Standard 7

Finance

Supporting Documentation

Required Documentation:

  1. Completed Table #1, Current Funds Revenues – Public Institutions Only, reporting sources of operating revenue according to IPEDS definitions for the past three fiscal years and estimated operating revenue for the fiscal year during which the institution will be evaluated.
  2. Completed Table  #2, Current   Funds  Expenditures  and  Mandatory  Transfers – Public Institutions  Only, reporting operating expenses according to IPEDS definitions and estimates operating expenses for the fiscal year during which the institution will be evaluated.
  3. Completed Table #3, Summary Report of Revenues and Expenditures Public – and Private Institutions, reporting the operating surplus or deficit for education and general, auxiliary enterprises, and the institution as a whole for the past three fiscal years and for the fiscal year during which the institution will be evaluated.
  4. Completed Table #4, Sources  of  Financial Aid – Public and Private Institutions, showing the sources of financial aid for the past three fiscal years and the evaluation year.
  5. Completed Table #5, Undergraduate Enrollment, Tuition, and Unfunded Financial Aid. This table is to be completed by private institutions only.
  6. Completed Table #6, Revenues – Private Institutions Only
  7. Completed Table #7, Expenditures Private – Institutions Only.
  8. Completed Table #8, Assets, Liabilities and Net Assets – Private Institutions Only.
  9. Completed Table #9, Operating Gifts and Endowments – Public and Private Institutions(if applicable), showing a summary of annual contributions and endowment fund balances.
  10. Completed Table #10, Capital  Investments –  All Institutions, showing your actual and projected Capital Investments.
  11. If a proprietary institution, indicate the amount and percentage of income distributed to stockholders for the past three fiscal years. Estimate the amount for the fiscal year during which the institution will be evaluated.
  12. A debt service schedule for the past three years and a projection for the next five years.
  13. An endowment and life income fund report for the past three years showing fund balances and income distributions for each year.
  14. The institution should indicate whether financial statements are provided on an accrual basis. Provide supplementary documentation of year-end accruals.
  15. A list and description of financial and management reports regularly provided to the governing board.

Required Exhibits:

  1. Copies of the financial section of the IPEDS report for the past three years.
  2. Summary of the latest audited financial statement, a copy of the auditor’s management letter, and have available the latest complete audited financial report. Audits should include those for corporations or foundations under institutional control.
  3. Detailed current operating budget, including budget for off-campus programs, summer sessions, and other special programs.
  4. Current operating budgets for auxiliary organizations including foundations, business investments, or satellite corporations under institutional control, with supplemental documentation including annual reports and audits.
  5. Default rate for the two most recent years as provided by the U.S. Department of Education.