Board of Trustees Update May 2023

The regular Board of Trustees meeting in May 2023 discussed the updates on the AUBG Strategic Plan.

“It was truly a pleasure to attend the magnificent Commencement Ceremony and to extend our best wishes to the Class of 2023,” said the Chair of BoT Michael D. Marvin.”On behalf of the entire Board, I would like to express our sincerest gratitude for your tireless dedication and commitment to the University’s success.”

Here are some of the highlights presented by the multiple Trustees regarding their committee meetings:

Development

AUBG has formulated three main fundraising campaigns aligned with AUBG’s strategic priorities. “Access & Excellence” aims to recruit high-quality applicants, support student success, and provide assistance to students in need. “CIDC & Sustainability” focuses on funding key projects for the CIDC and ensuring financial sustainability for environmental initiatives. “Unified and Modern Campus” supports capital investments and endowment for campus upkeep and improvements.

Educational Policy

AUBG has recently launched the Sofia Semester initiative, which provides qualifying AUBG students with the opportunity to take a full load of credit-bearing courses for one semester while living in the capital city. AUBG is also designing a new course on Environmental Sustainability for the upcoming academic year. Next, AUBG will look to update and restructure the general education courses requirements.

Finance and Property

In terms of the budget, we’re pleased to report a strong financial performance for Q3 FY2023. Furthermore, the Board has discussed and approved the proposed budget for the 2023-24 fiscal year. The good financial position we have, despite the worldwide financial crisis, allows us to substantially increase now CapEx spending in the coming year.  It will be three times of the amount we have spent in the past ten years. It will include updating hardware across campus.

Strategy

Progress has been made in campus planning, as the three-member Credo team visited our campus from April 24-26. They engaged in comprehensive meetings and familiarized themselves with the Main Building, the Blagoevgrad context, and other relevant aspects.

H.R. and Compensation

We strive for an American education experience based in Bulgaria.  Thus we must comply with the Bulgarian legal system. To assure this is done well, AUBG is conducting an internal audit that will be finalized in the next few months. Additionally, to enhance alignment with AUBG’s strategy, we’re introducing a performance management system that translates strategic objectives into departmental and individual objectives and key results (OKRs). This system will ensure clear standards and effective results.

University Council

The University Council will welcome four new members: Kathryn Loosemore, Chris Potts, David Cleave, and Anguel Anguelov (’00).

Retirement of H.R.H. Princess Maria-Luisa of Bulgaria

Princess Maria-Luisa is retiring after 24 years of serving AUBG as a Trustee. To honor her dedication to the university, the Board of Trustees awarded an Emeritus Trustee and established a new endowed scholarship.

“We’d like to express our deep gratitude to H.R.H. Princess Maria-Luisa of Bulgaria for her dedicated service to the University,” said Deputy Chair of the BoT Victoria Entwistle. “We created the Princess Maria Luisa Emeritus Trustees category to honor retiring members who have served AUBG with exceptional distinction. The Princess has been named the first Emeritus Trustee and was honored during the recent Commencement Ceremony. Additionally, we’re excited to announce the establishment of an endowed fund for the Moral Courage Scholarship, a project close to Princess Maria Luisa’s heart. This scholarship will recognize students who display courage in doing what is right, even in the face of personal risk.”