Quincy Reporter

John Wood Community College Finance and Audit Committee Met Aug. 18.

Here is the minutes provided by the committee:

The Finance and Audit Committee met at 3:00 p.m., at John Wood Community College. Present were Paula Hawley and Don Hess; trustees, Josh Welker; dean of business services & institutional effectiveness, Mike Elbe; president, Nora Klingele; 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 and met with the Board members. A draft of the final audit may be presented in October until the federal piece is complete.

2. Bills for Payment - The bills were reviewed and will be recommended for payment.

3. Out of District Travel Requests – The committee reviewed the out of district travel forms that were submitted and recommended them for approval.

4. Financials – July financials were reviewed and recommended for approval. There was discussion regarding the transfer. It is reflected in the financials.

5. Review Investments – The investment report was reviewed. CD proposals will be sent out again in September.

6. Board Items

a. Transfer – A transfer of $1,521,478.78 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 FY2021 and help fund maintenance and capital projects planned for FY2022 and future years. It is recommended that the Board of Trustees approve the transfer.

b. Trust Agreement – The Capital Development Board has selected the College’s Lot Repair project for funding. The proposed project has an estimated cost of $460,000 with 75% of the funding being provided by the CDB and 25% from the College. To move forward with the project, the CDB has requested that the College’s portion of the funding be placed in a trust. It is recommended that the Board of Trustees approve the trust agreement.

7.Other – There was discussion regarding last month’s bond presentations from Bernardi and PMA. Mr. Welker and Mr. Elbe also met with local banks to gauge interest in a private placement of the bonds. Each of the banks expressed interest in working with the College on a private placement. After further discussion the Finance Committee directed the Administration to identify a bond counsel and pursue a method of sale where the College will collect bids from local banks to do a private placement.

Tax Levy season is upon us. Documents will be brought to the next few Board meetings for approval.

https://www.jwcc.edu/about/board-of-trustees/board-agendas-minutes/#finance-committee