The President introduced the two audit firms, Cohn Reznick and Bollus Lynch and reminded everyone that this was a transition year. He stated that Bollus Lynch was responsible for the Foundation audit and that Cohn Reznick was responsible for the University audit. Next year, Bollus Lynch will be conducting the audit for both entities. He thanked Cohn Resnick for the good work over the years. Cohn Resnick is moving out of the higher education space. Phillips thanked them as well and extended her best wishes in all their future endeavors. 

The Bollus Lynch team introduced themselves, Jim Johnston, Partner and, Laura Pizzimenti, Audit Senior Manager. 

They presented the Foundation, and Supporting Org. audit results. They are issuing an unmodified opinion. That means all that all information was available for review and is in good standing. 

J. Johnston next discussed the decrease in investments.  He noted the volatility of market and discussed the unrealized losses. He stated that there were typical payments of debt and no large influx of new debt. 

J. Johnston discussed the consolidated statement of financial position, and consolidated statement of activities. He discussed the footnotes, and stated that there are no major significant changes. There is no balance on the line of credit.

The auditors from Cohn Reznick introduced themselves; Melissa Ferrucci, Audit Partner, Mark Snyder, Audit Director, and Maryellen Scarselli, Senior Audit Manager. They expressed their appreciation to Jay Bry, Yvonnie Malcolm, and Denise Brindle. They noted the high level of cooperation, along with their teams and that they have been a pleasure to work with. 

The financial statements are being presented with a clean opinion. The report on internal controls was presented with no findings for this year, which is very consistent with prior years. Again, they thanked the team.

M. Ferrucci and M. Scarselli provided the financial statements overview, statements of net position, statements of revenues, expenses and changes in net position, and statements of cash flows. 

M. Snyder discussed the footnotes and disclosures. He explained GASB 87 and the contract with MSCBA. He discussed how the buildings under the MSCBA are now on the books as assets and liabilities. He discussed the summation of financial statements. What happens in the next 3-5 years is uncertain. 

M. Ferrucci talked about the upcoming GASB announcements. There is no separate management letter. 

D. Tiernan expressed appreciation to the administration. M. Fiorentino suggested that moving forward the main focus should be on capital projects, enrollment and the residence hall occupancy.  E. Gregoire stated the data shows a reduction in tuition revenue and some increase in scholarship allowance.  

A discussion ensued. 

There was a discussion about the pension.

The President stated that the big picture is that the university is fiscally sound with resources to support planning and change. He noted that work will be needed to address the changing higher education landscape.