Committee Approved: November 2010
The Audit Budget Committee is a subcommittee of the Board of Directors of UWF Foundation, Inc. (the "Foundation"). The primary function of this committee is to assist the board in fulfilling its financial oversight responsibilities. The committee will perform such other functions as assigned by law, the Foundation's bylaws, or the Board of Directors.
The Audit Budget Committee shall have the power to conduct or authorize investigations into any matters within the committee's scope of responsibilities, which include the reviewing of the financial information of the organization, the internal control structure, the budget process, and the audit process. The committee shall meet a minimum of two times a year or more frequently as circumstances require. The committee may ask members of Foundation staff, University management, or others to attend meetings and provide pertinent information as necessary.
The membership of the Audit Budget Committee shall consist of at least six, but no more than seven, independent members of the Board of Directors and will include at least one financial expert. A financial expert is someone with knowledge of Generally Accepted Accounting Principles (GAAP), experience with financial statement preparation for an organization of similar size and complexity, and, if possible, experience serving on a working audit committee for a non profit entity. Audit Budget Committee members shall be designated by the president of the Board of Directors of the Foundation. The Board Treasurer will serve as the Committee Chair. Attendance by three or more committee members at any properly noticed meeting will constitute a quorum.
The Audit Budget Committee is responsible for:
In meeting its duties and responsibilities, the Audit Budget Committee is expected to:
1. Independent Auditor: The Audit Budget Committee has the following responsibilities in relation to the Foundation's Independent Auditor.
2. Foundation Executive Director, the University President (or his/her designee), and the independent auditors- Review the following items with the Foundation Executive Director, the University President (or his/her designee), and the independent auditors at the completion of the annual examination:
3. Annual Review of Internal Controls: To ensure control effectiveness, the Audit Budget Committee should annually review with management the effectiveness of the institution's internal control structure. The committee should:
4. Officers and Key Employees: At least annually, the committee should review with management the policies and procedures with respect to officers, key employees (executive director, VP for Advancement, University President), disqualified persons as defined by the IRS (under Internal Revenue Code Section 4958), expense accounts, and perks, including excess benefit transactions; consider the results of any review of these areas by the internal auditor or the independent auditors; and consider the potential for Foundation or University management to override controls or otherwise inappropriately influence the financial reporting process.
Actions of the committee shall be reported to the Board of Directors with such recommendations as the committee may deem appropriate.
5. Budget Responsibilities: