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FGCU audit panel accepts audited financials; operational audit flags student-account and change-order issues
Summary
The Audit and Compliance Committee unanimously accepted Florida Gulf Coast University’s audited financial statements for FY 2025 (clean opinion) and an operational audit that reported two findings: delinquent student accounts tied to the COVID-19 period and construction change-order controls now subject to Board approval.
The Audit and Compliance Committee of the Florida Gulf Coast University Board of Trustees met virtually June 2, 2026, and unanimously approved three audit reports, including the university’s audited financial statements for the year ended June 30, 2025, which received a clean opinion.
Director of Internal Audit Bill Foster summarized the operational audit performed by the State of Florida Auditor General, saying it identified two findings: delinquent student accounts during the COVID-19 period and weaknesses in construction change-order procedures. Foster said FGCU achieved a “99.8 percent debt collection ratio” for the 2023–2025 timeframe and that the university has decided to upgrade Banner Student (the previously considered Workday Student option is no longer under consideration) to improve tracking of student accounts.
The operational audit’s first finding described accounts that became delinquent during the pandemic; Foster told the committee the university made temporary threshold adjustments during COVID-19 to keep students enrolled and has since substantially improved collections. The second finding addressed construction project change orders: Foster said procedures were revised such that certain change orders now require approval by the Board of Trustees.
Trustee Henry Saad moved to accept the audited financial statements for FY 2025; Trustee Doug VanOort seconded. Trustee Derek Lura moved to accept the operational audit report; Trustee Henry Saad seconded. Trustee Derek Lura also moved to accept the State of Florida Compliance and Internal Controls Over Financial Reporting and Federal Awards Audit; Trustee Saad seconded that motion. All motions passed by unanimous voice vote. Four trustees were recorded as present for votes: Chair Joseph Fogg III, Trustee Derek Lura, Trustee Henry Saad and Trustee Doug VanOort.
Chair Joseph Fogg said the items approved by the committee would be recommended for final approval by the full Board at its June 9 meeting. The meeting was adjourned at 9:56 a.m.
