University of North Florida
Board of Trustees
Finance and Audit Committee

  • Meeting
May 19, 2005
University Center at 8:30 a.m.

Agenda

Item 1 Call to Order

Chair Twomey will call the meeting to order.

Item 2 Approval of Minutes (March 17, 2005)

Chair Twomey will ask for approval of the minutes from the March 17, 2005 meeting.

 

Proposed Action -- Approval -- Motion and second required.

Item 3 Housing Rates

This is a request to approve new housing rental rates for 2006/2007 allowing the University to use accurate rates in recruitment documents for students who will be entering that year. These increases will also necessitate a change in the rule.

Proposed Action -- Approval -- Motion and second required.

Item 4 Charter and Responsibilities for Office of Internal Auditing

In order to align with current practices within the state university system after devolution, a new charter and responsibilities have been drafted for the Inspector General’s Office, which would be renamed the Office of Internal Auditing accordingly. The charter and responsibilities are being presented for approval by the Finance and Audit committee and recommendation to the full Board.

Proposed Action -- Approval -- Motion and second required.

Item 5 Recommendations for Improved Internal Controls

Based on discussion at the last FAC meeting, the University has prepared the attached document on internal controls. This document responds to suggestions regarding recent changes in accounting practices in private industry and their adaptations to non-profit and public sector agencies.

Proposed Action -- Review -- No motion required.

Item 6 Treasurer's Report

Attached is the treasurer’s report as of April 30, 2005, for review by the Finance and Audit committee.

Proposed Action -- Review -- No motion required.

Item 7 Quarterly Budget Report

As discussed in previous BOT and committee meetings, the Administration and Finance vice president’s office will provide quarterly reporting of University finances. This quarter’s report has been prepared for review by the Finance and Audit committee.

Proposed Action -- Review -- No motion required.

Item 8 Florida Bright Futures Audit

The committee will review the 2003/2004 Auditor General’s Bright Futures Scholarship Program Operational Audit Report for the State of Florida. UNF had no findings in the statewide report.

Proposed Action -- Approval -- Motion and second required.

Item 9 Expansion of the Fine Arts Center to House the Photo Lab

In early 2003, funds were allocated to renovate Buildings 2 and 3 ($1,198,000).  One of the renovations was to accommodate the photo lab.  In July 2003, the Board of Trustees unanimously approved reallocating a portion of the funds from this project ($898,000) to the Library expansion to avoid compromising the Library project.  The remaining $300,000 was to renovate the existing photo lab.

After subsequent evaluation of the departmental growing needs and of the funds necessary to renovate the existing space, it was determined that the existing space would not be an appropriate location for a functional lab.  A decision was made to expand the Fine Arts Center and construct a new building on campus to be adjacent to, and mirror, the Ceramics and Sculpture Lab Building at the Fine Arts Center.

The Photo Lab Building will be 5,070 GSF and will cost $810,860 to construct.

The source of funds are as follows:

2002/2003 PECO

$300,000

Courtelis

$586,531

Total

$886,531


An additional amount of $180,000 of E & G funds have been appropriated for equipment for the new expansion.

Proposed Action -- Approval -- Motion and second required.

Item 10 Budget Workshop

Vice President Shuman will narrate a presentation on UNF's budget.

 

Proposed Action -- Report -- No motion required.

Item 11 Adjournment

Chair Twomey will adjourn the meeting