If this was the first board meeting after completion of the audit and
management letter, the following entries in the minutes might be
Review of Audit and Management Letter: The audit committee reported on
the committee’s review of the audit and the management letter. The committee
met with the auditors on [Date]. A portion of this meeting was held in the
absence of staff.
The committee believes staff has appropriately followed through on all of the
auditor’s prior year management letter recommendations. Further, the committee
instituted adequate procedures to follow-up with staff on the current year’s
management letter recommendations.
Executive Director Review: The executive committee reported that it had completed the
annual review of the executive director. A summary of the review was distributed to the
board. This summary was filed with the permanent board documents, but it was not made
a part of the minutes of this board meeting. The board received this report as information.
Executive Compensation: The executive committee reported on its annual review of
the executive director’s compensation. A detailed analysis of current pay, proposed pay,
and the propriety of the proposed pay based on comparative compensation studies was
distributed to the board, but it was not made a part of the minutes of this board meeting.
2005-41. ACTION: The motion was made and seconded to approve the
adjustments in the gross pay and fringe benefits of the executive director as
recommended by the executive committee. Motion carried.
Housing Allowances: The executive committee reported that staff members [Names]
are ordained, licensed, and commissioned minist ers, whose substantive involvement in
preaching and leading Bible studies, has been very carefully documented as a part of
their employment with the ministry.
2005-42. ACTION: The motion was made and seconded to approve a housing
allowance of $[Amount] for [Name] and $[Amount] for [Name] for
[Year] under Section 107 of the Internal Revenue Code. Each of these
ministers is responsible for paying their own self-employment social security
tax. Motion carried.