Quincy Reporter

John Wood Community College Board of Trustees, Finance & Audit Committee met Feb. 10.

Here are the minutes provided by the board:

The Finance Committee met at 11:00 a.m., at John Wood Community College. Present were Don Hess and Paula Hawley; trustees (via Zoom), Josh Welker; Dean of Business Services & Institutional Effectiveness, Mike Elbe; president, Nora Klingele, director of fiscal services, and Jenny Venvertloh; note taker.

• Bills for Payment - The bills for both December and January were reviewed and will be recommended for payment. The December bills included the student disbursement of HERFF funds. Approximately 1600 checks were processed. The January bills include paying off the existing bonds that were refinanced and the legal counsel for overseeing the bond refinancing.

The purchasing card report showed the totals for the purchasing cards for each month. December’s total represented 1.6% of the college’s total bills. January’s total was 1.2%.

• Approval of Travel Requests – The committee reviewed the out of district travel forms that have been submitted and recommended them for approval.

• Financials - The financials for both December and January were reviewed and will be recommended for approval. It was noted the College has received and deposited the bond funds.

• Board Budget – The budget was reviewed.

• President’s Expense Account – Expenses were reviewed.

• Review & Discuss Investments - The investment report was reviewed. The College was notified that our checking account rate will decrease from .25 to .20.

• Other

o The completion of the audit has been delayed due to waiting on guidance from the Department of Education and for some completed reports from ICCB. The auditors are still working on it and plan to present it at the March Board of Trustees meeting.

o An RFP for audit services will also be presented at the March Board meeting. It will be for the next three years of service with the ability to renew annually for two years.

o The March Board meeting will be held at the Southeast Center in Pittsfield.

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