November 13, 2006
MEMBERS PRESENT: Brody, Merck, Reece, Saunders, Smith
MEMBERS ABSENT: None
ALSO PRESENT: Charbonneau, Atwan, Rutherford, Einhorn, Crowell, Gladyszak, Montgomery, Brennan (Staff Liaison)
VOTED: Approve the minutes of the May 17, 2006 meeting as written.
2)Net cash position
3)KPMG report of a lack of expected upcoming GAAP adjustments
4)Differences in reporting format between Beacon Press and Skinner House
5)Status of FY05 management letter recommendations
6)Impact of SAS112
VOTED:Go to executive session.
VOTED:Approve the FY06 financial statements subject to any substantive changes.
VOTED:Approve the FY06 management letter subject to any substantive changes.
FUTURE MEETINGS / TOPICS
1)Items to be covered by January 1, 2008:
a)Conflict of interest
b)March 31, 2007 timeline items
c)Audit planning session
d)Business practices review and scope statement
e)Physical status and preservation of UUA properties
2)Meetings to take place 2 times per year—multi-day meetings if needed
3)Next meetings tentatively scheduled for 4/13/07 and 10/5/07
1)Merck and Brody have established a private business agreement. This has been approved by Gini Couter, UUA Moderator, and the Board of Trustees' Administrative Organizational and Personnel Committee (AOPC).
2)Conducting a business practices review
1)Brennan will investigate potential firms to conduct the business practices review by end of 2007 calendar year.