Kolu Wilson

The committee discussed and approved a supplemental FY2026 budget adjustment related to a $3 million annual sponsorship agreement with Forbes for the Forbes Under 30 Summit. It was clarified that no state dollars are involved in the funding and that the Executive Committee possesses the authority to approve the budget revision on behalf of the full board under existing procurement policies.

The Compensation Committee held an executive session to discuss and approve the CEO bonus recommendations for the 2025 fiscal year, the 2026 CEO performance goals, and the terms of the CEO employment agreement. These recommendations are scheduled for consideration by the Executive Committee.

The committee reviewed the fiscal year 2025 audit plan presented by external auditors, covering scope, process, timelines, and key risk areas including revenue recognition and internal controls. Discussion topics included upcoming GASB standards, a cybersecurity assessment, expectations regarding staff capacity for fieldwork, and the scope of a single audit involving federal grant programs.

The meeting included welcome remarks regarding new Council appointments and the selection of a Chairman. Each member provided updates on their upcoming projects. The Council reviewed submissions for the 2012 Rural Grant and established a review committee. Additionally, overviews were provided for the Preferred Prospect Profiles Initiative and the Certified Sites Initiative to solicit feedback from the group.

The council received a presentation on the benefits and implementation steps for a statewide Certified Sites Initiative. Members were briefed on current involvement in the aerospace, defense, and unmanned aircraft systems sectors, and received an update on general agency projects. A committee was established to re-evaluate criteria for rural grant applications. Furthermore, the meeting addressed the review of the Morrison Institute report findings and gathered suggestions for future agenda topics, including the promotion of rural mining, economic development policies, and translational sciences from a rural perspective.