No president’s report.
External audit presentation. Glazer speaks defensively about the statements being made about our financial information. Torres of the audit firm states that there is no evidence of improper payments. She describes the audit process in detail, including assessment of risk. Audit reports both external and internal are reviewed. They look at types of transactions; standard and unique. Unique transactions get more scrutiny. They identified risks and concerns and scaled up their sample sizes to increase assurance. An audit plan changes and is influenced by what is found/learned along the way. Intended to provide reasonable but not absolute assurance. The audit firm finds that the financial statements provide a fair picture. The audit also includes enrollments and verifications. No compliance or internal control issues were found. The college made a concerted effort to remove a finding related to return of funds. This has been corrected. Board members have a short summary in their packets. Overall, there is a 7% increase in revenue due to increase in enrollment, increase in credit hour price, and increase in collection of property taxes. Similar increase in expenses based on salary increases, depreciation as projects complete. Overall the results for the audit is a great accomplishment and a positive reflection on the college.
Trustee Hamilton: what is materiality threshold for random sampling? Answer: can’t reveal in front of management. There is always the possibility that fraudulent transactions fall below threshold.
Trustee Svoboda: thanks for the thoroughness of the explanations of the process.
4th annual Laps for the Chaps presentation, Joe Moore introduces Ken Gray. Event will begin at noon with food truck rally and children’s events. Race start is at 4pm and youth dash at 5pm. The late start time sets us apart from other events. We now have certifications based on extensive quality criteria. Serious runners like our flat, fast course. Our course is very safe for everyone since it is completely contained away from traffic on east campus. First food truck rally in DuPage County, will be very high quality. Everyone is invited.
Removed from consent agenda by Trustee Hamilton: 8. B. 2 (Financial reports).
Consent agenda is moved and seconded and read.