University of Maine System Board of Trustees Audit Committee Meeting
The Audit Committee meeting covered several key areas, including the FY2025 NCAA audit results for the Department of Athletics and the presentation of the 2025 Single Audit results by CliftonLarsonAllen LLP. The committee reviewed 2026 audit planning, new financial reporting standards and regulatory changes such as GASB 104, and guidelines for reporting non-financial compliance violations in grants. Additionally, the session provided a comprehensive overview of the University's Enterprise Risk Management landscape, specifically identifying deferred maintenance and cybersecurity as critical operational risks. Discussions also addressed federal funding uncertainty and workers' compensation mod ratios, followed by an executive session regarding personnel matters.