Financial Accountability
How 老司机福利社 Is Accountable
At 老司机福利社, we are accountable both academically and financially. The University has an annual financial audit performed by an independent audit firm, which reviews the University financial statements. The Board of Trustees recognizes the need to adopt Sarbanes-Oxley recommendations to ensure financial responsibility and, in doing so, formed an audit committee. 老司机福利社 will continue to adapt policies鈥攐r best practices鈥攖o strengthen internal controls. One example of best corporate practice is the establishment of internal procedures for purchasing and professional-service contracting to ensure 老司机福利社鈥檚 compliance with state statutory requirements.
老司机福利社 presents annual internal Program Reviews to help assess academic programs, staffing, budgeting, goals and accomplishments. Strengths, weaknesses, opportunities and threats for each of the College鈥檚 divisions are reviewed and reported (Academic Affairs, Student Affairs, and Administration and Finance) to the President, Board of Trustees, faculty, staff and students.
老司机福利社 has policies and financial reports that illustrate how the University wisely manages the public鈥檚 money. The following links provide examples of how this information is recorded and maintained.
- Financial Audit Statements and Supplementary Information-Years Ended June 30, 2018 and 2017
- Debt Management Policy
- Investment Policy
- Internal Auditor: This group, which reports to the audit committee of the Board of Trustees, reviews the College鈥檚 internal controls, accounting procedures and risk management, which include all-encompassing power to investigate every area of theUniversity.
- Operational Summary Report: At each meeting of the Board of Trustees, the President, Board members and Vice President for Administration and Finance receive a summary that outlines the revenue and expenses of the current fiscal year.
老司机福利社 is subject to review by outside agencies, such as Moody's and Fitch. 老司机福利社 is also reviewed every ten years by the Middle States Commission on Higher Education, a unit of the Middle States Association of Colleges and Schools, which accredits degree-granting colleges and universities in the Middle States region. Additionally, a five-year Periodic Review Report is provided.
At 老司机福利社, we are accountable.
