MassVentures
Minutes
Audit Committee Meeting
Date and Time
Tuesday October 10, 2023 at 11:00 AM
Committee Members Present
C. Bouthot (remote), J. O'Reilly (remote)
Committee Members Absent
A. Basheer, D. Schultheis, J. Hoch
Guests Present
C. Hipwood (remote), J. Madison
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
J. O'Reilly called a meeting of the Audit Committee Committee of MassVentures to order on Tuesday Oct 10, 2023 at 11:02 AM.
II. Audit Committee
A.
Review overall audit process for fiscal year 2023 including work performed by Katz, Nannis & Solomon PC
B.
Review valuation policies and practices
Mr. Solomon provided an overview of valuation policies and best practices. Discussion ensued.
C.
Review final valuations of investment holdings for fiscal year ended June 30,2023
Mr. Madison provided final valuations and Mr. Solomon gave an update with regard to material changes. Discussion ensued.
D.
Approve Audit Report
J. O'Reilly made a motion to Approve the Audit report as presented.
C. Bouthot seconded the motion.
The committee VOTED to approve the motion.
| Roll Call | |
|---|---|
| A. Basheer |
Absent
|
| C. Bouthot |
Aye
|
| J. Hoch |
Absent
|
| D. Schultheis |
Absent
|
| J. O'Reilly |
Aye
|
E.
Approve portfolio valuations
J. O'Reilly made a motion to Accept the portfolio valuations as presented.
C. Bouthot seconded the motion.
The committee VOTED to approve the motion.
| Roll Call | |
|---|---|
| J. O'Reilly |
Aye
|
| C. Bouthot |
Aye
|
| J. Hoch |
Absent
|
| D. Schultheis |
Absent
|
| A. Basheer |
Absent
|
III. Closing Items
A.
Adjourn Meeting
There being no further business to be transacted, and upon motion duly made, seconded and approved, the meeting was adjourned at 11:25 AM.
Respectfully Submitted,
J. O'Reilly
Mr. Solomon and Ms. Pratt of Katz, Nannis and Solomon joined the meeting to present their audit process and findings. Discussion ensued.