Finance, Audit and Risk Committee

The Finance, Audit and Risk Committee assists the board in fulfilling its responsibility to monitor the financial health of the organization and ensure that its assets are protected, and its resources are used properly. Further, it monitors the financial reporting, the system of internal controls over financial reporting, the external audit process, the internal audit function, the enterprise risk management process, and compliance with applicable laws, regulations, and relevant Foundation policies.

The board has delegated authority to the committee to: review an annual budget prior to the start of the fiscal year; recommend any proposed material changes to the annual budget plan that are identified during the year; review significant variances from budget and understand the reasons for those variances and pursue, without constraint or participation of the staff, matters within its scope of responsibilities; update the spendable income rate for the endowment and formulate a spending rate recommendation to the board for annual budgeting purposes; engage the services of such custodians, trustees, fiscal agents, and other professional personnel as it shall deem necessary in the performance of its duties.

Chair: Jim Cantor
Committee staff: Jeremy Kugel
Vice President, Chief Financial Officer, Treasurer, UMCPF
Assistant Vice President & CFO for University Relations
UMCP Foundation
4603 Calvert Road, College Park, MD 20740
jakugel@umd.edu | 301.405.5865