Page 24 - 2025 April Report

Audit & Risk Committee minutes (draft)
22
Members Present:
Members Absent: Others Present:
Hugh chaired the meeting.
Minutes of Audit & Risk Committee Meeting Monday, March 17, 2025 @ 2:00 p.m. EST
Hugh Brown (Chairman), Bea Awoniyi, Sherry Salway Black, Bill Corwin (via Zoom), Sanford Howard and
Bobby Krause (non-voting)
David Blaikie
Dick Krause, Tommy Pence and Sharon Wood
1. Approval of Minutes of January 23, 2025 Meeting
The minutes of the Committee’s January 23, 2025 meeting were approved subject to changing
the spelling of the Chairman’s title.
2. BusinessArisingfromtheMinutes
Hugh inquired whether the employee health insurance reimbursement matter, as part of our risk assessment project, had been resolved. Tommy indicated the matter had been resolved and only impacted one employee for 2025. The employee’s compensation had been increased, on a grossed-up basis as explained by Tommy, to properly reflect these payments as taxable compensation. All other employees are covered under the Foundation’s health insurance policy.
Now that Northwest Indian College (NWIC) has obtained their retroactive reinstatement as a tax-exempt organization, the question was asked whether we were expecting to fund them for 2024 and 2025. Sharon indicated NWIC had provided the required documentation for our $200,000 match for 2024 and that the $200,000 for 2025 would likely be in October 2025. Bobby indicated he was planning a site visit to NWIC before any funding would occur.
3. FinancialReports
A. Investment Activities
Hugh noted the two investment redemptions during the quarter, which were done to help rebuild our cash/fixed income target allocation. According to our Investment Policy Statement, this percentage should be no less than 10%. The adjustments made increased our cash/fixed income allocation to approximately 10.7% in January 2025. The Investment Committee will continue to watch this allocation carefully.
B. Truist Bank Account Transactions
Buzz inquired about a few transactions. First, he inquired whether the payments to Diligent Boards and Scholarship America were annual fees. Tommy confirmed they were. Secondly, he inquired about the PalmTech Security Alignment. Tommy indicated this expenditure typically occurs every two years.
C. Truist Bank Statements
Buzz indicated he had reviewed the detailed transactions with the bank statements and all samples tied out. He also indicated he appreciated the additional column provided on the transaction report, which helped him tie out the transactions a little easier.
D. Mastercard & Visa Statements & Summaries
Tommy indicated we were no longer using the Chase credit card, as it was only a back-
up to Capital One. We now have a $75,000 credit limit on our Capital One credit card. Tommy also indicated we are working on removing Dick’s name from the credit cards.