Chair Oscar Munoz, Rad Lovett, Joan Newton, Carlo Fassi, Lanny Russell, John Delaney, Hugh Green
Chair Munoz called the meeting to order at 12:20 pm.
Chair Munoz requested a motion to approve the minutes for the October 16, 2012 Finance & Audit Committee meeting.
A MOTION was made and SECONDED. The MOTION was approved.
Chair Munoz addressed those in attendance and offered the opportunity for open comments on the items on this agenda. There were no open comments.
Chair Munoz invited Vice President Shuman to address the committee and present this report.
Scott Bennett explained that the National Collegiate Athletic Association puts an emphasis on transparency, reviewing all revenue/expenses and requires hiring an external auditing and accounting firm for auditing purposes. Vice President Shuman noted that there were no outstanding findings.
No additional action was required on this agenda item.
Chair Munoz invited Vice President Shuman to present this item.
Vice President Shuman shared the approved Form 990s for each of the University DSOs with the committee.
Chair Munoz invited Robert Berry, Director of the Office of Internal Auditing, to present the Office of Internal Auditing Quarterly Report.
Mr. Berry, presented the update for last quarter. There are 2 strong candidates for the open auditor position. An interview is scheduled for the week of January 21. The Whistleblower Hotline and surveys have been converted to new systems. There were no fraud allegations reported last quarter.
Chair Munoz invited Robert Berry, Director of the Office of Internal Auditing, to present the Audit Planning Methodology.
Mr. Berry explained that risk assessment surveys are sent out each year to the University management. Potential projects are prioritized by several factors and the proposed plan is presented to the BOT. Once approved, projects are assigned as resources allow.
Chair Munoz invited Vice President Shuman to provide a review of this quarter’s budget report.
Vice President Shuman stated that E&G expenses are currently within budget. Projected FTE for this year has not happened due to low enrollment in the summer, partially because Pell grants were not available to students in the summer. This is about a $900,000 impact to the tuition budget.
The Auxiliary Quarterly Report was also presented. Expenses for most of the departments are still projected as originally submitted.
Chair Munoz invited Vice President Shuman to present the treasurer’s report.
Vice President Shuman noted that the investments are currently performing better than the benchmarks. PFM has been released due to low performance. She also noted the low capital appropriations dollars are due to no additional PECO money.
Dr. Joann Campbell, Associate Vice President and Compliance Officer, provided the Finance & Audit Committee with an overview of the newly established Compliance Office which included a demonstration of the Compliance office website. The office reviews the practices at other institutions to aid in determining items for review. Dr. Campbell noted that that some of the bigger compliance risks include and grants and research (relating to export control and the IRB).
Chair Munoz adjourned the meeting at 1:15 pm.
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