University of South Carolina

The Audit and Compliance Committee meeting covered several key topics. An update on external auditor selection included a discussion of extending Elliott Davis & Co.'s contract for two years to ensure continuity during a major system conversion. Financial reports from University Foundations were received, detailing the status of various foundations, their investments, and expenditures. Financial reports from the Medical Trust and Practice Plan were also reviewed, highlighting the financial health of the Educational Trust and retirement plan. The committee reviewed the Internal Audit Tracking Report, noting progress on open items and the distribution of Prudential funds. A current internal audit report for Aiken was received, along with an outline of the University's Whistle Blower Policy. Finally, expense reports from the Board of Trustees and President's Offices were reviewed, clarifying the use of "A" funds and designated "R" funds.

The Buildings and Grounds Committee meeting focused on project approvals for Phase II design and construction, including Booker T. Washington Renovation, Darla Moore School of Business Construction, Earth and Water Sciences/Coker Life Sciences Fire Alarm Replacement, SOM VA Campus Central Plant Chiller Replacement, and Farmers Market Development Construction. A scope change for Cliff Apartments Life Safety Upgrades was also approved. Safety update reports were received, and discussions included SCANA property sale, the USC Columbia Master Plan, and a request to increase project approval authority. Finally, reports on the Law School Roofing Replacement and other projects were presented.

The committee discussed and approved the establishment of a $1.5 million reserve fund for the University of South Carolina School of Medicine Greenville. This fund aims to ensure transparency and avoid questions about funding sources during procurement processes. The reserve will be maintained in a separate University account and monitored by the Joint Board Liaison Committee.

The Executive Committee reviewed and approved several contracts, including an assistant baseball coach contract and eight indefinite delivery contracts. A lease amendment for the State Fairgrounds was also approved. The committee discussed and deferred action on a revision to the Authority to Sign Contracts policy, due to concerns about the scope of the policy and the need for modernization. An update on University finances was provided, covering an external audit, an IRS examination, a search for a Vice President for Human Resources, the School of Medicine's budget, a medical trust bond default, athletic revenue bonds, the Bio-Mass Plant, and a Prudential issue.

The committee meeting included a discussion of contractual matters related to USC Upstate, which were appropriately discussed in an executive session.