Audit, Finance and Planning Committee

Audit, Finance and Planning Committee Authority

POL 01.05.5

Board of Trustees

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Authority: Board of Trustees

History: First Issued: November 18, 1994. Last Revised: February 17, 2006. Additional History Information.

Contact Info: University Treasurer (919-515-2143)

The Audit, Finance and Planning Committee has the following delegated authority:

1. Budget Development, Execution and Administration

1.1 To advise the Chancellor with respect to the development of budget estimates for the institution, and with respect to the execution and administration of the budget as approved by the General Assembly and the Board of Governors.

2. Trust funds

2.1 To recommend to the Board of Trustees policies regarding the preservation, maintenance and management of institutional trust funds.

3. Policy Development

3.1 To recommend policies to the Board of Trustees regarding the collection of tuition, fees and other monies to be collected from students, as approved by the Board of Governors.

3.2 To recommend policies to the Board of Trustees concerning a) acceptance of obligations in lieu of cash from students in payment of tuition and fees, and b) requirements for collateral security.

4. Audits

4.1 To provide oversight of the internal audit function.

4.1.1 Review and approve the annual internal audit plan at the beginning of the audit cycle.

4.1.2 Receive quarterly activity reports from the internal auditor.

4.1.3 Receive direct verbal and/or written reports from the University's internal auditor regarding out of the ordinary reviews and findings that may involve senior level University employees, trustees, or affiliates.

4.1.4 Review a comparison of the annual internal audit plan to the actual internal audits performed.

4.2 To provide oversight of the annual financial statement audit.

4.2.1 Assure that the institution is performing self-assessments of operating risks and evaluations of internal controls on a regular basis.

4.2.2 Meet with representatives of the State Auditor's office to review the annual state auditor's report and the institution's corrective action, if needed.

4.3 To complete other audit-related activities.

4.3.1 Review audit reports of University-associated entities.

4.3.2 Review annual summary of Committee audit-related work submitted to the Board of Governors.

5. Planning

5.1 To review and recommend to the Board of Trustees changes in the University's mission statement.

5.2.1 To advise the Chancellor on the development of plans to carry out the University's mission.

5.2.2 To review and approve the establishment and continuation of Centers and Institutes as required by UNC Regulation 400.5.

6. Board of Visitors

6.1 To receive reports from the Board of Visitors.

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