The minutes were approved prior to the meeting adjournment.

Mr. Jay Kaufman began by introducing himself, Mark Snyder, Michelle Scott, Maryellen Scarselli and Sarah Kielty of CohnReznick. The presentation began with the foundation’s audit results followed by the university audit. All the financial statements are being issued with a clean, unmodified opinion. There was no formal management letter presented. Mr. Kaufman thanked Jay Bry, Yvonnie Malcolm, consultant Cathy Daggett and the Financial Services staff for their hard work and for their assistance in helping to complete the audits in a timely fashion. An overview of the consolidated statements of financial position; consolidated statements of activities and of cash flows; footnotes and disclosures were presented. A question and answer session ensued. They also reviewed the university statements of net position. Next, the auditors touched on the statements of revenues, expenses and changes in net position. They also briefly highlighted some of the footnotes and disclosures and assets. It was indicated that management complied with the state financial aid system. Mr. Kaufman commended those in financial aid for their work (Denise Brindle and the Financial Aid staff).

Mr. Kaufman noted future changes in reporting standards. A discussion ensued.

Mr. Kaufman stated there has always been fiscally prudent management at the University. The administration continues to look at capital improvements to keep pace with campus need. The debt burden remains below the commonwealth standard. Overall this was a good year.