November 9, 2023 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 Thursday, November 9, 2023 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

Others Physically Present

Tracy Morris, President

Gary Roberts, Vice President for Academic Affairs

Mark Grzybowski, Vice President for Student Services

Kathy Ross, Vice President for Business Services and Finance

Mary Beth Herron, Director of Human Resources

Others Virtually Present

The meeting was called to order at 4:00 p.m. by Mr. McCracken.

PUBLIC COMMENT

None

IT STRATEGIC PLAN

Justin Denton, Director of Information Technology Services, presented an IT update on the status of findings from the Moran Audit. An overview of the findings and the progress made in each of the eight Moran Cybersecurity Assessment sections was provided. Overall, 75.62% of the findings have been completed. An overview of the findings and progress made in each of the 15 sections of the Moran IT Assessment sections was provided. Overall, 88.3% of the findings have been completed. Justin highlighted future IT needs. Five objectives were identified in teaching and learning as well as 15 objectives in the IT environment. Justin reported a new feedback process has been implemented to assist in improving customer service.

FY23 AUDIT UPDATE

Ms. Ross updated the committee on the audit. The Foundation audit, which is a component of the overall College audit is complete, finalized, and has been forwarded to the auditors. The single audit, which includes Financial Aid and all the grants, is complete. The auditors, for the rest of the audits have been on campus, but with what is remaining to be completed and new pronouncements that need to be put through this year, an extension from ICCB until January 31, 2024 was requested and approved. The goal is to have the presentation ready by the next Audit Finance Committee meeting.

2023 TAX LEVY

Ms. Ross discussed the tax levy and how it was determined. The tentative tax levy is $15,045,680.00, which is $252,646.00 lower than projected in the financial plan/budget. A lower projected tax rate than what was in the financial plan/budget was used so the College would not require a truth-in-taxation hearing for a third year in a row. This lower tax rate was determined after the final projected EAV increase was 5.46% higher than projected in the financial plan/budget. The overall increase will be at 4.99%, under the 5% that requires a truth-in-taxation hearing. Mr. McCracken stated this is a responsible plan on behalf of taxpayers. Mr. McCracken suggested creating a short narrative in layman’s terms to explain the process to general taxpayers.

PMA INVESTMENTS PRESENTATION

Brian Hextell and Tom Lanzara from PMA Investments gave a portfolio update on IVCC’s investments. The presentation began with a PMA overview, the PMA Companies under common ownership, PMA statistics, the amount of assets they manage, and their investment strategy. A market and economic update, attractive evaluations, and market outlook were given. Finally, an IVCC portfolio update was given and included an investment overview, reserve portfolio summary, maturities aligned with benchmark, yield trends, and net and gross returns.

OTHER

None

ADJOURNMENT

Mr. McCracken declared the meeting adjourned at 5:16 p.m.