Rad Lovett (Chair), Hugh Greene, John Delaney, Lanny Russell Joe Turner
Chair Lovett called the meeting to order at 10:24 am.
With no comments or changes noted, Trustee Greene made a motion to approve the minutes for the June 3rd and June 10th meetings. Seconded by Lanny Russell, the motion was approved.
Chair Lovett gave the opportunity for open comments. There were no open comments.
Vice President Shuman presented a proposal for a new regulation, Tuition and Fee Refund, to codify current and existing statutory, regulatory and internal practices for tuition and fee refunds.Trustee Russell made a motion to approve the new regulation. The motion was seconded by Trustee Turner and approved.
Vice President Shuman presented a proposal to amend the current regulation for the Schedule of Tuition and Fees. This includes a slight increase to local fees.Trustee Turner made a motion to approve the amendment to the regulation. The motion was seconded by Trustee Greene and approved by the committee.
Vice President Shuman presented the audits and form 990’s for each of the four DSOs, noting that all of the audits were clean with no auditing entries or management comments. The board for each DSO has approved their audit and form 990. The UNF Foundation audit showed an endowment of $94.8 million. The UNF Training & Services Institute, Inc. showed that IPTM generated a profit and provided additional surplus. They also have received $4 million in state grants for this fiscal year. The ADT mortgage was paid down $920,000. The UNF Financing Corporation, Inc. financials reflect the addition of the Campus Maintenance Facility. The Flats at UNF will be added this fiscal year. MOCA paid off the Regions loan reducing $300,000 off their liabilities.
Vice President Shuman presented the accounts receivable write-off list, provided strictly for financial reporting, noting that all accounts were less than $10,000.
Mr. Robert Berry, director of Internal Auditing, presented the department’s quarterly report ending September 30, 2014. He noted that the Student Fee Activity Audit has been completed and the report was recently released. The BOG Performance Based Funding Audit is currently 15% complete. Four fraud allegations were made and there were 5 active investigations, two of which have been completed. 95% of the audit issues of the year have now been closed.
Mr. Robert Berry, director of Internal Auditing, presented the department’s annual report for 2013/2014. The office currently is at full operation with four full-time employees one director, an IT auditor, one financial auditor and an executive secretary. As of June 30, 2014, 91% of all audit issues had been closed. He stated the mandatory disclosures and shared that the Quality Assurance Review is scheduled for March 2015.
Mr. Robert Berry, director of Internal Auditing, presented the audit plan for 2014-2015. Audits planned for 2014-2015 include performance based funding, distance learning fee, student receivables and server discovery and security. Also planned is the Quality Assurance Review. The department would like to see a 10 day turnaround in communication and a client satisfaction rating of 3 or greater. He also explained the department’s methodology of determining risk assessment.Trustee Turner made a motion to approve the audit plan for 2014-2015. The motion was seconded by Trustee Russell and then approved by the committee.
Mr. Robert Berry, director of Internal Auditing, presented the audit charter for the Office of Internal Auditing. There are no changes but the board is required to review and approve the charter each year.A motion was made by Trustee Russell to approve the audit charter for the Office of Internal Auditing. The motion was seconded by Trustee Turner and approved by the committee.
Mr. Robert Berry, director of Internal Auditing, presented the audit charter for the Finance and Audit Committee. There are no changes but the board is required to review and approve the charter each year.
A motion was made by Trustee Turner to approve the audit charter for the Finance & Audit Committee. The motion was seconded by Trustee Russell and approved by the committee.
Vice President Shuman presented the quarterly budget report, noting that the university’s budget was 92.5% expended by June 30, 2014. Physical Facilities saved the university approximately$600,000 on utilities and other expenses to help pay for other capital needs. Salary savings were approximately $2.7 million. $2 million was received in performance funding which will be used for the Library Learning Commons and the Math Lab. The $1.8 million enrollment shortfall reserve was used to cover the shortage of $1.5 million in tuition and to pay $300,000 additional financial aid for tuition differential which came in higher than expected.
Vice President Shuman presented the Treasurer’s report for the quarter. The net cash balance was $107.6 million. Investment total returns are doing well at $108.1 million.She also presented the Treasurer’s report for FY ending June 30, 2014, noting that the university’s money managers are still handling the investments well. At the end of the year there was a net cash balance of $86.1 million. The university had invested $86.2 million during the year.
Chair Lovett adjourned the meeting at 10:55 am.
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