ࡱ> #` *bjbj :\="  8J|D i(>>>oiqiqiqiqiqiqi$kh`nZi !!!i >>is$s$s$! > >ois$!ois$s$`w f>  ٫"cc>oii0ic2nK#n|fn f,Es$ii$di!!!! $D   Agenda Board of Regents Audit Committee Thursday, June 19, 2008; *12:15 p.m. 1:30 p.m. Room 107 Lee Gorsuch Commons University of Alaska Anchorage Anchorage, Alaska *Times for meetings are subject to modifications within the June 18-19, 2008 timeframe. Committee Members: Timothy Brady, Committee Chair Michael Snowden Patricia Jacobson Mary K. Hughes, Board Chair I. Call to Order II. Adoption of Agenda MOTION "The Audit Committee adopts the agenda as presented. I. Call to Order II. Adoption of Agenda III. Executive Session with Internal Audit Director IV. Full Board Consent Agenda A. Authorization to Execute an Endowment Fee Agreement B. Acceptance of University of Alaska Foundation Budget V. Ongoing Issues A. Internal Audit Status Report B. Audit Standards Update VI. New Business A. Approval of the FY09 Annual Audit Plan B. Consent to Hire Internal Audit Director VII. Future Agenda Items VIII. Adjourn This motion is effective June 19, 2008." III. Executive Session with Internal Audit Director MOTION "The 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 where the immediate knowledge of which would have an adverse effect on the finances of the university related to audit matters and the advice and consent regarding the hiring of the Internal Audit Director, this topic being a subject which could affect the reputation or character of a person or persons. The session will include members of the Board of Regents, Interim Internal Audit Director Pittman, General Counsel Brunner and such other university staff members as the Chair of the Audit Committee may designate and will last approximately _____ hour(s). Thus, the open session of the Audit Committee of the Board of Regents will resume in this room at approximately _____ Alaska Time. This motion is effective June 19, 2008." (To be announced at the conclusion of executive session:) The Audit Committee of the Board of Regents concluded an executive session at _____ a.m. Alaska Time in accordance with AS 44.62.310 discussing matters where 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, Interim Internal Audit Director Pittman, General Counsel Brunner, and other university staff designated by the chair of the chair and lasted approximately __________ hour(s). IV. Full Board Consent Agenda A. Authorization to Execute an Endowment Fee Agreement The President recommends that: MOTION "The Audit Committee recommends that the Board of Regents authorize President Mark Hamilton and Chair Mary Hughes to negotiate and execute a tri-party endowment fee agreement between the Board of Regents, the University and the UA Foundation for management of the Endowment Trust Fund and the related Inflation-Proofing Fund. This motion is effective June 19, 2008." POLICY CITATION Regents Policy 05.07.01 Land-Grant Endowment, as well as AS 14.40.400 provides that the Board of Regents shall serve as trustee for the Endowment Trust Fund, which was established by an Act of Congress in 1929. RECOMMENDATION The UA Foundation Board of Trustees is scheduled to meet on June 20, 2008 to approve their FY09 annual budget and other matters of importance. Because the Foundations Board of Trustees has not yet adopted a budget for FY09 or approved a specific fee proposal, the actual fee cannot be presented to the Regents for approval or concurrence at this time; therefore, the administration is seeking authorization for the University President and Board of Regents' Chair to negotiate with the Foundation and authorize the charging of an endowment fee. As trustee for the Endowment Trust Fund, the Board of Regents is obligated to determine that the fees charged are reasonable. RATIONALE In 1997, the Board of Regents of the University and the UA Foundation established the Consolidated Endowment Fund in order to allow the Land Grant Endowment Trust Fund, its related Inflation-Proofing Fund and the Foundations Pooled Endowment Fund to be combined for investment purposes. The Consolidated Endowment Fund is managed by the UA Foundation and its Investment Committee in accordance with a consolidated fund agreement and an investment policy approved by the Board of Regents and the Board of Trustees. The pooling of the assets for investment purposes provides a host of benefits to all three of the participating funds including lower manager fees and access to top tier managers and consultants, and more and better investment opportunities. The Investment Committee consists of Eric Wohlforth as chair, Ann Parrish, Mike Burns, Gary Dalton, Win Gruening, Greg Gursey, Jim Lund, Brian Rogers, Robert Storer, and Mary Rutherford. Jim Lynch serves as Treasurer and Ms. Tamera Weaver serves as chief investment officer. For the five years ended December 31, 2007 the Fund has had an average annual return of 13.2 percent. Associate Vice President and Foundation Treasurer Jim Lynch and Mary Rutherford Foundation President will be available to answer any questions the members of the Committee may have regarding proposed increase in the endowment fee. B. Acceptance of University of Alaska Foundation Budget MOTION "The Audit Committee recommends that the Board of Regents accepts the University of Alaska Foundation budget for FY09 as presented. This motion is effective June 19, 2008." Mary Rutherford, president of the UA Foundation, will hand-carry the UA Foundation budget to the meeting and then review the budget for Board of Regents' consideration. V. Ongoing Issues A. Internal Audit Status Report Reference 17 Nichole Pittman, Interim Director of Internal Audit, will review with the Audit Committee, the Audit Status Report found in Reference 17 and answer any questions the committee may have. This is an information item; no action is necessary. B. Audit Standards Update Reference 18 Nichole Pittman, Interim Director of Internal Audit, and Myron Dosch, Controller, will present to the Audit Committee an update on issued auditing standards, explain how they affect the University, and what action the university has taken to date. They will answer any questions that members of the committee may have. This is an information item; no action is necessary. VI. New Business A. Approval of the FY09 Annual Audit Plan Reference 19 MOTION "The Board of Regents Audit Committee approves the annual audit plan for fiscal year 2009 as presented. This motion is effective June 19, 2008. POLICY CITATION Regents' Policy 05.03.016. Internal Audit: Reporting, states: "The director of internal audit, in conjunction with the regents external auditors, shall annually present a complete audit plan for the university to the boards audit committee for review and approval. The director of internal audit shall provide a written report on the status of all internal and external audit activities to the Audit Committee semi-annually. Formal audit reports shall be issued to the chief finance officer, who will be responsible for the implementation of recommendations or other resolution of audit findings and the distribution of audit reports. Copies of all formal audit reports, including management's response, will be provided to the audit committee the next scheduled committee meeting in accordance with procedures established by the audit committee." RECOMMENDATION/RATIONALE Nichole Pittman, Interim Director of Internal Audit, will present to the Audit Committee for approval the annual audit plan for FY09, which is included as Reference 19. The Internal Audit Departments annual audit plan includes providing agreed-upon support to the universitys independent auditors, KPMG. Other external audit coverage will also be discussed with the committee, including expected federal and state audit activity. B. Consent to Hire Internal Audit Director MOTION "The Audit Committee affirms that they have been advised and consent to the appointment of the Internal Audit Director as presented by the chief finance officer. This motion is effective June 19, 2008." POLICY CITATION Regents' Policy 05.03.014 Internal Audit: Authority, states: "The chief finance officer shall appoint and may remove the director of internal audit with the advice and consent of the Audit Committee." RATIONALE/RECOMMENDATION Members of the Audit Committee will receive information during the executive session regarding the search process and hiring recommendations for the Internal Audit Director. VII. Future Agenda Items VIII. 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