FGCU Audit and Compliance Committee accepts FY2024 audits, WGCU report and 2024 compliance review

The Florida Gulf Coast University Audit and Compliance Committee on March 20 unanimously approved the university's audited financial statements for the year ended June 30, 2024, the NCAA athletics audit, the WGCU public media audit and the 2024 Annual Compliance Report, and will recommend those items to the full Board of Trustees on April 8.

Director of Internal Audit Bill Foster told the committee the State of Florida Auditor General's annual audit issued a clean opinion for the fiscal year ended June 30, 2024, "the highest recommendation that a university could obtain on an audit." He said key financial statements showed positive variances from the prior year and that cash and cash equivalents increased by $444,288 compared with a $3.4 million decrease the prior year. Trustee Peter Sulick moved to accept the audited financial statements and recommend them to the Board; Trustee Leo Montgomery seconded. The committee voted unanimously to approve the motion.

Chair Joseph Fogg described the NCAA athletics audit as one of the committee's more complex reviews. President Aysegul Timur thanked the audit team and university staff, saying the audit "was transparent and received a clean opinion." Trustee Leo Montgomery moved to accept the athletics audit report and recommend it to the Board; Trustee Sulick seconded and the motion passed unanimously.

WGCU General Manager Corey Lewis summarized the public media audit for the years ended June 30, 2024 and June 30, 2023, and said the station's financial statements show it is "in good shape." He warned that federal funding uncertainty could change WGCU's outlook and said the university provides about $700,000 in support. Lewis added that underwriting and corporate support bring trade or marketing value of roughly $200,000 to $300,000 annually. Trustee Montgomery moved to accept the WGCU audit report; Trustee Sulick seconded and the committee approved the item unanimously.

Chief Ethics and Compliance Officer and Title IX Coordinator Precious Gunter presented the 2024 Annual Compliance Report, prepared under Board of Governors Regulation 4.003, summarizing compliance training, investigative data, quarterly compliance-liaison meetings and implemented policies. Gunter told trustees FGCU will launch an annual conflict-of-interest disclosure process for board members in June 2025 in response to a new State statute and is preparing for a fifth-year external compliance review in 2026. Chair Fogg asked whether the Athletics Equity Committee conflicted with state law; Gunter said it did not and explained the committee's role in monitoring Title IX matters in athletics. Trustee Luis Rivera moved to approve the report; Trustee Sulick seconded and the committee voted unanimously in favor.

There was no old or new business. Chair Fogg said the committee's approvals will be forwarded to the full Board for consideration at its April 8 meeting. The committee adjourned at 9:15 a.m.