Minutes
Chair
Steve Langowski called the meeting to order at 2:05 P.M.
Approval
of Minutes
Due
to lack of a quorum, prior minutes were not approved. Lynn
Chambers will email the minutes to all committee members for
their review and approval at a later meeting.
Audit
Update
Ms.
Chambers listed the outstanding audit issues discussed during
the last meeting, and reported that all items had been submitted
to Eisner for review. Julie Floch reported that the analytic
work performed by staff on expense variances had adequately
explained the differences on specific line items between 2002
and 2003, and that there would be no resulting adjustments
to the draft audit. There was a general discussion on Governance
and administrative expenses, and how the figures were calculated.
Ron Benjamin requested information on the methodology used,
and Lynn Chambers explained how the numbers were derived.
David Haar reported that the PAC audit had been completed.
The PAC Audit Committee will review the draft next week, and
staff will send the revised draft to Eisner for inclusion
in the consolidated statement.
Management
Letter
The
addition of Consideration 2 concerning the Scholarship Fund
was discussed. Ms. Chambers asked that the Benevolent Fund
be added to Consideration 2, as per Lou Grumet’s request.
Ms. Chambers and Mr. Grumet will fashion management’s
responses to both considerations, and reply to Eisner next
week.
Audit
Approval
Mr.
Langowski recommended that the audit and management letter
be submitted to the Board of Directors for review and approval
at their September meeting, and Mr. Benjamin agreed.
Audit RFP
At
2:20 P.M., Ms. Floch and Lynda Feldman were excused from the
meeting. Discussion began regarding the selection of a new
outside audit firm for May 2004. Ms. Chambers created a summary
form for the submission responses, which was approved by Mr.
Langowski. Ms. Chambers will email that summary to the committee
members next week, and there will be a teleconference on Thursday,
August 28 at 2 P.M. to review this list.
With
no further business to be discussed, the meeting was adjourned
at 2:25 P.M.
Respectfully
submitted,
David
Haar
Approved August 28, 2003
