Finance and Audit Committee: November 3, 2011
The Finance and Audit Committee met on Nov. 3, 2011. Chairman Kevin Lockett presided. Action taken and topics discussed included the following:
- Approved the June 30, 2011 KSU Foundation audited financial statements and management letter and forwarded it to the board of directors.
- Reviewed the investment valuation timeline noting that some investment valuations are not readily available until 60 days after the close of the quarter. A discussion regarding providing timely financial statements using estimates versus final manager estimates ensued.
- Approved the Dec. 31, 2010 KSU Foundation Defined Contribution Retirement Plan audit, management letter and tax return.
- Authorized the COO/CFO to negotiate moving forward with BKD into the second year of the audit.