Page 30 - November report 2023

AUDIT & RISK COMMITTEE MINUTES (DRAFT) (3)
4. Walt reviewed the Report to The Audit & Risk Committee dated November 1, 2023.
5. The Committee unanimously approved all tax returns as corrected and authorized the CEO to sign the returns and file them with the IRS prior to the extended due date of November 15th and for the CEO and FC to sign the Minnesota Annual Report.
6. The Committee unanimously authorized the CEO and FC to sign the 2022 Representation Letter.
4. Schedule of Upcoming Meetings
Our next meeting will be January 18, 2024 at 8:00 AM EST by Zoom. The March meeting is set for March 18, 2024 as part of our semiannual Board meetings in Gainesville. The fall meeting will be our September 9, 2024 meeting in Washington state as part of our semiannual Board meetings. Reports will be sent out June 15, 2024 in lieu of a meeting. Friday, November 1, 2024 at 8:00 AM EDT will be our special Zoom meeting to review 2024 Draft Audit and Tax Returns.
The meeting concluded at 9:50 a.m. Staff and Financial Consultant were excused for the Audit & Risk Committee’s Private Discussion with Templeton.
Respectfully submitted this 6th day of November, 2023.
Richard A. Krause Hugh Brown Financial Consultant Committee Chair
Audit and Risk Committee Private Discussion with Templeton Partners After Staff and Financial Consultant Were Excused - November 1, 2023 (9:50 - 10:00 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 again offered the view that JSF’s financial controls were more than adequate and its staff competent and helpful.
The bulk of the discussion related to the hiring of Tommy Pence as JSF’s new Financial Controller as of June 19, 2023 and the retirement of Dick Krause, JSF’s long time CFO, on July 31, 2023. All three Templeton partners indicated the transition was going well. They offered the view Tommy is a big win for JSF. He is sharp, capable, very knowledgeable-especially on tax matters - and proactive. He works well with Quick Books. The transition from Excel spreadsheets is now largely complete.
Templeton indicated Prime Buchholz, JSF’s financial advisor and US Bank, JSF’s custodian are very helpful. With regards to Bill and the disruption created by the failure of Silicon Valley Bank in the spring of 2023, JSF handled the situation appropriately and was not impacted.
In their report to the Audit and Risk Committee with regard to the 2022 financial statements Templeton indicated there were no outstanding issues with JSF. They independently confirmed valuation for 86% of JSF’s investments with the remaining 14% verified by Prime Buchholz and US Bank. With regard to grantees, Templeton indicated all grantees contacted (accounting for about 80% of total grants) confirmed receipt of stated amounts.
Hugh Brown
Page 28 November Report