February 8, 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, February 8, 2024 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

Angela M. Stevenson, Secretary

Board Members Virtually Present

Rebecca Donna

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.




The comprehensive annual financial report for fiscal years ending June 30, 2023 and June 30, 2022 was highlighted by Mr. Anthony Cervini from Sikich LLP. Mr. Cervini congratulated and commended IVCC for receipt of the Certificate of Achievement in Excellence in Financial Reporting from the Government Finance Officers Association. Mr. Cervini advised that the independent auditors report shows IVCC was issued a clean and unmodified opinion of the College’s financial statements for the fiscal years ending June 30, 2023 and June 30, 2022 with no material weaknesses nor any material or non-compliances. The two minor instances of non-compliance identified during the 2021/2022 Financial Aid audit have been corrected and there are no repeat findings. Mr. McCracken thanked Mr. Cervini and expressed his appreciation for their services. Mr. McCracken congratulated Ms. Ross and her entire team on another stellar audit.


Ms. Ross highlighted the financial plan for fiscal years 2025-2027 and thanked President’s Council for helping lead the process as well as Justin Denton, Eric Johnson, and Nikki Van Nielen for providing information. Overall changes to operating revenues (education and operating and maintenance funds) are a 7.18% increase for FY25 from the FY24 budget but only a 5.35% increase from the projected actual. FY26 is a 3.05% increase from FY25 and FY27 is a 2.42% increase from FY26. Property Tax revenue assumptions include EAV increases of 4%, 3.5% and 3% for the next tax years; State Revenue assumptions for FY2025-2027 includes a 2% increase to the base operating grant and CTE grant and flat funding for the equalization grant; and Tuition and Fees revenue assumptions include yearly modest incremental increases to align with the Consumer Price Index. FY25 increases reflect a $3.00 increase in tuition and a $2.00 increase in the technology fee. The cost to a full-time student, based on 15 credit hours, would be $75.00. This proposed increase has been presented to and supported by the Student Government Association. Overall changes to operating expenditures (education and operating and maintenance funds) are a 25.58% increase from FY2025 from the FY2024. FY2026 is less than a one percent decrease from FY2025 and FY2027 is a 2.35% decrease from FY2026. The biggest contributing factor to the large increase in FY2025 and then a decrease in FY2026 and FY2027 is the capital line. It has become apparent through the Master Plan process and assessing needs through the IT Strategic Plan that it is necessary to refresh, update, and repair aging infrastructure. Mr. McCracken stated having the recommendations presented a month in advance is very helpful and gives them an opportunity to dive into them further. Mr. McCracken also appreciated the rationale for the increases.


Dr. Morris stated 300 courses have fees that cover consumables. The recommendation is to change 73 course fees which include 62 increases, 2 decreases, 3 new course fees, the removal of 1course fee, and 5 courses have been withdrawn. They will be submitted to the full Board of Trustees in March 2024 for vote. Mr. McCracken stated it was very well handled from start to finish.




Mr. McCracken declared the meeting adjourned at 4:55 p.m.