Mr. John Barnes; Mr. Hugh Greene; Ms. Wanyonyi Kendrick; Ms. Joannie Newton, Dr. Bruce Taylor, Mr. Kevin Twomey
Dr. Kathy Robinson
Chair Kendrick recognized a quorum and called the meeting to order.
Chair Kendrick asked for approval of minutes from June 15, 2009 and August 25, 2009. Both sets of minutes were approved as presented.
There were no comments from the public.
Chair Kendrick asked Vice President Shuman to speak about this item.
Vice President Shuman stated that there was a new Board of Governors regulation that required the Board of Trustees to approve the master plan evaluation and appraisal report. She clarified that this report represented the previous 5 years and indicated how successful the university was in meeting the goals, objectives and policies, as stated in the master plan.
Vice President Shuman narrated the report, noting that everything set in the master plan was accomplished with the exception of two parking garages and Greek housing. She clarified that the parking garages were not needed after the university’s purchase of UNF Hall and Alumni Hall, and the university’s decision regarding enrollment growth. Greek housing had leasing agreements out with starting dates dependent on the execution of these agreements.
Chair Kendrick asked for a MOTION to approve the master plan evaluation and appraisal report. The MOTION was offered by Trustee Twomey and seconded by Trustee Robinson. The MOTION was approved as presented.
Chair Kendrick asked Vice President Shuman to speak about these audits.
Vice President Shuman stated that all three audits were clean with no management comments. She noted that these audits were approved by their respective boads.
Vice President Shuman provided highlights for each DSO audit beginning with the UNF Training and Service Institute, Inc. (TSI). She stated that after paying out funds pledged to the programs for Brooks College of Health and the Student Union, balance sheets would stabilize.
Highlights were provided for the UNF Foundation, Inc., noting that all bonding had been transferred and investments went from $95 million to $64 million. She clarified that the $64 million included new contributions.
The next DSO discussed was the UNF Financing Corporation. Vice President Shuman stated that the year was spent monitoring the construction funds for the Student Union and student housing projects which included payment of bond obligations and debt service. She clarified that in fiscal year 2009, all debt service payments were made and the debt service was current.
This item was provided for oversight and required no additional action.
Chair Kendrick asked Vice President Shuman to speak about this item.
Vice President Shuman made trustees aware that MOCA Jacksonville’s fiscal year was now changed to June 30. She presented the worst case budget scenario, indicating that there was reason for optimism. Vice President Shuman announced that more information would be shared at the next committee meeting.
This item was presented for oversight and required no additional action.
Chair Kendrick asked Mr. Berry, Director of the Office of Internal Auditing, to speak about this item.
Mr. Berry provided highlights for the OIA, mentioning that the office was exceeding historical numbers. He talked about staff size, noting that the statistics in this report did not include the office’s recent hire.
Mr. Berry discussed client satisfaction, reporting that a client satisfaction survey showed that the on-campus perception of the OIA was good.
The discussion addressed actual audits and engagements clarifying that no complaints proposed risk, and 76 percent of all audits were closed, resolved or mediated by management. Trustees asked for clarification on who decided what issues to address. Mr. Berry stated that management from each department made this decision. He clarified that, in his opinion, no management decisions were questionable.
This report was presented for oversight and required no additional action.
Chair Kendrick asked Mr. Berry to present the audit plan.
Mr. Berry stated that the 2009-2010 audit plan objective was to address relevant university risks that would provide adequate audit coverage over time. He clarified that the plan currently included between 11 and 12 audits.
Chair Kendrick asked for a MOTION to approve the 2009-2010 audit plan for the Office of Internal Auditing. A MOTION was offered by Trustee Barnes and seconded by Trustee Newton. The MOTION was carried as presented.
Chair Kendrick asked Mr. Berry to address this item.
Mr. Berry reported on audit projects and advisory services, stating that all undertakings were progressing as scheduled. He discussed investigations clarifying that there were four complaints received which were all transferred to appropriate units. Mr. Berry noted that none of the complaints posed a risk to operations.
Trustees asked for clarification on the low number of complaints. The administration responded that many complaints were initiated within departments, which were directed appropriately. Trustees discussed creating a central location for complaints, thinking that this would judge the campus community’s awareness of protocol.
President Delaney clarified that the university’s culture was to try and resolve issues at the lowest level possible.
This item was provided for oversight only. No further action was required.
Chair Kendrick asked Mr. Berry to address these two items.
Mr. Berry stated that the next two items were for housekeeping. He noted that the OIA charter had small revisions, of which none were sustentative. He clarified that the Finance and Audit Charter remained unchanged. Mr. Berry did clarify that each of these audit charters needed Board of Trustees approval.
Chair Kendrick asked for a MOTION for approval for the audit charter for the Office of Internal Auditing. The MOTION was offered by Trustee Twomey and seconded by Trustee Barnes. The item was passed as presented.
Chair Kendrick asked for a MOTION for approval for the audit charter for the Finance and Audit Committee. The MOTION was offered by Trustee Twomey and seconded by Trustee Barnes. This item was approved as presented.
Chair Kendrick recognized Mr. Wrenn, Associate General Counsel, and asked him to present this item.
Mr. Wrenn reported on the pending settlement for the science and engineering building, noting that the money was forthcoming, probably before October 7, 2009.
Mr. Wrenn stated that there was no other signification litigation at this time.
This item was provided for oversight and required no further action.
Chair Kendrick asked Vice President Shuman to report on this item.
Vice President Shuman stated that the Board had delegated the authority for accounts receivable write-offs under $10,000 to the President. She noted that this report would account for these write-offs, as of June 30, 2009.
Vice President Shuman reported that all write-offs were within the restrictions set forth in the delegation signed by the Board. She mentioned that two write-offs were noteworthy and listed these as parking fines and financial aid. Vice President Shuman clarified that the parking fines were a result of a system change and would not be repeated. The financial aid was a result of overpayments and collection efforts were underway.
This item was for information only. No further action was required.
Vice President Shuman mentioned that this report was as of June 30, 2009. She stated that 95 percent of the total budget was expended and the divisions had expended between 92 and 97 percent of their budgets. She listed E&G accounts with remaining dollars, noting that these funds would be returned to central reserves.
Vice President Shuman talked about the Auxiliary Status Report, noting that the available fund balance was down. She mentioned that fund transfers were going toward building projects. She discussed balances for the Child Development Research Center and Continuing Education, noting that these units did have reserves in place to protect operations.
President Delaney touched on student housing, mentioning that last year’s intentional reduction in enrollment affected target occupancy but efforts were being made to resolve this issue.
This report was provided for information only. No further action was required.
Vice President Shuman stated that the average interest rate was 5.6 percent which was higher than the benchmark (SPIA). She stated that the SBA account was continuing to pay out.
Chair Kendrick adjourned the meeting.
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