University System of Georgia Fiscal Year End 2013 Workshop
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Transcript of University System of Georgia Fiscal Year End 2013 Workshop
Donna Barrett, Director, Institutional FinanceSouthern Association of Colleges and
Schools/Commission on Colleges
University System of GeorgiaFiscal Year End 2013 Workshop
Why SACSCOC?
Southern Association of Colleges and Schools, Commission on Colleges
Established 1895Private, nonprofit, voluntary organizationOver 800 membersRegional Accreditorwww.sacscoc.org
SACS is a regional accreditor
Purposes
Improve Quality
Assure public standards are met
Serve as “gate-keeper” for federal financial aid
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
Ways to hit the COC radar screen
DOE issues – federally requiredFinancial IndicatorsSubstantive ChangeComplaintsNews / Public NotificationReaffirmation
Current Issues
Accreditation Activities TimelineAudit Format and Operational OutcomesFifth-Year Report
Accreditation Timelines
Know your timelineConfirm it with your Accreditation LiaisonShare the joy with:
Your auditorYour staffYour CEO (particularly if you anticipate
noncompliance)Your Board of Trustees
Core Requirement 2.11.1
Requires an audit and management letter for most recent year
Requires a budget approved by the BoardRequires narrative “making a case”
ARE THESE THREE CONSISTENT?
A Sample Public Institution
Trend asset classesExamine Available ResourcesOperational OutcomesOperational Cash FlowsEnrollment
USE AUDIT to produce narrative
Fifth-Year Interim Report
Requires full response
Areas related to finance:CS 3.11.3 Physical facilities appropriately serve
programs, services and mission-related activitiesNow include technological infrastructure
Can result in financial monitoring…
Fifth-Year Interim Report
(Continued)
FR 4.7 Compliance with Title IVCS 3.10.2 Audits financial aid
Noncompliance can result in financial monitoring…
Why be a financial evaluator?
Helps your own institutionBroadens your horizons Professional contactsBuilds your resumeService to higher education communityForm:
http://www.sacscoc.org/evalinfoform.asp