Page 36 - 2025 February report

Audit & Risk Committee minutes (draft) (3)
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B. Truist Bank Account Transactions
Tommy made the Committee aware of a change he made to this report, starting with this meeting. As requested by Buzz in a prior meeting, the far-right column has been added, and now reflects the summary of transactions in Bill.com that will agree with the transactions posted to the Truist bank statement.
Buzz inquired about a few transactions. First, he asked about the payment to Nason, Yeager, Gerson, Harris & Fumero, P.A. for $2,255 on October 18th. Tommy indicated this payment was for legal services associated with Lady’s severance package. Secondly, he asked whether the payments to Cascade Philanthropy Advisors were part of a monthly contract for 2024. Tommy indicated we did have a contract with Lowell for 2024. Bobby indicated we do not have a 2025 contract with Lowell presently, as the scope of work is still being determined. Lastly, he inquired about the payments to Pitney Bowes and whether we had checked out Stamps.com. Tommy indicated he and Sharon would investigate this for the next meeting.
Hugh inquired about the voided payment to Nativity Boston, Inc. on November 15th. Tommy indicated the organization had provided a bad bank account number, so the initial payment submitted by Bill.com was returned. We resubmitted the payment on November 22nd with the correct banking information.
Hugh also inquired about the advanced payment of $250,000 to Palm Beach Atlantic University on December 23rd. Tommy indicated this payment gets made in most years so we can meet our minimum distribution requirement. For 2024, this payment would not have been required had we been able to make a payment to Northwest Indian College (NWIC), as expected. The payment to NWIC could not be made since they lost their tax exemption. NWIC has indicated their tax-exempt status is being reinstated and it should occur in early 2025. We are monitoring the situation.
Hugh inquired whether the Federal tax withholding payments related to Malcolm were part of the risk assessment matter. Tommy responded that these payments had nothing to do with prior years and that they were directly related to payments made to Malcolm during 2024.
C. Truist Bank Statements
Buzz indicated he had reviewed the detailed transactions with the bank statements and
all samples tied out.
D. Mastercard & Visa Statements & Summaries
A question was raised whether the credits reflected on the statements related to Dick Krause. Tommy responded that these credits were related to activity on the card and were made directly by Capital One for the Foundation’s benefit.
The Committee also wondered why Bobby had not signed off on the Chase Visa reports. Sharon indicated she inadvertently put the reports in SharePoint before Bobby signed off. We do have reports signed by Bobby in our files.