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FGCU audit reports accepted; trustees note $138 million endowment and minor errata
Summary
The FGCU Audit and Compliance Committee on Jan. 9 unanimously accepted independent auditor reports for the FGCU Financing Corporation and the FGCU Foundation, recording clean opinions; the Financing report contained a scrivener’s error that the auditors will correct. The committee announced an executive session on cybersecurity and will forward approvals to the full Board on Jan. 14.
The Florida Gulf Coast University Audit and Compliance Committee voted unanimously on Jan. 9 to accept independent auditors’ reports for the FGCU Financing Corporation and the FGCU Foundation and to recommend both reports to the full Board of Trustees.
Bill Foster, director of internal audit, told the committee the Financing Corporation audit—performed by HSC/Tuscan & Company, PA following a merger with Tuscan & Co.—carried a clean opinion but included a scrivener’s error: the Matter of Emphasis refers to “Note A,” which is not present in the report. Foster said he has contacted the auditors and expects revised pages to be distributed at the full Board meeting.
Foster also outlined financial changes reported in the Financing Corporation audit: operating revenues decreased about $1.2 million, primarily tied to the temporary closure of West Lake Village for renovation; non-operating expenses rose roughly $3.3 million for construction of a campus boardwalk, $1.1 million for information-technology infrastructure and $800,000 for new roofs. He reported asset decreases—including about $7.7 million of amortization of a direct finance lease—and a reduction in liabilities driven mainly by bond and loan payments. Investment income increased by about $800,000, raising the University’s cash balance to about $2.8 million.
The second audit, of the FGCU Foundation and completed by James Moore & Co., P.L., also received a clean opinion. In response to Chair Joseph Fogg’s question about the Foundation’s endowment, Foster said the endowment balance was $138 million as of June 30, 2024, up from $121 million in 2023.
Trustee Leo Montgomery moved to accept each report and recommend Board acceptance; Trustee Peter Sulick seconded both motions. The committee held voice votes and recorded unanimous “Yea” votes from Trustees Montgomery, Rivera, Sulick and Chair Fogg. The record of voice votes for the meeting was included with the meeting materials (Tabs #1–3).
Chair Joseph Fogg said an executive session to discuss cybersecurity would follow the public meeting pursuant to Section 1004.055, Florida Statutes, and noted the items voted on would be forwarded to the Board for consideration at its Jan. 14 meeting. The committee adjourned at 9:40 a.m.
