• The auditors, David and Tracy, presented the financial audit report for the fiscal year 2024.
• David highlighted the positive financial position of Veritas, with a surplus of $100,000 and an increase in net position to $2.5 million.
• Tracy discussed the single significant deficiency finding related to the late enrollment of an employee in the Massachusetts Teachers Retirement System (MTRS). This was just one employee and was corrected within around 10 days. It is not a material weakness because the school does have controls in place but needed to be noted as it was a tested item.
• The board discussed the need to provide commentary on the investment account to explain the liquidity ratios.
• Denise agreed to present the audit report to the full board at the upcoming meeting.

The committee declared the revision to the investment policy guidelines be affectionately know as the "Aaron Mendelson Edit" given his passion and persistence around growing the school's investment. The revision offers the financial advisors and portfolio manager a bit more flexibility while still maintaining conservative guardrails for the portfolio. Matt will present the revised investment policy to the board for approval. 

For independent review and there was no discussion.