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- Finance and Audit Committee
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- UT Home Page
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- Federal Title IV Financial Aid Reporting Requirements
- U.S. Dept. of Education Federal Student Aid Federal Direct Loan Program Audit Report (2010-2011 program year)
- 2010-2011 Annual Financial Report with A133 (as submitted to The State of Ohio in October of 2011)
Finance and Audit Committee of the Board of Trustees
Kathleen Fitzpatrick - Faculty Representative
William Horst - Community Member
Committee Charge:
The Finance Committee is charged with oversight and continuous improvement of the financial soundness of the University including oversight of revenue from all sources, oversight of all expenses, as well as the margin for the clinical enterprises. It will receive and recommend action upon budget proposals from the administration. It will review relevant parameters such as Senate Bill 6 ratios, bond ratings, and the cash flow margin for the entire University. In addition, this Committee functions as the Board facilities committee, receiving and recommending action upon all proposed facilities actions. The Committee is responsible for the overall audit function of the University, including:
- Reviewing the quality of financial reporting with the external auditors and management including financial statement assumptions, disclosures, and accounting policies.
- Overseeing the University's system of internal controls and the adequacy of financial, accounting and operational practices on financial reporting.
- Reviewing the annual internal audit plan, discuss the extent to which it addresses high-risk areas with the University Auditor and management, and approve the final audit plan.
- Assuring the effectiveness of the internal audit function including access required and authorization of the appointment or dismissal of the University Auditor.
- Ensuring the independence of the University Auditor through his direct-unrestricted reporting to the Committee Chair and functional reporting to University administration.
- Determining the impact to the University of audits of entities outside the scope of this Committee (UT Foundation, UT Physicians, UT Insurance Captive, etc.).
- Overseeing the implementation of the institution's policy on fraud and irregularity including notification to the Committee of any action taken under that policy.
- Reviewing the University's compliance with government regulations including legal or regulatory matters materially impacting the University operations.
- Helping to achieve increased revenue and to advance areas of the strategic plan.
