LEHIGH CARBON COMMUNITY COLLEGE
BOARD OF TRUSTEES
FINANCE AND INSURANCE COMMITTEE
Minutes
March 17, 2014
Committee Present:
J. Alban, P. Fisher, M. Green, W. Miracle, K. Mohr, A. Thompson,
M. Torbert, Chair
Management Present: A. Bieber, B. Kahler
RESOLUTION: Appointment of Auditor
The Committee reviewed, discussed, and approved the proposal by ParenteBeard LLC to
perform the 2013-2014 Audit in the amount of Sixty Thousand, Two Hundred Dollars
($60,200.00) and recommended Resolution be forwarded for approval to the Board.
RESOLUTION: Authorization for Electronic Signature on PDE Grants
The Committee reviewed and approved the Authorization for Electronic Signatures on PDE
Grants be forwarded for approval to the Board.
CASH FLOW STATEMENT
The Committee discussed the revised Cash Flow Statement and the pending receipt of the
Administration Building bond fund reimbursement.
BUDGET PROGRESS REPORT
The Committee discussed the Budget Progress report. The report was modified to note line items
of significance that required further explanation.
BAD DEBT DISCUSSION
The bad debt resulting from Tuition and Fees assessed was discussed. The college bad debt
write-off is approximately 2.7% of revenue. Research by the external Auditors concluded the
average amount for colleges similar to ours is 3 to 4%. The main reason for bad debt is unofficial
withdrawals from classes. This is a situation where a student withdraws from class prior to
completion and is the most difficult receivable to collect. Amounts that are uncollectible are
turned over to a collection agency after approximately 90 days. The Committee requested the
Finance Office continue to closely monitor the bad debt and continue to provide updates in the
future.
QUARTERLY EAST REPORT
The projects were reviewed by the Committee. Questions arose with regard to the outcomes of
the projects. The discussion centered on dollar cost saving projects versus the enhanced
educational experience. A copy of the report is attached.
OLD BUSINESS
(A) SPONSOR DISTRICT BUDGET APPROVALS
To date, the 2014-2015 Budget has received approval by nine sponsoring School
Districts.
(B) INVESTMENT POLICY
The Committee reviewed the revised draft policy. The revisions as submitted were
approved. The Committee recommended the document be finalized and submitted as a
Resolution for full Board approval in April.
NEW BUSINESS
The Committee reviewed the current status of deferred maintenance projects. The infrastructure
of the College was reported to be in sound condition. The Committee recommended the project
listed for a new roof on the Rothrock Library at the estimated cost of $475,000 be submitted as a
Resolution for full Board approval in April. The current Capital funding process is underway and
this project will be submitted as a priority.
Recorded by,
Brian L. Kahler
Interim Vice President
for Finance and Facilities
BK:acc
Attachments