Cal Poly Humboldt

The meeting included a research presentation on small mammals in the Neotropics, focusing on species diversity, distribution, and evolutionary history. The Audit Committee reported a clean opinion on the financial statements. The Finance Committee discussed the 4th Quarter Financial Report, the effective IDC rate, active projects, and new awards. The committee recommended amending the Indirect Revenue Distribution Policy. There was a discussion on a new pilot program for an administrative support pool for Principal Investigators and an overview of the current federal funding climate, including potential government shutdowns.

The committee reviewed the 1st Quarter Financial Report, noting a decrease in the effective IDC rate and an increase in invoiced and unbilled Accounts Receivables. The revenue is above the projected amount in all revenue categories. There was a discussion regarding potential changes to Indirect Costs (IDC), including a potential uniform 15% IDC cap across all agencies, and the importance of proactive communication with Principal Investigators about potential implications. The need to diversify the University's funding portfolio and increase engagement with corporate partners was highlighted.

The meeting included the seating of new board members and the nomination and approval of the 2025-2026 Vice President, Secretary, and Treasurer of the Board of Directors. The committee membership and chairs for 2025-2026 were also approved. The Annual Managerial Report was presented, highlighting the transition of the Office of Research & Sponsored Programs Foundation to the Division of University Advancement and the ongoing restructuring effort to strengthen institutional compliance services. The Annual Board of Directors Report was also presented. The Financial & Auditor's Report was reviewed and accepted by the Audit Committee. A point of order was raised regarding the bylaws concerning which officers can chair the meeting in the President's absence.

The Executive Committee reviewed current vacancies with proposed changes for the academic year 2025-2026. The committee submitted nominations for the 2025-2026 Officers and Committee Members, including members for the Executive Committee, Audit Committee, Finance Committee, Personnel Committee, Incentives Committee, Governance Committee, and Investment Committee, for approval by the full board.

The meeting included a review of the auditor's report by Baker Tilly representatives, covering financial statements, internal controls related to Uniform Guidance compliance, and the single audit. Critical audit areas included capital assets, grant revenues, operating expenses, federal grants compliance, and management override of controls. The committee also discussed an uncorrected misstatement related to GASB 101, deemed immaterial by Baker Tilly. An Unmodified "clean opinion" was reported on the financial statements, including the 403(b) financial statements. The committee also reviewed the audited 403(b) DC Plan, managed by Principal, with a focus on eligible compensation, plan participation eligibility, and distributions.