Vicki Cooper

The committee held a special recognition for the retiring Director of Financial and Operational Auditing. Business items included a review of external audit results for the fiscal year, which provided an unmodified opinion on financial statements, and a presentation on a cybersecurity tabletop exercise that assessed ransomware response readiness. The internal audit update covered recent operational reviews and the preliminary audit plan for the upcoming fiscal year. Additionally, the compliance report highlighted institutional concerns regarding new federal visa fees and their potential impact on hiring and enrollment.

The committee reviewed the midyear financial performance for FY26, noting a surplus exceeding $1 million and a positive budget-to-actual variance. Forecasts for the remainder of the fiscal year suggest a continued net surplus. Planning discussions focused on the preliminary FY27 budget, which anticipates a deficit requiring expense reductions. Key topics included enrollment projections, state appropriations outlook and potential funding reductions, the faculty voluntary separation program, long-term financial sustainability, graduate program enrollment trends, and strategic plan financial performance indicators.

The committee reviewed the Fiscal Year 2025 final audit report, which resulted in a clean audit opinion and a budget-to-actual net surplus. The committee also analyzed first-quarter financial results for Fiscal Year 2026, noting challenges in net tuition revenue due to enrollment trends, and discussed implemented spending reductions. Furthermore, the committee engaged in planning discussions for the Fiscal Year 2027 budget, focusing on targets for balanced budgets, salary increases, and contingency funds, while also reviewing long-term enrollment forecasts, debt management strategies, and the status of the Workday platform implementation.

The Committee discussed several key items, including the recognition of Dr. Jim Claypool, where it was recommended to name a campus room in his honor. The Committee reviewed proposed revisions to Board bylaws and discussed the President's performance evaluation and compensation, recommending a performance bonus and base salary increase. Additionally, the Committee received updates on university property matters, including plans to engage a real estate consultant for property optimization, and received briefings on legislative budget developments and regional university base funding advocacy. The meeting concluded with a review of the upcoming Board meeting agenda and campus operational updates.

The committee meeting focused on a comprehensive review of student life, housing initiatives, academic programs, and Student Government Association activities. Discussions included student engagement metrics, the status of the Norse Neighborhood Housing Community pilot, and strategic academic program management involving workforce alignment and enrollment trends. The committee also reviewed student organization budget allocations, recent programming successes, and established future goals for student support and campus collaboration.