUICK EXAMPLES.

SO ONE IS IN HYDROGEN FUELS, RIGHT? SO THE PRODUCTION OF HYDROGEN CAN ACTUALLY OFTEN CREATE GREENHOUSE GAS EMISSIONS THAT ALMOST OFFSET THE THE ADVANTAGES OF USING HYDROGEN OVER PETROCHEMICALS.

SO ONE OF ONE OF THE STARTUP COMPANIES WE HAVE IS CALLED OMC HYDROGEN THAT PRODUCES A SO CALLED GREEN HYDROGEN THAT DOESN'T HAVE THAT ENVIRONMENTAL IMPACT.

AND THEN ANOTHER, MUCH MORE TANGIBLE IMPACT IS JUST DOWN THE ROAD IN LEWISVILLE.

THERE'S A COMPANY CALLED SOLID POWER.

IT'S PRODUCING THE ELECTRIC VEHICLE BATTERIES FOR FORD AND FOR BMW THAT HAVE DOUBLE THE RUNTIME OF WHAT'S ON THE MARKET.

THAT COMPANY CAME OUT OF MECHANICAL ENGINEERING AT BOULDER.

WHAT I HAD A QUICK QUESTION.

SO AS WE TALK ABOUT COMPETITION AND AND STAYING IN THE GAME, SO WE ARE SO WE WERE ONE OF THE WE ARE ONE OF THE LEADERS IN THE COUNTRY AND THE WORLD IN THIS AREA OF SCIENCE AND TRANSLATIONAL WORK, LIKE YOU SHARED WITH US, IS, YOU KNOW, WE'RE FIFTH IN THE COUNTRY.

SO THERE ARE LOTS OF FOLKS NIPPING AT OUR HEELS AND SOME WHO HAVE ACTUALLY EVEN, YOU KNOW, PULLED AHEAD A LITTLE BIT.

WHAT WHAT DOES IT TAKE FOR US TO TO AND WHAT'S THE TIMING IN TERMS OF OF INVESTMENT FOR FOR US TO BE NOT JUST THE LEADER, THE THE LEADER IN THE COUNTRY AND IN THE WORLD IN THIS SECTOR? WHAT WHAT WHAT DO WE NEED TO DO AS A STATE AND WHEN DO WE NEED TO DO IT? AND JUNE OR MASSIMO AND AND THANKS TO MASSIMO WHO'S SITTING BACK THERE IN JUNE FOR YOUR FOR YOUR LEADERSHIP ON THIS.

WE'RE INCREDIBLY GRATEFUL FOR ALL THAT YOU DO FOR US.

BUT WHAT DO YOU THINK WE NEED TO DO AS A STATE? HOW MUCH MONEY AND WHEN DO WE NEED TO SPEND IT AND WHAT DOES IT NEED TO BE SPENT ON? PUT IT ON. WELL, THANK YOU AND THANKS FOR THE TIME AND THANKS FOR GIVING US THE OPPORTUNITY.

I THINK WE NEED TO CONTINUE TO SUPPORT ACROSS THE BOARD.

WE NEED TO CONTINUE TO SUPPORT OUR BASIC SCIENCE AND MAKE SURE THAT THE TALENT STAYS HERE.

WE NEED TO MAKE SURE THE TALENT COMES HERE.

WE NEED TO BE ABLE TO RECRUIT THE BEST OF THE BEST FOR OUR SCIENCE.

AND THEN WE NEED TO CONTINUE TO SUPPORT THE DEVELOPMENT OF THIS TRANSITION STRATEGY AND PATHWAYS TO TRANSITION.

WE CANNOT LET IT GO BECAUSE OTHERWISE WE'RE GOING TO HAVE GREAT SCIENTISTS AND WE'RE GOING TO HAVE INVESTORS FROM OUTSIDE, FROM THE BAY AREA, FROM THE NEW YORK AREA, FROM BOSTON AREA, FROM RESEARCH TRIANGLE IN NORTH CAROLINA.

IT'S GOING TO THEY'RE GOING TO COME AND PICK OUR TALENTS AND OUR BEST IDEAS AND COMMERCIALIZE THEM ELSEWHERE.

SO WE NEED TO CONTINUE TO INVEST IN WHAT JUNE GREG ARE DOING AND WE NEED TO CONTINUE TO INVEST IN WHAT BRIAN IS DOING AND WE NEED TO CREATE AN INNOVATION ECOSYSTEM HERE. SO HOW MUCH MONEY WE CAN WE CAN TALK ABOUT THAT.

IT'S GOING TO BE A CONTINUOUS INVESTMENT THAT WILL PAY OFF.

I CAN TALK ABOUT 10 TO 20 TO MAYBE $100 MILLION.

[01:00:04]

AND I SAW THAT I SAW AN ARTICLE RECENTLY THAT TEXAS PUT IN, I THINK IS $200 MILLION TO THE UNIVERSITY OF TEXAS TO INVEST IN THEIR QUANTUM WORK.

AND THAT'S LIKE AN EXAMPLE OF THE MAGNITUDE.

AND SO I APPRECIATE THE THE NUMBERS.

AND I AND I SUSPECT THAT'S JUST IN TERMS OF FACULTY, NOT IN TERMS OF FACILITIES, BECAUSE THAT'S ANOTHER BIG PIECE OF IT.

YEAH, I THINK THAT'S THE ORDER OF MAGNITUDE.

AND I JUST CAME BACK YESTERDAY FROM A TRIP.

I WAS IN THE UK AND I VISITED MANCHESTER UNIVERSITY AND THAT'S FAMOUS BECAUSE OF GRAPHENE AND THE ABILITY TO ISOLATE GRAPHENE.

AND THAT STARTED OFF IN A LAB AND IT WAS A NOBEL PRIZE IN THE 2000 AND VERY QUICKLY, THE UNIVERSITY BUILT AN INSTITUTE FOR GRAPHENE, WHICH ENABLED NOW FOR GRAPHENE TO NOT JUST BECOME A SCIENTIFIC CURIOSITY, BUT SOMETHING THAT IS LEADING TO NEW MATERIALS, NEW SENSING TECHNOLOGY.

AND THEY HAVE A BEAUTIFUL BUILDING AND IT'S WHAT MAKES AND HELPS THE POTENTIAL FOR GRAPHENE TO BECOME SOMETHING THAT REALLY IMPACTS SOCIETY.

AND SO WE NEED TO MAKE SURE THAT THAT ANALOGY FOR QUANTUM CONTINUES AND WE SUPPORT IT BECAUSE WE HAVE THE SCIENCE HERE, WE HAVE THE LEAD IN SCIENCE HERE.

AND IF WE DON'T DO IT, WE'LL WE'LL GIVE IT TO OTHERS.

SO THANK YOU FOR YOUR WORK AND THANKS TO THE THE CHANCELLOR FOR FOR ALL THAT HE DOES ON THIS.

I DON'T KNOW IF YOU WANT TO ADD ANYTHING TO THAT.

NO, I. I JUST WANT TO THANK YOU AS WELL AND WHAT WHAT I WANT WHEN I WANT THE BOARD TO ALSO REALIZE IS THE INTERDISCIPLINARY WORK THAT GOES ON HERE.

I MEAN, WE FROM ENGINEERING TO PHYSICS, CHEMISTRY, BIOCHEMISTRY, IT'S VERY INTERDISCIPLINARY.

I MEAN, ONE DISCIPLINE WILL NOT SOLVE THE COMPLEX PROBLEMS THAT WE'RE TALKING ABOUT TODAY.

IT'S A MULTI DISCIPLINE, VERY INTERDISCIPLINARY.

SO I WANT TO THANK YOU.

AND, AND EVA DIDN'T MENTION BUT WASN'T THE LEAD SCHOOL OF BUSINESS AS A PROFESSOR.

AND SO IT'S THE BUSINESS SCIENCE POLICY ALL COMING TOGETHER.

THANK YOU SO MUCH. I KNOW WE HAVE MORE QUESTIONS.

YOU'VE GENERATED A LOT OF EXCITEMENT, SO BUT I WANT TO KEEP US ON TIME.

THANK YOU SO MUCH FOR THE PRESENTATIONS AND IT'S JUST REALLY EXCITING.

OKAY WITH THAT? WE NEXT ARE GOING TO DIVE INTO OUR STRATEGIC PLAN.

AND CHAD, IF YOU YOU'RE GOING TO TEE US UP FOR THIS.

I WILL. I WILL TEE AWAY.

SO IN THE LAST FEW BOARD MEETINGS, WE'VE GONE THROUGH A FOCUS AREA, DISCUSSION OF SOME OF THE ASPECTS OF THE STRATEGIC PLAN.

AND A LOT OF THOSE HAVE INCLUDED ANNUAL PROGRESS TOWARDS GOAL ON THOSE MEASURES.

SO AT TODAY'S MEETING, WE'RE GOING TO WE'RE GOING TO TAKE A LITTLE BIT OF A STEP BACK AND LOOK AT KIND OF THE 30 ZERO ZERO ZERO FOOT LEVEL OF THIS ISSUE OF LOCAL COMMUNITY PARTNERSHIPS. AND THOSE ARE ITEMS THAT ARE KIND OF FOUNDATIONAL TO A LOT OF THE OTHER GOALS IN THE STRATEGIC PLAN.

SO YOU'LL BE HEARING FROM THE CAMPUSES IN TERMS OF WHAT JUST JUST A HANDFUL OF EXAMPLES AT EACH CAMPUS AND THEN JUST FORESHADOWING WHAT'S AHEAD HERE AT THE JULY RETREAT.

WE WILL PICK UP ON THE ANNUAL PROGRESS TOWARDS GOAL THROUGH THROUGH THE REST OF THOSE ITEMS THAT ARE LISTED ON THE SLIDE.

IN TERMS OF THE BREAKOUT DISCUSSIONS, THESE ARE THE CHANCELLORS AND SUBJECT MATTER EXPERTS THAT WE'LL BE HEARING FROM.

AND AGAIN, THOSE WILL THOSE WILL VARY BY CAMPUS.

AND AND I'M GOING TO SAVE MY LONG DECK FOR THE NEXT ITEM.

SO WE'RE GOING TO JUST FAST FORWARD TO THE BREAKOUT ASSIGNMENTS HERE.

APOLOGIES IF WE MISSED ANY NAMES ON FOLKS BEHIND ME.

PLEASE FEEL FREE TO JOIN A TABLE.

AND SO WE'LL TAKE A COUPLE OF MINUTES TO GET SET UP IN THE BACK AT THESE TABLES.

SO LOOK AT YOUR TABLE NUMBER.

AND THEN IMPORTANTLY, I WANT TO THANK ANGELIQUE FOSTER AND ALL OF THE CAMPUS FOLKS FOR ALL OF THEIR EFFORTS AND CONTRIBUTIONS ON THIS.

WITHOUT EVERYBODY'S HELP, IT WOULDN'T BE POSSIBLE.

SO THANKS TO EVERYBODY.

GREAT. THANK YOU. AND WE CAN TAKE A FIVE MINUTE BREAK WHILE THEY'RE GETTING SET UP.

THANK YOU. YOU NEED TO MOVE ON TO THE FINANCE COMMITTEE DISCUSSION AND ACTION ITEMS. OH, I WILL.

[01:05:03]

FOUR NIGHTS IS 1200.

REALLY? I NEED TO GET A TRIP OUT THERE FOR MY.

OKAY. OUR NEXT ITEM OF BUSINESS IS THE FINANCE COMMITTEE REPORT.

AND WE HAVE REGENT CHAVEZ AND CFO, CHAD MARTURANO.

DO YOU NEED TO COME UP AND I WILL HAND IT OVER TO YOU.

THANK YOU, MADAM CHAIR. I'LL I'LL BEGIN WITH COMMITTEE REPORT.

THE FINANCE COMMITTEE MET ON MAY 24TH AND WAS ATTENDED.

THANK YOU TO REPRESENTATIVE MCNULTY AND MONTERA FOR ATTENDING THAT COMMITTEE MEETING DURING THE AS YOU KNOW, THE MEETING IS BROKEN INTO TWO PARTS, THE CAPITAL CONSTRUCTION PORTION AND THE FINANCE PORTION.

AND DURING THE CAPITAL CONSTRUCTION PORTION, THE COMMITTEE HEARD THE THE QUARTERLY CAPITAL CONSTRUCTION REPORT FROM COREY.

MANY PROJECTS ARE IN THE CLOSEOUT PHASE OR ARE AWAITING FUNDING.

THE COMMITTEE REVIEWED A PROGRAM PLAN FOR A CLEAN THERMAL ENERGY TRANSITION PROGRAM AT WILLIAMS VILLAGE AT CU BOULDER.

ANDRE FROM CU ANSCHUTZ CAMPUS PROVIDED AN UPDATE ON THE CAMPUS FACILITY MASTER PLAN, AND THAT MASTER PLAN PROVIDES A FRAMEWORK TO ADDRESS THE POTENTIAL NEW CONSTRUCTION AND RENOVATION PROJECTS THAT MAY OCCUR OVER THE OVER THE ON THE CAMPUS OVER THE NEXT TEN YEARS.

THE CAMPUS, THE COMMITTEE EXCUSE ME, ALSO CONSIDERED THE CAMPUS STATE FUNDING REQUESTS FOR 2425 BUDGET CYCLE.

APPROVAL OF THOSE CAPITAL RELATED ITEMS WERE INCLUDED IN YESTERDAY'S CONSENT AGENDA, WHICH WE ALL VOTED ON.

FINALLY, THE COMMITTEE HEARD AN UPDATE FROM EXCUSE ME ABOUT THE SUSTAINABILITY AND DEFERRED MAINTENANCE MATRIX INCLUDED IN PILLAR FOUR OF CU STRATEGIC PLAN AND IN THE FINANCE PORTION OF THE MEETING, SCOTT MUNSON GAVE A QUARTERLY IT PROJECT STATUS REPORT, INCLUDING THE DATA GOVERNANCE AND MANAGEMENT PROJECT, THE ADVANCED, THE ADVANCEMENT NEXT GEN PROJECT AND THE TIME AND LABOR PROJECT.

ED MILLS PRESENTED AN UPDATE ON LOCAL SPENDING OVER THE LAST YEAR.

THE CU HAS INCREASED THE NUMBER OF UNIQUE LOCAL COMPANIES THAT CU DOES BUSINESS WITH BY AN AVERAGE OF ABOUT 20% STATEWIDE.

AND FINALLY, CHAD WALKED THROUGH THE WALK THE COMMITTEE THROUGH A NEW ANNUAL OUTCOMES ONLINE RESOURCE THE EXCUSE ME ALUMNI OUTCOMES ONLINE RESOURCE.

THE ALUMNI OUTCOMES DATA INCLUDES EARNINGS INFORMATION FOR GRADUATES FROM 1990 THROUGH 2022, WHICH WAS AMAZING.

AND THEN AMONGST OTHER FINDINGS, THE DATA SHOWS THAT HIGHER EDUCATION ATTAINMENT LEADS TO HIGHER ANNUAL EARNINGS AND LOWER UNEMPLOYMENT OVER AN INDIVIDUAL'S LIFETIME, WHICH OF COURSE MAKES SENSE.

AND THANKS TO RYAN ALLRED AND STEPHANIE SHELDON, WHO ARE ON CHAD'S TEAM WHO COMPILED THAT VERY USEFUL INFORMATION.

AND OF COURSE, ALL THIS INFORMATION IS AVAILABLE ON BOARD DOCS AS WELL AS THE SYSTEM CU SYSTEM, BUDGET AND FINANCE WEBSITE.

AND WITH THAT, MADAM CHAIR, THAT CONCLUDES THE REPORT AND CHAD CAN TAKE IT FROM HERE.

THANK YOU. NEXT WILL BE DAN TO PROVIDE AN UPDATE FROM THE TREASURER.

AND ONCE AGAIN, THANK YOU SO MUCH FOR COMING IN OFF YOUR RETIREMENT AND FILLING IN AS ROLE OF TREASURER.

YOU'RE WELCOME. IT'S BEEN A PLEASURE AND THIS MIGHT BE MY LAST MEETING.

I'M NOT SURE WE'LL SEE.

I DON'T WANT TO JINX IT. ALL RIGHT.

THIS IS THE VIEW FROM SUNSHINE PEAK, THE SHORTEST OF THE FOURTEENERS IN THE STATE OF COLORADO AT 14,001FT, JUST BARELY MADE IT RIGHT DOWN IN THE SAN JUAN MOUNTAINS OF COLORADO.

I'M GOING TO HIGHLIGHT FOR YOU THE DEBT INVESTMENTS AND CASH POSITIONS OF THE UNIVERSITY AS OF THE END OF MARCH 31ST OF THIS YEAR.

AND. LET'S SEE.

WHICH BUTTON DO I PUSH? TOP GRAIN. THERE WE GO.

THERE WE GO. FIRST OF ALL, OUR TOTAL ASSETS AT THE END OF MARCH.

[01:10:02]

SEPTEMBER 30TH AND MARCH 31ST ARE SORT OF OUR HIGH POINTS.

AND WE'RE AT 3.3 BILLION IN TOTAL INVESTMENTS, WHICH IS DOWN 100 MILLION FROM A YEAR AGO.

THE RETURN FOR THE QUARTER WAS POSITIVE AT 4.39% ANNUALIZED, WHICH IS A LITTLE BIT AHEAD OF THE BENCHMARK OF 4%.

OVERALL, THE RETURN FOR THE LAST 12 MONTHS IS STILL NEGATIVE AT 3.1%.

AND AGAIN, IT'S BETTER THAN THE BENCHMARK, WHICH WAS MORE NEGATIVE AT 3.91%.

IF YOU LOOK AT THE LAST THREE YEARS, THOUGH, OUR RETURN FOR THE POOL IS 10%.

AND OVER SINCE INCEPTION, IT'S 5.43%, WHICH IS 25 YEARS.

THE PIE CHART SHOWS SORT OF THE BREAKOUT OF THE INVESTMENTS AT THAT POINT IN TIME.

WE DID HOLD QUITE A BIT IN CASH, 32% IN CASH, 22% IN FIXED INCOME, AND THEN 45% IN EQUITY.

JUST TO NOTE, AT THIS POINT, THE CASH IS HIGH, BUT WE WILL HAVE SPENT SIX, ALMOST 600 MILLION BY JUNE 30TH OF THAT CASH. WE WILL MAKE THREE PAYROLLS, WHICH IS ABOUT $150 MILLION PER PAYROLL.

AND THEN WE PAY OUR DEBT SERVICE ON JUNE.

WE PAID OUR DEBT SERVICE ON JUNE 1ST, WHICH WAS $106 MILLION.

SO IT DOES GO DOWN PRETTY FAST.

AND, YOU KNOW, FORTUNATELY, CASH AND SHORT TERM INVESTMENTS ARE AN INTERESTING INVESTMENT THESE DAYS BECAUSE WE'RE EARNING AROUND 5% ON OUR CASH.

SO WE HAVEN'T SEEN THAT IN A LONG TIME.

AGAIN, THESE ARE SORT OF WE'RE IN THE MIDDLE OF THIS SEVEN MONTH BEAR MARKET RALLY WHICH BEGAN IN NOVEMBER.

AND SO THE THE S&P IS UP FOR THE QUARTER SEVEN AND ONE HALF PERCENT.

AND NON US EQUITY IS UP 7.31% FOR THE QUARTER.

BONDS RETURNED POSITIVE AS WELL, ALMOST 3% FOR THE QUARTER, BUT ARE STILL DOWN FOR THE YEAR.

AS YOU ALL KNOW, THE FED PAUSED INTEREST RATE RAISES AT THE LAST MEETING LAST WEEK AFTER TEN CONSECUTIVE MEETINGS WHERE THEY RAISED RATES.

WE DID HEAR FROM CHAIRMAN POWELL INDICATED THAT THERE WOULD BE AN INCREASE IN JULY'S LIKELY CPI. INFLATION IS AT 4% YEAR OVER YEAR INCREASE RIGHT NOW.

AND IF I WOULD JUST GIVE YOU AN UPDATE ABOUT THE THE MARKET THROUGH LAST FRIDAY, THE S&P THIS YEAR IS UP 16% THROUGH LAST FRIDAY.

IF YOU USE THE MEDIAN, S&P, IT'S ONLY UP 2%.

AND SO WHAT'S HAPPENED IS 79% OF THE RETURNS SO FAR THIS YEAR IS FROM SEVEN STOCKS IN THE S&P 500 AND THE OTHER IS FROM THE 493 STOCKS.

SO THOSE SEVEN STOCKS ARE CURRENTLY KNOWN AS THE MAGNIFICENT SEVEN, AND THEY INCLUDE MICROSOFT, GOOGLE, AMAZON, NATEVA, TESLA AND META.

AND SO THEY'RE THE BIG DRIVERS OF WHERE WE'RE AT RIGHT NOW.

JUMPING TO DEBT FOR A SECOND DEBT IS CURRENTLY SITTING AT THE END OF MARCH, IT WAS AT 1.87 BILLION, WHICH IS DOWN FROM A HIGHER POSITION WE HAD TWO YEARS AGO AND WE PAID OFF 77 MILLION OF PRINCIPAL ON JUNE 1ST.

SO IT'S 77 MILLION LOWER THAN THAT NUMBER TODAY.

I'M EXCITED TO REPORT THAT WE GOT OUR RATING FOR OUR UPCOMING TENDER OFFER.

FITCH RATED US DOUBLE A PLUS ON FRIDAY, AND MOODY RATED US YESTERDAY AT DOUBLE A ONE, WHICH IS ON.

BOTH OF THOSE ARE STABLE AND THAT'S UNCHANGED FROM WHAT IT'S BEEN SINCE 2017 WHEN MOODY'S GAVE US AN UPGRADE.

BUT IT'S STILL GREAT TO RECEIVE THOSE KINDS OF RATINGS, WHICH ARE JUST ONE NOTCH BELOW TRIPLE-A.

WE ARE ON SCHEDULE TO DO A TENDER REFUNDING OF APPROXIMATELY $75 MILLION.

IT WILL BE SCHEDULED TO BE RELEASED TO THE MARKET ON THE 29TH OF JUNE.

AND THEN THERE'S A TWO WEEK OPPORTUNITY FOR INVESTORS TO DECIDE IF THEY WANT TO HAVE US BUY BACK ANY OF THEIR BONDS.

[F. 2:30 p.m. CONSENT AGENDA PART I]

[01:15:09]

WE'RE EXPECTING TO GET ABOUT 75 MILLION IN BONDS THAT WE CAN REFUND.

AND SO THAT'S THAT'S GOOD.

AND THIS HIGH INTEREST RATE IN MARKET TO BE ABLE TO REFUND MONEY AND PULL IN SOME SAVINGS.

WE'RE EXPECTING SAVINGS TO BE AROUND $5 MILLION.

[G. 2:35 p.m. CONSENT AGENDA PART II - CAPITAL CONSTRUCTION]

FROM THE REPORTS THAT JUST CAME OUT, WHICH I'M HAPPY TO SHARE JUST A FEW THINGS THAT THEY HIGHLIGHTED, AND I THOUGHT I WOULD JUST POINT THEM OUT TO YOU. FITCH NOTES THAT.

THERE'S HEADWINDS OF INFLATION AND PARTICULARLY LABOR INFLATION.

[H. 2:40 p.m. STRATEGIC PLAN]

THEY ALSO NOTE THAT DURING THE PANDEMIC WE WERE ABLE TO BE FLEXIBLE AND REDUCE OUR EXPENSES.

AND SO THEY ARE INDICATING THAT'S POSITIVE ON US.

AND AND.

WHAT? FLEX EXPENSES.

WHAT IS MEANT BY FLEX EXPENSES? OH, FLEX THAT WE THAT WE WERE REDUCED OUR BUDGET TO MATCH OUR REVENUE SO OUR EXPENSES WERE SIGNIFICANTLY ADJUSTED DOWNWARD.

SO THAT'S WHAT THEY MEAN.

GOT IT. THANK YOU. AND MOODY'S JUST MENTIONS THAT WE HAVE AN EXCELLENT BRAND.

WE HAVE A VERY STRONG STRATEGIC POSITION IN THE STATE OF COLORADO.

WE HAVE THE MEDICAL CENTER, MEDICAL EDUCATION, REALLY THE ONE OF THE ONLY IN THE STATE THAT OUR SCALE IS DIVERSE AND SUBSTANTIAL AND THAT OUR LIQUIDITY IS SIZABLE AND WE HAVE A GOOD FINANCIAL CUSHION.

SO THOSE ARE ALL POSITIVE THINGS THAT ARE IN IN THE REPORT.

YES. HAPPY TO TAKE ANY QUESTIONS? REGENT GALLEGOS. HE CAN TELL US WHY WE DON'T REACH TRIPLE A RATINGS.

I THINK I KNOW THE ANSWER, BUT IT MIGHT BE A GOOD ANSWER FOR THE REST OF THE BOARD.

THERE'S A COUPLE OF REASONS.

ONE IS STATE FUNDING.

IT'S, YOU KNOW, LIKE THE UNIVERSITY OF TEXAS WOULD BE A TRIPLE A ORGANIZATION, BUT THEY RECEIVE SUBSTANTIALLY MORE STATE FUNDING.

ONE IS COMPETITION, ALTHOUGH WE HAVE A LOT OF PEOPLE COMPETING, COMPETING TO COME TO SEE YOU.

IT COULD BE HIGHER AND SOME SCHOOLS ARE HIGHER.

STANFORD, MIT, THERE'S ONLY PROBABLY 20 TRIPLE A SCHOOLS IN THE COUNTRY.

SO AND IN THE REPORT, IF YOU IF YOU DIG INTO IT, THEY'LL INDICATE THINGS THAT WOULD INCREASE OUR RATING TO TRIPLE A AND MOODY'S INDICATES INCREASE OF OUR BALANCE SHEET AND RESERVES.

FITCH INDICATES INCREASE OF DEMAND FOR STUDENTS AND MATRICULATION AND ENROLLMENT DEMAND.

FOR THE MOST PART, IT DOESN'T HURT OUR CREDIT RATING OR OUR SPENDING OR ARE ABLE TO BOND AND THINGS LIKE THAT.

WELL, TYPICALLY WHEN WE SELL A BOND, WE GET 7 TO 10 BUYERS FOR EVERY BOND, WHICH MEANS WE ONLY GET ONE BUYER. WE HAVE TO PICK AND ALLOCATE.

SO THAT'S GOOD.

WE GET THAT'S HIGH DEMAND.

WHEN WE DID A REFUNDING OF DEBT THE DAY AFTER TEXAS DID A DEAL, SO THEY GOT TRIPLE A CREDIT, WE ACTUALLY SOLD OUR BONDS CHEAPER THAN THEIRS.

AND PART OF THAT IS THAT TEXAS DOESN'T HAVE ANY STATE TAXES AND WE'RE DOUBLE TAX EXEMPT.

SO THERE'S A LITTLE BIT MORE INTEREST AND COMPETITION FOR A DOUBLE TAX EXEMPT DEBT.

SO WE ACTUALLY DO BETTER IN THE MARKET THAN TEXAS DOES, EVEN THOUGH THEY'RE TRIPLE A.

THAT MAKES SENSE. MADAM CHAIR.

YES, I JUST WANT TO SAY THANK YOU IN FRONT OF THIS GROUP AND WHOEVER MIGHT BE WATCHING FOR THE YOUR WILLINGNESS TO COME BACK AND AND HELP HELP US.

YOU WERE HAPPILY CLIMBING MOUNTAINS AND ENJOYING YOUR LIFE AFTER CU AND WE ASKED YOU TO COME BACK AND YOU DID SO AT AN ALMOST A MOMENT'S NOTICE AND FOR AN EXTENDED PERIOD OF TIME.

[01:20:02]

AND FOR ALL OF US THAT FOR REGENT MONTEIRO AND AND MYSELF AND EVERYONE THAT WAS INVOLVED, CHAD AND AND EVERYONE YOU HELPED US IN SO MANY WAYS.

AND I JUST WANT TO THANK YOU FOR FOR THAT COMMITMENT AND FOR YOUR SERVICE TO US A SECOND TIME.

HOPEFULLY YOU WON'T HAVE TO DO IT AGAIN, BUT WE REALLY APPRECIATE IT.

I WANT TO SAY THANK YOU.

ABSOLUTELY. THANK YOU.

AND IT'S BEEN A PLEASURE.

GREAT. AND I WOULD SAY LET'S ALL STAND AND CLAP AND WISH YOU WELL.

THANK YOU.

IT'S VERY FUNNY YOU DO THAT BECAUSE THE FIRST CFO MEETING I WENT TO, THEY CLAPPED.

IT WAS LIKE A LITTLE COURTESY CLAP, BUT IT WAS A CLAP.

I'LL COUNT IT AS A CLAP.

AND I SAID, THAT HAS NEVER HAPPENED IN MY ENTIRE CAREER.

SO THANK YOU SO MUCH.

THANK YOU. SLEEP.

OKAY. AND NOW WE WILL HEAR FROM.

IT WAS BETTER THAN A GOLF CLAP, THOUGH.

IT WAS MORE THAN THAT.

SO. SO WE'RE ON THE CONSIDERATION OF THE FISCAL YEAR 2324 BUDGET.

THAT'S BEFORE THE BOARD. IN TERMS OF ACTION TODAY, WE PREPARED A KIND OF A DESCRIPTION AND HIGH LEVEL OVERVIEW OF Q'S BUDGET THAT WE LOOK FORWARD TO SHOWING YOU SHOWING YOU IN A MOMENT. I WANT TO SAY THANK YOU TO FOLKS ON MY TEAM THAT DID AN INCREDIBLE AMOUNT OF WORK TO PUT THIS VIDEO TOGETHER, AS WELL AS THE BUDGET, INCLUDING SELENA DURAN, COREY DONALDSON, EMILY PARKER, NORA SANDOVAL, RYAN ALLRED AND STEPHANIE SHELDON.

THAT'S THAT'S THE CORE TEAM AT SYSTEM.

THANKS TO ALL THE CAMPUS BUDGET OFFICERS AND THE CFOS.

AND THEN ALSO SPECIAL THANKS TO EMILY DAVIES, WHO YOU'LL HEAR IS LIKE THE AUDIO IN TERMS OF THIS VIDEO.

SO HERE WE GO.

THE UNIVERSITY OF COLORADO PLAYS AN ESSENTIAL ROLE IN THE STATE.

EACH YEAR, WE EDUCATE MORE THAN 67,000 STUDENTS, HELPING THEM ACHIEVE THEIR GOALS AND BUILD STRONGER FUTURES.

WE CONDUCT RESEARCH THAT TRANSFORMS THE WAY WE LIVE.

WE PROVIDE HEALTH CARE THAT RAISES OUR QUALITY OF LIFE.

AND WE ARE A TOP EMPLOYER THAT GENERATES BILLIONS OF DOLLARS IN ECONOMIC ACTIVITY FOR COLORADO.

THE DRIVING FORCE BEHIND CU IS ITS PEOPLE.

THE FUEL BEHIND OUR PEOPLE IS AN ANNUAL BUDGET OF $5.9 BILLION.

BUT HOW DOES CU'S BUDGET WORK? CUZ REVENUE COMES FROM SEVERAL SOURCES STATE FUNDING, TUITION AND FEES, RESEARCH GRANTS, GIFTS AND FUNDRAISING AND AUXILIARY ACTIVITIES. THESE REVENUES FALL INTO THREE CATEGORIES.

OPERATING RESTRICTED AND AUXILIARY OPERATING FUNDING OR EDUCATION IN GENERAL IS MADE UP OF STATE FUNDING AND TUITION AND FEES.

THIS MONEY SUPPORTS FACULTY, STUDENT ADVISING, TECHNOLOGY, ADMINISTRATION AND SCHOLARSHIPS.

RESTRICTED FUNDS INCLUDE MONEY RECEIVED FROM GIFTS OR FOR RESEARCH.

THESE DOLLARS MUST BE SPENT FOR A SPECIFIC PURPOSE.

GIFTS SUPPORT THINGS LIKE STUDENT SCHOLARSHIPS OR BUILDINGS.

RESEARCH GRANTS HAVE TERMS THAT MUST BE MET.

FOR EXAMPLE, CANCER RESEARCH GRANTS CAN ONLY BE USED TO FUND CANCER RESEARCH, FACULTY AND LABS.

AUXILIARY REVENUE INCLUDES THINGS LIKE STUDENT HOUSING, BOOKSTORES, PARKING, ATHLETICS, MEDICAL CLINICS AND DINING HALLS, AND IS USED FOR THOSE SPECIFIC BUSINESS OPERATIONS. FOR EXAMPLE, STUDENT HOUSING FEES ARE USED TO MAINTAIN AND OPERATE STUDENT HOUSING.

IN 2001, STATE SUPPORT COVERED TWO THIRDS OF THE COST AT CU, WITH STUDENTS PICKING UP THE OTHER THIRD.

TODAY, THAT HAS FLIPPED.

STATE SUPPORT PER RESIDENT CU STUDENT HAS BEEN CUT BY 41% SINCE 2001.

WE KNOW THE STATE BUDGET IS TIGHT, BUT THE GOOD NEWS IS THAT IN RECENT YEARS, OUR SUCCESSFUL ADVOCACY AND THE SUPPORT OF COLORADO'S LEGISLATURE AND GOVERNOR HAVE RESULTED IN INCREASES IN STATE FUNDING.

COLORADO IS NOW RANKED 39TH IN THE COUNTRY FOR FUNDING IN THE MOST RECENT STATE FUNDING COMPARISON.

STATE FUNDING HELPS CU KEEP TUITION AND FEE INCREASES IN CHECK HIGHER AND RETAIN QUALITY FACULTY AND STAFF, IMPROVE STUDENT SERVICES AND MAINTAIN MODERN FACILITIES.

THE LEVEL OF STATE FUNDING FOR EACH CAMPUS VARIES.

WE CAN SEE THE DIFFERENCE WHEN WE LOOK AT THE OPERATING BUDGET FOR EACH OF THE FOUR CAMPUSES.

REMEMBER, THE OPERATING BUDGET IS MADE UP OF STATE FUNDING COMBINED WITH STUDENT TUITION AND FEES.

CU BOULDER'S OPERATING BUDGET IS THE LARGEST, BUT ONLY ABOUT 10% OF IT COMES FROM THE STATE.

[01:25:02]

TUITION REVENUE FROM IN-STATE STUDENTS IS THE BIGGEST CONTRIBUTOR TO BUDGETS AT CU, DENVER AND COLORADO SPRINGS.

YET IT'S THE SMALLEST AT CU ANSCHUTZ.

NONRESIDENT TUITION REVENUE ACCOUNTS FOR THE MAJORITY OF OPERATING FUNDING AT CU BOULDER, BUT LESS SO AT THE OTHER THREE CAMPUSES BECAUSE STATE FUNDING AND TUITION FLUCTUATE EACH YEAR.

WE MUST BE SMART WITH OUR MONEY.

WE'VE BECOME ONE OF THE MOST EFFICIENT UNIVERSITY SYSTEMS IN THE COUNTRY.

WE IDENTIFIED OVER $372 MILLION IN EFFICIENCIES IN THE PAST FIVE YEARS.

WE HAVE CONSOLIDATED PHYSICAL SPACE, CONTINUED UTILIZING HYBRID WORK MODELS, REFINANCED BONDS AT LOWER RATES, DIGITIZE COURSE MATERIALS AND REDUCED ENERGY COSTS.

WE HAVE INCREASED FUNDRAISING EFFORTS AND RESEARCH AWARDS TO RECORD LEVELS.

ONE THING IS CERTAIN MOVING FORWARD, CU WILL REMAIN COMMITTED TO KEEPING A STRONG AND BALANCED BUDGET SO WE CAN MEET THE NEEDS OF OUR STUDENTS AND OUR STATE FOR GENERATIONS TO COME.

FOR MORE DETAILS, VISIT W-W-W.

ACT EDU SLASH BUDGET.

THAT'S GREAT. SO AGAIN, A SHOUT OUT TO ALL THE FOLKS THAT PUT IN A BUNCH OF EFFORT TO GET THAT DONE.

AND I SKIPPED ONE GROUP THAT HELPED THAT.

THAT IS ACTUALLY FROM A PRODUCTION TEAM THAT IS IN THE CONTROLLER'S OFFICE AT THE SYSTEM.

SO THANKS TO THOSE FOLKS THAT CONTRIBUTED.

SO SO THIS IS ALL PUBLICLY AVAILABLE IN BOARD DOCS.

EVERYONE SHOULD ALSO HAVE A PRINTED OUT VERSION OF THE BUDGET BINDER IN FRONT OF THEM.

EACH ONE OF THOSE TABS OR THE SECTIONS THAT ARE POSTED IN BOARD DOCS.

I'M GOING TO GO THROUGH THE POWERPOINT THAT SUMMARIZES THIS INFORMATION.

THE OTHER THING THAT WE DO IN JUST TERMS OF TALKING ABOUT BUDGET IS THE FIVE YEAR BUDGET PROJECTIONS.

SO MAKING SOME ASSUMPTIONS ABOUT WHAT THE FUTURE MIGHT LOOK LIKE AND LOOKING AT THAT BY CAMPUS.

SO LIKE THE VIDEO HAD JUST STATED, A $5.9 BILLION BUDGET HEADED INTO FISCAL YEAR 24.

THE ENROLLMENT FORECASTS HEADED INTO NEXT FALL ARE A LITTLE BIT DIFFERENT THAN WHAT WE HAD SEEN IN APRIL AND SHARED WITH THE BOARD.

OLDER IS PROJECTING AN INCREASE OF AROUND HALF A PERCENT.

DENVER IS A DECLINE OF 2.7.

UCS IS NEARLY FLAT, JUST DOWN A 10TH OF A PERCENT IN AND SHOOTS UP 2.1%.

AND THEN THOSE CONTINUED INVESTMENTS THAT WE'VE TALKED ABOUT THROUGHOUT THIS BUDGET PROCESS, INCLUDING SALARY INCREASES FOR OUR FACULTY AND STAFF, INCREASES IN INSTITUTIONAL FINANCIAL AID, CONTRIBUTIONS FOR DEFERRED MAINTENANCE, AND THEN THE SPECIFIC CAMPUS BUDGET INITIATIVES.

JUST A REMINDER OF STATE FUNDING.

WE ARE GRATEFUL TO THE STATE FOR THE 11% OVER AN 11% INCREASE IN STATE FUNDING THAT HELPED US KEEP TUITION IN CHECK AND THEN ALSO AFFORD TO DO RIGHT BY OUR FACULTY AND STAFF WITH COMPENSATION INCREASES HELPED US KEEP THAT TUITION WHICH THE BOARD APPROVED IN APRIL.

AND THEN ALSO THAT FINANCIAL AID INCREASE THAT YOU SEE AT THE BOTTOM THERE.

YOU'LL NOTE THAT THAT VERY BOTTOM BULLET, 6% INCREASE FROM THE STATE'S FINANCIAL AID ALLOCATION IS LARGER THAN THE AVERAGE.

AND THAT'S BECAUSE CU RELATIVE TO OTHER GOVERNING BOARDS IN THE STATE, IS DOING A BETTER JOB OF ENROLLING IN CONTINUING PELL ELIGIBLE STUDENTS.

REMINDER OF CAPITAL CONSTRUCTION THE BOARD JUST APPROVED YESTERDAY ON THE CONSENT AGENDA.

A NUMBER OF ITEMS FOR THE FISCAL YEAR 25 STATE FUNDING CYCLE.

THIS THESE WERE OUR SUCCESSES IN THE IN THE CAPITAL CONSTRUCTION SIDE OF THINGS IN FISCAL YEAR 24 FOR WITH THE STATE AND WE'RE GRATEFUL FOR FOR THEIR SUPPORT.

WHEN WE LOOK AT THE PERCENT CHANGE IN BUDGET FROM THE CURRENT YEAR TO THE REQUEST YEAR IN 24, YOU CAN SEE IT'S AN OVERALL 5.1% INCREASE.

NOTE THAT LAST YEAR'S INFLATION WAS 8%.

THE STATE'S BUDGET GREW BY OVER 6%, HEADED INTO FISCAL YEAR 24.

AND THEN YOU CAN SEE THE VARIANCE BY CAMPUS AND SYSTEM.

AS YOU LOOK THROUGH THOSE FURTHER POINTS, IF WE DRILL DOWN TO THE OPERATING BUDGET, THE STATE FUNDING PLUS TUITION AND THE CORE EDUCATIONAL MISSION OF SIU, THESE ARE THE CHANGES IN BUDGET THERE.

SO A TOTAL BUDGET OF $1.9 BILLION IN THE BUDGET.

WHEN WE LOOK AT HISTORICAL ENROLLMENT OVER TIME, KIND OF TWO THINGS GOING ON HERE.

YOU'LL NOTICE THAT BOULDER AND ANSCHUTZ USE THE TOP LINE AND THE BOTTOM LINE, THAT BIG CIRCLE THAT'S AROUND THOSE ARE NOTING THE HISTORICAL HIGH WATER MARK.

SO HEADED INTO FISCAL YEAR 24, WE'RE PROJECTING THE HIGHEST ENROLLMENT EVER AT ANSCHUTZ AND BOULDER AT UCS IN DENVER.

THAT HIGH POINT WAS A FEW YEARS BACK, SEVEN YEARS AT UCS AND SIX AT DENVER.

AND WE'RE GOING TO TALK ABOUT WHAT WE PROJECT TO HAVE HAPPEN IN THE FUTURE HERE ON THIS NEXT SLIDE, WHICH IS AT BOULDER.

AND WE'RE GOING TO GET TO DETAILED SECTION WHEN WE GET TO CAMPUSES.

BUT YOU CAN SEE BOULDER HAS KIND OF CONSISTENT GROWTH THAT UCS PROJECTION CURRENTLY IS PROJECTED AT FLAT FOR PURPOSES OF THIS FORECAST.

[01:30:01]

AND THEN CU, DENVER'S PROJECTING SOME SOME DECLINES, WHICH WE'LL DISCUSS IN A MOMENT.

SO WHERE IS THE MONEY COMING FROM FOR FISCAL FOR FISCAL YEAR 24 BUDGET? ABOUT A QUARTER OF IT IS COMING FROM REVENUES ASSOCIATED WITH HEALTH SERVICES.

AND THAT'S THAT'S KIND OF FROM THE 9:00 TO 12:00 ON THAT DIAL.

LOOKING AT THE BLUE AND MOVING TO THE RIGHT, YOU CAN SEE THAT THAT'S AUXILIARY REVENUE, RESIDENT TUITION, NON RESIDENT TUITION, AND THEN PICKING UP A FEW OTHER THINGS.

AND THEN THAT BOTTOM LEFT HAND CORNER FROM ROUGHLY 6:00 TO TO 7:00 ON THE DIAL, IF I'M USING THAT CLOCK ANALOGY.

RIGHT, 5.8% OF OUR BUDGET IS FROM THE STATE.

SO WHERE DO WE SPEND THOSE REVENUES THAT COME IN? WE GENERALLY HAVE KIND OF A THREE PRONGED MISSION AT KOU.

WE PROVIDE HEALTH CARE, WE CONDUCT RESEARCH, AND WE EDUCATE STUDENTS.

AND THAT ALIGNS WITH WHERE WE'RE SPENDING OUR DOLLARS HERE.

IF YOU ADD INSTRUCTION WITH THINGS LIKE ACADEMIC SUPPORT, STUDENT SERVICES, SCHOLARSHIPS AND FELLOWSHIPS, JUST SHY OF 40% OF OUR BUDGET IS TIED TO JUST SERVING STUDENTS.

AND THEN THE OTHER BIG COMPONENTS THERE ARE THAT HEALTH SERVICES.

SO THAT'S THAT'S CLINICAL CARE.

AND THEN CONDUCTING RESEARCH.

IF WE WE DO A WE DO A CHART EVERY YEAR WHERE WE COMPARE HOW TO SEE YOU, HOW WERE OUR RATES CHANGED VERSUS OTHER GOVERNING BOARDS IN THE STATE.

AND WE WE LOOKED AT THOSE IN TANDEM WITH JUST TUITION AND FEES.

AND HERE WE CAN SEE WHERE Q IS RELATIVE TO OTHER GOVERNING BOARDS IN THE STATE.

AND YOU CAN SEE THAT WE'RE GENERALLY IN THE MIX.

WE'RE NOT THE HIGHEST. WE'RE NOT THE LOWEST, BUT BUT WE'RE RIGHT IN THE MIDDLE THERE.

SO NOW MOVING ON TO THE BOLDER SECTION, LOOKING INTO ENROLLMENT NEXT YEAR.

THIS IS DIFFERENT THAN WHAT WE HAD SHARED WITH THE BOARD IN APRIL, WHAT THE CAMPUS HAD SHARED.

SO THEREFORE THEY IN APRIL WERE FORECASTING A DECLINE OF ABOUT ONE POINT OR PARDON ME, 0.7%.

SO THIS IS A CHANGE OF AROUND 1.2% COMPARED TO APRIL.

AND THAT'S REALLY HAPPENING ON THE UNDERGRADUATE SIDE, WHERE YOU CAN SEE THAT INCOMING STUDENTS TRANSFER STUDENTS AND CONTINUING STUDENTS ARE EXPECTED TO GROW.

GRADUATE STUDENTS IS A LITTLE BIT SOFTER JUST BECAUSE OF A GRADUATING COHORT EFFECT IN TERMS OF EXPENSES THAT THEY HAVE TIED TO A SPECIFIC BUDGET INITIATIVES, INSTITUTIONAL FINANCIAL AID, THE CHANCELLOR'S DIVERSITY INITIATIVE INCREASES IN MINIMUM WAGE FOR STAFF AND STUDENTS, AND THEN THAT TARGETED FACULTY INCREASES, WHICH WHICH OF COURSE IS CRITICAL, ESPECIALLY IF YOU TIE THAT IN WITH A CONVERSATION WE HAD EARLIER THIS MORNING, AND THEN USING THE CAMPUSES BUDGET MODEL TO INVEST IN DIFFERENT DEPARTMENTS THAT ARE EXPERIENCING GROWTH OR ACADEMIC SUCCESS.

WHEN WE BREAK APART THE BOULDER CAMPUS BUDGET INTO THESE SEGMENTS OF THE OPERATING BUDGET OF THE AUXILIARY BUDGET AND RESTRICTED BUDGET.

YOU CAN SEE ABOUT HALF OF THE BUDGET AT BOULDER IS THE ING OF THE OPERATING SIDE, AND AT BOULDER, AROUND 5% OF THEIR TOTAL BUDGET IS COMING FROM THE STATE, WHICH IS THAT BROKEN OUT PIE PIECE.

WHEN WE DRILL DOWN AND LOOK AT THE GRAY SEGMENT SPECIFICALLY, THIS IS THE ING BUDGET AND CONSISTENT WITH WHAT THE VIDEO HAS SHARED WITH US EARLIER, ABOUT HALF OR OVER HALF OF THE REVENUE COMING IN FOR THE OPERATING BUDGET IS FROM NON RESIDENT STUDENTS.

WHEN WE LOOK AT ENROLLMENT HEADED INTO NEXT YEAR, WE TAKE THIS CHART AND THEN WE'RE GOING TO TALK ABOUT IT IN A VISUAL WAY.

SO IF WE'RE JUST LOOKING AT UNDERGRADUATE STUDENTS AT BOULDER, AGAIN, CONSISTENT WITH THE PRIOR SLIDE INCREASES IN NEW STUDENTS, TRANSFER STUDENTS AND CONTINUING STUDENTS. SO THOSE ARE ALL POSITIVE SIGNALS IN TERMS OF ENROLLMENT AT THE CAMPUS.

ON THE GRADUATE SIDE, WE NOTED THAT THEY HAD A LARGER, LARGER COHORT ON THE GRADUATE STUDENT SIDE THAT HAD COME IN IN A PREVIOUS YEAR THAT'S GRADUATING OFF, WHICH IS WHY THAT GOLD SEGMENT IS A LITTLE BIT LOWER.

BUT THE INCOMING COHORT OF STUDENTS ON THE GRADUATE SIDE IS INCREASING.

SO THEN WE TRANSITIONED INTO WHAT WE'RE PROJECTING FOR THE FIVE YEAR BUDGETS HERE.

BOULDER. BOULDER IS PROJECTING CONSISTENT, STEADY GROWTH, AND THAT'S ACROSS ALL STUDENT TYPES HERE.

WE TAKE THIS DATA.

WE ALSO ADD IT TO SOME CONSERVATIVE BUDGET ASSUMPTIONS IN TERMS OF WHAT WE MIGHT ASSUME FOR STATE FUNDING INCREASES OR TUITION RATE CHANGES AROUND INFLATION AND HISTORICAL INCREASES IN HIGHER ED AROUND 5%.

AND WE ADD THOSE ALL UP AND WE LOOK OVER THIS FORECAST PERIOD AND IT GENERATES THIS KIND OF A PICTURE AT THE CAMPUS.

SO HERE YOU CAN SEE AROUND 4% GROWTH IN THESE YEARS AND IT GETS TO THE MID THREES IN THOSE OUT YEARS IN TERMS OF REVENUE.

AND WE MARRY UP THESE REVENUE REVENUE PROJECTIONS WITH WHERE THE CAMPUS WOULD PLAN TO SPEND THOSE MONIES ON THIS SLIDE.

AT THE TOP LEFT HAND SECTION, YOU'LL SEE THAT THERE'S AROUND 4% FOR COMP RECALL THAT AS WE'VE GONE THROUGH THIS BUDGET CYCLE, WE TALKED ABOUT HOW BOULDER HAD A PLAN TO DO A 4% PLUS 4% OVER TWO YEARS TO TO KIND OF MATCH WITH WHAT WAS HAPPENING ON THE CLASSIFIED SIDE, WHICH WAS 5% PLUS 3% OVER TWO YEARS.

[01:35:04]

AND IF YOU LOOK AT THE BOTTOM, IT INDICATES THAT THE CAMPUS HAS BALANCED THEIR BUDGET AT THIS LEVEL.

NOW, WILL THIS EXACTLY BE HOW THE CAMPUS PRESENTS ITS BUDGET IN ANY ONE OF THESE GIVEN YEARS? NO, BUT THIS IS A REASONABLE PROJECTION TO SHOW THAT THAT STRUCTURALLY THIS IS WHERE THEY'RE HEADED.

SHIFTING OVER TO CU DENVER.

THIS IS THE DECLINE OF AROUND 2.7%.

YOU'LL SEE DECLINES IN BOTH THE UNDERGRADUATE AND GRADUATE SIDE FOR STUDENTS.

THERE'S A NUMBER OF REASONS FOR THAT THAT ARE SOME OF THOSE ARE ARTICULATED ON THIS SLIDE.

IN TERMS OF THE BUDGET HIGHLIGHTS, YOU KNOW, THE CAMPUS IS IS DOING A COUPLE OF THINGS AT THE SAME TIME.

THEY INVESTED IN THEIR STAFF AND FACULTY BY PROVIDING A COMPENSATION INCREASE.

THEY'VE INVESTED TO KEEP PACE WITH TUITION RATE INCREASES FOR INSTITUTIONAL FINANCIAL AID TO MAINTAIN THAT PURCHASING POWER.

AND THEN THEY'RE BALANCING THEIR BUDGET.

THEY'RE MAKING HARD DECISIONS IN TERMS TO ALIGN THE NUMBER OF PEOPLE THAT THEY HAVE WITH THE NUMBER OF STUDENTS THAT THEY'RE SERVING.

WHEN WE LOOK AT THEIR TOTAL BUDGET AT DENVER, IT'S A LITTLE BIT DIFFERENT PICTURE THAN BOULDER, WHERE THE LARGER PERCENTAGE SHARE OF THEIR OPERATIONS ARE TIED TO THAT OPERATING COMPONENT OF THEIR MISSION.

AND WHEN WE LOOK AT HOW THAT'S FINANCED, WE CAN SEE THAT THE BIGGEST PAYER IS RESIDENT TUITION.

AT ABOUT A QUARTER OF THE FUNDING ON THE OPERATING BUDGET COMES FROM THE STATE.

HEADED INTO NEXT YEAR.

THIS IS THIS ENROLLMENT PICTURE.

THERE IS THERE IS THERE IS ONE BRIGHT SPOT IN TERMS OF THIS PICTURE, AND THAT'S THE NON RESIDENT GRADUATE ENROLLMENT.

YOU CAN SEE THAT THERE'S POSITIVE THERE.

BUT WHEN WE LOOK AT THAT BY SEGMENT, THE CAMPUS IS FACING CHALLENGES IN ENROLLMENT AND THAT'S FOR NEW STUDENTS TRANSFER STUDENTS AND CONTINUING ON THE UNDERGRAD SIDE.

AND THEN OVERALL, A SIMILAR TRAJECTORY ON ON THE GRADUATE SIDE.

WHEN WE FORECAST OUT OVER THIS FIVE YEAR PERIOD SIMILAR PROJECTIONS WHERE ON THE NON FOR NON RESIDENT STUDENTS, WHICH ARE THE SECOND AND FOURTH LINE, IT TENDS TO BE MORE FLAT BUT A LITTLE BIT STEEPER DECLINE ON THE RESIDENT SIDE.

NOW ANOTHER OBSERVATION FROM ALL THIS DATA IS THAT YOU CAN SEE THAT THE THE RATE OF DECLINE SLOWS AS YOU GET FURTHER OUT IN THE FORECAST PERIOD.

SO THE HOPE IS THAT THAT KIND OF THAT TREND, THE DECELERATION SLOWS, IT SLOWS DOWN.

THAT MAY HAVE BEEN A DOUBLE NEGATIVE.

I DON'T KNOW. BUT THE HOPE IS THAT THAT SLOWS DOWN.

AGAIN. WE TAKE THAT DATA, WE MARRY IT UP WITH SOME ASSUMPTIONS, AND YOU CAN SEE THE GROWTH OF THE CAMPUSES AROUND 3 TO 2% DEPENDING ON THE YEAR.

AND THERE IS SOME BALANCING THAT THE CAMPUS IS GOING TO HAVE TO CONSIDER.

THEY'RE DOING A LOT ON THE ON THE STAFF STAFFING SIDE IN FISCAL YEAR 24.

SO THERE'LL BE A LITTLE BIT OF CONTINUING EFFORTS TO BALANCE THE BUDGET AND THE OPERATING LINE, WHICH IS WHAT YOU SEE HERE IN FISCAL YEAR 25 AND FISCAL YEAR 26.

AND OF COURSE, WHEN WE GET TO THOSE YEARS, WE'LL REFINE THOSE AS NEEDED AT THE SPRINGS CAMPUS AND IMPROVED PICTURE ON ENROLLMENT, ROUGHLY FLAT UNDERGRADUATES DOWN INCREASES ON THE GRADUATE SIDE.

INTERNATIONAL POPULATION IS STRONG.

AND LIKE I HAD MENTIONED AT THE ON THE FRONT END OF THIS, THE CAMPUS IS WORKING ON THEIR ENROLLMENT MANAGEMENT PLAN AND THAT SHOULD BE DONE IN EARLY 2024.

IN TERMS OF BALANCING THEIR BUDGET.

THEY'RE DEALING WITH VERY SIMILAR CHALLENGES TO DENVER AND THEY'RE ENGAGING IN THE PROCESS OF TRYING TO EVALUATE NOT ONLY HOW ARE THEY SO THEY BALANCED IN FISCAL YEAR 24, BUT HOW ARE THEY GOING TO MAKE THOSE STRUCTURAL CHANGES IN THE ONGOING BASIS IN THE OUT YEARS.

SIMILAR PICTURE TO DENVER HERE AT SPRINGS, I, AS I'VE TALKED, SHARED WITH THE BOARD BEFORE, SIMILAR DNA IN TERMS OF THEIR BUSINESS MODELS WHERE SIMILAR PAYERS AND KIND OF STRUCTURE THEIR SAME THING AS DENVER AT THE SPRINGS CAMPUS WHERE YOU SEE RESIDENT TUITION IS THE BIGGEST PAYER IN ABOUT A LITTLE OVER A QUARTER OF THE BUDGET FROM THE STATE.

AND WHEN WE LOOK AT ENROLLMENT HEADED INTO NEXT YEAR, WE CAN GET TO THIS LINE.

SO THERE'S SOME THERE'S SOME HIGHLIGHTS ON THIS PAGE.

AND WHAT I WOULD WHAT I WOULD SUBMIT IS THAT BOTH THE TRANSFER LINE, WHICH ARE TRANSFER SEGMENT, WHICH IS THE GRAY PART AND THE BLUE PART, WHICH ARE THE NEW STUDENTS, THAT ALL BODES WELL FOR FUTURE SUCCESS BECAUSE IF WE CAN RETAIN THOSE STUDENTS, THAT WILL IMPROVE THAT GOLD SEGMENT.

AND THEN IT'S KIND OF GROWING, GROWING THE STACK CHART OVER TIME.

SO THERE'S THERE'S A GOOD OPPORTUNITY, ESPECIALLY AS YOU CONSIDER WHERE THE CAMPUS HAS BEEN IN THE LAST SEVERAL YEARS AND KIND OF THE THE WE MAYBE WE'RE AT THE BOTTOM OF THE BOTTOM OF THE DECLINE AND THERE'S GOING TO BE A TURNAROUND HERE SIMILAR ON THE GRADUATE SIDE, THAT'S A SIGNIFICANT INCOMING COHORT OF GRADUATE STUDENTS.

THE BLUE SEGMENT THERE, I'D MENTIONED THAT THEY FORECASTED FLAT FOR THIS.

NOW ASSUMING FLAT ENROLLMENT, THE REVENUE PICTURE HERE IS BETWEEN 3 AND 4%.

AND THE CAMPUS WOULD WOULD HAVE THIS TYPE OF A BUDGET BALANCE.

[01:40:04]

BUT YOU CAN SEE THAT THEY'RE THEY'RE IN FISCAL YEAR 26.

THERE'S A REDUCTION IN THEIR OPERATING BUDGET.

AND THEN AT THE BOTTOM ROW THERE, THERE'S A TRANSFER LINE.

THAT TRANSFER LINE SHOWS THAT IN SOME OF THE YEARS THEY MIGHT BE PULLING OUT OF RESERVES TO BALANCE THEIR BUDGET.

BUT IT ALSO SHOWS PRUDENT BUDGETING IN TERMS OF PAYING INTO THE RESERVE IN FISCAL YEAR 26, IN THE OUT YEARS AT THE ANSCHUTZ MEDICAL CAMPUS, 2.1% INCREASE CONTINUED STRONG ENROLLMENT GROWTH.

ON THE UNDERGRADUATE SIDE, SOME SOFTER SPOTS ON THE GRADUATE SIDE CONTINUED, ESPECIALLY ON THE PHARMACY AND THEN IN PUBLIC HEALTH AS A RESULT OF GRADUATING COHORTS. WE TALKED ABOUT WHERE THE CAMPUS IS INVESTING ALONG THE WAY AT THE FEBRUARY AND APRIL MEETING.

SO MINIMUM WAGE INCREASES THE 4% MERIT POOL, THE ADDITIONAL 4% FOR COMPRESSION, RETENTION AND EQUITY.

AND THIS PICTURE IS TOTALLY DIFFERENT THAN THE OTHER CAMPUSES.

SO THE BIGGEST THE BIGGEST REVENUE STREAM AT THE ANSCHUTZ CAMPUS IS THE CLINICAL PRACTICE THAT HEALTH CARE REVENUE.

AND THAT'S THAT BIGGEST COMPONENT OF THAT GOLD CHART THAT'S IN FRONT OF YOU.

WHEN WE LOOK AT JUST THE GRAY SEGMENT, WHICH IS THE ING BUDGET, THIS IS THIS IS THIS THING THAT DOESN'T ALWAYS SEEM INTUITIVE, BUT OVER 30% OF ANSCHUTZ'S BUDGET IS FROM STATE FUNDING.

ANOTHER BIG PAYER FOR ANSCHUTZ IN TERMS OF THEIR ING BUDGET IS THE INDIRECT COST RECOVERY, WHICH IS THAT BLACK BLACK SEGMENT.

AND THAT'S A RESULT OF A RESEARCH ACTIVITIES THAT THEY CAN HELP OFFSET SOME OF THE EXPENSE FOR FACULTY.

SO ONE OF THE THINGS THAT WE LOOK AT AND IT'S KIND OF LIKE ENROLLMENT AT THE UNDERGRADUATE INSTITUTIONS IS THE NUMBER OF PATIENTS SERVED BECAUSE THIS IS AN INDICATOR THAT TIES INTO THAT AUXILIARY REVENUE THAT WAS IN THAT GOLD PIE CHART EARLIER.

THE DATA THERE ON THE LEFT HAND ON THE RIGHT HAND SIDE, PARDON ME, THAT 666,000 COLORADANS, THAT'S 140,000 COLORADO RESIDENT INCREASE COMPARED TO THE VERY BEGINNING OF THAT TIME FRAME.

SO THE CAMPUS IS IMPACTED THE LIVES OF 140,000 ADDITIONAL COLORADANS IN THE TIME OF IN SCOPE OF FIVE YEARS.

AND THAT 666,000 IS JUST 11 MONTHS OF DATA.

WE'LL HAVE WE'LL HAVE A LARGER NUMBER FOR YOU WHEN WE GET TO THE JULY RETREAT TO FULLY REPORT OUT ON THIS.

SO THIS IS SIGNIFICANT INCREASE IMPACTING PEOPLE'S LIVES AT THE CAMPUS.

IN TERMS OF ENROLLMENT, WE SEE POSITIVE TRENDS FOR NEW STUDENTS AND CONTINUING STUDENTS ON THE UNDERGRADUATE SIDE FOR NURSING.

AND WE SEE GROWTH ON THE INCOMING GRADUATE COHORT AND A LITTLE BIT OF DECLINE ON CONTINUING STUDENTS IN THE GRADUATE SIDE, THEIR REVENUE PICTURE IN THE OUT YEARS AROUND 4% GROWTH AND THEN THEY SHOW HOW THEY'RE BALANCING HERE AND THEN WE SHIFT OVER TO THE SYSTEM BUDGET.

WE USE THE SAME WORDS IN THE SYSTEM BUDGET AS WE USE FOR THE CAMPUSES, BUT THEY MEAN DIFFERENT THINGS.

THE BUDGET HERE, THE GRAY SEGMENT IS WHAT FUNDS THE PEOPLE THAT SERVE ALL OF THE ALL OF THE CAMPUSES ACROSS CU.

SO THAT'S THINGS LIKE EMPLOYEE SERVICES, PROCUREMENT, LEGAL BUDGET AND FINANCE.

THAT GOLD SEGMENT THERE INCLUDES THINGS LIKE TREASURY INVESTMENT REVENUES TO INVEST IN PROGRAM ACROSS ACROSS THE SYSTEM, AS WELL AS THE RISK MANAGEMENT INSURANCE FUND AND RISK MANAGEMENT.

AND THAT BLUE SEGMENT COVERS SYSTEM ADVANCEMENT AND THE RESTRICTED SIDE.

WHEN WE DRILL DOWN INTO THE BUDGET OF SYSTEM, THIS IS THE ICA BUDGET, THE INDIRECT COST COST, CAMPUS COST ALLOCATION.

THE BIGGEST COMPONENT PART OF THIS IS US.

AROUND 40% OF OF SYSTEM IS US.

THE OTHER BIG ONES, LIKE I MENTIONED EARLIER, UNIVERSITY COUNCIL PROCUREMENT, EMPLOYEE SERVICES, THAT GOLD SEGMENTS, EVERYTHING ELSE PICTURE ANYBODY ELSE THAT YOU COULD THINK OF IT SYSTEM THAT WOULDN'T FIT IN THAT IN THAT BUCKET THE BOARD OFFICE INTERNAL AUDIT TREASURY COMPTROLLER'S OFFICE THAT'S WHAT THAT'S WHAT THAT GOLD SEGMENT COMPRISES.

SO THAT THAT'S THE BUDGET AND LOOKING AT IT THROUGH THOSE DIFFERENT LENSES.

SO WHAT DO WE HAVE LOOKING AHEAD AS WE GET INTO FISCAL YEAR 24? WE WILL HAVE OUR SNAPSHOT IN SEPTEMBER, WHICH IS AROUND THE TIME OF FALL CENSUS.

IT'S NEVER PERFECT, BUT IT'S A PRETTY CLOSE ESTIMATE IN TERMS OF WHERE WE THINK ENROLLMENT WILL BE IN THE FALL.

THAT WILL GIVE US INDICATORS OF HOW CLOSE WE ARE TO BUDGET.

ARE WE OVER BUDGET UNDER BUDGET AND WHAT DO WE NEED TO DO TO RESPOND TO THAT? AND MAYBE WE'RE SPOT ON.

WE'LL SEE. AND THEN IN NOVEMBER, WE'LL TALK ABOUT OUR UNRESTRICTED NET POSITION IN DIFFERENT COMPONENTS OF THAT AND WE'LL MOVE ON TO THE FISCAL YEAR 25 BUDGET CYCLE WHERE WE DO SCENARIO PLANNING IN FEBRUARY, WHERE WE PRESENT BOARD RESOLUTIONS FOR TUITION FEES AND COMPENSATION IN APRIL AND THEN FINAL CONSIDERATION OF A BUDGET IN JUNE. AND WITH THAT, I AM DONE AND HAPPY TO TAKE ANY QUESTIONS.

[01:45:05]

AND I JUST WANTED TO MENTION ONE IMPORTANT THING, BECAUSE WHAT YOU SAW IN THE IN THE CHARTS AND THE THE GRAPHS IS A HIGH POINT FOR CU DENVER AND UCS AS BEING A FEW YEARS AGO THAT MATCHES THE DEMOGRAPHIC TREND OF GRADUATES IN COLORADO.

AND BECAUSE CU, DENVER AND UCS ARE MORE RELIANT ON IN-STATE RESIDENT STUDENTS, THAT IMPACTS THEM AT A LARGER RATE THAN THAN THE OTHER TWO CAMPUSES.

SO I JUST THOUGHT I WOULD MENTION THAT FOR FOLKS.

WE HAD A PRESENTATION ON THIS LAST YEAR AT OUR RETREAT, LAST SUMMER'S RETREAT, WHICH TALKED ABOUT DEMOGRAPHIC TRENDS WHICH NOT EVERYONE GOT TO PARTICIPATE IN THAT'S CURRENTLY ON THE BOARD.

SO I THOUGHT IT WAS IMPORTANT TO MENTION THAT THAT TREND IS FOLLOWING THE DEMOGRAPHIC TREND.

THANK YOU, CHAD. I HAVE SOME WHEN WE GET TO QUESTIONS, I HAVE SOME QUESTIONS.

OKAY. DO YOU WANT TO DO YOU WANT TO RUN THIS OR DO YOU WANT ME TO? PLEASE. OKAY.

REGENT GALLEGOS.

THANK YOU, CHAD.

YOU AND I TALKED ABOUT SOME OF THE QUESTIONS THAT I'M GOING TO ASK WHEN WE MET ON MONDAY.

APPRECIATE YOUR TIME AND YOUR ANSWERS.

I THINK THE THE DIFFERENCE BETWEEN A 5.5 BUDGET AND A 5.9 BUDGET, WHERE DID OUR BUDGET GO UP THIS YEAR? THAT SO IF YOU JUST IN A MINUTE OR TWO TELL US.

YOU BET. SO THAT'S A GREAT QUESTION.

THAT 5.9 BILLION IS THE TOTAL BUDGET.

SO THAT'S THE. RADIO AUXILIARY AND RESTRICTED.

I'D SAY THAT THERE'S PROBABLY FOUR THINGS THAT ARE THE BIGGEST DRIVERS IN TERMS OF THE REVENUE INCREASE.

ONE IS STATE FUNDING INCREASE OVER 11%.

WHILE IT'S A SMALL SEGMENT, IT'S A SIGNIFICANT PIECE OF GROWTH.

IF YOU WERE LOOKING AT TERMS OF PERCENT CHANGE, RESTRICTED BUDGETS AND THIS SPECIFICALLY TIED TO FEDERAL GRANTS AND CONTRACTS.

SO THAT'S FEDERAL RESEARCH, SIGNIFICANT GROWTH THERE, HEALTH SERVICES.

SO FOR INSTANCE, AT THE ANSCHUTZ CAMPUS, THE HEALTH SERVICES IS PROJECTED TO GROW AROUND $77 MILLION.

I KNOW THAT IN OUR TABLETOP EXERCISES WE WERE LEARNING ABOUT LOCAL COMMUNITY PARTNERSHIPS.

ONE OF THOSE THINGS WAS THE THE CENTER OF SPORTS MANAGEMENT AT UCS.

THOSE REVENUES, THOSE HEALTH SERVICES REVENUES AT THE UCS CAMPUS ARE PROJECTED TO GROW BY DOUBLE DIGITS.

AND THEN THE FINAL PIECE WOULD BE AUXILIARY ACTIVITIES.

SO HOUSING, DINING, PARKING, THOSE THINGS ARE PROJECTED TO GROW AS WELL.

I APPRECIATE THAT.

OUR OUR BUDGET WHEN I STARTED TEN YEARS AGO WAS ABOUT $3 MILLION $3 MILLION AND NOW IT'S 5.9.

AND MOST MOST OF THAT GAIN HAS BEEN IN RESEARCH AND AND IN IN HEALTH SERVICES.

WOULD YOU SAY THAT THAT'S CORRECT? THAT'S CORRECT, YES.

YEAH. WHEN WE TALK ABOUT HEALTH SERVICES, WE TALK A LOT ABOUT MENTAL HEALTH.

I KNOW THAT EACH YEAR WE ON EACH CAMPUS, WE ADD MENTAL HEALTH KINDS OF THINGS, BUT THAT'S TURNED INTO A LARGER EXPENDITURE FOR US RIGHT AS WE MOVE FORWARD, WHERE WOULD WE SEE THAT NUMBER AND AND WHERE WOULD WHAT WOULD THE INCREASE BE FROM LAST YEAR? CERTAINLY. SO THAT WOULD BE INTEGRATED INTO DIFFERENT EXPENSE CATEGORIES.

BUT TYING IT BACK TO WHAT? A COUPLE OF THINGS THAT THE BOARD CONSIDERED AT THE APRIL BOARD MEETING.

AT TWO OF THE FOUR CAMPUSES, THERE WERE FEES SPECIFICALLY TIED TO MENTAL HEALTH.

AND SO YOU WOULD SEE THAT INTEGRATED ACROSS WHATEVER UNIT THAT THAT MENTAL HEALTH WAS EMBEDDED IN.

SO IT WOULD BE KIND OF EMBEDDED IN OPERATING AND SALARY IN THE BUDGET THAT YOU'RE LOOKING AT.

BUT IT'S DIRECTLY TIED BACK TO THE BOARD ACTION IN APRIL TO INVEST IN THAT.

AND I BELIEVE IT WAS AT THE UCS CAMPUS AND BOULDER.

BUT I'M GOING TO GET THE OTHER I KNOW UCS FOR SURE.

I'LL HAVE TO DOUBLE CHECK, BUT SPECIFIC FEE INCREASES TO TIE TO THAT THAT THE BOARD SUPPORTED.

I APPRECIATE THAT. MY NEXT TWO QUESTIONS HAVE TO DO WITH ENROLLMENTS AND I DON'T DISPUTE WHAT NORBERT TALKED ABOUT IN TERMS OF THE TRENDS THAT ARE SHOWING.

BUT MY CONCERN AND HAS BEEN FOR A NUMBER OF YEARS IS HOW ENROLLMENT HAS DROPPED.

AND AT DENVER AND WE'RE SHOWING THAT IT'S GOING TO CONTINUE TO DROP THIS YEAR AND UCS NOT AS BAD IN TERMS OF OF BUT WE GET MOST OF OUR MONEY FROM.

TUITIONS. AND I KNOW THAT EVERY YEAR WE DROP.

AND ONE OF THE THINGS WE DO IS WE BALANCE OUR BUDGET.

BUT AS WE BALANCE OUR BUDGET, IT'S ON THE IT'S ITS SERVICES, ITS PROGRAM AND ITS PEOPLE.

AND I THINK AS A BOARD, WE NEED TO WORRY ABOUT WE'LL SEE HOW YOU CCS COMES IN.

[01:50:01]

JUST IN THE LAST 2 OR 3 YEARS I'VE BEEN ON THE BOARD FOR TEN YEARS AND IT'S BEEN GOING THAT DIRECTION FOR EIGHT.

WE'RE GOING TO NEED TO DO SOMETHING ABOUT THAT.

IN TERMS OF MAKING SOME DECISIONS, I DON'T KNOW WHAT KIND OF DECISIONS.

I KNOW EVERYBODY'S WORKING HARD IN ORDER TO INCREASE THAT ENROLLMENT, BUT BUT I THINK IT'S SOMETHING THAT WE NEED TO TO LOOK CLEARLY AT IN TERMS OF THE NUMBER OF STUDENTS THAT WERE LACKING.

AND AS I SAID, MOST OF OUR DOLLARS COME IN FROM TUITION.

SO AGAIN, A BIG RED FLAG WITH THAT.

AND I THINK YOUR YOUR DATA SHOWS THAT ALL THE WAY THROUGH.

BUT CUTTING PROGRAM IS NOT NECESSARILY GOOD WHEN YOU'RE CUTTING PROGRAM EVERY YEAR AND WHEN YOU DON'T HAVE RESERVES TO USE FOR DIFFERENT THINGS.

AND I THINK IT WEAKENS THE PROGRAM AND IT WEAKENS THE BRAND AND IT WEAKENS THE KIND OF EDUCATION THAT WE CAN GIVE TO STUDENTS.

AND THE LAST THING THAT I WOULD WOULD TALK ABOUT IS THAT OUR TUITION AND FEES, ESPECIALLY AS WE'RE STRUGGLING TO GET STUDENTS LIKE EVERY OTHER COLLEGE IN COLORADO, IS OUR ENROLLMENTS ARE ARE A LITTLE BIT WORRISOME AND WE'RE HAVING TO DO MORE TO GET STUDENTS.

I THINK IT'S REALLY IMPORTANT THAT WE ARE ABLE TO SHOW OUR BOTTOM LINE SPENDING TO OUR STUDENTS AND PARENTS THAT ARE COMING, WHAT WE'RE CHARGING FOR TUITION AND WHAT WE'RE CHARGING FOR FEES.

AND I REALLY DON'T SEE A RED FLAG RIGHT NOW, BUT WE REALLY NEED TO MAKE SURE THAT WE'RE CLEAR ABOUT THAT AND THAT WHAT OUR TUITIONS ARE, THAT WE'RE NOT INCREASING OUR FEES AS A RESULT OF THAT, ESPECIALLY WITH US STRUGGLING FOR ENROLLMENTS AT THIS POINT.

SO I APPRECIATE ALL YOUR WORK.

I APPRECIATE OUR MEETING THE OTHER DAY.

AND, YOU KNOW, YOU GO THROUGH THIS OPERATING BUDGET, THAT'S WHAT WE'RE GOING TO LIVE WITH THIS YEAR.

THAT'S HOW IMPORTANT THIS BUDGET IS.

I THINK IT REALLY REFLECTS WHAT OUR PRIORITIES ARE FOR THIS YEAR AND WHERE WE'RE HEADED AS A UNIVERSITY.

SO APPRECIATE YOUR WORK.

THANK YOU, CHAD. THANK YOU.

THANK YOU. AND I THINK REGENT MONTOYA HAD SOMETHING TO SAY.

CHAD, THANKS TO YOU AND YOUR TEAM, YOU DO AN OUTSTANDING JOB OF KEEPING US AWARE OF WHERE WE ARE FINANCIALLY.

AND I REALLY APPRECIATE WHAT YOU DO FOR US AND YOUR ENTIRE TEAM.

IN MY OLD LIFE, WE USED TO MEASURE TRAFFIC AND THAT WAS THE HEARTBEAT OF KIND OF THE BUSINESS THAT YOU HAD.

IF IT WAS UP, YOU KNOW, IF YOU'RE UP A POINT, IT MEANT SO MUCH AND IN DOLLARS AND IF IT WENT DOWN A POINT, I'M WONDERING IF WE COULD DO THAT WITH ENROLLMENT BY CAMPUS.

SO IF WE'RE DOWN A POINT, WHAT DOES THAT MEAN FINANCIALLY TO THAT CAMPUS? IF WE'RE UP A POINT, WHAT DOES THAT MEAN? BECAUSE THAT'S A PRETTY SIMPLE WAY TO TAKE A LOOK AT WHERE WE ARE FROM A BLOOD PRESSURE STANDPOINT AROUND OUR CAMPUSES.

AND IT MIGHT IT MIGHT KEEP US A LITTLE BIT MORE FOCUSED TO REGENT GALLEGOS POINT ON ON ON ENROLLMENT, BECAUSE WITHOUT IT, WE'RE CONSTANTLY STRUGGLING TO CUT OTHER PROGRAMS. AND THAT'S SOMETHING I'D REALLY LIKE TO AVOID IF WE CAN, BUT THAT MIGHT HELP US UNDERSTAND THAT SPECIFICALLY.

THANK YOU. DEFINITELY.

WE HAVE THAT INFORMATION AND HAPPY TO SHARE IT WITH THE BOARD AND WE CAN EVEN INTEGRATE IT INTO THE SEPTEMBER UPDATE IN TERMS OF WHERE WE ARE WITH ENROLLMENT, WHAT THAT MEANS IN TERMS OF BEING UP OR DOWN, IN TERMS OF DOLLARS TIED TO THE STUDENTS.

AND I THINK AT UCCS IN DENVER, IT'S GENERALLY ABOUT $1 MILLION PER PERCENTAGE POINT.

IS THAT CORRECT OR IS THAT NOT RIGHT? IT MIGHT BE PERCENTAGE POINT OF RETENTION.

OKAY. OF RETENTION. GOT IT.

I'VE SEEN THAT INFORMATION, THOUGH.

SO YOU HAVE IT. IT'S THERE.

YEAH. GREAT.

WELL, I JUST WANT TO MENTION WE'RE HEARING SOME KNOCKING THAT'S.

THEY'RE DOING SOME WORK ON THE BANK DOWNSTAIRS.

BUT YOU BROUGHT YOU SHOWED THE CAPITAL CONSTRUCTION BUDGET OR.

AND ONE THING THAT'S SO EXCITING IS HELLAMS, WHICH IS JUST RIGHT NEXT DOOR.

WE HAVE BEEN ASKING FOR FUNDING FOR THAT FOREVER.

WE HAVE THE THIRD TRANCHE.

RIGHT? I ACTUALLY RODE MY BIKE HERE A COUPLE OF WEEKS AGO FOR A GOING AWAY PARTY FOR A FACULTY MEMBER AT SERIES, AND I CAN'T PARK MY BIKE ANY LONGER IN FRONT OF HELLAMS BECAUSE THEY'VE CLEARED THEM ALL OUT TO GET READY TO DO THE CONSTRUCTION.

SO IT'S REALLY EXCITING THAT THIS HAS GOTTEN FUNDED.

AND I KNOW WE HAVE MANY MEMBERS OF THE JOINT BUDGET COMMITTEE TO THANK FOR THAT BECAUSE THEY WENT TO BAT FOR US.

SO THANK YOU AND THANK YOU TO HEATHER RETSUKO FOR HER AWESOME LOVING HELPING TO MAKE THAT HAPPEN.

YES. THANK YOU, HEATHER.

OKAY. WITH THAT, I BELIEVE WE CAN VOTE FOR APPROVING THE 20 2324 OPERATING BUDGET.

IS THERE A MOTION TO APPROVE THE OPERATING BUDGET SO MOVED BY REGENT CHAVEZ AND SECONDED BY REGENT RENNISON.

I ASSUME THERE'S NO DISCUSSION AT THIS POINT.

[01:55:04]

THANK YOU. THANK YOU.

THANK YOU VERY MUCH.

BUT WE SPENT IT WELL. KEN TAKES A WHOLE YEAR.

THAT'S RIGHT. I JUST WANT TO MAKE SURE.

ALL RIGHT. SO WE'VE GOT A COUPLE MORE THINGS COMING UP.

FIRST OF ALL, WE REMOVED AN ITEM FROM THE CONSENT AGENDA AND WE ARE GOING TO VOTE ON THAT NOW.

SO THE FIRST ACTION ITEM IS AWARDS OF TENURE AT CU BOULDER.

IS THERE A MOTION TO APPROVE APPROVE THE AWARDS OF TENURE TENURE LISTED IN THE ATTACHMENT TO THIS ACTION ITEM AS SET FORTH IN BOARD DOCS SO MOVED MOVED BY ALANNA SPIEGEL AND SECONDED BY NOLBERT CHAVEZ.

IS ANY NAYS.

ONLY A POINT IN PROCESS IS IT WITH OUR CONSENT AGENDA IS THAT WE AS A BOARD NEED TO GET THAT INFORMATION WHEN WE'RE GOING TO DEAL WITH IT AND NOT NOT HAVE THE INFORMATION AND HAVE TO PUT IT ON A DIFFERENT AGENDA.

SO THAT'S JUST A POINT OF PROCESS.

OKAY. WELL, ANYWAYS, IS THERE ANY DISCUSSION BEFORE WE VOTE ON THIS? YES. REGENT VAN DRIEL.

MADAM CHAIR, I JUST WANTED TO SAY I PULLED THIS FROM CONSENT AGENDA BECAUSE I WAS UNSATISFIED WITH THE AMOUNT OF TIME I HAD REVIEWED ON IT, AND SO I AM ABSTAINING AS A RESULT. OKAY.

THANK YOU. ALL RIGHT.

WITH THAT, I'M GOING TO ASK YOU TO DO A ROLL CALL, PLEASE.

REGENT. CHAVEZ. HI.

REGENT. GALLEGOS? YES. REGENT JAMES? YES. REGENT MCNULTY.

YES. REGENT MONTERA.

HI. REGENT RENNISON.

HI. REGENT.

SPIEGEL. HI.

REGENT VAN DRIEL ABSTAINING AND CHAIR SMITH.

HI. SO THE MOTION PASSES.

THE TENURE FOR PROFESSORS AT UC BOULDER HAS PASSED EIGHT WITH ONE ABSTENTION.

SO THANK YOU.

YES, PRESIDENT SOLOMON, THANK YOU.

AND JUST JUST REALLY BRIEFLY, SO I APPRECIATE REGENT VAN DRIEL BRINGING UP HIS CONCERN ABOUT TIME AND AND AND VICE PRESIDENT LEITNER AND I TALKED ABOUT THAT AND AND IN THE FUTURE WE'LL MAKE SURE THE BOARD HAS A BIT MORE TIME TO TO GO THROUGH THOSE CASES.

THERE ARE A LOT OF THEM.

SO. YOU BET.

GREAT. SO OUR LAST TWO ACTION ITEMS BEFORE WE ADJOURN THE PUBLIC SESSION AND GO INTO ANOTHER EXEC SESSION IS THE ELECTION OF OUR CHAIR AND VICE CHAIR.

AND I WOULD LIKE TO SAY AGAIN THAT IT'S BEEN AN HONOR TO SERVE AS CHAIR, AND I'M LOOKING FORWARD TO NO LONGER SERVING AS CHAIR.

I'LL BE HONEST. AND IT'S NOT BECAUSE I HAVEN'T LIKED IT, BUT I'VE GOT SOMETHING OTHER SOME OTHER THING THAT'S PULLING ON ME RIGHT NOW.

BUT I'M GOING TO BE WORKING HARD AS A REGULAR BOARD MEMBER FOR THE NEXT YEAR AND A HALF, SO YOU WON'T BE SEEING ME SHUTTLE AWAY OR ANYTHING LIKE THAT.

SO BEFORE WE PROCEED, I'D LIKE TO GO OVER A FEW DETAILS.

AS IS OUR TRADITION, I WILL CALL FOR NOMINATIONS FOR THE POSITIONS OF CHAIR AND VICE CHAIR.

EACH REGION IS FREE TO VOTE FOR ANY ELIGIBLE PERSON, WHETHER NOMINATED OR NOT.

BUT IT IS OUR TRADITION TO CALL FOR NOMINATIONS.

WE WILL VOTE UNTIL A REGION RECEIVES A MAJORITY VOTE, WHICH IS MORE THAN HALF THE VOTES THAT ARE CAST BY PERSONS ENTITLED TO VOTE, EXCLUDING BLANKS OR ABSTENTIONS.

ARE THERE ANY QUESTIONS ON THIS? OKAY. I THINK I'M JUST GOING TO MOVE INTO THE NOMINATIONS HERE.

SO WE WILL TAKE NOMINATIONS FROM THE FLOOR FOR FIRST FOR CHAIR AND THEN WE'LL SEE WHERE WE GO FROM THERE. SO NOMINATIONS FOR CHAIR? I WOULD. YES, PLEASE.

REGENT GALLEGOS. IT'S MY PLEASURE TO NOMINATE KELLI RENNISON, WHO'S SITTING NEXT TO ME AS THE NEXT BOARD CHAIR FOR THE UNIVERSITY OF COLORADO BOARD OF REGENTS.

KELLY'S BEEN A THREE YEAR REGENT.

SHE UNDERSTANDS HIGHER EDUCATION FROM THE WORK THAT SHE'S DONE OVER.

AND I'M NOT GOING TO TELL YOU HOW MANY YEARS BECAUSE I DON'T WANT HER TO GET MAD AT ME AS TO HOW OLD SHE MIGHT REALLY BE.

I THINK SHE REALLY UNDERSTANDS IT WELL.

[02:00:01]

I THINK SHE'S DONE A REALLY GOOD JOB WITH THAT.

SHE'S WELL REGARDED AND RESPECTED BY THIS ENTIRE BOARD, I'M SURE.

AND, YOU KNOW, I THINK THAT WE'RE AT A POINT IN TIME WHERE THIS BOARD REALLY NEEDS SOME CONSISTENCY.

WE'VE HAD TWO ONE YEAR CHAIRS WHO HAVE DONE A REALLY REMARKABLE JOB.

BUT I THINK WE NEED TO LOOK AS A BOARD AT AT REALLY SOLVING SOME OF OUR ISSUES.

AND I THINK KELLY CAN BRING US IN THAT DIRECTION.

SO I'M PROUD TO NOMINATE KELLY RENNISON.

THANK YOU. GREAT.

AND IS THERE A SECOND? I'D LIKE TO SECOND THE NOMINATION OF REGENT RENNISON FOR MANY OF THE REASONS THAT REGENT GALLEGOS SAID.

AND I THINK IT'S A GREAT TIME FOR REGENT RENNISON TO ASSUME THE CHAIR.

EXCELLENT. ARE THERE ANY OTHER NOMINATIONS FROM THE FLOOR? HEARING NONE. I WOULD MOVE THAT WE CLOSE NOMINATIONS.

I AM DOING THAT RIGHT NOW.

AND I WOULD SAY, LET'S JUST VOTE FOR AFFIRMATION.

SO EVERYONE THAT IS IN FAVOR OF REGENT RENNISON BEING CHAIR, LET'S SAY I, I AND I'M HEARING NO NAYS, RIGHT? EXCELLENT.

WELL, CONGRATULATIONS.

I JUST WANT TO SAY THANK YOU TO EVERYBODY HERE ON THE BOARD FOR HAVING FAITH IN ME.

I'M GOING TO WORK HARD.

THANK YOU TO LESLEY FOR A REALLY EXCELLENT YEAR AND WE'LL SEE WHAT WE CAN DO.

I'M REALLY EXCITED AND EQUALLY HORRIFIED.

THANKS. EQUALLY WELL.

AND YOU DID BRING UP THE PAST PRESIDENT THING OR PAST CHAIR.

SO I WILL BE AROUND IF YOU NEED ANY NEED, ANY ASSISTANCE, I WILL BE CALLING YOU.

ALL RIGHT. SO AT THIS POINT, THEN WE WILL MOVE TO ELECT THE VICE CHAIR OF THE BOARD.

AND I AM GOING TO NOMINATE MY COLLEAGUE, KEN MONTERA.

AS YOU ALL KNOW, KEN AND I RAN AGAINST EACH OTHER FIVE YEARS AGO.

AND I THINK GOVERNOR POLIS MADE AN EXCELLENT CHOICE IN APPOINTING KEN TO SERVE IN THE FIFTH CONGRESSIONAL DISTRICT AS REGENT.

AND IT'S BEEN REALLY GREAT WORKING WITH KEN AS MY VICE CHAIR.

THERE'S BEEN A LOT OF ISSUES THAT WE'VE HAD TO TALK OVER.

HE'S ALWAYS AVAILABLE.

HE REACHES OUT TO ME, I REACH OUT TO HIM AND HE WILL CONTINUE MAKING A GREAT VICE CHAIR.

AND I THINK IT'S SUCH A GREAT MODEL HOW, YOU KNOW, WE MAY BE DIFFERENT PARTIES, BUT WE ARE FOCUSED ON CU AND WHAT'S BEST FOR CU. SO I THINK WE'RE A MODEL.

SO WITH THAT, I NOMINATE KEN TO BE OUR CONTINUING VICE CHAIR.

AND IS THERE A SECOND, MADAM CHAIR? REGENT MCNULTY.

THANK YOU, MADAM CHAIR. IT IS MY PRIVILEGE TO SECOND THE NOMINATION OF KEN MONTERA TO BE VICE CHAIR FOR THE UNIVERSITY OF COLORADO BOARD OF REGENTS.

HE IS THE RIGHT MAN FOR THE JOB AND I LOOK FORWARD TO SERVING WITH CONTINUING TO SERVE WITH YOU AS OUR VICE CHAIRMAN.

EXCELLENT. ANY OTHER NOMINATIONS? HEARING NONE.

WE CLOSE NOMINATIONS.

AND AGAIN, I SAY LET'S VOTE BY AFFIRMATION WITH AN EYE FROM EACH OF US.

PLEASE VOTE. ALL RIGHT.

HI. ANY NAYS? GREAT. WELL, NINE ZERO.

SO, BOTH OF YOU. EXCELLENT.

AND, KEN, WOULD YOU LIKE TO SAY.

APPRECIATE THAT AND I APPRECIATE THE TRUST YOU'VE PUT IN ME TO HELP CO-LEAD THE BOARD OF REGENTS.

I LOOK FORWARD TO WORKING WITH CALLIE.

I THINK WE'LL BE A GREAT TEAM AND WE'LL BE ABLE TO CONTINUE THE AGENDA THAT WE'VE STARTED.

AND LESLEY, IT'S BEEN A PLEASURE WORKING WITH YOU.

GREAT TO GET TO KNOW YOU AND I WISH YOU ALL THE BEST.

AND BELIEVE ME, WE WILL CONTINUE TO WORK YOU AS A BOARD MEMBER.

YES. THANK YOU.

GREAT. WELL, AT THIS POINT, WE ARE DONE WITH THE PUBLIC SESSION.

AND EVERYONE HAVE A GREAT AFTERNOON AND WEEKEND.

AND I KNOW MANY OF US ARE GOING TO BE MARCHING SUNDAY AT THE PRIDE PARADE.

SO I LOOK FORWARD TO THAT.

SO THANK YOU.

OH, YEAH.

* This transcript was compiled from uncorrected Closed Captioning.