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Coastal Carolina UniversityCCU Digital CommonsBoard of Trustees Committee Minutes Board of Trustees5-6-2011Audit Committee, May 6, 2011Coastal Carolina UniversityFollow this and additional works at: https://digitalcommons.coastal.edu/board-committeesThis Article is brought to you for free and open access by the Board of Trustees at CCU Digital Commons. It has been accepted for inclusion in Boardof Trustees Committee Minutes by an authorized administrator of CCU Digital Commons. For more information, please contactcommons@coastal.edu.Recommended CitationCoastal Carolina University, "Audit Committee, May 6, 2011" (2011). Board of Trustees Committee Minutes. 520.https://digitalcommons.coastal.edu/board-committees/520Minutes Coastal Carolina University Board of Trustees  Audit Committee E. Craig Wall Sr. School of Business Administration Building, Board Room May 6, 2011  Members of the  Mr. Gary W. Brown, Mr. J. Wayne George, Dr. Oran P. Smith, Committee Present:  and Mr. D. Wyatt Henderson   Other Board    Mr. William H. Alford, Mr.  Larry L. Biddle, and  Members Present: Ms. Natasha M. Hanna,    Others Present: Ms. Stacie Bowie, Mr. Joseph L. Carter, Ms. Lori Church,  Dr. David A. DeCenzo, Dr. Edgar L. Dyer, Mr. Samuel H. Frink, Ms. Martha Hunn, Dr. Karen A. Maguire, Mr. Tim Meacham,  Dr. Rob Sheehan, Mr. William E. Turner, and Ms. Chyrel Stalvey         (In accordance with the requirements of the South Carolina Freedom of Information Act, the news media were notified of the time, location, and agenda for the meeting.)  Mr. Wayne George called the Audit Committee to order at 8:15 a.m.  Messrs. Joe Carter and Sam Frink, former trustees, were in attendance and received a standing ovation.  Mr. Wyatt Henderson moved to go into Executive Session to discuss the Internal Audit Position.  Dr. Oran Smith seconded.  No action was taken.  Mr. Henderson made a motion to recommend engaging external auditor, Steve Blake, to review risk assessment areas of weakness as provided by the Coastal Carolina University-wide Internal Audit Committee.  Mr. Gary Brown seconded and the motion passed.  Mr. Henderson moved to recommend audit material adjustments less than $10,000 do not need to be reported to the Audit Committee as it is merely a misclassification.  Mr. Gary Brown seconded.  The motion passed.    Dr. DeCenzo noted that Coastal Carolina University was in compliance with the legislators’ request for university accounting transparency by March 1 (retroactive from January), ahead of the April 1st deadline.  Procurement card transactions and every check and financial transaction is posted by the 7th working day after the end of the month.  We are the only university with the budget online at this point.  Ms. Lori Church prepared the 2009-2010 Revenue/Expense Analysis by Major and College which was distributed to everyone.  The increase in revenue/credit hour in the four colleges was up $7.  The largest instructional cost/credit hour increase was $36 in the College of Business Administration because of hiring critical positions.  In both years, the highest net revenue was Communications.  Sociology came in second this year.  On the low side of net revenue were economics, applied math, resort tourism, and special education-learning disability.   Audit Committee May 6, 2011   2 Dr. Sheehan noted that there had been concern regarding education but after restructuring administrative levels, the Administration was pleased that education received the largest increase in contributions/credit hour.   Mr. Carter noted that the hallmark of his Board service was to have the Board of Trustees more involved in the University and transparency.  He was pleased to see that this was happening.  As there was no further business, Mr. Henderson moved to adjourn the meeting and Dr. Smith seconded.  The meeting adjourned.        Respectfully submitted,            Chyrel Stalvey  

Audit Committee, May 6, 2011

Coastal Carolina UniversityCCU Digital CommonsBoard of Trustees Committee Minutes Board of Trustees5-6-2010Audit Committee, May 6, 2010Coastal Carolina UniversityFollow this and additional works at: https://digitalcommons.coastal.edu/board-committeesThis Article is brought to you for free and open access by the Board of Trustees at CCU Digital Commons. It has been accepted for inclusion in Boardof Trustees Committee Minutes by an authorized administrator of CCU Digital Commons. For more information, please contactcommons@coastal.edu.Recommended CitationCoastal Carolina University, "Audit Committee, May 6, 2010" (2010). Board of Trustees Committee Minutes. 492.https://digitalcommons.coastal.edu/board-committees/492  Minutes Coastal Carolina University Board of Trustees  Audit Committee E. Craig Wall Sr. School of Business Administration Building, Board Room May 6, 2010  Members of the   Committee Present:  Mr. Joseph L. Carter and Mr. D. Wyatt Henderson   Committee Members Not Present:   Mr. J. Wayne George and Dr. Oran P. Smith  Other Board    Mr. Larry L. Biddle (teleconference), Mr. William S. Biggs,  Members Present:  Mr. R. Duke Brown, Mr. Charles J. Hodge and  Mr. Eugene C. Spivey   Others Present: Mr. Doug Bell, Ms. Stacie Bowie, Ms. Heather Brady, Ms. Lori G. Church, Dr. David A. DeCenzo, Dr. Edgar L. Dyer, Mr. Will Garland, Ms. Martha S. Hunn, Mr. Timothy Meacham, Ms. Anne T. Monk, Mr. Mark Roach, Dr. Michael Ruse, Dr. Judy W. Vogt, Mr. Hunter Yurachek, Ms. Jennifer Packard and Ms. Chyrel Stalvey        (In accordance with the requirements of the South Carolina Freedom of Information Act, the news media were notified of the time, location, and agenda for the meeting.)  Mr. Gary Brown called the Audit Committee to order.  Mr. Carter made a motion to approve the January 22 and February 26, 2010 Audit Committee minutes.  Mr. Henderson seconded and the motion carried.  The composition of the new Internal Audit Committee was reviewed which includes members from various departments throughout the University.  The appointment is for two years and is non-compensated.  The Revenue/Expense Analysis by Major and College had been prepared by Lori Church and Heather Brady was reviewed.    This analysis was very beneficial to the Administration.   Some programs are generating less revenue then others because of various reasons and the Administration is working through the multi-layered issues.  As a result, the intent is to decrease the cost of majors by getting more faculty back into the classroom.   Audit Committee May 6, 2010   2  The center’s have too much administration and salaries that are being paid to directors who are not teaching.  Each center has been given a target within the next two years to bring money in to off-set their salaries.    Our researchers are receiving grant funds and using the grants to fund their graduate assistants but never offset their own salary with the funds brought in.    Tuition dollars are fully supporting the salary of people who are not teaching.  This practice will be changed.  It will be a multi-year trajectory to see if the changes made have helped.    In the future, this detailed report will be conducted each year and the results presented to the Board each semester.  The goals will also be displayed as part of the dashboard indicators.      Mr. Carter would like for Dr. Don Schunk to make a presentation on the University’s economy at a future meeting.  Cline Brandt Kochenower & Co., PA, the current auditor, has been selected through the RFP process to conduct the audit for the next five years.  As there was no further business, the meeting adjourned.        Respectfully submitted,          Chyrel Stalvey for        Secretary/Treasurer    

Audit Committee, May 6, 2010

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Audit Committee, May 6, 2010

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