Standard 17: G. Financial Operations
Financial stability and integrity are major factors in determining the viability of any institution of higher education. Its financial resources will be adequate to carry out its mission and support its programs and activities for the foreseeable future.
Institutions are to give evidence of financial stability and integrity with enough monetary support to assure the continuity of the essential operations beyond the date when current students would complete their degree programs.
All member institutions obtain a certified external audit of the financial statements annually, in conformity with generally accepted accounting principles (GAAP) and federal guidelines. Auditors will not be inappropriately involved with the institution (e.g., are not members of the governing board, not employees of the institution, not under contract to the institution for services other than the audit, or not involved in the decision-making activity, etc.).
Standards and Evaluative Criteria