MINUTES OF A SPECIAL MEETING OF THE BOARD OF VISITORS
OF VIRGINIA COMMONWEALTH UNIVERSITY
March 14, 1979
A special meeting of the Board of Visitors was held on Wednesday, March 14,
1979, at 6:00 p.m. in the President's Dining Room and the 910 West Franklin Street
Conference Room.
Present were Drs. Blanton, Gayle, Johnson and Nemuth; Messrs. Grey, Norris,
and Shumate; and Mesdames Fewell, Satterfield, Stone and Thalhimer. Absent were
Messrs. Bliley, Dabney, Scott and Seaborn. Also present were Drs. Ackell, Beller,
Brooke, Hall, and Woods; Messrs. Bruegman, Guerdon and Ross; Miss Cosby and Mrs.
Price. Representatives from Peat, Marwick, Mitchell & Company included Messrs. Turk,
Putney and Robinson. Also present from the VCU Controller's office were Messrs.
Mazur and Taylor.
Following dinner, Mr. Guerdon presented a brief overview of the accomplishments
of the financial accounting system since the last report to the Board in March, 1978.
Mr. Guerdon reported that there are a number of indicators of the administration's
responsiveness to Board needs. Some of these include:
Annual Financial Statements
Continued Development of Financial Reporting
Briefings on Federal and State Compliance Requirements
Response and Follow-up to All Audit Reports and Management Letters
Periodic indicators expected from independent third parties would include:
Auditor's Opinion on Annual Financial Statements
Auditor's "Management Letter" Evaluating Our Systems of Internal
Accounting Control
Reports from the University's Internal Audit Staff
Audit Reports on State- and Federally-Sponsored Programs
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Mr. Edward J. Mazur, Controller, presented a report dealing with the status
of major finance division functions and projects as of March, 1979. He also discussed the reorganization of the Controller/Treasurer's offices. This item is
nearing the end of the review process at the State level. However, it has taken
one year to accomplish this.
Mr. Fred Turk reviewed operational indicators with the Board. He also re-
viewed proposed reports to the Board. These included:
Summary State of Operations/Bi-Monthly
Balance Sheet/Bi-Monthly
Statement of Changes in Fund Balance/Bi-Monthly
Annual Audited Financial Statements/Annual
Notes to the Financial Statements/Annual
Narrative Description of University Status and Operations/Bi-Monthly
Selected Key Indicators of University Status and Operations/Bi-Monthly
Mr. Dan Robinson discussed with the Board their overall relationship with the
University. He indicated that there is a thin line between policy making (Board's
responsibility) and management (administration's responsibility).
The meeting was adjourned at 8:45 p.m.
Approved:
Wyndham B. Blanton, Jr., Re
