Regent Dukes asked whether the projected reserve for uncollectibles was achievable.
Chair Hatchett requested an update from President Akakpo regarding the re-negotiation of long-term debt relative to the new dorm, and how that would help in balancing the budget. He also sought clarification relative to services provided by Sway Communications.
This agenda item was presented by Dr. Hicks and Mr. Mike Johns, Clifton Larson Allen (CLA).
Chair Hatchett inquired how the projected audit completion date meshes with the SACSCOC submission timeline.
Mr. Johns continued the presentation, sharing audit highlights, issues detected, and an opinion regarding the 2022-2023 audit. Material weaknesses and significant deficiencies were identified and discussed. He also explained audit timing as well as governance communications.
As to the material weakness and significant deficiencies identified in the audit, Regent Dukes inquired how the issues could be corrected and whether the University has the resources to do so.
Ms. Megan Young, CBIZ, presented this item, recapping accomplishments to-date and tasks remaining regarding the 2024-2025 internal audit.
Hearing no questions, Chair Hatchett thanked her for her presentation.
Regent Dukes stated that no reports to the Ethics Hotline have been received during the last quarter.
Mr. Michael DeCourcy, VP, Institutional Advancement & External Relations, and Benefactor Group presented this agenda item. Before the presentation began, Chair Hatchett requested that the meeting time be extended in order to hear Mr. deCourcy's report, and the Committee agreed.
Mr. DeCourcy introduced Kelly Quilter from the Benefactor Group, who shared high-level highlights of the Campaign Planning Study, as well as a summary of findings and recommendations.
Due to time constraints, this item was tabled until the August Board retreat and meeting.