Minutes of the Meeting of the 
Audit Committee of the Board of Trustees of the State University of New York
March 27, 2012


The Audit Committee of the Board of Trustees of the State University of New York met in Brockport, New York on March 27, 2012 at 1:33 p.m.

Committee members present: 	Brockport:		Trustee Lewin
New York City: 	Chairman Hunt

Other Trustees present:	Brockport:	 	Chairman McCall
	New York City:	Trustee Spielvogel

Staff present:	Brockport:	Mr. Howard
	New York City: 	Mr. Abbott 

Albany: 	Mr. McGrath, Ms. Montalbano, and Ms. O’Day

Guests present:	New York City:  	Ms. LaGue and Ms. Letts (KPMG)

Albany: 	Ms. LeBlanc (Research Foundation)


The meeting was called to order at 10:33 a.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, University Auditor, regarding SUNY’s compliance efforts. Recent compliance activities included hiring a compliance coordinator and the development of a compliance committee.

The second item on the agenda was a review by Michael Abbott, University Auditor, on the results of New York State’s Single Audit. The audit found that SUNY generally complied with the federal rules and regulations for student financial aid. In addition, the auditors were not aware of any significant deficiencies or material weaknesses in the design or operation of SUNY’s internal controls over financial aid practices.

The third item on the agenda was a presentation by KPMG, SUNY’s independent external auditors, on its audit plan for the audit of SUNY’s 2011-12 financial statements. The auditors provided an overview of their audit approach, a list of campuses they anticipate visiting, and a timeline for completing the engagement. It is anticipated that the audit will continue throughout the summer with an anticipated date of completion of October 2012.

There being no further business, the meeting was adjourned at 10:45 a.m.


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