University of North Florida
Board of Trustees
Finance and Audit Committee

Meeting
December 11, 2008
University Center at 8:30 a.m.

Agenda

Item 1Call to Order 

Chair Twomey will call the meeting to order.

Item 2 Minutes (September 18, 2008

Chair Twomey will address the Committee and ask for approval of the Finance and Audit Committee’s September 18, 2008 minutes.

 

Proposed Action: Approval. Motion and second required. 

Item 3 Open Comments 

Chair Twomey will address those in attendance and offer opportunity for open comments.

 

Proposed Action:No motion required. 

Item 4 Athletics, Health and Activity and Service Fees (Attachment 1, 2)

The purpose of this item is to present the proposed increase for the student athletics, health and activity and service fees for 2009-2010. These fees were recommended by a committee of students, faculty and staff, and endorsed by the President.

 

Vice President Shuman will address the Committee and present this item.

 

Proposed Action: Approval. Motion and second required. 

Item 5 Parking Rate Schedule (Attachment 1, 2)

The purpose of this item is to present the proposed parking rate schedule for 2009-2010. These recommendations were proposed by a University-wide committee and are endorsed by the President.

 

Vice President Shuman will address the Committee and present this item.

 

Proposed Action: Approval. Motion and second required. 

Item 6 Revisions to the Investment Policy (Attachment 1, 2)

The administration recommends a set of revisions to UNF’s existing investment policy. The purpose of these revisions is to provide more flexibility and diversification without increasing risk. We have also added a new benchmark for company results.

 

Vice President Shuman will address the Committee and present this item.

 

Proposed Action: Approval. Motion and second required. 

Item 7 Internal Revenue Service Questionnaire (Attachment 1)

As part of its review of tax exempt entities, the IRS has selected 400 colleges and universities for review. As part of its review the IRS will be collecting information on how institutions determine what constitutes tax exempt income and how institutions handle taxable income. They will also be collecting information on university investments and uses of endowment proceeds.

 

Vice President Shuman will address the Committee and present this item.

 

Proposed Action: Review. No motion required. 

Item 8 Audit Update (Attachment 1, 2)

The purpose of this item is to provide a status report on the University’s internal audits.

 

Mr. Robert Berry will address the Committee and present an audit update.

 

Proposed Action: Review. No motion required. 

Item 9 Review of Follow-up on Last Year’s Operational Audit (Attachment 1, 2)

The purpose of this item is to provide a report to the Committee on the action UNF has taken in response to the Auditor General’s Operational Audit.

 

Vice President Shuman will address the Committee and present this report.

 

Proposed Action: Review. No motion required.

Item 10 Update on the Museum of Contemporary Art (MOCA) (Attachment 1)

President Delaney will provide an update to the Committee on the University’s purchase of the MOCA.

 

President Delaney will address the Committee and present this update.

 

Proposed Action: Discussion. No motion required. 

Item 11 Update on the Southern Association of Colleges and Schools (SACS) Reaccreditation Process (Attachment 1)

Provost Workman will provide an update to the Committee on the SACS reaccreditation process.

 

Provost Workman will address the Committee and present this update.

 

Proposed Action: Discussion. No motion required. 

Item 12 Report on the Accountant’s Report Required by the National Collegiate Athletic Association (NCAA) (Attachment 1, 2)

The purpose of this item is to provide a report to the Committee on the accountant’s report required by the NCAA.

 

Vice President Shuman will address the Committee and present this report.

 

Proposed Action: Discussion. No motion required. 

Item 13 Report on NCAA Compliance (Attachment 1)

Vice President Owen and Ms. Michelle Bronner, Director of Compliance, will present a report on NCAA compliance.

 

Vice President Owen and Ms. Bronner will address the Committee and present this report.

 

Proposed Action: Discussion. No motion required. 

Item 14 Quarterly Budget Report, Including a Review of the Current Status of the State and the University of North Florida Budget (Attachment 1, 2)

The purpose of this item is to present this quarter’s budget report, including a review of the current status of the State and the University’s budget.

 

Vice President Shuman will address the Committee and present this report.

 

Proposed Action: Review. No motion required. 

Item 15 Treasurer’s Report (Attachment 1, 2)

The purpose of this item is to present the current treasurer’s report.

 

Vice President Shuman will address the Committee and present this report. 

 

Proposed Action: Review. No motion required. 

Item 16 Adjournment 

Chair Twomey will adjourn the meeting.