ࡱ> bda[ K bjbj ):jj~l0008h|DTa(```````$c  eJ``a``X` p" 0\:`D$a0Ta\jeilje`Agenda Board of Regents Finance and Audit Committee Wednesday, December 8, 2004; *4:30 p.m. 5:00 p.m. Thursday, December 9, 2004; *8:00 a.m. 11:00 a.m. Room 109 Butrovich Building University of Alaska Fairbanks Fairbanks, Alaska *Times for meetings are subject to modification within the December 8-9, 2004 timeframe. Committee Members: Joseph E. Usibelli, Jr., Committee Chair Mary K. Hughes Michael J. Burns Michael Snowden Cynthia Henry Brian D. Rogers, Board Chair Wednesday, December 8, 2004 I. Call to Order (scheduled for 4:30 p.m.) II. Adoption of Agenda MOTION "The Finance and Audit Committee adopts the agenda as presented. I. Call to Order II. Adoption of Agenda Executive Session Audit A. Executive Session with Internal Audit Director B. Executive Session with External Auditors IV. New Business - Audit A. External Auditor Comments B. Internal Audit Status Report V. Future Agenda Items - Audit Recently Completed Audit Reports Audit Status Report Annual Audit Plan VI. Full Board Consent Agenda - Finance Report on and Acceptance of the University of Alaska FY04 Audited Financial Statements Authorization of Interim Loan from the Land Grant Endowment Trust Fund, Inflation Proofing Account, to ֱto Complete the University of Alaska Museum Construction Ongoing Issues - Finance Presentation of the FY04 Consolidated Fund Financial Statements VIII. New Business - Finance IX. Future Agenda Items - Finance X. Adjourn This motion is effective December 8, 2004." Executive Session - Audit A. Executive Session with Internal Audit Director MOTION "The Finance and Audit Committee of the Board of Regents goes into executive session at _________ Alaska Time in accordance with the provisions of AS 44.62.310 to discuss matters the immediate knowledge of which would have an adverse effect on the finances of the university related to audit matters. The session will include members of the Board of Regents, Internal Audit Director Read, Interim General Counsel Greene, and such other university staff members as the Audit Chair may designate and will last approximately ____ hour(s). Thus, the open session of the Finance and Audit Committee of the Board of Regents will resume in this room at approximately ____ Alaska Time. This motion is effective December 8, 2004." (To be announced at conclusion of executive session) The Finance and Audit Committee of the Board of Regents concluded an executive session at _____ Alaska Time in accordance with AS 44.62.310 discussing matters the immediate knowledge of which would have an adverse effect on the finances of the university and which would affect the reputation or character of a person or persons. The session included members of the Board of Regents, Internal Audit Director Read, Interim General Counsel Greene, and other university staff members designated by the chair and lasted approximately ______ hour(s). Thursday, December 9, 2004 B. Executive Session with External Auditors (scheduled for 8:00 a.m.) MOTION "The Finance and Audit Committee of the Board of Regents goes into executive session at _________ Alaska Time in accordance with the provisions of AS 44.62.310 to discuss matters the immediate knowledge of which would have an adverse effect on the finances of the university related to audit matters. The session will include members of the Board of Regents, External Auditors David McCambridge and Daniel Mitchell, Interim General Counsel Greene, and such other university staff members as the Audit Chair may designate and will last approximately ____ hour(s). Thus, the open session of the Finance and Audit Committee of the Board of Regents will resume in this room at approximately ____ Alaska Time. This motion is effective December 9, 2004." (To be announced at conclusion of executive session) The Finance and Audit Committee of the Board of Regents concluded an executive session at _____ Alaska Time in accordance with AS 44.62.310 discussing matters the immediate knowledge of which would have an adverse effect on the finances of the university and which would affect the reputation or character of a person or persons. The session included members of the Board of Regents, External Auditors McCambridge and Mitchell, Interim General Counsel Greene, and other university staff members designated by the chair and lasted approximately ______ hour(s). IV. New Business -Audit A. External Auditor Comments Dave McCambridge, KPMG Partner, will discuss with the Finance and Audit Committee, audit related matters and answer questions from committee members. This is an information item; no action is necessary. B. Internal Audit Status Report Reference 16 Dave Read, director of Internal Audit, will review the Audit Status Report found in Reference 16 and answer questions from committee members. This is an information item; no action is necessary. V. Future Agenda Items Recently Completed Audit Reports Audit Status Report Annual Audit Plan VI. Full Board Consent Agenda - Finance A. Report on and Acceptance of the University of Alaska FY04 Audited Financial Statements Reference 17 Randy Weaver, controller, and Myron Dosch, financial accounting manager, will present an overview of the annual financial statements for the year ended June 30, 2004. The President recommends that: MOTION "The Finance and Audit Committee recommends that the Board of Regents accepts the FY04 Audited Financial Statements as presented. This motion effective December 9, 2004." B. Authorization of Interim Loan from the Land Grant Endowment Trust Fund, Inflation Proofing Account, to ֱto Complete the University of Alaska Museum Construction Vice President Beedle will report on the need for funds to be advanced, pending future fundraising efforts, from the Land Grant Endowment Trust Fund Inflation Proofing Account, to complete the University of Alaska Museum construction project. The President recommends: MOTION "The Finance and Audit Committee recommends that the Board of Regents approve a loan of $3.5 million from the Land Grant Endowment Trust Fund, Inflation Proofing Account for a period of two years at 6 percent interest per annum to ֱto fund the completion of the University of Alaska Museum and supported by appropriate loan documents prepared by the vice president for finance. This motion is effective December 9, 2004." Ongoing Issues - Finance A. Presentation of the FY04 Consolidated Fund Financial Statements Reference 18 Vice President Beedle will present an overview of the annual financial statements for the year ended June 30, 2004 for the Consolidated Fund, the fund utilized for investment of the endowments of the University and the University of Alaska Foundation. The University of Alaska Foundation reviewed and approved the acceptance of these financial statements at its annual meeting on November 9, 2004. This is an information item; no action is necessary. VIII. New Business Finance IX. Future Agenda Items Finance X. 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