International School of Louisiana Board of Trustees
Minutes
January Finance Committee Meeting
Date and Time
Wednesday January 29, 2020 at 6:00 PM
Location
ISL Campus Street Building
Committee Members Present
E. Thomas, G. Ligon, H. Rodgers iv, M. Tennyson, Y. Zaitseva McCloskey
Committee Members Absent
L. Muetzel
Guests Present
C. Rice, F. Smith, M. Correa
I. Opening Items
A.
Record Attendance and Guests
B.
Call the Meeting to Order
Y. Zaitseva McCloskey called a meeting of the Finance Committee of International School of Louisiana Board of Trustees to order on Wednesday Jan 29, 2020 at 6:05 PM.
II. Finance
A.
November and December 2019 Financials and HoS Credit Card
Continuing to run the operating surplus over the last six months ended. No issues identified.
B.
2018-2019 SY Financial Audit Report
Carr Riggs & Ingram Presented on the 2018-2019 Audit:
Auditor's Opinion - Unmodified Clean opinion
Internal Controls Review - No deficiencies noted.
Compliance - One instance of noncompliance was noted related to the audit of the major federal awards programs. We will implement a new control in place to review and approve the reimbursement requests before they are submitted to the federal agency. An e-mail will be sufficient. In 2020, management will initial or sign reimbursements noting official review and approval.
Reviewed positive financial trends. Revenue and expenses continued to trend in consistent positive directions. School's policies appear to be in accordance with GAAP for the Property and Equipment, Allocation of Expenses by Function.
Auditor's Opinion - Unmodified Clean opinion
Internal Controls Review - No deficiencies noted.
Compliance - One instance of noncompliance was noted related to the audit of the major federal awards programs. We will implement a new control in place to review and approve the reimbursement requests before they are submitted to the federal agency. An e-mail will be sufficient. In 2020, management will initial or sign reimbursements noting official review and approval.
Reviewed positive financial trends. Revenue and expenses continued to trend in consistent positive directions. School's policies appear to be in accordance with GAAP for the Property and Equipment, Allocation of Expenses by Function.
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 6:27 PM.
Respectfully Submitted,
Y. Zaitseva McCloskey