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Foundation reports endowment milestone; board reviews joint RFP and recommends auditor
Summary
The college foundation reported its endowment topped $5 million and described fundraising activities; the board also heard that a joint RFP for financial audits produced four proposals and the committee recommended renewing a five-year agreement with the incumbent auditor (transcript spelling variants noted).
The Midstate Foundation reported progress on fundraising and investments, and board members discussed procurement of audit services during the March 16 meeting.
Dr. Karen told trustees that the foundation’s endowment managed by Wood Trust surpassed $5 million, and she highlighted recent and upcoming foundation activities including a June 16 golf outing, a makers auction that raised funds via employee donations, a scholarship application window and alumni networking events.
On procurement, administration summarized a joint request for proposal for financial audit services led by the purchasing consortium of technical colleges. The procurement yielded four responses; the current auditor submitted a bid and is among the proposers. The finance committee recommended entering a new five-year agreement with the incumbent firm (the transcript uses variant spellings for the firm’s name). Staff invited any questions from trustees and said they would proceed based on the committee recommendation.
No final board vote on the auditor was recorded at this meeting; the administration presented the RFP outcome and the committee recommendation for board consideration.
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