Chair Munoz called the meeting to order at 1:22 p.m.
Chair Munoz addressed the committee and asked for a MOTION to approve the October 18, 2011 minutes. Trustee Russell made a MOTION to approve the minutes as presented. Trustee Newton seconded the MOTION. The minutes were approved as presented.
Chair Munoz addressed those in attendance and offered an opportunity for open comments. There were no open comments.
Vice President Shuman was asked to present a newly proposed employee debt collection regulation for approval by the committee. This regulation establishes procedures whereby the university would have the ability to collect on delinquent debts, excluding educational loans, owed to the university by university employees. It allows the university to deduct 10% of an employees’ salary until repayment has been made.
Trustee Russell offered the MOTION to adopt the new regulation and a second was made by Trustee Lovett. The MOTION was approved by the committee.
Vice President Shuman was asked to present the UNF Operational Audit Report which includes a summary (findings and management's response) of the operational audit for the fiscal year
ending June 30, 2011. The operational audit occurs every two years. This audit report included 18 major areas. There were five findings by the auditor. The first finding related to construction administration and dealt with revising current procedures for contracting with CMEs. The four remaining findings related to Information Technology. Vice President Shuman provided the committee with the University’s response to each finding and noted reasons the University did not fully agree with the findings.
No additional action was required on this agenda item.
Chair Munoz invited Vice President Shuman to present the 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 presented the report and noted that there were no issues.
Vice President Shuman was invited to address the committee and present the 990 forms. 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 noted that the Foundation and MOCA Boards have approved their respective 990s.. The UNF Financing Corporation 990 and the TSI 990 will be presented to their Boards for approval over the next 2 weeks.
Mr. Robert Berry was invited to present the proposed charter for the Office of Internal Auditing for approval. Mr. Berry explained that the committee is asked to conduct the annual review of, and reaffirm the charter for the Office of Internal Auditing. This annual review is consistent with the Institute of Internal Auditors' guidelines.
Trustee Russell made a motion to approve the charter for the Office of Internal Auditing. Trustee Lovett seconded the motion. The motion was approved.
Mr. Robert Berry was invited to present the proposed charter for the Finance and Audit Committee for approval. Mr. Berry explained that the committee is asked to conduct the annual review of, and reaffirm the charter for the Finance and Audit Committee. This annual review is consistent with the Institute of Internal Auditors' guidelines.
Trustee Russell made a motion to approve the charter for the Finance and Audit Committee. Trustee Lovett seconded the motion. The motion was approved.
Chair Munoz invited Mr. Robert Berry to present the quarterly budget report for the Office of Internal Auditing. Mr. Berry presented this quarter's activities in the Office of Internal Auditing. There is currently only one auditor in the office. Interviews are in progress for a second auditor. Mr. Berry gave the committee an overview of the risk assessment process and audits in progress, noting that 94% of the audit issues as of December 31 have been resolved. There has been no whistleblower hotline calls to date this year.
The committee requested a report at the next meeting of how we communicate to students and employees information regarding the whistleblower hotline.
Chair Munoz asked Vice President Shuman to provide a review of this quarter's E&G budget report. She reported that there are no budgetary issues anticipated at the end of the fiscal year. There are currently no recurring reserves for callback or budget reduction. However, $4 million is available in non-recurring reserves should it be needed. Vice President Shuman also presented the quarterly auxiliary report. After discussion, the committee asked that the projections for the auxiliary report be included in the future.
Vice President Shuman was asked to present the annual treasurer's report. She reported that, as of December 31, the net cash balance was $114.2 million. Investments for the year totaled $114.6 million. The investment returns continue to exceed the benchmarks.
Chair Munoz adjourned the meeting at 2:10 p.m.
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