Finance and Audit

Mission Statement

The Committee on Finance and Audit is responsible for general oversight of the financial and business affairs of the university.  This includes:

  • reviewing and making recommendations to the Board regarding major financial and business matters, including the operating and capital budgets of the university; 
  • focusing institutional resources toward achieving the objectives set out in the university’s strategic plan;
  • having the ultimate authority and responsibility to select, evaluate, and, where appropriate, replace the firm of Certified Public Accountants that performs the annual audit of the university;
  • assuring the independence and performance of the internal and external audit functions.
  • setting the overall tone for the quality and integrity of financial reporting, a sound system of internal controls, and sound business practices and ethical conduct;
  • considering possible conflicts of interest involving trustees;
  • overseeing the university’s compliance with legal and regulatory requirements;
  • fostering free and open communication between and among the committee, internal and external auditors and compliance officers, and management of the university; and
  • provide oversight to the subcommittee on Endowment and Investments

The committee shall have a unified membership but shall operate with separate agendas for finance issues and audit issues.  The committee should include financial experts and other members experienced in financial, business, and audit governance matters, to the extent possible.  

The committee membership shall consist solely of trustees who shall be free from any relationship that, in the opinion of the Board or the committee, would or might interfere with the exercise of the trustee’s independent judgment as a member of the committee. 

Approved by the Committee on Finance and Audit on October 16, 2014 and the Board of Trustees on October 17, 2014.

Members

Ellen Zane, Chair
Scott Amey
Terry Collins
Amr ElSawy
A. Michael Hoffman
David Karlgaard
J. Richard Knop
Peter Kovler
Ann Walker Marchant
Ave Tucker 
George Wellde, Jr.