Action – Acceptance of Consolidated Annual Financial Report On February 8, the Washington State Auditor’s Office held an exit conference with representatives of the Board of Trustees and Business & Finance Affairs for the purpose of reviewing the results of the independent audits of fiscal year 2018, and to provide an open forum for discussion. The SAO performed two audits: • The university’s Comprehensive Annual Financial Report, which included a “clean” opinion with no findings. • An audit of the System (a combination of the housing/dining, bookstore, parking and student fee funds), which also included an unmodified or “clean” opinion with no findings. Over the past few years, the university has implemented several new, highly complex, accounting standards related to pensions and OPEB (other post-employment benefits) and is pleased with another clean audit with no findings. Moreover, the results of operations in fiscal year 2018 indicate significant - Of the $1.1M increase in operating expenses, Instruction & Student Services expenses increased by nearly $5.9M (5.3%), while all other expenses, including depreciation, decreased by $4.8M (3.5%) Motion 19-08: Mr. Nellams moved that the Board of Trustees of Central Washington University hereby accepts the Audited Financial Statements for Fiscal Year 2018 as presented, which was seconded by Mr. Conner. The motion was approved. Action – Approval of Bachelor of Applied Science and Bachelor of Science in Risk, Insurance, and Safety Management The Bachelor of Applied Science and Bachelor of Science in Risk, Insurance, and Safety Management (BAS/BS-RISM) degree programs have been designed to prepare students for rewarding careers as risk, insurance, and/or safety management professionals. The BAS-RISM allows individuals who have worked, or are currently working, in the industry to enhance their career opportunities and earnings potential by utilizing their community/technical college education and on-the-job experience to earn a baccalaureate degree following completion of upper-division coursework. The BS-RISM will provide a degree program to existing CWU students, and has strong potential to attract additional students to the university. These degree programs will be delivered 100-percent online and therefore are able to serve place-bound students. Motion 19-09: Mr. Nellams moved that the Board of Trustees of Central Washington University approves the Bachelor of Science and Bachelor of Applied Science degree programs this day February 22, 2019, which was seconded by Mr. Thompson. The motion was approved. Action – Approval of Board Policy Amendment In July 2018, CWU reconstituted the in-house internal audit function, which had been outsourced since 2013. CWUP 1-80-030 is a resolution of the Board of Trustees of Central Washington University delegating certain administrative powers and duties to the president of the university. An amendment to this policy is required in order to establish the reporting relationship of the Internal Audit Manager to the Finance and Audit Committee of the Board, and, administratively, to the vice president of the Division of Business & Financial Affairs. This amendment also references the Internal Audit Charter as “Appendix A” of this policy. progress toward improving operating margins, summarized below: • 2018 operating revenues increased $8.3M, or 5.4% over 2017 • 2018 operating expenses increased only $1.1M or .45% over 2017
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