HOUGHTON – At its regular meeting Friday in the Memorial Union Building, the Michigan Technological University Board approved a five-year state capital outlay plan.

The plan includes three health science, technology, engineering and mathematics (H-STEM) projects: phase one of an H-STEM engineering and health technologies complex; integrated student maker spaces; and phase two of the H-STEM engineering and health sciences complex.

Phase one of the H-STEM engineering and health technologies complex is expected to cost $39.6 million, of which Tech is asking the state to pay $29.9 million, or 75 percent. The university will pay the remaining 25 percent.

Also approved was the fiscal year 2018 capital project request.

Board Chairman Terry Woychowski said the capital outlay plan is on target for the renovation and revitalization needs of the university infrastructure.

“I think we have a good plan here,” he said.

Board members heard from Randy Morse of Andrews, Hooper and Pavlik about the university’s most recent audit.

Morse said the audit has no significant deficiencies and no internal control differences. Working with Tech staff was not a problem, either.

“We do have a good working relationship with management,” he said.

Tech Treasurer Julie Seppala said the universities net financial position is good.

“This is the third year in a row we’ve had a positive net position,” she said.

The university’s cash balance is good, Seppala said.

“Our liquidity has been improving over the years,” she said.

Provost Jackie Huntoon told the board about the graduation results for the 2016 fiscal year, which ended on June 30. There were 1,110 baccalaureate degrees granted, including 147 cum laude, 129 magna cum laude and 50 summa cum laude recipients.

Huntoon said about 93 percent of graduates became employed within six months of graduation, and almost 74 percent had full-time positions.

Last year, Huntoon said 416 master’s degrees and 86 Ph.D.s were granted.

“About one third of our students at the Ph.D. level are self-supported,” she said.

Tech has 341 tenured and tenure-track professors, associate professors, and assistant professors, Huntoon said, which compares well with other similar universities.

“We have a much higher proportion of tenured or tenure-track professionals than other universities,” she said.