Steven E. Webb

The committee reviewed and acted upon several financial items, including the tuition and mandatory fees for the upcoming fiscal year, housing and meal plan rates, and the Gatton College of Pharmacy tuition. The committee also examined spring estimated and July proposed budgets, approved capital budget submittals and disclosures for various campus projects, and reviewed a new Financial Exigency Policy. Additionally, the committee received a quarterly financial update and a report on agreements exceeding $250,000.

The Audit Committee meeting covered several key agenda items, including revisions to the fiscal year 2026 Audit Plan, the annual review of Audit Committee, Internal Audit, and Compliance charters, and the annual review of internal audit and ethics policies. The committee reviewed audits and investigations conducted from February through April 2026, including a report on employee fee waivers and tuition reimbursements. A status update on the recommendation log was provided, and the committee convened in an executive session to discuss active audits, enterprise risk management, and university internal controls.

The committee meeting addressed the promotion and tenure of faculty members, the approval of several institutional policies, including the Tenure and Promotion Policy for Tenure-Track and Tenured Faculty, the Termination of Tenure Policy, and the Faculty Misconduct Policy. Additionally, the committee received updates on research activities, the Provost's report, and other general committee business.

The board meeting featured a review of student achievements, including commencement, Goldwater scholarship recipients, and state funding for the Bill Gatton College of Pharmacy. Key committee reports were presented, covering academic research, promotion and tenure policies, financial and budget approvals for the upcoming fiscal year, and internal audit plans. The meeting also included a panel discussion with students highlighting their involvement in university leadership roles and support programs.

The committee discussed FY27 budget considerations, including the impact of higher education price inflation on operational costs, salaries, utilities, and insurance. The committee also evaluated a proposed range for undergraduate tuition and mandatory fees to maintain market competitiveness and affordability for students. Further discussions involved the necessity of efficiency measures to address the structural cost pressures, with a final recommendation to be presented at the upcoming May board meeting following the finalization of the state budget and the Tennessee Higher Education Commission's binding tuition range.