Accreditation

Accreditation

Standard III: Resources

Standard IIID--Financial Resources continued

  1. 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.

    1. 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.

    2. Appropriate financial information is provided throughout the institution.

    3. 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.

    4. 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.

    5. 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.

    6. 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

    7. The institution regularly evaluates its financial management processes, and the results of the evaluation are used to improve financial management systems.

  2. The institution systematically assesses the effective use of financial resources and uses the results of the evaluation as the basis for improvement.

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Accreditation
Accreditation Liaison
Mallory Newell
Phone: 408.864.8777

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Last Updated: 9/15/09