John Wood Community College Board of Trustees Finance and Audit Committee met Oct. 21.
Here is the minutes provided by the board:
The Finance and Audit Committee met at 3:00 p.m., at John Wood Community College. Present were Randy Greenwell and Andy Sprague, trustees; Michael Elbe, president; Josh Welker, dean of business services & institutional effectiveness; Dan Rowe, auditor at WIPFLi, LLP., and Jenny Venvertloh; note taker.
1. Audit – Mr. Rowe reviewed the FY2020 audit and communication letter. There was finding regarding purchasing card use by an employee. The college allows needs to follow up on cyber security.
2. Bills for Payment - The bills were reviewed and will be recommended for payment. The purchasing card program has been reviewed. The cardholder training along with the reconciliation process has been reviewed and updated. Additional signatures and reviews have been added to ensure receipts, tax charges, etc. are accurate.
3. Financials – Financials were reviewed and recommended for approval.
4. Board Budget – The Board of Trustees’ budget was reviewed.
5. President’s Expense Account – The President’s expense account was reviewed. The total amount was reduced from $3,000 to $1,500.
6. Review Investments – The investment report was reviewed. The interest rate on the checking account is currently.25. Mr. Welker has been exploring other investment options. The committee approved for him to continue researching other options.
7. Board Items
Audit – Mr. Rowe reviewed the highlights of the FY2020 audit report. The communication letter was also reviewed.
Tax Levy – The equity adjustment (additional tax) was discussed.
Abatement – The resolution abating taxes for debt service of the Chevron project bond was discussed.
Health Insurance Premiums – Premiums are based on calendar year. Open enrollment will be in November. New rates will begin January 1, 2021. An approximate 9% increase is being recommended.
Robotics Bids – Bids were requested and received to provide a robotics welding cell to be purchased with grant dollars. The recommendation is to award the bid to SJ Smith Co., in the amount of $66,786.85.
CBA MOU – A memorandum of understanding containing modifications and clarification to the FY2019-FY2022 Collective Bargaining Agreement regarding changes in delivery method related to COVID-19 is being recommended for approval.
RAMP Documents – Six RAMP documents regarding an Illinois Community College Board Capital Budget Request for FY2022 are being presented for approval. These requests will involve a matching funds commitment by the Board of Trustees.
PHS Projects – A resolution and certificate are being presented to levy tax for Protection, Health, and Safety (PHS) project totaling $202,769.
8. Other – There was one out of district travel request reviewed and approved. The funding would be paid from grant dollars.
https://www.jwcc.edu/about/board-of-trustees/board-agendas-minutes/#finance-committee
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