Chair Dukes then opened the floor to the newest Regent, Ms. Aury Rios-Alcantara, to provide a brief update regarding the SGA and student body. Regent Rios-Alcantara reported that the SGA had been working closely with Dr. Mayberry over the summer and is excited for the upcoming semester. She further stated that the SGA’s goal this year is to increase student engagement on campus while maintaining an emphasis on academics and utilizing emotional health resources.
Ms. Vicki Dunaway, VP of Finance & Administration and CFO, presented this agenda item. VP Dunaway introduced the University’s new budget director, Ms. Ann Jarvis. Next, Ms. Dunaway outlined her presentation, stating that she would provide brief updates regarding the University’s five-year budget projections, the closing of FY 24, and the unaudited FY 24 financial statement. She then turned the presentation over to Ms. Miranda Borla and Ms. Megan Young of CBIZ, Inc., for an update regarding the internal audit.
Ms. Young shared a brief presentation regarding the internal audit updates, recapping departmental audits that were completed earlier in the year. Last month, AP and Procurement audits were completed, and a Risk and Control Matrix (“RACM”) was completed and submitted to management in each process area. CBIZ is currently working on an Enterprise Risk Management project with an expected completion date of September 20, 2024. An annual Risk Assessment and Internal Audit Plan are expected to be presented to management by August 15, 2024.
Chair Dukes requested that Ms. Young walk through the ERM results or process at the next meeting of the Finance & Audit Committee.
Regent Hatchett asked that Ms. Young's presentation to the Finance & Audit Committee includes somewhat more detailed information regarding the accounts payable audit.
Moving forward, Ms. Dunaway introduced Mr. Michael Johns of CliftonLarsonAllen, the University's new external audit firm.
Next, Ms. Dunaway shared a preliminary unaudited budget for 2024, as well as a five-year budget projection.
Regent Hatchett requested Ms. Dunaway to elaborate on the variance between budget and actuals for the state appropriations.
Regent Moyer inquired into the nature of the “Sales and Services” subcategory of revenue.
Regent Fields sought clarification as to the “Other” subcategory of revenue.
Chair Dukes queried as to the number of staff members in the Auxiliary department.
Regent Hatchett asked whether employee benefits had been budgeted and sought clarification regarding the Capital Project bank account.
Chair Dukes queried whether the revenue projections included projections for on-campus programs.