Mr. Bruce Taylor (Chair), Mr. Rad Lovett, Ms. Joan Newton, Mr. Lanny Russell, Mr. John Delaney, Mr. Hugh Greene
Mr. Matthew Brockelman, Mr. Oscar Munoz
Chair Taylor recognized a quorum and called the meeting to order.
Chair Taylor asked for a MOTION for approval of the June 21 minutes. The MOTION was offered by Trustee Newton and seconded by Trustee Greene. The minutes were approved as presented.
Chair Taylor offered the opportunity for open comments. There were no open comments from the public.
Vice President Serwatka presented the proposed amendments to the 2011-2012 tuition and fees regulation for approval. This included an overall 15% tuition increase. Chair Taylor asked for a MOTION to approve the amendment as presented. The MOTION was offered by Trustee Russell and a second was made by Trustee Newton. The MOTION passed unanimously.
Vice President Shuman presented the audits of the four Direct Support Organizations at the University. The audits were completed by Dixon, Hughes, Goodman, LLC. All of the DSO Audits were clean and Vice President Shuman noted the following highlights, noting that more could be found in the Management & Discussion Analysis section of each audit:
This item was presented for review only. No additional action was required.
Chair Taylor asked Mr. Berry to present the Office of Internal Auditing Annual Report. Mr. Berry explained that the department has a professional staff of three and a budget of $313,000. Services are divided largely into three groups – traditional audit (73%), consultations (5%) and investigations (1%). Management effectively resolved 94% of all six outstanding audit issues. Seven consulting engagements were completed. Four fraud allegations were investigated.
Chair Taylor asked Robert Berry to present the Office of Internal Auditing Audit Plan. Mr. Berry shared the 2011-2012 plan which includes six planned engagements; application security, financial aid, Osprey 1Card, grade integrity, fuel usage and server discovery & security.
Chair Taylor asked for a MOTION to approve the audit plan as presented. Trustee Russell made a MOTION to approve the plan as presented. Trustee Greene seconded the MOTION and the MOTION was approved.
Chair Taylor invited Robert Berry to provide a status update for this year’s audit activities. Mr. Berry noted that the Osprey1Card audit should be completed before the next BOT meeting but several of the audits have been delayed. He explained that in regards to the Osprey 1Card audit, risk was assessed by reviewing the following factors: initial set-up, distribution, 3rd party management and payment card industry standards. Trustee Lovett invited Mr. Berry to share the complete process in selecting a particular area to audit at a future BOT meeting.
Chair Taylor asked Robert Berry to conduct the annual review of the Audit Charter for the Office of Internal Auditing. He noted that the charter adheres to the state guidelines and requires re-ratification each year. The committee was asked to review the charter for the next meeting.
Chair Taylor asked Robert Berry to conduct the annual review of the Audit Charter for the BOT Finance & Audit Committee. This charter requires re-ratification each year. The committee was asked to review the charter for the next meeting.
Florida Statutes authorize the University’s Board of Trustees to charge off or settle uncollectable accounts each year. Chair Taylor asked Vice President Shuman to update the Board on the accounts receivable charge-offs for June 30, 2011. Vice President Shuman provided a comparison of the write-offs for the past 2 years.
The information provided required no additional action.
Chair Taylor invited Vice President Shuman to present the quarterly budget report, which includes E&G funds as well as auxiliary funds. She noted that the operating budget is comprised of 50% state monies, 10% lottery monies and 40% tuition fees. She reported that the University currently has $4.2M of recurring reserves. At this point, no budgetary issues are anticipated during the end of the fiscal year.
Chair Taylor asked Vice President Shuman to present the treasurer’s report. As of June 30, the net cash balance was $111.3M. Investments for the year totaled $113.1M with a 2.4% total return.
Chair Taylor adjourned the meeting at 2:02 p.m.
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