Minutes of the Meeting of the 
Audit Committee of the Board of Trustees of the State University of New York
January 10, 2011
Draft
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The Audit Committee of the Board of Trustees of the State University of New York met in New York City on January 10, 2011 at 12:49 p.m.

Committee members present: 	Chairman Hunt, Trustee Belluck, and Trustee Lewin 

Staff present:	Ms. Rimai, Mr. Abbott, and Mr. Thurlow


The meeting was called to order at 12:49 p.m. by Chairman Hunt.  The minutes of the previous meeting of the Committee were unanimously approved. 

The first item on the agenda was a report by Michael Abbott regarding the results of New York State’s Single Audit. The results of the audit found that SUNY’s Federal student financial aid programs were in substantial compliance with applicable Federal requirements. The CPAs conducting the audit reported that the audited campuses generally had good internal controls and adequate records.

The second item on the agenda was a presentation by Win Thurlow about New York State and SUNY ethics laws and how they apply to SUNY employees and SUNY Board Trustees. Mr. Thurlow also indicated that individual campuses may, at their discretion, establish their own ethics rules. However, campuses cannot make ethics rules less stringent than those set by New York State and SUNY.

Chairman Hunt then called for an Executive Session under provisions of Section 105 of Article 7 of the Public Officers Law.  It was unanimously agreed to convene an Executive Session at 1:09 p.m. for the purposes specified by Chairman Hunt.

Chairman Hunt recessed the Executive Session at 1:35 p.m.  No motions or actions were taken in Executive Session. The Audit Committee Meeting was reconvened at this time. 

There being no further business, the meeting was adjourned at 1:35 p.m.