University of North Florida
Board of Trustees
Finance and Audit Committee

  • Meeting
March 26, 2010
University Center at 1:00 p.m.

Agenda

Item 1   Call to Order

Chair Kendrick will call the meeting to order.

Item 2 Minutes (December 1, 2009) 

Chair Kendrick will address the committee and ask for a MOTION to approve the minutes from the December 1 meeting.

 

Proposed Action: Approval. Motion and second required.

Item 3 Open Comments  

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

 

Open Comments : No motion required.

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

This item is being presented for further review, after being pulled from the consent agenda at the January 29 Board of Trustees meeting.

 

The purpose of this item is to present a change to the health fees. Students and the administration voted to approve a $3.00 per credit hour increase, some of which will be bonded to help cover the cost for the Student Wellness Center. This fee would be added to the student fees discussed at the last Finance and Audit Committee meeting.

 

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

 

Proposed Action: Approval. Motion and second required.

Item 5 Approval of the Revision to the Direct Service Organization (DSO) Regulation (Attachment 1, 2)

The purpose of this item is to propose amendments to the Direct Support Organizations Regulation which incorporate the need to submit a federal IRS applications for Recognition of Exemption forms to the University Board of Trustees or its designee.

 

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

 

Proposed Action: Approval. Motion and second required.

Item 6 Presidential Authority – Revision on Change Orders  (Attachment 1, 2)

We are proposing revisions to the President’s delegation of authority in response to a finding in the most recent operational audit. The revisions in the delegation allow (a) the university to use its sales tax exemption to save costs associated with the purchase of materials used in the project and (b) for the university to sign a change order reducing the total cost of the project to recoup any unexpended funds at the end of the project.

 

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

 

Proposed Action: Approval. Motion and second required.

Item 7 Update on the Auditor General’s Federal Awards Audit  (Attachment 1, 2)

The purpose of this item is to provide an update to the Finance and Audit Committee on the preliminary and tentative findings and recommendations from the State of Florida’s Auditor General for UNF’s federal awards audit for the fiscal year ended June 30, 2009.

 

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

 

Proposed Action: Update. No motion required.

Item 8  Update on the Auditor General’s Operational Audit  (Attachment 1, 2)

 

The purpose of this item is to provide an update to the Finance and Audit Committee on the preliminary and tentative findings and recommendations from the State of Florida’s Auditor General for UNF’s operational audit for the fiscal year ended June 30, 2009.

 

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

 

Proposed Action: Update. No motion required.

Item 9  Sales Tax Audit  (Attachment 1, 2)

The Department of Revenue performed an audit on the revenue generating activities of the University. Attached are the audit findings.

 

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

 

Proposed Action: Approval. Motion and second required.

Item 10  Return of Organization Exempt from Income Tax, Form 990 – UNF Foundation, Inc. and MOCA Jacksonville, a  Cultural Resource of the University of North Florida  (Attachment 1, 2, 3, 4)

This item is in response to the Board of Governors’ requirement that the Board of Trustees review the university’s direct service organizations federal Internal Revenue Service Return of Organization Exempt from Income Tax form (Form 990).

 

Vice President Shuman will address the committee and provide a short narrative of the Form 990 for the UNF Foundation, Inc. and MOCA Jacksonville.

 

Proposed Action: Review. No motion required.

Item 11 Independent Accountant’s Report on Applying Agreed-Upon Procedures – Intercollegiate Athletics  Program (Attachment 1, 2)

The purpose of this item is to provide the trustees with an independent accountant’s report on the financial statements for Athletics in accordance with guidelines set forward by the National Collegiate Athletic Association. 

 

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

 

Proposed Action: Review. No motion required.

Item 12 Office of Internal Auditing - 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 13 Update on MOCA Jacksonville (Attachment 1, 2)

The purpose of this item is to present an update on MOCA Jacksonville.

 

President Delaney will provide an update to the committee on MOCA Jacksonville.

 

Proposed Action: Review. No motion required.

Item 14 Quarterly Budget Report (Attachment 1, 2)

The purpose of this item is to present this quarter’s budget report.

 

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 Budget Process (Attachment 1)

The purpose of this item is to discuss next year’s budget outlook and process.

 

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

 

Proposed Action: Review. No motion required.

Item 17Adjournment 

Chair Kendrick will adjourn the meeting.