A five minute meeting could save Ball State University up to $500,000 this year and help to build the new Student Recreation and Wellness Facility.
The Saturday Executive Committee meeting of the Board of Trustees passed a resolution that will turn $30 million of Series O bonds from "tax exempt" to "bank qualified." These funds along with $10 million in additional gifts, will help fund the Wellness Facility.
That status change will save Ball State $130,000 to $500,000 this year, Randy Howard, associate vice president of finance and assistant treasurer, said.
"I was reading about the stimulus bill and realized we could do this," Howard said.
When the American Recovery and Reimbursement Act was signed on Feb. 17, the bill raised the amount of bank qualified bonds a financial institution could have from $10 million to $30 million.
The status change will allow financial institutions such as Ball State to deduct interest expenses each year to make the bonds more attractive to potential buyers, because it increases demand and could result in lower interest rates.
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