May 17, 2006
UUA Governance & Management, UUA Committees

MEMBERS PRESENT: Brody, Merck, Saunders, Smith, - Reece (via conference call)

MEMBERS ABSENT: None

ALSO PRESENT: Charbonneau, Atwan, Rutherford, Einhorn, Crowell, Gladyszak

MINUTES

Actions Taken:

VOTED: Approve the minutes of the January 6, 2006 meeting.

RESTATEMENT UPDATE

Issues Discussed:

1) Deloitte bill for restatement related services ($12,000) paid.

2) Tardiness and communications issues with KPMG

3) Tightening up the time it takes to close the fiscal year.

Actions Taken:

VOTED: Go to Executive Session

KPMG BRIEFING

Issues Discussed:

1) The level of detail paid to Beacon Press’s portion of the audit.

2) KPMG’s opinion that better management of donor restrictions is needed. The administration’s point of view is that the management is sufficient but documentation and coordination need fine tuning.

3) There is a need for a fixed asset tracking system.

4) Need for BP and the UUA Current Section to synchronize controls.

5) Endowment reporting needs to be tightened. We are, in effect, acting as a mutual fund manager, our reporting should reflect that

Outstanding Items:

1) FY2006 audit to commence. Draft financials will be sent the week of 10/6/06.

2) Merck will present the finding to the October BOT meeting.

3) Additional audit work regarding the Self-funded Health Plan will be needed at some point.

CLOSING

Issues Discussed:

1) Montgomery briefed the group on the upcoming final interviews for the treasurer’s position.