February 10, 2022 Board of Trustees Audit Finance 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 Thursday, February 10, 2022 in the Board Room (C307) at Illinois Valley Community College.
Committee Members Physically Present
Jay K. McCracken, Committee Chair
Amy L. Boyles
Maureen O. Rebholz
Committee Members Virtually Present
Committee Members Absent
Board Members Physically Present
Everett J. Solon, Board Chair (entered at 4:20 p.m.)
Angela M. Stevenson, Secretary
Jane E. Goetz
William F. Hunt
Others Physically Present
Jerry Corcoran, President
Matt Seaton, Vice President for Business Services and Finance
Gary Roberts, Vice President for Academic Affairs
Mark Grzybowski, Vice President for Student Services
Leslie Hofer, Director of Human Resources
Kathy Ross, Controller
Others Virtually Present
Bonnie Campbell, Associate Vice President for Academic Affairs
Anthony Cervini, Sikich, LLP
Lindsey Fish, Sikich, LLP
Brian Hextell, PMA Financial Services
Thomas Lanzara, PMA Financial Services
The meeting was called to order at 4:00 p.m. by Mr. McCracken.
The comprehensive annual financial report for fiscal year ending June 30, 2021 was reviewed by Anthony Cervini and Lindsey Fish from Sikich LLP. The auditors advised that the audit for IVCC earned a “clean” and unmodified report with no deficiencies or material weaknesses. Mr. Cervini noted that this opinion is the highest level of assurance that the auditors can offer. He congratulated the college, administration, faculty and staff on this achievement and for a job well done. Mr. Cervini pointed out the Certificate of Achievement for Excellence in Financial Reporting presented to IVCC for its Comprehensive Annual Financial Report for the Fiscal Year ended June 30, 2020 awarded by the Government Finance Officers Association.
SELECTION OF A FIRM FOR INVESTMENT SERVICES
Dr. Seaton informed that the RFP for investment services has been returned and the respondents have been ranked by a committee. Team members of this committee are: Jerry Corcoran, Kathy Ross, Mark Grzybowski, Michelle Carboni and Matthew Seaton. Five responses were received and the respondents were ranked on the following categories:
- Structure and experience of the firm;
- Compliance with applicable state laws, regulations and policy;
- Proposed portfolio structure, monitoring and performance;
- Fees; and
- Local presence.
The team proposed that the Audit Finance Committee recommend PMA Financial Services as the college’s investment manager to the Board of Trustees for consideration. Motion made by Dr. Rebholz and seconded by Dr. Boyles to recommend PMA Financial Services to the full Board, as presented.
Committee Roll Call Vote: “Ayes” – Dr. Rebholz, Dr. Boyles and Mr. McCracken. “Nay” – none. Motion carried. All Board members present voiced support for the recommendation going forward.
TUITION/FEE RECOMMENDATION FOR 2022-2023 ACADEMIC YEAR
Dr. Seaton informed that after review of our current tuition, fees and enrollment statistics it is recommended that the Committee approve a freeze once again for tuition and universal fee. Dr. Seaton noted that the college’s excellent financial health and projected growth in the district’s Equalized Assessment Valuation (EAV) have allowed the college to hold the line on tuition. Dr. Corcoran advised that the SGA has been informed of this decision and were fully supportive of leaving the tuition and fees as is. Dr. Seaton advised that we are seeing a trend among other colleges and universities of combining tuition and universal fee into one charge. The amount remains the same but is rolled in together for one total fee.
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 350 active courses with approved course fees. The recommendation is to change 114 course fees to include 59 increases, 7 new courses, and the removal of course fees from 48 existing courses (19 courses have been withdrawn, 4 replaced by another course and 25 are no longer offered). The guidelines and a list of the proposed course fee changes were provided for the Committee to review.
Motion made by Dr. Boyles and seconded by Dr. Rebholz to recommend the course fees and adjustments be presented to the full Board. Motion passed by voice vote.
HEERF FUNDING UPDATE
Dr. Seaton informed that the college has been allotted over $6 million in HEERF dollars to be used for COVID-related expenses. He advised that the college has received an extension to expend the funds by May 2023. To date, the college has committed just over $3.8 million with approximately $1.7 of that provided in cash to students to offset education-related expenses. Dr. Seaton provided the committee with a spreadsheet detailing HEERF funding projects, purchase ideas, estimated costs and current status of the projects.
IT ASSESSMENT UPDATE
Proposals from vendors for a comprehensive IT assessment were reviewed by a team of two IT staff members, two cybersecurity and networking faculty members, and Dr. Jim Carlson. The team recommended that the Audit Finance Committee recommend to the Board of Trustees the bid from Moran Technology Consultants for $79,578 to complete phase 2 of a plan that would provide a robust cybersecurity review and complete programmatic review of all IT services. Dr. Boyles noted that she appreciated the very thorough report on the IT assessment that was provided to the committee. Motion made by Dr. Rebholz and seconded by Dr. Boyles to recommend Moran Technology Consultants for the review of IT services to the full Board, as presented.
Committee Roll Call Vote: “Ayes” – Dr. Rebholz, Dr. Boyles, and Mr. McCracken. “Nay” – none. Motion carried. All Board members present voiced support for the recommendation moving forward.
GRANT PROJECTS UPDATE
Dr. Seaton advised the committee on grants that the college has recently received and those that the college has applied for. The list included:
- IGEN (Illinois Green Economy Network) - $5,000 – This grant has been received and will be used towards the purchase of a used electric vehicle as a “lab tool” for the automotive students.
- COVaC Mini-Grant - $3,000 – This grant has been received and will be used towards the purchase of new flat screen televisions throughout the campus and software to manage the messaging that is displayed on them.
- FEMA Grant - $6,138 – This grant has been received and will be used to reimburse the college for pandemic-related expenses.
- EDA Grant – $4,426,500 – This grant was submitted February 8 to construct an Ag classroom and lab building. IVCC’s portion would be $885,300. We may know by March about the status of the EDA Grant.
- DCEO Grant - $240,788 – This grant has been approved by the State of Illinois for advancement. These funds will be used to pay for part of the new Agriculture Building parking lot paving.
Dr. Seaton noted that the PMA representatives, Mr. Hextell and Mr. Lanzara will join the regular Board meeting at 5:30 p.m. virtually to be available to answer questions that the Board members may have regarding the proposal from PMA Financial Services.
Mr. McCracken declared the meeting adjourned at 4:42 p.m.