Meeting of the Board of Regents | October 2010

Report of

REGENTS SUBCOMMITTEE ON AUDITS/BUDGET AND FINANCE

to

The Board of Regents

October 19, 2010

Regent Geraldine Chapey, Chair of the Regents Subcommittee on Audits/Budget and Finance submitted the following report.

The Regents Subcommittee on Audits/Budget and Finance met as scheduled on October 18, 2010. Chancellor Tisch, Vice Chancellor Cofield, Vice Chair Bendit, Regents Phillips, Tallon, and Tilles were in attendance.

Items for Discussion

Chair’s Remarks:  Regent Chapey welcomed everyone and reminded them of the importance of finance, budget and audit during these times of fiscal stress. She commented on the effectiveness of combining these functions into a more effective systems approach for dealing with issues.
ACTION ITEMS
September Fiscal Report

Your Committee reviewed the September fiscal report. Motion was made by Regent Tilles, seconded by Vice Chancellor Cofield to accept the September fiscal report. – all in favor.
2011-12 Budget Request

Your committee reviewed the 2011-12 budget requests, discussed issues related to the request. Motion made by Regent Phillips, seconded by Vice Chancellor Cofield to accept the budget request. – all in favor.
MATTERS NOT REQUIRING BOARD ACTION
Overview of the Office of Audit Services

The members were presented with the organization, structure, and activities of the Department’s Office of Audit Services. Discussions took place regarding coordination with other auditors and the most effective methods to deploy the Office’s resources.

Discussion of the Subcommittee’s Charge

Staffs were briefed on the Subcommittee’s charge statement. The statement has not been updated since 2001. It focused more on Department internal functions while allowing for presentation of other audits of a more significant nature. This Statement will be revised in the future based on the new responsibilities of the Subcommittee and the input of the members.

Department’s Annual Internal Control Certification

Staff briefed the Subcommittee members on the Department’s process to ensure key risks are identified and adequate internal controls are in place, and the annual requirement to certify to DOB that the Department has complied with certain provisions related to internal controls.

Completed Audits

The Subcommittee was presented with 18 audits this month. The audits included 13 audits of preschool special education providers as well as 5 issued by the Office of the State Comptroller.  

Final Report on the Results of School District Accountability Initiative

The Subcommittee was presented with the results of the recently concluded five-year audit initiative by the Office of the State Comptroller. The findings related to these audits have been tracked, summarized and trended for the members.  A chart depicting the result was provided showing the distribution of audit findings by type. The Office of Audit Services will begin to track audits to identify serious concerns as well as emerging trends.

That concludes my report.

Chair, Geraldine Chapey

Vice Chair Charles Bendit