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WVU officers, divisional campus officers, and representatives present were: - page 6 / 9





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Dr. Magrath also stated that issues related to energy are high priority and offer substantive opportunities for future development. In fact, we have an Advanced Energy Initiative (AEI) within the Research Trust of West Virginia University. Dr. Magrath then introduced Dr. Terri Marts, recently named as the new Director of our Advanced Energy Initiative, and asked her to address the Board. Dr. Marts stated that helping our nation with its goals to become energy independent in an environmentally prudent manner is critical, and added that she is pleased to be part of this strategic initiative and to build on the legacy of success at West Virginia University, which has ambitious plans for research and development.

Dr. Curt Peterson, Vice President for Research and Economic Development and President of the WVU Research Corporation, concluded with a statement that Dr. Marts is a seasoned executive with more than 30 years experience in the strategic management of energy, defense and power-utility system projects with federal agencies and private corporations, who possesses vast experience and a network of contacts which are ideally matched to the task of moving AEI forward so that WVU plays a vital role in working to secure the energy independence of America.


Audit Committee: James Dailey, Chair of the Audit Committee, reported that the committee met yesterday afternoon, during which meeting it approved a new committee mission statement, in addition to revisions to the Audit Committee charter. The committee also heard reports from the Chief Financial Officer, General Counsel, and the Director of Internal Audit.

Also present during the Audit Committee meeting were representatives from Deloitte & Touche, the independent auditor, who presented a Report on Applying Agreed-Upon Procedures, conducted to assist West Virginia University in connection with its evaluation of its compliance with the interim reporting requirements of the Audit Committee as of December 31, 2008 and the six-month period then ended, which evaluation resulted in no outstanding, unresolved issues to bring to the attention of the Board. Chairman Dailey executed, on behalf of the Audit Committee of West Virginia University, an engagement letter with Deliotte & Touche, under date of March 13, 2009, for the services detailed in this paragraph.

Chair Dailey announced that Deloitte & Touche was awarded the RFP to do state-wide audits, through the West Virginia Higher Education Policy Commission, for educational institutions, including West Virginia University. During yesterday’s meeting, representatives from Deloitte & Touche presented to Audit Committee members an overview of elements involved in this process.

Executive Committee: Carolyn Long, Chair of the Executive Committee, reported that the committee met yesterday evening, during which it discussed items presented during today’s meeting.

Finance Committee: Ted Mattern, Chair of the Finance Committee, reported that the committee received a report from Vice President for Administration and Finance, Narvel Weese,

April 3, 2009


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