October 28, 2020 Audit Finance Committee Meeting

The Audit/Finance Committee of the Board of Trustees of Illinois Valley Community College District No. 513 met at 4:00 p.m. on Wednesday, October 28, 2020 in the Board Room (C307) at Illinois Valley Community College.

Committee Members Physically Present

Everett J. Solon, Committee Chair

Committee Members Virtually Present

Jay K. McCracken

Maureen O. Rebholz

Committee Members Absent

Board Members Physically Present

Jane E. Goetz, Board Chair

Others Physically Present

Jerry Corcoran, President

Cheryl Roelfsema, Vice President for Business Services and Finance

Chris Dunlap, Director of Information Technology Services

Kathy Ross, Controller

Others Virtually Present

Deborah Anderson, Vice President for Academic Affairs

Bonnie Campbell, Associate Vice President for Academic Affairs

Sara McKenna, Wipfli, LLP

Heather Wrobleski, Wipfli, LLP

The meeting was called to order at 4:02 p.m. by Mr. Solon.

PUBLIC COMMENT

None

FY2020 ANNUAL FINANCIAL REPORT

The comprehensive annual financial report for fiscal year ending June 30, 2020 was reviewed by the committee and auditors Ms. Sara McKenna and Ms. Heather Wrobleski of Wipfli, LLP in Sterling. The opinion of the auditors is that IVCC earned an unmodified report meaning that the audit is “clean” with no material deficiencies or weaknesses. Ms. McKenna offered kudos to the IVCC accounting staff. The auditors advised that IVCC is one of the very few community colleges in Illinois that is debt-free. Ms. McKenna noted that this is something for IVCC to be very proud of.

Mr. Solon commended Ms. Roelfsema, Ms. Ross and the business office staff for the outstanding work that was presented. The committee members extended congratulations to the entire IVCC team for a job well done. Dr. Corcoran commented that once again Cheryl Roelfsema and her business office team have presented an impressive “clean” report. Dr Corcoran added that the IVCC Board is committed to prudent fiscal management.

Ms. McKenna and Ms. Wrobleski left the meeting at 4:30 p.m.

2020 TAX LEVY

Ms. Roelfsema reported that the District’s EAV (equalized assessed valuation) for tax year 2019 was $3,434,489,813, up 5 percent from 2018. The actual tax levy for 2019 was $12,436,989 though the levy request was $12,506,170. Ms. Roelfsema advised that since the college’s tax rates for education and operations and maintenance are at the limit and have been for many years, a levy of $12,825,300 for 2020 was suggested. The additional tax maximum rate set by the Illinois Community College Board (ICCB) is 12.09, up from 12.05 in 2019. The additional tax levy supplements the education fund. Ms. Roelfsema noted, however, that homeowners should not see an increase in the IVCC portion of their property tax bill. The committee reviewed the comparison of tax rates from 2019 actual to 2020 proposed. The proposed 2020 rates are 2.3 percent less than 2019 actual rates. The estimated 2020 tax rate of .3557 is down slightly from the 2019 rate of .3644 and the levy will not require a public notice or public hearing. It was moved by Mr. Solon and seconded by Mr. McCracken to recommend the 2020 Tax Levy to the full Board, as presented.

Roll Call Vote: “Ayes” – Mr. McCracken, Dr. Rebholz, Mr. Solon and Ms. Goetz. “Nay” – none. Motion carried.

FY2022 TUITION RATES

Dr. Corcoran noted that the administration recommends holding the tuition rate at $125.60 per credit hour for FY2022. He added that the universal fee would also remain at $7.40 for a combined tuition and universal fee of $133 per credit hour. This would be the fourth consecutive year that the tuition and universal fee rate at Illinois Valley Community College would be frozen. It was moved by Mr. McCracken and seconded by Dr. Rebholz to recommend to the full Board the FY2022 Tuition Rates, as presented.

Roll Call Vote: “Ayes” – Mr. McCracken, Dr. Rebholz, Mr. Solon and Ms. Goetz. “Nay” – none. Motion carried.

The Board is scheduled to vote on the FY2022 tuition rates at the February Board meeting. Dr. Corcoran advised that a proposal addressing course fee adjustments for FY2022 would also be presented at that time.

OTHER

None

ADJOURNMENT

Mr. Solon declared the meeting adjourned at 4:40 p.m.