February 11, 2021 Audit Finance Committee Meeting
The Audit/Finance Committee of the Board of Trustees of Illinois Valley Community College District No. 513 met at 5:30 p.m. on Thursday, February 11, 2021 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
Chris Dunlap, Director of Information Technology Services
Kathy Ross, Controller
Others Virtually Present
Cheryl Roelfsema, Vice President for Business Services and Finance
Deborah Anderson, Vice President for Academic Affairs
Mark Grzybowski, Vice President for Student Services
Bonnie Campbell, Associate Vice President for Academic Affairs
The meeting was called to order at 5:30 p.m. by Mr. Solon.
PUBLIC COMMENT
None
COURSE FEES/ADJUSTMENTS
Ms. Campbell noted that course fees are reviewed annually by Program Coordinators and Deans using the approved Course Fee Guidelines. Ms. Campbell advised that there are currently 355 active courses with approved course fees. The recommendation is to change 100 course fees to include 81 increases, 12 new courses, 1 decrease, removal of course fees from 5 existing courses, plus the assignment of a course fee to 1 existing course. A list of 100 courses were reviewed by the committee members. Mr. Solon requested a motion and roll call vote for a recommendation.
Motion made by Mr. McCracken and seconded by Dr. Rebholz to recommend the course fees and adjustments be presented to the full Board.
Roll Call Vote: “Ayes” – Dr. Rebholz, Mr. Solon, Mr. McCracken and Ms. Goetz. “Nay” – none. Motion carried.
TRANSFER OF FUNDS – CAPITAL DEVELOPMENT BOARD TRUST ACCOUNT
Dr. Corcoran informed that the administration is requesting IVCC Board authorization to transfer $539,063 to a Capital Development Board (CDB) trust account to be established at Midland States Bank. Dr. Corcoran noted that at this point the CDB is asking for a commitment of the funds but the actual transfer would be made when the project has final ICCB approval and IVCC Board approval. The funds would come from excess PHS funds in the restricted operations and maintenance fund. Mr. Solon requested a motion and roll call vote for a recommendation.
Motion made by Ms. Goetz and seconded by Dr. Rebholz to recommend that the transfer of funds for the Capital Development Board Trust Account be presented to the full Board.
Roll Call Vote: “Ayes” – Dr. Rebholz, Mr. Solon, Mr. McCracken and Ms. Goetz. “Nay” – none. Motion carried.
REQUEST FOR PROPOSALS – AUDIT SERVICES
The current agreement with Wipfli LLP for financial auditing services expired with the completion of the FY2020 Audit. Board Policy No. 4.6 requires the administration to seek proposals every six years. The administration requests approval to seek proposals for a firm to audit the financial statements of the college. There was consensus among the committee members to recommend seeking proposals, as presented.
FY21 STUDENT ORGANIZATION BUDGETS
The proposed FY2021 SGA budget for 43 active student organizations was presented for committee review. The proposed allocation is $92,664 down from $102,914 in 2019-2020. Dr. Rebholz inquired about the reason for the decreased allocation amounts. She noted how important it is for students to be involved and engaged with these organizations. Mr. Grzybowski advised that because of COVID there have not been related expenses for the student organizations such as field trips and catering at events, therefore the allocation amounts are down. He added that we expect all to bounce back after COVID. Dr. Corcoran noted that the FY2021 Student Organization Budgets would be presented as an information item at the February Board meeting.
OTHER
Dr. Corcoran reported that there a number of real estate tax objections for tax year 2020 filed in LaSalle County. Four of the largest ones are PetSmart (retail store), Home Depot, Hobby Lobby and Kohls (retail store). In total these four property owners are asking for a reduction in equalized assessed valuation (EAV) of over $2 million. Ms. Roelfsema recommended entering into an intergovernmental agreement with LaSalle Peru High School, LaSalle County, and Dimmick Grade School to share the cost of legal representation by Robbins-Schwarz for the LaSalle County Board of Review hearings of PetSmart, Home Depot, Hobby Lobby and Kohls. Dr. Corcoran noted that Robbins-Schwarz had the lowest submitted estimate. The committee was in consensus to recommend moving forward with entering into the intergovernmental agreement, as presented.
ADJOURNMENT
Mr. Solon declared the meeting adjourned at 5:50 p.m.