University of North Florida
Board of Trustees
Finance and Audit Committee

  • Meeting
September 22, 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 (June 6, 2005)

Chair Twomey will ask for approval of the minutes from the June 6, 2005 meeting.

 

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

Item 3 New DSO Proposal - UNF Financing Corporation

The University president may recommend to the Board of Trustees that an organization meeting the requirements of Section 1004.28(1) (a), F.S. become a direct support organization (DSO). Upon approval by the Board, a DSO shall be considered to be certified and authorized to use the property, facilities and personal services of the University to the extent to be set forth in an agreement between the Board and the organization.

The State Board of Education may approve the issuance of revenue bonds or other forms of indebtedness by a DSO when such revenue bonds or other forms of indebtedness are used to finance or refinance capital projects that are to provide facilities necessary and desirable to serve the needs and purposes of the university, as determined by the system-wide strategic plan adopted by the State Board of Education, and when the project has been approved by the Legislature according to Section 1010.60(2), F.S.

Florida’s public universities are somewhat unique in that they do not have authority to issue bonds directly. Historically, academic facilities improvements have been funded by the state’s issuance of Public Education Capital Outlay Bonds (PECO Bonds), and by leveraging student building and capital improvement fees. Other student service facilities including residence halls, student unions, athletic facilities, parking and research facilities have been funded with debt issued through DSOs and secured primarily by a single or specific revenue source.

As a result, the University seeks approval to create a DSO corporation to serve as a financing corporation for the University’s capital needs. This will create a bond financing structure that is consistent with the spirit and intent of devolution, reduce the University’s reliance on the state for capital projects funding, minimize capital financing costs, and maximize financing flexibility. 

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

Item 4 Traffic and Parking Regulations

On July 21, 2005, the Florida Board of Governors adopted a new university regulation development process. Under the new process, there will no longer be promulgation of rules. The Florida Board of Governors has approved the “Regulation Development Procedure for State University Boards of Trustees” for the processing and adoption of university regulations (formerly rules). When a new regulation is proposed or an existing regulation is revised or repealed, it will be announced by way of the Campus Update and electronically posted via the University website. There will be a 14 day opportunity for comments. All University regulations will require approval by the full Board for adoption. Select regulations are regulations that include: tuition and fees, admissions, and articulation, which require approval by the Board of Governors.

The former traffic and parking regulation considered both subject matters as part of the same regulation. The newly proposed regulations set forth current language to distinguish the two subject matters and ensure that the regulations are consistent with University policy and procedures.

The regulations are being presented to the Finance and Audit Committee for review and recommendation to the full Board. The regulations will be effective immediately upon approval by the Board of Trustees.

 

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

Item 5 Tuition and Fees Regulation

On July 21, 2005, the Florida Board of Governors adopted a new university regulation development process. Under the new process, there will no longer be promulgation of rules. The Florida Board of Governors has approved the “Regulation Development Procedure for State University Boards of Trustees” for the processing and adoption of university regulations (formerly rules). When a new regulation is proposed or an existing regulation is revised or repealed, it will be announced by way of the Campus Update and electronically posted via the University website. There will be a 14 day opportunity for comments. All University regulations will require approval by the full Board for adoption. Select regulations are regulations that include: tuition and fees, admissions, and articulation, which require approval by the Board of Governors.

The new tuition regulations are being presented to the Finance and Audit Committee for review and recommendation to the full Board. After the full Board of Trustees has voted to adopt the select regulations (tuition and fee regulations) and the Board of Trustees has provided copies to the Board of Governors, the select regulations will become effective upon the Board of Governors’ approval or 60 days after being provided to the Board of Governors, whichever occurs first.

This Tuition and Fees regulation includes tuition and out-of-state fees, student fees, on-campus housing rates and the child development center rates previously approved by the Board of Trustees. It also incorporates the miscellaneous fees approved by the President in accord with the delegation provided him by the Board of Trustees. The new regulation recognizes the role of the Board of Trustees in setting tuition and the various fees named. The regulation also recognizes the State’s contributions to approve childcare.

Approval of this regulation also repeals the old Tuition and Fees rule previously published as Chapter 6C9-8 in the Administrative Code.

 

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

Item 6 Training and Services Institute Audit

Each year the Board of Trustees must review and approve the audit conducted on UNF’s direct support organization, the University of North Florida Training and Service Institute. This audit has been reviewed by the board and appropriate committee for the organization and is being brought to the Finance and Audit committee for its review and recommendation to the full Board.

 

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

Item 7 UNF Foundation, Inc. Audit

Each year the Board of Trustees must review and approve the audit conducted on UNF’s direct support organization, the University of North Florida Foundation. This audit has been reviewed by the board and appropriate committee for the organization and is being brought to the Finance and Audit committee for its review and recommendation to the full Board.

 

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

Item 8 Proposed Bylaw Amendments - UNF Board of Trustees

In accordance with Board discussions, proposed revised bylaws are being presented to the committee for review and recommendation to the full Board. Proposed changes to the bylaws include: a) an updated description of the Chair’s duties; b) elimination of references to an annual meeting; c) a shift in the timing of the election of officers from July to January; and d) a statement about the composition of the Finance and Audit Committee membership consistent with recommendations of the Board’s Finance and Audit Committee. The revised bylaws are attached.

 

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

Item 9 Office of Internal Auditing Audit Plan

In accordance with the charter of the Office of Internal Auditing and the responsibilities of the Finance and Audit Committee, the proposed audit plan for the 2005-06 fiscal year is being presented for approval by the Finance and Audit Committee.

 

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

Item 10 Treasurer's Report

Attached are the annual treasurer’s report as of June 30 and the monthly report as of July 31, 2005 for review by the Finance and Audit committee.

 

Proposed Action -- Review -- No motion required.

Item 11 Quarterly Budget Report

Attached is this quarter’s budget report, which has been prepared for review by the Finance and Audit committee.

 

Proposed Action -- Review -- No motion required.

Item 12 Litigation Update

Vice President Stone will provide trustees with an update on significant litigation.

 

Proposed Action -- Update -- No motion required.

Item 13 Adjournment

Chair Twomey will adjourn the meeting.