Page 40 - 2022 November Report

November Report 2022
Audit and Risk Committee meeting minutes (draft) (3)
7. Schedule of Upcoming Meetings
Our next meeting will be January 18, 2023 at 8:00 AM EST by Zoom. The March meeting is set for March 20, 2023 as part of our semiannual Board meetings in Boca Raton. Our next meeting will be our September 11, 2023 meeting in Washington state as part of our semiannual Board meetings. Reports will be sent out June 15, 2023 in lieu of a meeting. Finally, November 1, 2023 at 8:00 AM EST will be our special Zoom meeting to review 2022 Draft Audit and Tax Returns.
The meeting concluded at 10:05 a.m. Staff was excused for the Audit Committee’s Private Discussion with Templeton.
Respectfully submitted this 2nd day of November, 2022.
Richard A. Krause Hugh Brown
Chief Financial Officer Committee Chairman
Audit Committee Private Discussion with Templeton Partners After Staff Was Excused – November 1, 2022 (10:05 to 10:25 AM)
The purpose of this meeting was to ascertain Templeton’s view with regard to the adequacy of JSF financial controls and the performance of JSF staff over the last year. Walt Maxwell offered the view that JSF’s financial controls were more than adequate and its staff competent and helpful.
Walt Maxwell is the new Templeton Partner responsible for the JSF audit (replacing John Templeton who handled this assignment for the last 10 years). JSF believes it is good corporate governance to switch senior audit partners periodically in lieu of switching audit firms.
Maxwell reviewed Templeton’s Report to the JSF Audit and Risk Committee which basically gave top marks to JSF’s staff (Dick, Sharon and Buzz) and its investment advisor Prime Buchholz.
With Dick’s pending retirement as CFO, Maxwell, during the public part of the meeting, wished Dick the best noting Dick was a pleasure to work with over the years. Dick seemed to be on top of everything providing information on a timely basis and responding quickly to any requests. He will be missed by Templeton. Templeton indicated they would be willing to help in the transition to Dick’s replacement. For example, help in identifying a suitable replacement. Hugh asked Templeton to be proactive in communicating with the Audit and Risk Committee and/or the CEO if issues do arise.
Templeton indicated significant progress in moving all JSF financial records from Excel spreadsheets over to Quick Books. Buzz thought we were close to 95% done. This should help the new CFO/Senior Accountant get up to speed.
Respectfully submitted, Hugh Brown
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