WHEREAS, pursuant to S.C. Code Ann. §59–125–1, et. seq., the Board of Trustees of Winthrop University is created and established as a body corporate for the purpose of effectuating the educational mission of Winthrop University; and
WHEREAS, the Board of Trustees is responsible for ensuring the University’s fiscal integrity through oversight of financial resources and assets and, as such, annually examines internal and external reports, including audits, on the financial performance of Winthrop University; and
WHEREAS, as a public institution of higher education in South Carolina, Winthrop is required each year to engage the services of an independent auditor to conduct an annual audit, and because Winthrop expends more than $750,000 in Federal grant award funds, the University also is required to have a Single Audit performed; and
WHEREAS, the Single Audit tests the contents of the financial statement to ensure that it is presented fairly in accordance with general accepted accounting principles and also is intended to provide reasonable assurance that proper internal controls are in place and that the University is generally in compliance with the requirements of Federal programs; and
WHEREAS, the Single Audit for FY2024 determined that the financial statements are presented fairly in all material respects and that no deficiencies in internal controls were identified that would be considered a material weakness.
THEREFORE BE IT RESOLVED, upon the basis of the above and at the request of Winthrop University President Edward A. Serna, the Board of Trustees approves the FY2024 Financial and Single Audit.
NOW, THEREFORE, BE IT RESOLVED that the Acting Secretary to the Board of Trustees shall certify that the Winthrop University Board of Trustees approved this resolution on the 24th Day of October in a regularly scheduled meeting. Such resolution shall be maintained and publicly posted by the Acting Secretary of the Board in a time and manner as required by law.
