Boston Public Library
Trustees' Finance and Audit Committee

Board of Trustees
September 28, 2012



Agenda for Trustees Finance and Audit Committee Meeting
September 28, 2012 Johnson Trustees Room 8 am to 9 am
Johnson Trustees Room, Central Library at Copley Square

Chairman Evelyn Arana-Ortiz

  • Welcome/Introductions
    Chairman Evelyn Arana-Ortiz
     
  • Review and Approval of Minutes from June 21, 2012
    Chairman Evelyn Arana-Ortiz
     
  • Review and Approval of Draft FY2012 Audited Financial Statements
    Sullivan Rogers and Company, LLC
     
  • Review and Approval of Contract: Marketing Study for Conference and Commercial Space
    in the Johnson Building of the Boston Public Library

    Sean P. Nelson, Chief Financial Officer
     
  • Approve Schedule for Upcoming Meetings
    Chairman Evelyn Arana-Ortiz
     
  • Other Business
    Chairman Evelyn Arana-Ortiz
     
  • Adjournment
    Chairman Evelyn Arana-Ortiz
     


Minutes for Trustees Finance and Audit Committee Meeting
September 28, 2012 Johnson Trustees Room 8 am to 9 am

Johnson Trustees Room, Central Library at Copley Square
Chairman Evelyn Arana-Ortiz

 

A meeting of the Trustees Finance and Audit Committee was held at the Boston Public Library, Trustees Room, Johnson Building, 700 Boylston Street, Boston, MA 02116 on Friday, September 28, 2012 at 8:00 a.m.

Present at the meeting were: Chairman Evelyn Arana-Ortiz; Committee members and Trustees Zamawa Arenas and Byron Rushing; President Amy Ryan; Clerk of the Board Nancy Grilk; BPL and City of Boston staff; and, representatives of Sullivan, Rogers & Company, LLC. Absent from the meeting were: Mr. Ray Sullivan and Mr. Anthony Jordan.

Chair Arana-Ortiz presided.

The Chair reviewed the agenda.

The Chair addressed the first item of business pertaining to the Minutes of the Trustees Finance and Audit Committee meeting held on June 21, 2012. On a motion made and duly seconded, the Minutes of the Trustees Finance and Audit Committee (Committee) meeting held on June 21, 2012 were approved and subsequently posted on the Boston Public Library’s web site at www.bpl.org.

The Chair addressed the next agenda item of Review and Approval of the Draft FY2012 Audited Financial Statements and called on Mr. Matthew Hunt, Shareholder with Sullivan, Rogers & Company, LLC to lead the review. Mr. Hunt reported that all information was provided by BPL staff in a timely and organized manner.

Mr. Hunt began the review of the Draft #1 – September 7, 2012 Basic Financial Statements and Required Supplementary Information for the Fiscal Year ended June 30, 2012 (Draft Financial Statements). The auditors gave their “unqualified opinion,” which is the highest possible opinion available, indicating the Draft Financial Statements to be free of any material misstatement. Mr. Hunt reviewed the changes made in the presentation of the current Draft Financial Statements to provide greater clarity.

Mr. Hunt reviewed the updated Draft Financial Statements reporting requirements issued by Governmental Accounting Standards Board (GASB), as they relate to the Boston Public Library. Mr. Hunt explained that GASB standards are set by a professional organization of accountants and not a governmental agency.

Mr. Hunt reviewed the status of the Draft Management Letter. The auditors will prepare the Management Representation Letter for Chair Arana-Ortiz and CFO Nelson’s signatures. As they prepare the amended Draft Financial Statements, the auditors track items for possible inclusion in the Draft Management Letter. Chair Arana-Ortiz emphasized that the Draft Management Letter be set up in order of criticality. The target for final Trustees approval of the Draft Management Letter is the March 2013 meeting.

Discussion followed on Sullivan, Rogers & Company, LLC’s first year audit process. The Committee expressed their appreciation for the level of detail included in the draft report and at the Committee meeting.

On a motion made and duly seconded, it was:

VOTED: That, the Trustees Finance and Audit Committee approve the DRAFT #1 – September 7, 2012 The Trustees of the Public Library of the City of Boston (A Component Unit of the City of Boston) Independent Auditors’ Report on Basic Financial Statements and Required Supplementary Information for the Fiscal Year ended June 30, 2012

The auditors will finalize the Draft Financial Statement; no further Committee review is necessary.

Next on the agenda is the review of the Request for Proposal (RFP) responses and award of the contract for the Marketing Study for Conference and Commercial Space in the Johnson Building. CFO Sean Nelson reported on the evaluation team’s review process of the RFPs. The evaluation team recommends Byrne McKinney & Associates, Inc. and ranked them as the most advantageous respondent. Discussion followed.

On a motion made and duly seconded, it was:

VOTED: That, the Trustees Finance and Audit Committee approve Byrne McKinney & Associates, Inc., 607 Boylston Street, Boston, MA 02116 as the most responsible and responsive bidder in the public bidding, advertised under G.L. C. 30B, a contract for a marketing Study for Conference and Commercial Space in the Johnson Building of the historic Boston Public Library beginning October 1, 2012 through March 31, 2013, at a total cost not to exceed fifty thousand dollars and no cents ($50,000.00).

The Committee set November 1st at 8 a.m. as their next meeting date.

There being no further business, the Committee adjourned at 8:55 am.

Respectfully submitted,

Nancy Grilk
Clerk to the Trustees