John Wood Community College Finance & Audit Committee met Aug. 13.
Here is the minutes provided by the committee:
The Finance and Audit Committee met at 10:30 a.m., at John Wood Community College. Present were Randy Greenwell and Andy Sprague; trustees, Josh Welker; dean of business services & institutional effectiveness, Mike Elbe; president, Susan Fifer; director of fiscal services, and Jenny Venvertloh; note taker. Also present at the beginning of the meeting was Josh Faivre; auditor.
1.Meet with the Auditor – Mr. Faivre reviewed the audit process. There have been no findings so far. They will finish their field work tomorrow and give the final report in October.
2.Bills for Payment - The bills were reviewed and will be recommended for payment.
3.Financials – July financials were reviewed and recommended for approval. The state allocation for FY21 was higher than budgeted. Pending on the stimulus funding, funding could be cut. Some items that were in the budget can potentially be funded by the CARES Act or with GEAR funding.
4.Review Investments – The investment report was reviewed. Our checking account interest rate has been lowered. We may need to keep funds in our checking account instead of in brokered CD’s. CD proposals will be sent out again in September.
5.Board Items
a.Transfer – A transfer of $951,959.70 from the Operating Funds to the Operations and Maintenance Restricted Fund was discussed. The transfer will replenish deferred maintenance and capital project funds that were spent in FY2020 and help fund maintenance and capital projects planned for FY2021 and future years. It is recommended that the Board of Trustees approve the transfer.
6.Other – The EDA grant for the WDC expansion will need matching funds so a recommendation will be brought next month indicating how the College plans to fund the match.
https://www.jwcc.edu/about/board-of-trustees/board-agendas-minutes/#finance-committee
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