1
MINUTES
AUDIT AND INSURANCE COMMITTEE
BOARD OF TRUSTEES
December 17, 2010
A meeting of the Audit and Insurance Committee of the Board of Trustees
of The Trustees of Purdue University was held in Room 326, Stewart Center,
West Lafayette, Indiana at 3:10 p.m. on December 17, 2010.
The following Committee members were present: Chairman Michael J.
Birck, Michael R. Berghoff and John D. Hardin, Jr.
Also in attendance were Trustees Brouillette, Krach, Lehman, Powers,
Spurgeon, Teykl and Thompson; President Córdova; Executive Vice President
for Business and Finance, Treasurer Diaz; Senior Vice President for Business
Services and Assistant Treasurer Almond; Legal Counsel Benton; Executive Vice
President for Academic Affairs and Provost Sands; Director Fish; Mr. Jeff Arthur
of the State Board of Accounts and Corporate Secretary Behringer.
I. REVIEW OF FISCAL YEAR 2009-10 FINANCIAL REPORT.
Senior Vice President for Business Services and Assistant Treasurer
Almond provided the Committee with a detailed review of the Financial Report for
the fiscal year which ended June 30, 2010. The Financial Report was given an
unqualified audit opinion by the external auditor of the State Board of Accounts.
This review was provided for information only; no action was required by the
Committee.
Mr. Jeff Arthur, Supervisor of University Audits for the State Board of
Accounts confirmed that the State Board of Accounts issued an unqualified
opinion on Purdue’s financial statements on October 19, 2010. Mr. Arthur
congratulated Purdue’s staff on their continued excellent work.
II. REVIEW OF 2009-10 PROPERTY AND LIABILITY INSURANCE
PROGRAM.
Senior Vice President for Business Services and Assistant Treasurer
Almond told the Committee that Purdue’s comprehensive property and liability
insurance program combines the purchase of commercial coverage for protection
against catastrophic losses with a self-insurance plan to cover selected
deductibles and self-insured exposures. The program covers all University
assets and activities system-wide. The review was provided for information only;
no action was required by the Committee.
III. ADJOURNMENT.
Upon proper motion duly seconded, the meeting adjourned at 3:32 p.m.