Agenda Item No. ___________

Washburn University Board of Regents

 

SUBJECT: 1997-98 Audit Reports Ė Berberich, Trahan & Co., P.A.

 

DESCRIPTION:

 

Article III, paragraph 1.d of the Bylaws of the Board of Regents states: "The Board shall arrange and supervise the annual audit of the books and securities of the University by a firm of certified public accountants. A copy of the annual audit report shall be made available to each member of the Board, the President, the Treasurer and filed by the Secretary with the official minutes of the Board."

 

At the November 14, 1997 meeting, the Board appointed the public accounting firm, Berberich, Trahan & Co., P.A. to conduct the 1997-98 audits under the same agreement as used in past years. In accordance with this action of the Board and in compliance with the Bylaws of the Board, Berberich, Trahan & Co., P.A. has completed the annual audits and issued a "clean" opinion. The complete auditorís report can be found on page 1 of the audit reports. Attached are copies of:

 

    1. Financial Statements with Supplementary Information for the year ended June 30, 1998;
    2. Financial Statements with Federal Reporting for the year ended June 30, 1998;
    3. Auditorís Management Letter; and
    4. Letter of projected 1998-99 Fees.

 

Representatives of Berberich, Trahan & Co., P.A. will present the audit reports to the Board.

 

Berberich, Trahan, & Co., P.A. has proposed to perform the 1998-99 audits under the same agreement used in past years. The proposed fee will increase by 1% - 2% over the $32,500 fee for the 1997-98 audits.

 

FINANCIAL IMPLICATIONS:

 

N/A

 

RECOMMENDATION:

 

President Farley recommends that the Board accept the 1997-98 audit reports and appoint Berberich, Trahan & Co., P.A. to perform the 1998-99 audits.

 

_________________ _______________________________________

(date) Jerry B. Farley, President

 

 

 


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