University of North Florida
Board of Trustees
Finance and Audit Committee

  • Meeting
June 11, 2013
Osprey Commons, Talon Room at 11:00 a.m.

Minutes

Item 1 Call to Order 

Chair Munoz called the meeting to order at 11:10 am.

Item 2 Minutes (March 19, 2013 and May 23, 2013) 

Chair Munoz asked for a motion to approve the minutes of both the March 19th and May 23rd meetings.  Hugh Greene made a MOTION to approve the minutes.  Lanny Russell SECONDED the motion.  With no discussion, the committee APPROVED the minutes of the March 19th and the May 23rd meetings.

Item 3 Open Comments

Chair Munoz offered the opportunity for open comments concerning items on this agenda.  There were no open comments.

Item 4 Camps and Similar Other Programs involving Minors Regulation 

Vice President Shuman presented the proposed new regulation to document the operating guidelines for hosting a camp or other similar program involving minors on the UNF campus.  This is a major revision to the existing policy.  These camps fall into 3 categories: University-sponsored camps, non-sponsored affiliates who use the UNF campus and non-sponsored 3rd party contract agreements.  The new state statute rules require that background checks be performed for all persons interacting with minors.  This policy will also better aid the University in knowing who is on our campus. 

 

Chair Munoz asked for a motion to accept the new regulation on camps and similar other programs involving minors.  Lanny Russell made a MOTION to approve the new regulation.  Rad Lovett made a SECOND and the MOTION was approved.

Item 5 UNF’s Budget for 2013-2014

Vice President Shuman was asked to present the UNF budget for 2013-2014.  She presented the budget as it was discussed at the May budget workshop, noting that it includes the 1.7% tuition increase which is in reserves.  No changes were made from the budget workshop.

 

Chair Munoz asked for a motion to approve the recommendation of the 2013-2014 budget for BOT approval.  High Greene made a MOTION to approve the recommendation of the proposed UNF budget for 2013-2014.  Carlo Fassi SECONDED the MOTION and the MOTION passed.

Item 6 Review of Miscellaneous Fees

Chair Munoz asked Vice President Shuman to present this item.  Vice President Shuman shared the list of miscellaneous fees assessed to students.  She noted that some fees are limited by state statute.  Some fees are associated with individual classes.  Each year the University’s Auxiliary Oversight Committee reviews all fees to be sure they are being spent and when adjustments are requested (increases and decreases).  The Finance and Audit Committee would like to see a list of the fees that have increased over the past year.  The BOG Chair of Finance & Audit requested the BOT committees review their respective fees.
 
Report – No Action Required   

Item 7 Direct Support Organizations (DSOs) Budgets:  (1) UNF Foundation, Inc., (2) UNF Training Services Institute, Inc., (3) UNF Financing Corporation, Inc. and (4) MOCA, Jacksonville

Vice President Shuman presented the budgets of each of the four DSOs.  Each of the budgets have been reviewed and approved by the respective boards.  Hugh Greene requested a review of the year to year changes in the future.  The committee discussed the MOCA budget.  An additional $100,000 to $125,000 will be needed from UNF to fund the organization in FY12/13.  The budget does include $50,000 to begin paying off their debt.  The budget presented requires additional contributions to balance.

 

Report – No Action Required

Item 8 Office of Internal Auditing - Quarterly Report

Chair Munoz asked Robert Berry, Director of the Office of Internal Auditing, to present the quarterly report.  Mr. Berry reported that the office is currently staffed at 33%.  An offer has been extended and accepted for one of the two positions.  The senior auditor has resigned and the position has been posted.  Chair Munoz expressed the importance of staffing the internal audit function. Chair Green stressed the importance of supporting the internal audit function.

 

One complaint was received during the last quarter into the Fraud hotline.  There was, however, no specific information.  This is the 3rd complaint this year with no specific information given.  The system was tested with no issues found.

 

Mr. Berry also reported that 69% of all audit issues were either closed or resolved as of March 2013, noting the decrease is due to the lack of staffing.

 

Report – No Action Required   

Item 9 Quarterly Budget Report

Vice President Shuman was asked to present the quarterly budget report.  Estimated salary savings for the year will be $2.2 million which will be distributed to central reserves and summer school.    Plant Operation & Maintenance has done extremely well this year, saving $1 million from their budget to be added to their reserves.  Budget reduction and call back of monies are not anticipated for this year.

 

Report – No Action Required  

Item 10 Treasurer’s Report

Vice President Shuman addressed the committee and presented the treasurer’s report.

 

Both money managers are again exceeding the benchmarks.   It was noted that the University investments go into corporate bonds and fixed income.  A more comprehensive report will be provided at the next meeting including investment restrictions.

 

Report – No Action Required  

Item 11 Adjournment

Chair Munoz adjourned the meeting at 11:50 am.