University of North Florida
Board of Trustees
Finance and Audit Committee

  • Meeting
March 18, 2014
Osprey Commons, Talon Room at 10:15 a.m.

Minutes

Members Present

Bruce Taylor, Hugh Greene, Rad Lovett, Lanny Russell

Members Absent

Oscar Munoz, Joannie Newton

Item 1 Call to Order

Chair Lovett documented a quorum and called the Finance and Audit Committee meeting to order.

Item 2 Approval of Minutes

Chair Lovett asked for approval of the minutes from the January 7, 2014 meeting. A MOTION was offered and seconded. The MOTION was approved as presented.

Item 3 Open Comments

Chair Lovett addressed those in attendance and asked if anyone wanted to comment on items on this agenda. There were no comments.

Item 4 Market-Rate Tuition for graduate Program – Special Education

Chair Lovett asked Provost Traynham to speak about this item.

Provost Traynham clarified that market-rate tuition for the special education program had been previously approved by the Board, and, at that time, the university had expressed concerns that there might be a need to lower tuition for this program.

Provost Traynham reported that continued analysis shows that UNF’s current rate would be higher than six other State University System institutions. He stated that the university would like to propose lowering the market-rate tuition for the special education on-line degree program, to be set at $368 per credit hour. Provost Traynham clarified that the Board of Governors would allow UNF to launch the program with tuition up to the market-rate tuition approved, but not above.

Chair Lovett asked for a MOTION for approval to lower the market-rate tuition for the special education on-line degree program. A MOTION was offered and seconded. The MOTION was approved as presented.

Item 5 Report on the Auditor General’s Federal Awards Audit

Chair Lovett asked Vice President Shuman to speak about this item.

Vice President Shuman reported that the Auditor General had questioned the university’s Satisfactory Academic Progress (SAP) policies and procedures. She stated that UNF concurred with the finding and responded by developing procedures to identify the finding and implement corrective action in January 2013.

This item was for information only. No action required.

Item 6 Office of Internal Auditing Quarterly Report

Chair Lovett asked Mr. Robert Berry to present this item.

Mr. Berry stated that the Office of Internal Auditing was attempting to coordinate with the State Auditor General, so as not to duplicate efforts. He reported that the office was planning a library audit. And, that the fee audit was substantially complete. Mr. Berry clarified that outstanding audit items were being cleared at an acceptable rate.

This item was for information only. No action required.

Item 7 Quarterly Budget Report

Chair Lovett asked Vice President Shuman to speak about this item.

Vice President Shuman stated that only 63.8 percent of the total budget was expended, and that the plant operation and maintenance budget would have projected savings from utilities and residual reserves. She reported that, as was the practice in prior years, all salary savings would be returned to central reserves. She also reported that about 53 percent of the funds in central reserves would be expended by year end.

Vice President Shuman reported on auxiliary funds, noting that student credit hours were projected to be about 7,000 less that budget, which might cause some operations to have a deficit which would be covered by fund balances.

This item was for information only. No action required.

Item 8 Treasurer’s Report

Chair Lovett asked Vice President Shuman to report on this item.

Vice President Shuman stated that the investment managers were on track with their benchmarks. The social acceptable policy adopted by the UNF Foundation Board was shared with the committee. Discussion ensued and the decision was made to form a subcommittee to explore the issue further. Trustee Lovett will chair the subcommittee.

This item was for information only. No action required.

Item 9 Adjournment

Chair Lovett adjourned the meeting.