Mitzi Felix

The committee meeting agenda included finalizing the revised Audit Committee Charter and the Annual Task Chart. Key discussion topics comprised a review of the existing Conflict of Interest Policy, including an examination of the matrix of board member responses and fiscal year transactions, as well as an evaluation of the Auxiliary Control Self Assessment. Furthermore, the committee engaged in discussions regarding the Whistleblower Policy, reviewed relevant alumni association policies, and planned for future committee membership and leadership roles.

The committee held a presentation of the Form 990 by external auditors, noting it as an information return rather than a tax return, and subsequently moved to forward the document to the full Board for approval. Additionally, the committee discussed follow-up items originating from the board retreat and planned to use a poll to schedule future ad hoc meetings to address those tasks.

The committee discussed goals established during the previous board retreat, including updates to the committee charter to reflect current scope and responsibilities. Oversight responsibilities regarding the Conflict-of-Interest Policy were reviewed for alignment within committee charters. Additionally, research was initiated regarding the Chancellor's Office policy on board member re-engagement, and the board reviewed its legacy recommendation and selection process before moving into a closed session to discuss personnel.

The committee discussed the continued engagement of CLA for audit and tax services, pending a final review of the engagement letter. Significant focus was placed on updating the Audit Committee Charter to align with best practices and CSU foundation models, including clarifying committee responsibilities, reporting structures, and internal controls. Additionally, the committee addressed the need for strengthening membership, specifically recruiting members with financial and audit expertise, and discussed governance items such as the whistleblower policy and the development of an evaluation tool for the committee.

The committee reviewed the university's financial status, including an enrollment update and the Governor's proposed budget for 2026-27, along with associated impacts and forecast implications. The meeting included a review of the University Foundation at Sacramento State's reserve policy, a Q4 portfolio performance review provided by Sand Hill Global Advisors for the endowment, current use, and short-term funds, and the review and recommendation of financial statements and budget-to-actual comparisons as of December 31, 2025. Additionally, the committee discussed advancement updates including a negotiated university cost sharing allocation, the acceptance of a real estate gift, and potential future initiatives regarding angel investing and university loan policies.