Audit Committee Minutes - November 29, 2011

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Proceedings of the Audit Committee

School District No. 2, Yellowstone County

High School District No. 2, Yellowstone County

Billings, Montana

 

November 29, 2011

 

Call to Order

Chair Marcy Mutch called the Audit Committee to order at 12:05 p.m. on Tuesday, November 29, 2011 in Room 213 of the Lincoln Center. Committee members in attendance included Lindy Graves, Pam Ellis, Greta Besch-Moen and Todd Preston. Also attending were Trustee Connie Wardell, Assistant Superintendent for Administration and Operational Support / Chief Financial Officer Josh Middleton, Executive Director of Administrative Services Scott Anderson, Director of Business Services Patricia Hubbard, District Controller Sheri Weidinger, Accountant Jeri Anton, Edie Hanson and John Jacobsen of Eide Bailly LLP, and Rob Rogers and Pat Bellinghausen of the Billings Gazette.

 

Communication From the Public

There was no public comment.

 

Approve Minutes of June 9, 2011

Pam Ellis motioned and Lindy Graves seconded to approve the June 9, 2011 minutes. All voted in favor. Motion passed unanimously.

 

Approve New Members

Chair Mutch introduced new committee member, Todd Preston. Todd works for DA Davidson, has been a school board trustee in the past.

 

Review Charter

Pam Ellis motioned and Lindy Graves seconded the approval of the Audit Committee Charter as written. All voted in favor. Motion passed unanimously.

 

Approve the Independence and Qualifications of Members

Chair Mutch acknowledged that Todd Preston’s wife is a teacher in the Billings Public Schools; because she has no financial responsibilities or ability to impact finances, this will be considered a noted exception to Audit Committee policy.

 

Each committee member then affirmatively stated their qualifications to include some type of accounting or finance background, as per Audit Committee policy:

 

Committee Chair Marcy Mutch is a CPA and has been involved in public accounting and bank taxation for twenty-plus years.

 

Todd Preston has been in the investment environment for over twenty years, served as the chair of the Business Cmte while he was a trustee, and served on the Audit Cmte when he was a trustee, including as Vice-Chair.

 

Lindy Graves is a member of the Board of Trustees and a manager at CenturyLink where he assists with budget management. Also, he was previously a County Commissioner.

 

Pam Ellis is a member of the Board of Trustees and was previously a school principal and central office administrator so is familiar with school finance.

 

Greta Besch-Moen is a member of the Board of Trustees and has been tasked with being the independent voice for the common man.

 

Chair Mutch mentioned that Laura Bailey, who could not be present at this particular meeting, is also a CPA who has been involved in external financial reporting for about 25 years.

 

Chair Mutch motioned and Pam Ellis seconded the approval of the independence and qualifications of all board members. All voted in favor. Motion passed unanimously.

 

Review 2010-2011 Draft Audit Findings

Edie Hanson and John Jacobsen, of Eide Bailly, LLP provided an overview of the 2010-2011 draft audit findings, as presented in the committee agenda packets.

 

The next meeting of the Audit Committee will take place Monday, December 12, 2011 at 12:00 noon.

 

There being no further business, Lindy Graves motioned to adjourn and Pam Ellis seconded. All voted in favor. Motion passed unanimously; the meeting adjourned at 1:10 pm.

 

__________________________ Marcy Mutch, Chair

 

 

 

_________________________ Holly Rensvold, Recorder