Southeastern Louisiana University's mission, to provide quality programs and services directed at the educational, economic, and cultural development of southeast Louisiana, is supported by a sound financial base, with demonstrated financial stability and adequate physical resources. The University provides evidence to substantiate financial stability and adequate physical resources by the information and documentation in the responses Comprehensive Standard 3.10.1
and Comprehensive Standard 3.10.7
, respectively. Adequate support regarding financial resources and adequate facilities is further demonstrated by the University's success in obtaining initial accreditations or reaffirmations for a number of our academic programs. The University offers 33 academic programs in which accreditation is required; 100% of these programs have successfully achieved accreditation.
Because the University is included as part of a system-wide audit, Southeastern Louisiana University will provide a Standard Review Report in accordance with Statements on Standards for Accounting and Review Services issued by the AICPA. In addition, an institutional management letter will be issued for the fiscal year ending June 30, 2004. Southeastern's Standard Review Report and Management Letter will be made available to SACS by October 25, 2004. Immediately after this date, electronic documentation of the University's Standard Review Report and University's Management Letter will be available.
Unrestricted Net Assets
The University prepares annual financial statements consistent with the generally accepted accounting principles, as prescribed by the Governmental Accounting Standards Board (GASB). Operating surpluses or deficits for years prior to June 30, 2004 are included in the Statement of Changes and Fund Balance and the Statement of Current Funds, Revenues, Expenditures and Other Changes. The University will prepare a worksheet to provide a Statement of Financial Positions of Unrestricted Net Assets, exclusive of plant assets and plant-related debt. This worksheet represents the change in unrestricted net assets attributable to operations for the most recent fiscal year. This will be submitted to SACS by October 25, 2004 and available to reviewers electronically after this date.
The University prepares an annual budget, which is preceded by sound planning, is subject to sound financial procedures, and is approved by the governing board. Vision 2005, the University's strategic plan, is used to provide appropriate planning in preparation of the University's annual budget. The budgeting process has been in place since 1995.
Each spring the Provost issues the Budget Request Memo. This memo instructs all budget unit heads to prepare their budget requests for the areas of Personnel, Equipment, Maintenance and Other. Accompanying the memo is a timeline for the budget request process. In addition, budget unit heads are instructed to provide rationales for their requests, with the highest priority given to the requests associated with strategic planning priorities or accreditation. Budget requests from each unit are submitted to the immediate supervisor and then to the vice president who prioritizes budget requests for the entire division. Typically budget unit heads meet with their supervisors and/or the vice president to discuss their budget requests. A series of budget request hearings are held in the late spring.
The budget committee consists of the President, the four vice presidents, the Assistant Vice President of Academic Affairs (who is responsible for strategic planning) and the Director of Budgets. The budget committee analyzes what revenue is expected for the upcoming year, and also analyzes the impact of expenditure increases such as civil service pay raises, increases in retirement or insurance premiums and other unfunded mandates. Then, based on the priority list submitted from each vice president, a master priority list for the upcoming academic year is drafted. The budget committee usually finalizes the projected budget after the conclusion of the state legislative session, when the state's operating budget has been finalized. The Director of Budgets then prepares the official University budget and submits it to the University of Louisiana System Board of Supervisors for approval. A brief history of operating fund budgeted revenues and expenditures is available for review, as well as the Board of Supervisors most recent approval of Southeastern's budget (item G.2).