UW Trustees Set Tentative Agenda for September Meeting

Sept. 15, 2004 -- Members of the University of Wyoming Board of Trustees will conduct their September meeting starting with work sessions from 2 to 5 p.m. Thursday, Sept. 23, in the Old Main boardroom. Friday, Sept. 24, trustees will hold a breakfast work session at the Foundation House. An executive session is scheduled from 8:15 to 10:15 a.m at the Old Main boardroom, followed by educational and work sessions at 10:30 a.m.

The board is scheduled to move into its business meeting Saturday, Sept. 24, at 10 a.m. in the boardroom, following a work session from 7-8:15 a.m. at the Foundation House and an executive session from 8:30-10 a.m. in the Old Main boardroom.

No action will be taken during the work and educational sessions, and members of the public are welcome to attend any meeting except the executive sessions. The tentative agenda:

Thursday, Sept. 23

2-5 p.m. - Work session: Discussion of R&D White Paper; "Evaluating the 'Quality' of Higher Education" Outcomes Overview and Assessment.

Friday, Sept. 24

7-8 a.m. - Breakfast work session: Scholarship Program Changes, Foundation House.

8:15-10:15 a.m. - Executive session, Old Main boardroom.

10:30 a.m. - Work sessions: Academic Plan II Progress Report and Implementation; Alcohol Issues/Football Games, Tuition Revenues; Capital Facilities Update; Greek Life Relationship Statement; 2005 Supplemental Budget Request and Capital Construction; Approval of Bylaw Modification of Investment Committee to the Audit and Fiscal Integrity Committee (proposed changes listed below); Wyoming Technology Business Center (WTBC) Construction Manager at Risk; WTBC Covenant of Purpose and Use; UniReg 43 Revision.

Noon-1:20 p.m. - Lunch and presentation - Rocky Mountain Herbarium.

1:30 p.m. - Recognition: Olympian Scott Usher.

1:30-4:20 p.m. - Education sessions: Report on Travel Accounting; Preliminary Fall 2004 Enrollment Figures; Student Survey Results; Family Practice Residency Centers Briefing; Requirement for Filing Conference Recruiting Policies; Athletic Benchmarks; Quarterly Investment Report.

4:35-5 p.m. - Information sessions: Internal Audit Activity for the Period April 1-June 30; Change Orders and Progress Reports; Pharmacy, Engineering, and Counselor Education Accreditation Updates; Summer School Report; Research Funding; Designation of Depositories; Foundation Prospect Interview Questionnaire System ;Development Report.

Saturday, Sept. 25

7-8:15 a.m. - Breakfast Work Session: Trustee Governance, Foundation House.

8:30-10 a.m. - Executive Session, Old Main boardroom.

10:00 a.m. - Business Meeting, Old Main boardroom.

Roll Call

Approval of May 20-22 and June 24 Minutes

Reports

ASUW

Staff Senate

Faculty Senate

Investment Committee

1. Foundation Report on Transfer of Assets and Performance Report.

2. Quarterly Report on Investments.

Public Testimony

Committee of the Whole (Consent Agenda).

1. Elimination of Degrees (Academic Plan Action Item #84).

2. Approval of Sponsored Programs.

3. Personnel.

4. 2005-2006 Biennium Section I Budget Increase.

5. 2005 Supplemental Budget Request and Capital Construction.

6. Authorization for Stock Transfers.

7. UniReg Changes Resulting from Adoption of the Code of Conduct.

8. Sale of Goshen County Research Center Property.

Committee of the Whole (Regular Business)

1. Approval of Bylaw Modification of Investment Committee to the Audit and Fiscal Integrity Committee.

Unfinished Business

New Business

Date of next Board Meeting

Adjournment

Notice of intended changes to the trustee bylaws is required:

Section 7-2. AUDIT AND FISCAL INTEGRITY COMMITTEE

The Audit and Fiscal Integrity Committee is responsible for assuring that the University's organizational culture, capabilities, systems and processes are appropriate to protect the financial health and the reputation of the University in all audit related areas enumerated below. Specifically the Audit and Fiscal Integrity Committee will review the financial reporting processes, the system of internal controls, the audit process, and the process for monitoring and ensuring compliance with financial laws and regulations. It will monitor the University's internal and external auditor's findings.

The Audit and Fiscal Integrity Committee shall consist of not less than three members of the Trustees, preferably those with financial or business expertise. Appointments shall be made by the President of the Board of Trustees at the annual meeting of the Trustees for terms of three years. Appointments to fill a vacancy for the unexpired term may be made by the President of the Board at any time and announced at the next regular Board meeting following the appointment. In the initial appointments, at least one member shall be appointed to terms of one, two and three years respectively. The Committee shall:

I. Investments

Review the management of invested University funds, including University endowment funds and University operating funds, subject to the following conditions:

a. The President of the University shall be the administrative officer of the invested University funds, and may assign to a designee such duties as may be described in a written delegation of authority.

b. With Board approval, the Committee may employ the services of an agent, such as the University of Wyoming Foundation, an investment adviser, and/or manager(s), and may give due consideration to such advice.

c. The Committee, or the Board approved agent, shall place the securities of said Funds in custody of a custodian bank or other fully insured custodial institution, which shall have the right and privilege of holding the securities in a street name or in a name of such nominee as it may choose.

d. Each year the Committee shall review the agent's investment policy, asset allocation strategy and other endowment management philosophies, such as earnings distribution policies. The Committee shall receive and review an annual report on portfolio performance and other relevant endowment management metrics.

II. Financial Reporting Process

a. Ensure that the external auditors communicate all matters required by their professional standards to the Committee and review significant accounting and reporting issues, including recent professional and regulatory pronouncements in order to understand their impact on the University's financial statements.

b. Review the annual financial statements, including management's discussion and analysis, and determine if they are complete and consistent with information known to committee members.

c. Be satisfied that all regulatory compliance matters have been considered in the preparation of the financial statements.

d. Review significant financial risks and exposures and the plans to minimize such risks.

e. Review, with the University's legal counsel, any legal matters that could have a significant impact on the financial statements.

III. System of Internal Control

a. Ensure that management is setting the appropriate tone in communicating the importance of internal control and ensure that individuals have an understanding of their roles and responsibilities.

b. Receive and review reports from internal and external auditors regarding the quality of institutional internal control systems and determine whether management has implemented internal control recommendations made by internal and external auditors.

c. Ensure that internal and external auditors keep the Committee informed about fraud, illegal acts, deficiencies in internal control and ensure that an appropriate process exists for the receipt, retention and treatment of complaints, including anonymous complaints, regarding accounting, internal controls and auditing matters.

d. Evaluate the extent to which internal and external auditors review computer systems and applications, the security of such systems and applications, and the contingency plan for processing financial information in the event of a systems breakdown.

IV. Audit Process External

a. Following appropriate consultation with management, recommend to the Board the selection and retention of the external audit firm. Approve external auditor's fees.

b. Review and approve the external auditor's proposed scope and approach.

c. Review and confirm the external auditor's assertion of their independence in accordance with professional standards.

d. Review the performance of the external auditors and recommend the appointment or discharge of the external auditors.

e. Meet with the external auditors, the Internal Auditor, and management in separate executive sessions to discuss any matters that the Committee or these entities believe should be discussed privately. Mediate any disagreements between management and external auditors regarding financial reporting.

f. Review with management and the external auditors the results of the annual external audit, including any difficulties encountered, restrictions placed on the scope of the external auditor's activities, access to requested information and any significant disagreements with management.

g. Review and approve any engagement of the external auditors for non audit related consulting activities.

V. Audit Process Internal

a. Review and ensure that the University has the appropriate structure, staffing, and capability to effectively carry out the internal audit responsibilities.

b. Review and concur in the appointment, compensation, replacement, reassignment, or dismissal of the Internal Auditor.

c. Review and confirm the priorities and key action plans of the audit function. Receive and review internal audit reports from the Internal Auditor regarding results of the internal audit program.

d. Ensure there is regular, independent communication between the Committee and the Internal Auditor and ensure there are no unjustified restrictions or limitations on internal audit programs.

VI. Compliance with Laws & Regulations

a. Review the findings of any significant examinations by financial regulatory agencies and review management's corrective action plans. Ensure that action plans are implemented to the satisfaction of the regulatory agencies.

VII. Other Responsibilities

a. Ensure that significant findings and recommendations made by the internal and external auditors are received, discussed and acted upon in an appropriate and timely manner.

b. Regularly update the Board of Trustees about Committee activities, any key internal or external audit issues and make appropriate recommendations for Board action.

c. Review and update this By Law and receive approval of changes from the Board of Trustees.

Posted on Wednesday, September 15, 2004