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OAKLAND UNIVERSITY

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OAKLAND UNIVERSITY

    OAKLAND UNIVERSITY

    BOARD OF TRUSTEES

    FINANCE, AUDIT AND INVESTMENT COMMITTEE

    September 6, 2006

    PRESENTATION OF THE DRAFT SCHEDULE OF EXPENDITURES

    OF FEDERAL AWARD PROGRAMS IN ACCORDANCE WITH OMB

    CIRCULAR A-133 JUNE 30, 2006

Division/Department: Finance and Administration

Summary:

    The Schedule of Expenditures of Federal Award Programs in Accordance with OMB

    Circular A-133 June 30, 2006 (Attachment A) has been completed.

    In the auditor’s opinion, “We noted no matters involving the internal control over financial reporting and its operation that we consider to be material weaknesses.” And,

    they noted “The results of our test disclosed no instances of noncompliance or other

    matters that are required to be reported under Governmental Auditing Standards.” The auditor also concluded that “In our opinion, Oakland University complied, in all material

    respects, with the requirements referred to above that are applicable to each of its major

    federal programs for the year ended June 30, 2006.”

Representatives of PricewaterhouseCoopers, LLP will present the financial statements.

    Action to be Requested at Next Formal Board Meeting: The Board will be asked to accept the Schedule of Expenditures of Federal Award

    Programs in Accordance with OMB Circular A-133 June 30, 2006.

Previous Board Action:

    The public accounting firm of PricewaterhouseCoopers, LLP was reappointed by the

    Board of Trustees on February 1, 2006 to conduct annual audits of the University’s

    financial accounting records.

Other:

    Representatives of PricewaterhouseCoopers, LLP will be present at the September 13,

    2006 Board of Trustees Working Session to respond to questions. A copy of

    PricewaterhouseCoopers, LLP presentation will be distributed at that meeting.

Attachments:

    A. Draft Schedule of Expenditures of Federal Award Programs in

    Accordance with OMB Circular A-133 June 30, 2006

    Submitted for Review by Vice President for Finance and Administration and Treasurer John W. Beaghan __________

     (Please Initial)

    Reviewed by Secretary Victor A. Zambardi: __________

     (Please Initial)

    Reviewed by President Gary D. Russi: __________

     (Please Initial)

    OAKLAND UNIVERSITY

    BOARD OF TRUSTEES

    WORKING SESSION AGENDUM ITEM

    September 13, 2006

    PRESENTATION OF THE DRAFT SCHEDULE OF EXPENDITURES

    OF FEDERAL AWARD PROGRAMS IN ACCORDANCE WITH OMB

    CIRCULAR A-133 JUNE 30, 2006

Division/Department: Finance and Administration

Summary:

    The Schedule of Expenditures of Federal Award Programs in Accordance with OMB

    Circular A-133 June 30, 2006 (Attachment A) has been completed.

In the auditor’s opinion, “We noted no matters involving the internal control over

    financial reporting and its operation that we consider to be material weaknesses.” And, they noted “The results of our test disclosed no instances of noncompliance or other

    matters that are required to be reported under Governmental Auditing Standards.” The auditor also concluded that “In our opinion, Oakland University complied, in all material respects, with the requirements referred to above that are applicable to each of its major

    federal programs for the year ended June 30, 2006.”

Representatives of PricewaterhouseCoopers, LLP will present the financial statements.

Action to be Requested at Next Formal Board Meeting:

    The Board will be asked to accept the Schedule of Expenditures of Federal Award

    Programs in Accordance with OMB Circular A-133 June 30, 2006.

Previous Board Action:

    The public accounting firm of PricewaterhouseCoopers, LLP was reappointed by the

    Board of Trustees on February 1, 2006 to conduct annual audits of the University’s

    financial accounting records.

Other:

    Representatives of PricewaterhouseCoopers, LLP will be present at the September 13,

    2006 Board of Trustees Working Session to respond to questions. A copy of

    PricewaterhouseCoopers, LLP presentation will be distributed at that meeting.

Attachments:

    A. Draft Schedule of Expenditures of Federal Award Programs in

    Accordance with OMB Circular A-133 June 30, 2006

Submitted for Review by Vice President for Finance and

    Administration and Treasurer John W. Beaghan __________

     (Please Initial)

    Reviewed by Secretary Victor A. Zambardi: __________

     (Please Initial)

    Reviewed by President Gary D. Russi: __________

     (Please Initial)

Agendum

    Oakland University

    Board of Trustees Formal Meeting

    October 4, 2006

    APPROVAL OF THE SCHEDULE OF EXPENDITURES

    OF FEDERAL AWARD PROGRAMS IN ACCORDANCE WITH OMB

    CIRCULAR A-133 JUNE 30, 2006

    A Recommendation

    Introduction

    The public accounting firm of PricewaterhouseCoopers, LLP was appointed by the Board of

    Trustees on February 1, 2006 to conduct annual audits of the University’s financial accounting

    records, financial statements and compliance with Federal single audit requirements contained

    in the Schedule of Expenditures of Federal Award Programs in Accordance with OMB Circular

    A-133 June 30, 2006.

    The audit of compliance with OMB Circular A-133 June 30, 2006 has been completed and the annual report (Attachment A) is presented herewith.

In the auditor’s opinion, “We noted no matters involving the internal control over financial

    reporting and its operation that we consider to be material weaknesses.” And, they noted “The

    results of our test disclosed no instances of noncompliance or other matters that are required to

    be reported under Governmental Auditing Standards.” The auditor also concluded that “In our

    opinion, Oakland University complied, in all material respects, with the requirements referred to

    above that are applicable to each of its major federal programs for the year ended June 30,

    2006.”

Recommendation

     RESOLVED, that the Board of Trustees accept the Schedule of Expenditures of Federal

    Award Programs in Accordance With OMB Circular A-133- June 30, 2006 as presented by the

    public accounting firm of PricewaterhouseCoopers, LLP.

    Attachments

    A. Oakland University Schedule of Expenditures of Federal Award Programs in

     Accordance with OMB Circular A-133 - June 30, 2006

     Submitted to the President

     on __________________, 2006 by

     ________________________________________

     John W. Beaghan

    Vice President for Finance and Administration and

    Treasurer to the Board of Trustees

Recommended on ______________, 2006

    to the Board for approval by

___________________________________

    Gary D. Russi

    President

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