The U of L Board of Trustees Audit Committee met Thurs. Oct. 2 to discuss the recommendations made by Strothman and Co. at the July 2 meeting along with the Fiscal Year 2014 Audit Results. Associate VP for Finance and Budget Affairs Susan Howarth, along with Darrell Griffith, newly appointed associate vice president for health affairs, presented the recommendations and the timeline for their implementation.
Recommendations include improving financial oversight of the university, standardizing university policies and financial process and closely monitoring non-university bank accounts. Under each recommendation at least two points existed that are to be implemented in order to have the recommendations completed by specific dates.
“Half of the recommendations are scheduled to be completed by July 2015 and the remaining by December 2015.” said Howarth.
In other news, U of L revenues have increased 8% and expenses only increased 2% in comparison to the prior year. An increase of 2% shows that the university is responsible and can control their expenses.