Audit Committee Charter

AUDIT, FINANCE AND INVESTMENT COMMITTEE CHARTER

The Audit, Finance and Investment Committee provides oversight for the Board of the financial, audit and investment policies and practices of the University.  The Committee also provides an open avenue of communication between independent auditors, the President, the Chief Financial Officer and the Board.  The responsibilities of the Audit, Finance and Investment Committee include but are not limited to making recommendations to the full Board of Trustees regarding:

  1. The University’s financing plans, financial condition, borrowing and investment policies, annual operating budgets, capital investment criteria and financial reporting practices.
  2. The quality and integrity of the University’s accounting, auditing, external financial reporting and compliance practices.
  3. The integrity of the University’s financial statements.
  4. The performance of outside auditors and the internal audit function, and preparation of an annual audit report for submission to the Board.
  5. Ensuring the investigation and evaluation of allegations of misconduct or conflict of interest.
  6. Ensuring the University’s compliance with all relevant legal and regulatory requirements. 
  7. Pursuant to the State College Contracts Law, N.J.S.A. 18A:64-52 and any other applicable laws, the authorization of contracts and agreements for the purchase of buildings, equipment, materials, supplies and services.

The Chair of the Audit, Finance and Investment Committee shall have accounting or related financial management expertise, and the Board shall make efforts to ensure that a majority of the members of the Committee have such expertise.  The Committee shall keep minutes of all of its meetings.