Audit and Risk Management

Committee Members

• Lauren Glant, Chair
• Winston Zee, Vice Chair
• Michel Glouchevitch
• Leslie Jewitt
• Jaky Joseph
• Paul Kuenstner
• Nicole O'Dell Odim
• Cathy Polinsky
• Dorothy Robinson
• Tom Spock
• Bryan Wolf

Committee Charge

The Audit and Risk Management Committee shall be dedicated to understanding and analyzing accounting and finance issues, principles, and practices relevant to the College's financial affairs.  At any time, the Committee may request to meet with the Board or any of its members as it deems appropriate.  The Chair of the Committee shall be empowered to call for and receive reports from any Officer or employee of the College.

The responsibilities of the Audit and Risk Management Committee shall be:

(i) Arranging for an annual audit by independent accountants of all the College's accounts, reviewing the College's annual audited financial statements, and recommending acceptance of these statements to the Board and, upon completion of the audit, reviewing separately (without management present) with the external auditors any significant issues encountered during the audit, including any restrictions to the scope of work or access to required information;

(ii) Arranging for an annual audit by independent accountants of the College's retirement plans and, upon completion of the audit, reviewing separately (without management present) with the external auditors any significant issues encountered during the audit, including any restrictions to the scope of work or access to required information;

(iii) Arranging for the annual filing of and approving Internal Revenue Service Form 990 and 990-T and providing these submissions to the Board of Managers;

(iv) Approving any non-audit services provided by independent accounting firms, which services should be provided by firms other than that providing the annual audit unless approval is given by the Committee prior to engagement; 

(v) Monitoring the internal controls of the College, including assessing the information system controls and security;

(vi) Reviewing any certifications, reports, or opinions rendered by the external auditors, including an annual management letter, as well as management's response to such letter;

(vii) Reviewing and approving, if appropriate, major changes to the College's accounting, reporting, and internal control practices;

(viii) Monitoring risk management defined broadly at the College including reviewing annually the College's insurance coverage and reviewing risk exposure to ensure adequate coverage of key areas of risk;

(ix) Monitoring Board and employee conflict of interest policies and administering an annual survey of Board members and key administrators;

(x) Establishing procedures for the receipt, retention, and treatment of any complaints regarding accounting, auditing, and internal control issues, including procedures for confidential, anonymous submissions of such complaints by employees; and

(xi) Conducting an annual self-assessment of the Committee's work.