Quincy Reporter

John Wood Community College Finance & Audit Committee met May 11.

Here are the minutes provided by the committee:

The Finance and Audit Committee met at 9:00 a.m., at John Wood Community College. Present were Randy Greenwell and Don Hess; trustees, Michael Elbe; president, Josh Welker; dean of business services & institutional effectiveness, Nora Klingele; director of fiscal services, and Jenny Venvertloh; note taker.

• Bills for Payment - The bills were reviewed and will be recommended for payment. Student checks were included in this report which included around 1,500 HEERF student payments.

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

• Financials – The financials were reviewed and will be recommended for approval. Current projections show the College ending in the black again for FY2022. Revenues are expected to come in above budget, despite a drop in credit hours, due to supplemental state funding that was recently passed and an unexpected increase in state CPPRT payments.

• Board Budget – The Board’s Budget was reviewed.

• President’s Expense Account – The President’s expenses were reviewed.

• Review & Discuss Investments – The investment report was reviewed. Proposals for new CD’s will be sent out June 1. A new money market account with First Bankers Trust has been opened which will provide an interest rate equivalent to that of the Illinois Funds money market account rate.

• Other

➢ The tentative budget will be presented at the June Board of Trustees meeting.

➢ A Board Retreat will be held May 26.

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