A meeting of the Audit and Enterprise Risk Committee of the Board of Trustees convened at 9:34 a.m. Friday, October 1, 2021, in Room 326 of Stewart Center on the campus of Purdue University in West Lafayette, Indiana. Everyone in the room was wearing a mask amid the ongoing COVID-19 pandemic.

All members of the Committee were present: Vanessa Castagna, chair; JoAnn Brouillette; and Theresa Carter. All other trustees were present: Sonny Beck; Michael Berghoff; Malcolm DeKryger; Mark Gee; Michael Klipsch; Gary Lehman; and Don Thompson.

Officers and administrators in attendance were: Mitch Daniels, president; Jay Akridge, provost and executive vice president for academic affairs and diversity; Chris Ruhl, chief financial officer and treasurer; Jim Almond, senior vice president, assistant treasurer, and assistant secretary; Steve Schultz, general counsel; Trent Klingerman, deputy general counsel; and Janice Indrutz, corporate secretary and senior executive assistant to the Board.

I. APPROVAL OF MINUTES

Upon proper motion duly made and seconded, the Committee voted unanimously to approve the minutes of its last meeting convened on February 5, 2021, and an executive session convened on May 24, 2021.

II. RATIFICATION OF PROPERTY INSURANCE POLICY RENEWAL

Treasurer Ruhl informed the Committee that the university’s property insurance policy was set to renew today, October 1, 2021. He said it was currently a tough market with a significant increase in premiums; Purdue’s rate through the incumbent insurer, FM Global, had increased approximately 11% for a total premium of $3,700,000. In response to a question from Trustee Castagna, General Counsel Schultz explained that the renewal was for one year only. Treasurer Ruhl indicated that the Committee would receive more information regarding property, liability, and cyber coverages at its next meeting as part of the Office of Risk Management’s annual report.

Upon proper motion duly made and seconded, the Audit and Enterprise Risk Committee voted unanimously to recommend full Board ratification of the property insurance policy renewal. A supporting document was filed with the minutes.

III. ADJOURNMENT

By consent, the meeting adjourned at 9:37 a.m.