California State University Long Beach

The committee reviewed the 2024-2025 fiscal year-end audit report and financial statements. The auditor rendered an unmodified opinion, noting the organization's strong financial position and robust recovery from the pandemic. Discussions highlighted the strength of accounting processes and a notable growth in financial performance compared to the prior year. The committee ultimately moved to recommend the acceptance of the annual audit report to the Board.

The board received operational updates regarding residential dining, convenience store payment initiatives, the bookstore refresh project, and retail dining success. Additionally, the labor union history and current negotiations were discussed. The board reviewed and approved the third-quarter financial results for the 2025-2026 period, noting strong revenue and effective cost management. Reports were provided regarding a recent CSU audit and upcoming policy updates. Finally, the board approved amendments to the organization's bylaws, including changes to board leadership roles and the election process for the treasurer.

The committee reviewed workplace safety incidents, specifically addressing injuries related to cart transport and the implementation of seatbelt requirements. Procedures for incident reporting were restructured to improve documentation. Facility updates included plans for upcoming safety inspections, the installation of first-aid signage, and clarification on manager responsibilities regarding PPE maintenance. Preparation for an upcoming evacuation drill was discussed, alongside scheduling for CPR and First Aid training and continuing education for Workers' Compensation documentation. The session also touched on future training initiatives for kitchen equipment and powered industrial trucks.

The committee reviewed the 3rd Quarter 2025-2026 financial performance, noting that revenue and net income exceeded expectations despite ongoing cost pressures and rising expenses in professional services and infrastructure maintenance. Additionally, the committee discussed the ongoing budget planning process for the upcoming fiscal year and reviewed capital expenditure plans, including necessary repairs for the bookstore's HVAC, mechanical systems, and roofing.

The board meeting included presentations from Morgan Stanley regarding their annual investment review and from the Beach Investment Group class on their portfolio performance and future strategy. The Board Chair reported on the upcoming spring retreat and positive developments in the state budget. The Finance and Investment committee provided an update on the second-quarter financial review. The Nominating Committee presented the renewal of two board member positions. Finally, the Personnel Committee reviewed updates to Human Resources policies, including changes to salary grades, sick leave language, and safety requirements, and discussed long-term succession planning.