Page 15 - 2024 April report

AUDIT & RISK COMMITTEE MINUTES (DRAFT)
March 18, 2024
Members Present: Member Absent:
Sherry Salway Black, Bea Awoniyi, David Blaikie, Bill Corwin, Bobby Krause (non-voting), and Sanford Howard
Hugh Brown
Tommy Pence, Dick Krause, Sharon Wood
1. Minutes of January 18, 2024 meeting.
There were 4 edits to the Minutes. Bea was in Nigeria, not Africa. Under 3.B. a space is missing end of the third line between “visa” and “for.” Buzz clarified (under 3.D.) that he ties in samples of each Bill report to each bank statement and not all entries. All he had sampled tied out. Under Item 4., this year’s Templeton engagement letter for taxes is $28,300 compared to last year’s actual which was $36,128. The Minutes were approved with these edits.
2. Matters arising from the minutes.
Money from Cat Rock has not come in yet. Options are being reviewed regarding the renewal of the Wall Street Journal subscription. The Templeton engagement letters for taxes and audit for 2023 will be signed soon.
Others Present:
Sherry chaired the meeting.
3.
Financial Reports.
A. Investment Activity - January 1, 2024 to February 29, 2024.
Cap Calls outpaced Distributions by just over $280,000, but primarily because of the end of the month Cap Call from FCOI II.
B. Truist Bank Register report - January 1, 2024 to March 5, 2024.
On 1/4/24 Scholarship America was paid $21,670 in administrative fees related to UPS.
There was a question regarding the grant of $200,000 to College for Kids (paid 2/7/24). This is the corporate name of Take Stock in Children Palm Beach County.
The 2/7/24 $14,053.59 payment to Diligent Corporation is for our license for Diligent Boards for the year.
Payments were made to Gunster, Yoakley & Stewart, P.A. of $12.90 and $29,395.60 for Malcolm’s O-1 Visa. $12.90 was the last of the payments for work done in 2023. $29,395.60 is for 2024 work. The 2024 work is for renewal application. The Committee discussed the justification of the Visa. JSF is the sponsor/ applicant for the Visa. Templeton has opined recently that from a tax perspective, JSF can provide the Visa to Malcolm provided there is Board approval. Consequently, the Committee suggested reviewing this item later in the year to determine the necessity of this expenditure in future years.
C. Mastercard and Chase detail for January through February, 2024. There were no questions.
D. Bank Reconciliations - January through February, 2024 There were no questions.
Education / A Powerful force for change
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