Page 37 - 2025 February report

Audit & Risk Committee minutes (draft) (4)
E. Standard Monthly Reports
Hugh indicated he appreciated the summary notes Tommy provides each month with
the monthly reports.
Hugh wondered why the travel expenditures were under budget by approximately $125,000. Tommy indicated the travel costs associated with our meeting in Spokane were not as much as anticipated. Further, Bobby indicated we had anticipated additional expenditures because of the inflationary pressures in prior years, which decreased by the time our meeting occurred.
Buzz inquired about our underbudget consulting fees. Tommy explained that the difference was the result of certain anticipated consulting projects not occurring and that the fees anticipated for Rick Williams were less than expected.
5. TempletonEngagementLettersfor2024AuditandTax
Tommy indicated the fees reflected on the engagement letters were up modestly from the prior year. He also stated he believed the fees being charged by Templeton & Company were less than what other firms would charge in our area.
Sherry inquired if there was anything new in their boiler plate language. Tommy indicated the audit engagement letter was substantially the same as the prior year. The tax engagement letter did have some new language related to foreign reporting matters and the new Beneficial Ownership Information (BOI) requirement.
Tommy was authorized to sign both engagement letters by the Committee.
6. UpcomingMeetings
March 17, 2025 – with Board (Orlando, Florida)
June 18, 2025 – Inserted in Diligent Board; no meeting September 8, 2025 – with Board (Anchorage, Alaska) November 3, 2025 – 8:00 AM EST via Zoom
The meeting concluded at 9:25 a.m.
Respectfully submitted this 11th day of February 2025.
Thomas A. Pence, Jr. Hugh Brown Chief Financial Officer Committee Chair
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