University of North Florida
Board of Trustees
Finance and Audit Committee

  • Meeting
September 20, 2007
University Center at 8:30 a.m.

Agenda

Item 1 Call to Order 

Chair Twomey will call the meeting to order.

Item 2 Minutes (June 26, 2007)

Chair Twomey will address the committee and ask for approval of the minutes from the Finance and Audit Committee’s June 26, 2007 meeting.

 

Proposed Action: Approval. Motion and second required.

Item 3 Open Comments 

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

 

Open Comments:  No motion required.

Item 4 Traffic and Parking Regulations (Attachment 1, 2, 3, 4, 5, 6, 7)

There is a set of proposed amendments to current parking regulations that is being presented to the Finance and Audit Committee for review and recommendation to the full Board. These regulations will be effective immediately upon approval by the Board of Trustees.

 

Vice President Shuman will address the Board and present the proposed traffic and parking regulations.

 

Proposed Action: Approval. Motion and second require, separately for each regulation.

Item 5 Discussions on Budget Issues and Tuition 

Item 5A Discussion on Possible Budget Reductions in Response to Tax Revenue Shortfalls (Attachment 1)

Vice President Shuman will address the committee on actions the University has taken in response to the current 4 percent reduction in State funding and the prospect of additional reductions going forward.

 

Proposed Action: Discussion. No motion required.

Item 5B Schedule of Tuition and Fees (Attachment 1, 2)

The University will discuss prospects for an in-state undergraduate tuition increase.  The decision to pursue this course can not be made until after the Board of Governors’ September meeting.  This item is presented for discussion purposes only prior to action by the Board of Governors.

 

If such an increase is approved it will require an emergency amendment to the current tuition and fees regulation.

 

Vice President Serwatka will address the committee and present the proposed schedule of tuition and fees.

 

Proposed Action: Discussion. No motion required.

Item 6 Update on the Purchase of the Auchter Building (Attachment 1)

The University has entered into a verbal agreement with the bonding company to purchase the Auchter building for $3,875,000.  This price includes the fixtures and content of the building. During discussions on this item, the University will provide information on financing the purchase and the anticipated use of the building.

 

Vice President Shuman will address the committee and present an update on the purchase of the Auchter building.

 

Proposed Action: Update. No motion required.

Item 7 Revised Educational Plant Survey (Attachment 1, 2, 3, 4, 5)

The University requests permission to submit a Supplemental Plant Survey which addresses changes in our construction and building program.  The University proposes amending the survey to include the Science and Humanities Building.

 

Vice President Shuman will address the committee and present a revised Educational Plant Survey.

 

Proposed Action: Approval. Motion and second required.

Item 8 Training and Service Institute Audit (Attachment 1, 2)

Each year the Board of Trustees must review the audit conducted on the UNF Foundation, Inc., one of the University’s direct support organizations. This audit has been reviewed by the Training and Service Institute board and its appropriate committees and is being brought to the Finance and Audit Committee for its review as part of the Board of Trustees’ oversight responsibility. This was a clean audit.

 

Vice President Shuman will address the committee and present the Training and Service Institute Audit.

 

Proposed Action: Review and oversight. No motion required.

Item 9 UNF Foundation, Inc. Audit (Attachment 1, 2)

Each year the Board of Trustees must review the audit conducted on the UNF Foundation, Inc., one of the University’s direct support organizations. This audit has been reviewed by the Foundation board and its appropriate committees and is being brought to the Finance and Audit Committee for its review as part of the Board of Trustees’ oversight responsibility. This was a clean audit with one management recommendation.

 

Vice President Shuman will address the committee and present the UNF Foundation, Inc. Audit.

 

Proposed Action: Review and oversight. No motion required.

Item 10 UNF Financing Corporation Audit (Attachment 1, 2

Each year the Board of Trustees must review the audit conducted on the UNF Financing Corporation, one of the University’s direct support organizations. This audit has been reviewed by the Financing Corporation board and its appropriate committees and is being brought to the Finance and Audit Committee for its review as part of the Board of Trustees’ oversight responsibility. This was a clean audit.

 

Vice President Shuman will address the committee and present the UNF Financing Corporation Audit.

 

Proposed Action: Review and oversight. No motion required.

Item 11 Office of Internal Auditing Update 

Item 11A Annual Audit Report 2006-2007 (Attachment 1, 2)

Mr. Robert Berry, Interim Director for Internal Auditing, will address the committee and discuss the 2006-2007 Annual Audit Report.  The annual report summarizes the 2006–2007 fiscal year Office of Internal Auditing activities.  This includes disclosing the number of projects complete, allocation of resources, training activities, significant audit issues, department performance statistics and any other departmental activities. 

 

Proposed Action: Discussion. No motion required.

Item 11B Audit Plan for the 2007-2008 Fiscal Year (Attachment 1, 2)

The purpose of this discussion is to provide to the Finance and Audit Committee a proposed audit plan for the 2007-2008 fiscal year.

 

Mr. Robert Berry, Interim Director for Internal Auditing, will address the committee and present an audit plan for the 2007-2008 fiscal year.

 

Proposed Action: Approval. Motion and second required.

Item 12 Accounts Receivable Write-offs (Attachment 1, 2)

Florida Statutes authorize the University’s Board of Trustees to charge off or settle uncollectible accounts. The Board delegated the authority for accounts receivable write-offs under $10,000 to the President of the University. As part of this delegation, the President will annually report the status of accounts receivable charge-offs to the Board.

 

As the President’s representative on this issue, Vice President Shuman will address the committee and present an update on the University’s accounts receivable write-offs for June 30, 2007.

 

Proposed Action: Discussion. No motion required.

Item 13 Treasurer’s Report (Attachment 1, 2)

This item provides an overview of the annual treasurer’s report for year ending June 30, 2007.

 

Vice President Shuman will address the committee and present the treasurer’s report.

 

Proposed Action: Review. No motion required.

Item 14 Quarterly Budget Report (Attachment 1, 2, 3, 4, 5)

This item provides for a review of this quarter’s budget report.  As noted on this report, the University recommends a loan $500,000 to Student Medical Services to fund a portion of the new space being built in the Brooks College expansion for Student Medical Services, and a transfer of $1.5 million for the construction of the Student Union.  In accord with the delegation of authority on budget transfers this requires an approval by the Board.

 

Vice President Shuman will address the committee and present the quarterly budget report.

 

Proposed Action: Review and Approval of a Transfer of Funds:  Motion and second required.

Item 15 Litigation Update (Attachment 1)

Twice each year the University provides the Board of Trustees with an update on the University’s pending significant litigation.

 

Vice President and General Counsel Stone will address the committee and present an update on currently pending significant litigation. 

 

Proposed Action: Update. No motion required.

Item 16 Discussions on a Compliance Program (Attachment 1, 2, 3)

Vice President Serwatka and Mr. Robert Berry, Interim Director for Internal Auditing, will address the committee and discuss setting up current discussions on setting up an overall compliance program for the University. 

 

Proposed Action: Discussion. No motion required.

Item 17 Adjournment 

Chair Twomey will adjourn the meeting.