New haven for faculty members
The University of Miami, Baptist Health South Florida, Keys Federal Credit Union and other institutions have dipped their feet into the housing business.
Smathers Four Fillies Farm, developed by UM affiliate Miami Asset Management Company (MAMCO) and designated for faculty housing, opened in October to offer 30 single-family residences.
Located in Pinecrest, the homes will be made to meet environmental standards set by the Florida Green Building Coalition.
The property was donated by philanthropist and trustee Frank Smathers Jr., who specified certain guidelines for usage including faculty housing.
The homes, starting at $800,000, were meant to attract medical faculty and other researchers who bring grants with them. All revenue from home sales will go toward academic programs.
Patrick Burbank, MAMCO’s assistant vice president for development, said constructing a similarly-themed residential community for students is a possibility, but these plans are not yet in the works.
New UM hospital racks in the bucks
Patient care at the University of Miami Hospital, purchased in November, is expected to be responsible for reeling in over 50 percent of UM’s total revenue, said UM treasurer Diane Cook.
According to a report by Moody’s Investors Services, UM currently has $1.6 billion in annual revenue; 30 percent coming from student charges and 21 percent from tuition.
Moody’s analyst John Nelson said that although UM “has a lot of potential for growth,” it is still “pretty unusual” for a university to get such a high percentage of its annual revenue from medical care. Still, some of UM’s sisters schools including Emory, Vanderbilt and Rochester also earn a majority of revenue from their hospitals.
Despite the purchase resulting in a 50 percent increase in UM’s debt load (total direct debt is $931.2 million), Moody’s reports suggest that the university is still in good financial standing. These reports are based on positive factors such as UM’s operating margin of 5.7 percent over the past 3 years, and its average gift revenue, which has increased since President Shalala came into office, of $140 million a year.
Due to Wednesday’s offical groundbreaking for the university’s new Alumni Center, certain parking lots will be blocked from 2 to 8 p.m. All staff working in the Max Orovitz Building may leave at 4:40 p.m. The following lots will be closed: Orovitz parking lot (# 711), McKnight Building parking lot (# 701), Brescia parking lot (# 716)
GetOuttheVote and along with other groups have arranged a Voter Block Party for students waiting in line to vote in the Primary Elections at the BankUnited Center. There will be free food, a DJ and free “Voters are Sexy” T-shirts from 10 a.m. to 3 p.m. Students living on-campus can vote at the BankUnited Center from 9 a.m. to 7 p.m. (a shuttle will run from Stanford Circle to the BankUnited Center from 9am – 7pm)
Students living in the University Village or on Fraternity Row can vote at St. Augustine Church from 9 a.m. to 7 p.m. (the church across the street from the Frost School of Music) Be sure to bring your Voter Registration Card -OR- Driver’s License.
Also on Tuesday there will be a Primary Results Watch Party, 7pm – 9pm in the lower lounge of the UC with free pizza. Students who are registered to vote in Coral Gables or elsewhere in Miami-Dade can call the Miami-Dade election office at 305-499-8683 to find voting location.