Criterion 2.A Integrity, Ethical and Responsible

Transcript:Criterion 2.A Integrity, Ethical and Responsible:
Criterion 2.A Integrity, Ethical and Responsible Conduct HLC Site Visit Information Division of Academic Affairs Criterion 2.A Comprehensive review and update of financial policies and procedures Filled crucial positions within the Division of Business & Finance Affairs Chief Financial Officer Compliance Officer Comptroller Senior Accountant Resolutions Issue #1 Late Financial Audit Submission for FY 2021 1 Successful submissions of 2021, 2022 and EARLY submission of 2023 audit Timeline established for FY23 and FY24 Board of Regents Finance Committee 2 4 3 5 Fiscal Project Manager Accounts Payable Clerk(s) Financial Aid Counselor Grant Accountant Audit Kick-Off Completion of Financial Audit Audit Submission Completion of the Single Audit Board of Trustees Approval Issue #2 Net Assets Significantly Higher than Financial Audit Criterion 2.A On January 8, 2021, the University was notified that Series 2006-1 and 2010-3 Bonds of the forgiveness of $ 30,569,062. This forgiveness reduced our long-term debt of $ 29.1 million to $ 0 , and our net assets increased by $ 31 million. Resolution 1 Resolutions 2 3 HSSU retained the Harrison-Lee Consulting Group to review audits and determine policy gaps The University has undertaken a comprehensive review and update of financial policies and procedures, aligning them with industry standards and regulatory requirements Criterion 2.A Issue #3 Single Audit for FY 2021 Identified 23 Findings of Non-Compliance Decrease in Findings Filled crucial positions within the Division of Business & Finance Affairs Decrease in Single Audit Findings These are being addressed by auditing policy and improvements in internal controls with the update of the University's Financial Policy Manual 23 14 6 4 2021 2022 2023 Issue #4 Improvements in the Finance Office and Separation of Duties Criterion 2.A Resolutions 2 1 Effectively Filled Essential Positions Established a Finance and Audit Committee chaired by members of the Board of Regents. This committee oversees, reviews, and provides guidance on financial decisions and compliance matters. Chief Financial Officer Compliance Officer Comptroller Senior Accountant Fiscal Project Manager Accounts Payable Clerk(s) Financial Aid Counselor Grant Accountant 3 Employing Jenzabar One (J1) to modernize and automate the financial administration and financial aid functions while reducing the use of many manual and error-intensive processes. QUESTIONS? Next Steps Prepare for University Wide Meetings Session 1: HLC Criterion 4.A - February 2nd - 10:00am Session 2: HLC Criterion 4.B - February 9th - 10:00am Session 3: HLC Criterion 4.C - February 16th - 10:00am Session 4: HLC Criterion 5.B