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University System of Georgia Fiscal Year End 2013 Workshop

University System of Georgia Fiscal Year End 2013 Workshop. Donna Barrett, Director, Institutional Finance Southern Association of Colleges and Schools/Commission on Colleges. Topics for the day:. Overview Ways to Hit the Radar Screen Current Issues Opportunities for Growth. The Deal.

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University System of Georgia Fiscal Year End 2013 Workshop

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  1. University System of GeorgiaFiscal Year End 2013 Workshop Donna Barrett, Director, Institutional Finance Southern Association of Colleges and Schools/Commission on Colleges

  2. Topics for the day: • Overview • Ways to Hit the Radar Screen • Current Issues • Opportunities for Growth

  3. The Deal The Disclaimer I won’t be your evaluator I am not your staff person The “Deal”

  4. Why SACSCOC? • Southern Association of Colleges and Schools, Commission on Colleges • Established 1895 • Private, nonprofit, voluntary organization • Over 800 members • Regional Accreditor • www.sacscoc.org

  5. SACS is a regional accreditor • Purposes • Improve Quality • Assure public standards are met • Serve as “gate-keeper” for federal financial aid

  6. Six Regional Accrediting Associations

  7. How does regional accreditation affect me? • Member institutions are reaffirmed every ten years • Member institutions submit interim reports at the five-year point between reaffirmations – federally required

  8. Ways to hit the COC radar screen • DOE issues – federally required • Financial Indicators • Substantive Change • Complaints • News / Public Notification • Reaffirmation

  9. Current Issues • Accreditation Activities Timeline • Audit Format and Operational Outcomes • Fifth-Year Report

  10. Accreditation Timelines • Know your timeline • Confirm it with your Accreditation Liaison • Share the joy with: • Your auditor • Your staff • Your CEO (particularly if you anticipate noncompliance) • Your Board of Trustees

  11. Disclosure Change • Possible implications

  12. Core Requirement 2.11.1 • Requires an audit and management letter for most recent year • Requires a budget approved by the Board • Requires narrative “making a case” • ARE THESE THREE CONSISTENT?

  13. A Sample Public Institution • Trend asset classes • Examine Available Resources • Operational Outcomes • Operational Cash Flows • Enrollment • USE AUDIT to produce narrative

  14. TWO ISSUES • Is the institution living within its means? • Are these behaviors sustainable?

  15. Fifth-Year Interim Report • Requires full response • Areas related to finance: • CS 3.11.3 Physical facilities appropriately serve programs, services and mission-related activities • Now include technological infrastructure Can result in financial monitoring…

  16. Fifth-Year Interim Report • (Continued) • FR 4.7 Compliance with Title IV • CS 3.10.2 Audits financial aid • Noncompliance can result in financial monitoring…

  17. MYTH versus FACT There is a magic number…

  18. Why be a financial evaluator? • Helps your own institution • Broadens your horizons • Professional contacts • Builds your resume • Service to higher education community • Form: http://www.sacscoc.org/evalinfoform.asp

  19. The End. • Thank you so much. dbarrett@sacscoc.org

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