Department of Internal Audit and Compliance

Finance and Audit Committee of the Board of Trustees

Joseph H. Zerbey IV - Chair

Steve M. Cavanaugh - Vice Chair

Al Baker - Trustee

Will Lucas - Trustee

Margaret Hopkins - Faculty Representative

William Horst - Community Member

 

Committee Charge:  The Finance and Audit 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 both the academic and 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. It will receive and review reports relative to fund raising and investment performance from The University of Toledo Foundation.

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, discussing 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 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 University operations.
  • Helping to achieve increased revenue and to advance areas of the strategic plan.

In addition, this committee will function as the facilities committee, receiving and recommending action upon all proposed facilities recommendations.  It will receive and review reports from the Department of Intercollegiate Athletics regarding its finances, operations and processes.  It will provide oversight of university external affairs, inclusive of global outreach, engagement and university partnerships and relations with campus neighborhoods, business entities, and other relevant community resources.

The scope of this charge to the committee includes all  business operations within the legal abounds of The University of Toledo, including academic and clinical enterprises and UT Innovation Enterprises, Inc.

The scope of the committee includes any other matter assigned to the committee by the board or the chairperson of the board.


 


 

Last Updated: 9/8/16