The Board of Governors at Missouri Western State University accepted a clean (unqualified) opinion of the university’s financial statements from audit firm Rubin Brown LLP.
There were three findings in the audit: one related to the accounting of a gift from Missouri Western’s food service provider, Aramark; and two related to financial aid.
“We received a gift of $1.8 million from Aramark last fiscal year, and because it was received in one lump sum we booked the entire amount as revenue in that year,” said Dr. Cale Fessler, vice president for financial planning and administration. “But in accordance with the contract, we should have amortized it over time. We have made that correction, which required a restatement of last year’s financial statements. We have also implemented additional oversight procedures on contract review and accounting for funds provided via contract negotiation.”
The financial aid findings related to actions required when students leave the university. The audit found that Missouri Western didn’t conduct required exit counseling for four students within 30 days of their separation from the university, and didn’t report the separation of four students to the National Student Loan Database within the required 60 days. Dr. Fessler said the university is addressing these findings with additional employee training, checks and balances, and a change in the way separations from the university are monitored.
Also on Thursday, the Board of Governors accepted a list of legacy naming opportunities, establishing minimum gifts to name schools and colleges, buildings, rooms, programs, endowed faculty chairs and scholarships. Gift amounts range from $5,000 to name a piano rehearsal room to $15 million to name a new building for the Craig School of Business.
“Our naming opportunities are based on many factors, including the cost of construction or renovation, square footage, usage, public prominence, and the value to the donor,” said Jerry Pickman, vice president for university advancement and executive director of the Missouri Western State University Foundation. “Under special circumstances, we may recommend a different value for naming rights, but what we’ve outlined is generally in line with industry standards.”
All naming opportunities must be approved by the Board of Governors.
Missouri Western State University is a comprehensive regional university providing a blend of traditional liberal arts and professional degree programs. The university offers student-centered, high quality instruction that focuses on experience-based learning, community service, and state-of-the-art technology. Missouri Western is located in St. Joseph, Mo., and is committed to the educational, economic, cultural and social development of the region it serves. Visit www.missouriwestern.edu.
—end—