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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.
Object Description
Purdue Identification Number | BOTM20101218AI |
Date of Original | 2010 |
Title | Board of Trustees minutes, 2010 Dec. 18 (Audit and Insurance Committee) |
Subjects |
Purdue University. Board of Trustees Purdue University--History |
Creators | Purdue University. Board of Trustees |
Repository | Purdue University Libraries, Karnes Archives and Special Collections |
Collection |
Board of Trustees Minutes |
Type | text |
Format | application/pdf |
Language | eng |
Rights Statement | Copyright Purdue University. All rights reserved. |
Resolution | 300 ppi |
URI | ark:/34231/c6pg1qn3 |
Description
Title | Page 1 |
Transcript | 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. |
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