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Primary administrative units: Chief Fiscal
Officer, University Audit & Compliance, Academic Affairs, USF Health, Government Relations
The Workgroup will assist the Board of
Trustees in fulfilling its oversight responsibilities for the USF System’s
financial reporting process, the system of internal control and
enterprise-wide risk management, the audit process, and the process for
monitoring compliance with laws and regulations and USF System policies.
The Workgroup will review and recommend to the
Board of Trustees policies affecting financial affairs of the USF System and
the USF System’s relations with government. The Workgroup may meet jointly
with other Board Workgroups to make determinations about issues with a
financial impact on the USF System, or recommendations from other Board
Workgroups may be referred to the Finance & Audit Workgroup for assessment
of fiscal implications.
The Workgroup’s responsibilities include:
Budget and Finance:
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Review and make recommendations regarding the USF System’s
legislative requests for operating and capital budgets for timely
submission to the Florida Board of Governors (FBOG). Consult with
the Campus Boards on their operating budgets.
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Review financial status and make recommendations regarding direct
support organizations, auxiliary enterprises and other support
entities of the USF System.
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Review on a continuing basis the financial status and needs of the
USF System and recommend policies for securing resources.
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Review the USF System’s investment policies and recommend proposals
for modification as deemed necessary.
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Consider and recommend proposals with respect to general business
and financial issues and approve issuance of debt instruments as
permitted by Florida Statutes
and FBOG rules.
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Review and recommend policies regarding the University’s advocacy
before state and federal governments.
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Review and recommend fees.
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Review the annual financial statements, and consider whether they
are complete, consistent with information known to Workgroup
members, and reflect appropriate accounting principles.
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Review and discuss with management the USF System’s major policies
with respect to risk assessment and enterprise-wide risk management.
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Consider the effectiveness of the USF System’s internal control
system, including information technology security and control, cash
handling and asset management.
Internal Audit:
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Review the effectiveness of the internal audit function, including
compliance with the
IIA’s International Standards for the Professional Practice of
Internal Auditing.
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Have final authority to review and approve the annual internal audit
work plan and all major changes to the plan.
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Periodically review audit reports issued by internal and external
auditors and management’s implementation of recommendations.
Compliance:
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Review the effectiveness of the system for monitoring compliance
with laws and regulations and the results of management’s
investigation and follow-up (including disciplinary action) of any
instances of noncompliance.
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Review and monitor the process for the anonymous submission by
employees of concerns regarding questionable accounting or auditing
matters.
Government Relations:
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WORKGROUP
MEMBERS
Trustee
Appointments: Rhea Law, Chair, John Ramil, Vice Chair, Lee Arnold,
Gene Engle, Sherrill Tomasino
Vice
President: James A. Hyatt
Faculty
Liaisons:
Associate Professor Stephanie Bryant, Assistant Professor Christopher
Davis, Distinguished Professor Richard Gitlin
Foundation
Board Liaison: Brian P. Keenan
Staff:
Gina Lombardi, Lead Staff Member; Cindy Visot
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