Chair Lovett called the meeting to order at 10:17 am.
Chair Lovett asked for approval of the minutes from the January 15, 2013 meeting. With no changes or corrections noted, Trustee Green MOTIONED to approve the minutes. The MOTION was seconded by Trustee Russell and APPROVED by the committee.
Chair Lovett offered the opportunity for open comments concerning items on this agenda. There were no open comments.
Vice President Shuman addressed the committee and presented the State of Florida Auditor General’s yearly audit of UNF’s financial statements and reports findings to the Legislature.
Vice President Shuman noted that the University’s total net assets have decreased over the past few years for several reasons, partially due to postemployment benefits increasing while stimulus money is no longer available. There are no new buildings on line and no new capital appropriations dollars available. Additionally, although capital assets have increased, restricted assets have decreased.
The 2011-2012 audit concluded with two findings:
The Finance and Audit Committee discussed options to diplomatically resolve the differences between the auditors and the University.
Report – No Action Required
Vice President Shuman presented the Auditor General's Federal Awards Audit. The Auditor General found that the University’s “Satisfactory Academic Progress (SAP) standards did not include all elements of the Federal SAP standards, and internal controls were not always adequate resulting in undetected clerical errors when determining student eligibility, which allowed ineligible students to receive Title IV HEOA funds.” The University acknowledged the error and has revised its SAP policy making cumulative standards as strict as the academic policy. All appropriate funds were returned to the Federal Government. In addition, there were no findings in the Bright Futures Audit.
Report – No Action Required
Robert Berry was not in attendance at the meeting so a written overview of the internal audit office activities was distributed for review.
Vice President Shuman presented the quarterly budget report. Currently the University is within budget for the year. Salary savings will be approximately $1.7M. This year all salary savings will be returned to the central reserves and be used to fund summer school. A shortfall in FTE of approximately 200 credit hours is expected which will impact tuition by approximately $500K. Vice President Shuman also presented the Auxiliary Quarterly report noting the following with the most activity:
Vice President Shuman addressed the committee and presented the treasurer’s report.
The University is currently fully invested. Both money managers are currently exceeding the benchmarks.
Jeff Durfee, Director of Networking Services and IT Security provided the Finance & Audit Committee with an overview of the top data security challenges and how we are addressing those challenges. Issues discussed included decentralized systems, storing/handling sensitive data, transmitting sensitive data insecurely, phishing and opening unknown email attachments.
Chair Lovett adjourned the meeting at 12:00 pm.
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