Oscar Munoz (Chair), Rad Lovett, Joan Newton, Lanny Russell, Carlo Fassi, John Delaney
Chair Munoz called the meeting to order at 10:34 am.
Chair Munoz asked for a motion to approve the minutes from the October 15, 2013 meeting.
Trustee Newton made a motion to approve the October 15th minutes as presented. The motion was seconded by Trustee Lovett and approved.
Chair Munoz offered the opportunity for open comments concerning items on this agenda.
The floor was opened to Ms. Lizzie Wood with DivestUNF, who addressed the committee and delivered a petition seeking an immediate freeze of new investments of fossil fuel companies and divesting from all current fossil fuel companies. DivestUNF believes that these actions would be socially responsible and would align with the University’s core values as well as attract top-notch students.
Mr. Robert Berry, director of the Office of Internal Auditing presented the quarterly report for the Office of Internal Auditing. Mr. Berry noted that 85% of the items have been cleared as compared to 69% in the last quarter. The Student Fees Audit is 65% complete. A Travel Expenditure Analysis is also currently in progress.One whistleblower complaint was forwarded to the Office of Equal Opportunity and Diversity.
The office of the General Counsel has addressed the issue.Mr. Berry presented the Airline Travel Analysis, completed by his office. Originally auditing for fraudulent transactions, the analysis concluded that the University would benefit from participating in rewards programs savings opportunities. The Office of Internal Auditing recommends that the University enroll in one of these programs.
Mr. Scott Bennett, Associate Vice President, provided an update regarding the evolvement of our compliance function which has transitioned from focusing on immediate issues to long term objectives and a broader representation across campus.The member list of the new Policy and Compliance Committee was shared.
Mr. Scott Bennett, Associate Vice President, provided an introductory report of the University’s key financial indicators and what may or may not be of interest and relevance to the committee.
He noted that as state appropriations drop, the University’s assets also fall. Chair Munoz suggested providing an all-inclusive report in the future. Trustee Lovett suggested reviewing this report annually.
Vice President Shuman presented the independent accountant’s report on the financial statements for Athletics in accordance with guidelines set forward by the National Collegiate Athletic Association. Not intended as an audit, the report was provided by Dixon Hughes Goodman, LLP. There were no findings.
Vice President Shuman provided the quarterly budget report, as of November 30, 2013.
As of November 30, 38.8% of the total budget had been expended. It is anticipated that all salary savings will again be returned to central reserves for summer school. We have received $1.9M in performance funding which will be used for a Learning Commons at the Library and a Math Lab.The University has set aside $700K to fund the projected enrollment shortage. With the projected shortage of credit hours, some auxiliaries will have a deficit and will need to dip into their fund balances.Vice President Shuman updated the committee on the status of MOCA regarding the outstanding loan of $318,000. Regions Bank has agreed to a lump sum payment of $125,000 plus $200,000 in promotional items for 2 years. The subordination agreement has been released. MOCA will make the first payment of $25,000 in the next month.
Vice President Shuman provided an overview of the current treasurer’s report.DivestUNF was discussed. It was noted that the University has committed themselves to be environmentally sensitive and responsible. Its primary fiduciary responsibility is to maximize financial return. Vice President Shuman shared with the committee the Foundation’s neutral policy regarding socially acceptable policies. The discussion was pended until the next committee meeting.
Chair Munoz adjourned the meeting at 11:27 am.
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