 2007 Audit Committee
Committee members, institution, and last year of term: Gerry Dizinno - University of Texas at San Antonio (2007); Sam Lowther - Auburn University (2008); Glenn James - Tennessee Technological University (2009).
2006 Audit Committee
Committee members, institution, and last year of term: Debbie Dailey – Georgetown University (2006); Gerry Dizinno - University of Texas at San Antonio (2007); Sam Lowther - Auburn University (2008).
2006 Report of the SAIR Audit Committee
The Audit Committee has reviewed financial records of the Association, discussed matters among themselves and with the Treasurer, and reached the following conclusions: The financial records of the Southern Association for Institutional Research appear to be thorough, complete and well-maintained. All expenditures and revenues are documented and accounted for, recorded accurately and in a timely manner, and the required reports are compiled and distributed. We find all financial matters to be in order. Treasurer Bernie Braun and his predecessor are to be commended for excellent work.
Beyond the basic scope of this review, the Committee members would like to offer some recommendations for consideration by the SAIR board of directors, in relation to finances, that arose during the review.
Recommendations
- Periodically, SAIR officers should review the relationship with the primary checking account provider. This should weigh convenience and service against possible greater returns on the account balances.
- A policy should be developed to guide the Treasurer in setting the balance for the checking account. During the past year, the monthly balance ranged from around $65,000 upwards. Only during one or two months of the year are expenditures at such a level that would require a ready balance this large. A more moderate balance level could be maintained for most of the year and appropriate amounts transferred from the investment account to the checking account to meet these readily anticipated needs. This would result in a significantly greater return on cash balances, without unduly restricting liquidity.
- Another matter that might be handled by board policy is the investment of funds not required for operations. Currently, the “investment” account involves no investment, but only a money market fund. It may be that the board is perfectly satisfied with this situation, but it might be worthwhile to develop a plan for how these funds can be handled, the risk the board is willing to take on, and the desire for a greater return on the holdings.
- Insofar as possible, it would be most helpful to the Audit Committee if additional detail were provided in the revenues and expenditures categories. As it stands now, it is not possible to track revenues to expenditures by function (e.g., special event).
Submitted to the SAIR Board of Directors on October 4, 2007.
Debbie Dailey, Georgetown University
Gerry Dizinno, University of Texas at San Antonio
Sam Lowther, Auburn University, Chairperson
2005 Audit Committee
Committee members, institution, and last year of term: John Kalb – Southern Methodist University (2005); Debbie Dailey – Georgetown University (2006); Gerry Dizinno - University of Texas at San Antonio (2007).
2005 Report of the SAIR Audit Committee
Members of the Audit Committee were provided a spreadsheet with information on expenditures and revenues for the period January 1, 2005 through December 31, 2005. Each member reviewed the transactions recorded. A meeting of two members (Dizinno and Dailey) with the past SAIR Treasurer, Michelle Hall, was scheduled for Wednesday morning, May 17th, to ask questions and review findings. Unfortunately, Ms. Hall was unavailable for our meeting, but current SAIR Treasurer Bernie Braun did meet with the members. Mr. Braun was able to answer the questions posed by the members regarding some of the items on the spreadsheet.
Findings
- Our general finding is that the expenditures and revenue statement indicates that SAIR is appropriately using members' funds to support professional development and activities related directly to the organization.
- A few items listed as “Miscellaneous” should be more clearly described in the accounting process. This is especially true of the item listed as “Miscellaneous” under the Expense Categories listing and the “Other Income – Unassigned” listing under Income Categories. Additional category listings should be developed so that “Miscellaneous” is not used frequently to describe items.
Submitted to the SAIR Board of Directors on June 2, 2006.
John Kalb, Southern Methodist University
Debbie Dailey, Georgetown University
Gerry Dizinno, University of Texas at San Antonio, Chairperson
2004 Audit Committee
Committee members, institution, and last year of term: Gerry McLaughlin – DePaul University (2004); John Kalb – Southern Methodist University (2005); Debbie Dailey – Georgetown University (2006).
2004 Report of the SAIR Audit Committee
The 2004 SAIR Audit Committee completed a review of the financial records of the Association and based on the records available found them to be fully in order. All revenues and expenditures were recorded accurately as documented by bank and investment balance statements and the financial balance displayed on the financial report as of the end of calendar year 2004 is correct. We have the following recommendations for the future:
- An attachment listing charges that fall into the miscellaneous categories (both conference and general ledger) would be useful for those who are auditing in the future.
- Have the books audited by a professional auditor every time the books change hands, i.e., each time a new treasurer is elected.
- List the checks and their amounts that are outstanding as of the end of the year on the final bank statement to help in the reconciliation of the balance sheet and the bank statement.
Submitted to the SAIR Board of Directors on August 11, 2004.
Gerry McLaughlin, DePaul University
John Kalb, Southern Methodist University
Debbie Dailey, Georgetown University, Chairperson
Guidelines for Audit Committee
|
