Joseph Axenroth

The Audit Committee discussed the Massachusetts Office of Student Financial Aid report and the Single Audit, noting a repeat deficiency regarding NSLDS reporting. Recommendations were made to the full board to accept the agreed-upon procedures report for the fiscal year ending June 30, 2025, and the audit report under OMB Uniform Guidance. The committee received an internal audit update, including a new 18-month strategy, proposed Clery Act and Institutional Advancement reviews, and a status update on the internal audit tracker. Additionally, an external audit update on PCI-DSS compliance was provided, highlighting the university's cybersecurity measures, encryption standards, and proactive vulnerability management practices.

The committee discussed findings related to the Massachusetts Office of Student Financial Aid report and the Single Audit, noting a significant deficiency regarding student status reporting. Updates were provided on the internal audit strategy and upcoming reviews, including the Clery Act and Institutional Advancement. Additionally, the committee reviewed the external audit report on Payment Card Industry Data Security Standard (PCI-DSS) compliance and received a recommendation to engage WithumSmith & Brown P.C. for financial audit services for the upcoming fiscal year.

The committee reviewed the university's cash position, monthly budget-to-actual reports, and grant adjustments. Discussion included budget planning principles for the upcoming fiscal year, enrollment projections for FY27, strategies for addressing a potential demographic decline, and criteria for evaluating program viability. The Finance Committee also reviewed the fourth-quarter investment report and recommended the consolidation of two investment accounts. Furthermore, the committee approved the recommended FY27 tuition and fee schedule, which includes increases for mandatory fees, room, and dining, and noted new course and lab fees approved by the President.

The committee meeting agenda includes the motion for the engagement of financial audit services for fiscal year 2026, as well as an informational update regarding the internal audit for the Clery Act.

This document outlines the scheduled board and committee meetings for the 2025-2026 academic year. The schedule includes various special meetings, executive committee sessions, and full board meetings, along with designated sessions for subcommittees such as Audit, Academic Affairs, Advancement, Marketing & External Relations, Enrollment Management & Student Affairs, Governance & Nomination, and Financial Affairs.