Page 25 - 2025 April Report

Audit & Risk Committee minutes (draft) (2)
E. Standard Monthly Reports
Tommy indicated he had received an email from Prime Buchholz in the morning indicating our investments were down month-to-date for March 2025. The email indicated we were still up slightly for the year.
Hugh indicated that US equities were down, but non-US equities were up. He also indicated our flexible hedge funds were doing what they were intended to do.
Tommy indicated the draft budget was likely to be approved by the Board. Currently, we do not expect much of an increase in the legal fees. The overall budget is a little less than what was reflected on our 2024 budget.
Hugh inquired about the Administrative Cost footnote at the bottom of the Statement of Revenue & Expenses. Tommy indicated that our charitable administrative expenses as a percentage of our average assets continued to be less than those grant making foundations surveyed by FFOG (0.85% compared to 1.09%).
4. ConsiderationofAuditFirms
Tommy indicated the Committee had previously approved Templeton & Company for our 2024 audited financial statements and tax returns. Both engagement letters were signed after our January meeting.
The question was asked whether Tommy should pursue another accounting firm for 2025. Tommy’s recommendation was to stay with Templeton & Company, as he believed they were doing a good job at a reasonable price.
The Committee agreed to stay with Templeton & Company for 2025 and not pursue other alternatives.
5. OtherItems
The Committee inquired about the potential impact of governmental changes on our endowments. Bobby indicated there were no direct impacts currently, but that we would be reaching out to our grantee partners over the coming months. Also, we will be watching the potential impact on our Canadian grantees.
6. UpcomingMeetings
a. June 18, 2025 – Inserted in Diligent Boards; no meeting b. September 8, 2025 – with Board (Anchorage, Alaska)
c. November 3, 2025 – 8:00 AM EST via Zoom
d. January 22, 2026 – 8:00 AM EST via Zoom
The meeting concluded at 2:36 pm.
Respectfully submitted this 1st day of April 2025.
Thomas A. Pence, Jr. Hugh Brown Chief Financial Officer Committee Chair
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