Over the past century, Rice University has been able to uphold its founding president’s vision of providing superior education to students at tuition levels. This has been possible due to the university’s dedicated members of the Board of Trustees who execute various responsibilities such as managing academic affairs, auditing and financing, looking after the infrastructure of the building, organizational development, and alumni relations, increasing access to information technology, and improving public affairs. The legal authority for governance of the university rests with the Board of Trustees who have played a significant role in supporting the president and the faculty in academic matters
The Rice board of trustees includes key individuals involved with the management of an organization. Other individuals are appointed based on their expertise and experience in the areas related to the management of the organization. The board has a mix of internal and external trustees. To serve as a member of the board of trustees is an honorable responsibility, yet is it demanding and challenging. They have demonstrated a long-term commitment to Rice University and have played an instrumental part in shaping the future of the students. Trustworthy board members enthusiastically support the university by providing their insights to bring revolutionary changes in higher education, allowing the university to excel in growth in different fields. Much of the work of the board is done through standing committees of academic affairs, audit, organizational development, information technology, and public affairs. Moreover, the member trustees should avoid conflicts of interest, deal with managerial affairs, and makes decisions to protect the stakeholders’ best interests. Such decisions include academic excellence, development, buildings and grounds, and personnel management. While executing day-to-day management of the organization, the volunteers, and the board of trustees focuses on larger and broader decisions that affect the organization. Such issues include the organization’s overall mission and direction and fulfilling other strategic planning matters.
Jeffery Rose Services As a Trustee for Rice University
Mr. Rose served a four-year term as a Member of the Board of Trustees and served as Chairman of the Audit Committee. As a trustee, Mr. Rose followed the regulatory obligations outlined in the bylaws of the university. During his four-year tenure, Mr. Rose rendered valuable services to different committees. The most interesting was the Finance Committee which was responsible for the $4 billion endowments now $6.2 billion. Mr. Rose served on both the finance and audit committee.
Mr. Rose: Key responsibilities while serving the Finance Committee
Mr. Rose along with other members of the finance committee had to establish financial control over the day-to-day accounting and financial decisions of the university. The board members create a framework in which management operates and formulate policies to prevent errors and fraud in financial documents. The members certify that the monetary statement should be prepared following accounting principles accepted in the United States of America. They were also responsible to organize the financial report along with its design, and implementation. Furthermore, the members have to ensure the maintenance of financial data and aim to provide transparent and fair consolidated financial statements.
To meet the budget targets, the finance committee was responsible for reviewing financial performance. The committee’s oversight function, examined the budget to ensure that the projected expenses and income are comprehensive and realistic, based on the organization’s prior financial performance. By scrutinizing financial statements regularly, the finance committee was able to verify that the budget is on track, consequently, this helped to maintain financial stability.
Responsibilities of Mr. Rose in Audit Committee
The audit committee was responsible for reviewing all internal and external audit reports and the corrective actions. Preventing the risks of material misstatement of the consolidated financial statements.
Mr. Rose served as Chairman of the Audit Committee. It was an honor and high recognition for his financial career. Being chairman of the audit committee, the committee had the important responsibility to select an independent financial auditor to conduct an annual audit of the organization’s books and records. Mr. Rose and the audit committee reviewed the consolidated financial statements based on their audits. The committee review any issues presented by the bank’s auditors including the assessment of the risks, and any material misstatements of the consolidated financial statements. Identifying and managing risk was the key responsibility of Mr. Rose. Trustees look strategically at the risks and ensure that risk management is approached comprehensively.
The audit committee highlights weaknesses in an organization’s financial systems, help to strengthen policies and procedures and contribute toward maintaining transparency and fairness in auditing procedures. Working in this committee helped Mr. Rose to learn the investment strategies and understand how to develop perpetual growth in the finance sector.
Mr. Rose dedicated his time widely to the community, serving the boards of the Humane Society, Career and Recovery Resources, and Aids Foundation Houston. They are tireless supporters of the Star of Hope and were there to help Pastor Rasmus start the Bread of Life Mission. Jeffery currently serving on the Board of St Luke’s Health Systems, the Rice Audit Committee, and the Athletic Advisory Board and is a past member of Career and Recovery Recourses.
It is all possible because of the teamwork that helped Mr. Rose to meet his financial management role. He builds his credibility in the field of finance and accounting by helping and directing organizations to plan, organize, and control their financial activities and processes of an organization. Hence, Mr. Rose facilitated the business to grow the finance that would bring financial stability and also helps them to manage all their financial activities effectively.
