Sonoma State University

September 12, 2022 Minutes SSE Audit Committee Meeting

Minutes

SONOMA STATE ENTERPRISES INC.
AUDIT COMMITTEE MINUTES
September 12, 2022

MEMBERS PRESENT:

Mr. Fred Vaske, Dr. John Urbanski

MEMBERS ABSENT:

Mr. Markley

OTHERS PRESENT:

Ms. Audra Verrier, Ms. Amanda Visser, Mr. Monir Ahmed, Mr. Andy Maffia

  1. Call to Order
    This meeting was called to order at 2:06
  2. Approval of the April 28, 2022 Minutes – deferred to next meeting
  3. Review of the Audited Financial Statements for 2021/2022 – Aldrich
    Copies of the audit were distributed to the committee prior to the meeting in electronic format. Mr. Maffia from Aldrich presented the “Report to the Audit Committee” and went over all the required communications.
    Unmodified opinion and no significant deficiencies or weaknesses in internal control identified.
  4. Executive Session
    There was some discussion on the land valuation – fair value vs. cost. Some discussion regarding if sold for less than on the books what are the audit implications this fiscal year versus next fiscal year.
  5. ACTION ITEM: Acceptance of the Audited Financial Statements for 2021/2022
    Item was unanimously approved
  6. Other Non- Action Items
    None.

This meeting was adjourned at 3:03pm