8. INFORMATION a. Personnel Items b. Financial Statements c. Gifts & Grants Report d. Construction Change Orders e. In Kind Quarterly Donations

Trustee McGuire raises concern about personnel items regarding people leaving after very short time employed. Linda Sands-Vankerk made general comments about how the college handles resignations. Our record is good overall for retention of employees. McGuire also asks about occupancy rates at the Inn at Waters Edge. Dean Stewart responds about difficulty of marketing such a small property; occupancy rates are about the same.

Trustee Mazzochi questions about construction change orders. She researched older board minutes and found a budget of 14.5 milion rather than the current 16.5 million. Responding administrator says he does not know about this. Mazz says she will forward him the old minutes for follow-up.

Trustee McGuire – financial questions. Could take money out of board of trustees budget. Wants the public to be aware of legal bills. Cites current legal bills well over a million dollars. Typical annual legal expenses for the college are around $500,000. Makes several other comments and questions about financial statements and policies. Her exchange with the responding administrator starts shortly after 7:35pm. The most interesting part concerns write-off and litigation of the IMAT loss.

Trustee Mazzochi follows up with further questions about the IMAT loss.

There is a further exchange between Mazzochi and McGuire based on a report by Roger Kempa about the sale of assets and other remedies for the IMAT loss. Kempa argues that all or nearly all the loss can be recovered, perhaps over a few  years.

Brief discussion of the need for review of financial policy especially in light of future movement of money management to outside firm. RFP is in process.

Chair Hamilton thanks McGuire for keeping an eye on financial issues and states that there will be a presentation in November organized by Consella including discussion of legal expenditures.