University of North Florida
Board of Trustees
Finance and Audit Committee

  • Meeting
December 1, 2009
University Center at 1:30 p.m.

Minutes

Committee Members Present 

Mr. John Barnes; Mr. Hugh Greene; Ms. Wanyonyi Kendrick; Ms. Joannie Newton, Dr. Bruce Taylor

Other Trustees Present 

Dr. Kathy Robinson

Committee Members Absent 

Mr. Kevin Twomey

Item 1  Call to Order 

Chair Kendrick recognized a quorum and called the meeting to order.

Item 2 Minutes (September 30, 2009) 

Chair Kendrick asked for approval of minutes from September 30. The minutes were approved as presented. 

Item 3 Open Comments 

Chair Kendrick offered opportunity for comments from the public. Upon receiving none, she continued with the business at hand. 

Item 4 Athletics, Health and Activity and Service Fees 

Chair Kendrick asked Vice President Shuman to present this item.  

 

Vice President Shuman explained that the total of student athletics, health and activity and service fees were capped, per state law, at not more than 40 percent of undergraduate tuition or a greater than 5 percent increase over the previous year’s student fees. She clarified that the proposed fees were recommended by a committee of students, faculty and staff, and endorsed by the President.  

 

Vice President Shuman stated that the committee recommended allocating the allowable $1.62 increase. She provided details on this allocation, as well as averages of other universities, clarifying that UNF did not charge a technology fee. She noted that the committee recommended that some fees remain unchanged, including transportation and parking. 

 

Trustee Barnes stated that students supported this action and felt confident the university was taking necessary steps. 

 

Chair Kendrick asked for a MOTION to approve the athletics, health and activity and service fees. The MOTION was offered by Trustee Greene and Trustee Barnes. The MOTION carried as presented. 

Item 5 Return of Organization Exempt from Income Tax, Form 990 – UNF Financing Corporation 

Item 6 Return of Organization Exempt from Income Tax, Form 990 – UNF Training & Service, Inc 

Chair Kendrick asked Vice President Shuman to speak about these items. 

 

Vice President Shuman explained that these items were in response to the Board of Governors’ request that the Board of Trustees review the university’s direct service organizations Form 990’s. She clarified that Items 5 and 6 were approved by the respective DSO boards. She also clarified that the review of these items was similar to the review of direct service organizations audits and budgets. 

 

This item was for review only. No MOTION was required. 

Item 7 Audit Update 

Chair Kendrick asked Mr. Robert Berry, Director of Internal Audition, to speak about this item. 

 

Mr. Berry brought trustees up to date on completed audits and audits in progress. He provided a report listing the projectss, noting that three new audits were in progress. Trustees asked if reporting was done on a fiscal year basis. Mr. Berry clarified that this was correct. 

 

Mr. Berry reported on advisory services noting that there were no changes from his previous report. He then reported on investigations, mentioning that of the five complaints received, all were transferred to appropriate units. He elaborated that the Office of Internal Auditing had provided assistance in considering one complaint which was still under investigation.  Mr. Berry addressed outstanding issues mentioning that, as of October 31, 2009, 57 percent of items were closed or resolved. 

 

Mr. Berry spoke about a fraud hotline, noting that UNF was looking at an outside entity to manage fraud reporting. He provided data on other SUS institutions, clarifying that four of the eleven institutions used an outside entity. 

 

Mr. Berry concluded his report by announcing that the Office of Internal Auditing would have a word study student starting spring 2010. 

 

This report was for information only. No additional action was required. 

Item 8 Update on MOCA Jacksonville 

Chair Kendrick yielded to President Delaney to speak about this item. 

 

President Delaney provided details about projected revenue and expenses, mentioning that MOCA was well within their budget. He concluded by noting that no issues were anticipated at this time. 

 

This item was for information only. No further action was required. 

Item 9 Quarterly Budget Report 

Chair Kendrick asked Vice President Shuman to speak about this item. 

 

Vice President Shuman compared this year’s report to last year, stating that at this point last year 33 percent was spent compared to this year’s 28 percent expended. She noted that the university continued to set aside funds for state call backs and funds to replace the stimulus dollars. She concluded this report, mentioning that there were no anticipated budgetary issues. 

 

This item was provided for information only. No further action was required. 

Item 10 Treasurer’s Report 

Chair Kendrick asked Vice President Shuman to speak about this item. 

 

Vice President Shuman reported that, at this time, there were more investments than cash. She noted that fixed income did well and investment benchmarks were at 6.2 percent. 

 

This item was for information only. No further action was required. 

Item 11 Adjournment 

 ChairKendrick thanked trustees for their efforts and adjourned the meeting.