Page 18 - 2024 October

AUDIT & RISK COMMITTEE MINUTES (2)
b. Truist Bank Register – June 1, 2024 to August 23, 2024.
Buzz inquired about the charge from Haystack Dryers. Tommy indicated it was an inadvertent charge to the corporate credit card when a credit card machine read the wrong credit card. The expenditure was immediately reimbursed when discovered.
c. Capital One Statements & Summary There were no questions.
d. Chase Statements & Summary
There continue to be charges for Dick’s internet service based on the initial consulting agreement prepared in 2023. Bobby reached out to Malcolm about the prior agreement, and everyone agreed it should be changed so we can be consistent with other consulting agreements. A new agreement was drafted, but the document was not signed as of our meeting.
e. Truist Bank Monthly Statements & Reconciliations
The Capital One charge continues to show the name Richard Krause. Since he set up the credit card, unfortunately it will continue to be reported with the same information on future bank statements. Dick no longer has a credit card with access to this account.
Buzz wanted to know about what made up the $655,381 charge on the June statement. Tommy indicated this payment consisted of a $560,000 grant to the various State University System of Florida schools and a $95,381 grant to the University of New Brunswick.
f. Monthly Reports for July 2024
We are tracking well compared to our 2024 budget. Through July, we have already exceeded our budgeted revenues for the year. Also, our expenditures continue to track under budget. Tommy cautioned, however, that our travel expenses will increase significantly in the last four months of the year due to various year-end meetings.
Also, it was noted that line 19 of the Statement of Revenue & Expenses reflects taxes paid of $245,887. This was the result of a significant realized gain reported by Adage Capital Partners during 2023, which was not known until April 2024. The tax payments were made during May 2024 with our Foundation extensions.
Hugh commented the Investment Committee continues to watch Adage Capital Partners closely, as they have become a sizable portion of our investment portfolio. Over time, we will need to sell some Adage and GQG to meet required grants, etc.
4. Update on Risk Assessment Issues
Most of the risk assessment issues raised in late 2023 have been addressed and resolved. Currently, we are investigating the tax treatment of our reimbursed health insurance premiums with John Chenoweth, our tax professional.
Also, we are evaluating our current banking relationship with Truist Bank. We do not have any specific concerns, but we think it is worth reviewing.
Page 16 October Report