Standard III: Resources
Standard IIID--Financial Resources continued
- To assure the financial integrity of the institution and responsible use
of financial resources, the financial management system has appropriate control
mechanisms and widely disseminates dependable and timely information for sound
financial decision making.
- Financial documents, including the budget and independent audit,
reflect appropriate allocation and use of financial resources to support
student learning programs and services. Institutional responses to external
audit findings are comprehensive, timely, and communicated appropriately.
- Appropriate financial information is provided throughout the
institution.
- The institution has sufficient cash flow and reserves to maintain
stability, strategies for appropriate risk management, and realistic plans
to meet financial emergencies and unforeseen occurrences.
- The institution practices effective oversight of finances,
including management of financial aid, grants, externally funded programs,
contractual relationships, auxiliary organizations or foundations, and
institutional investments and assets.
- All financial resources, including those from auxiliary activities,
fund-raising efforts, and grants are used with integrity in a manner consistent
with the mission and goals of the institution.
- Contractual agreements with external entities are consistent
with the mission and goals of the institution, governed by institutional
policies, and contain appropriate provisions to maintain the integrity
of the institution.5
- The institution regularly evaluates its financial management
processes, and the results of the evaluation are used to improve financial
management systems.
- The institution systematically assesses the effective use of financial resources
and uses the results of the evaluation as the basis for improvement.
Previous: Standard IIID, Financial Resources
Next: Standard IV, Leadership and Governance
