Standard Seven: Finance

Supporting Documentation

Required Documentation

RD 7-01:  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.

  • Not Applicable

RD 7-02:  A debt service schedule for the past three years and a projection for the next five years.

RD 7-03:  An endowment and life income fund report for the past three years showing fund balances and income distributions for each year.

RD 7-04:  The institution should indicate whether financial statements are provided on an accrual basis. Provide supplementary documentation of year-end accruals.

RD 7-05:  A list and description of financial and management reports regularly provided to the governing board.

  • CHE Operating Reports - Documentation supporting the annual budget request (see sample report in Exhibit Room)
  • Annual Audited Financial Statements (see Exhibit RE 7-02)
  • Regent's Reports - Official enrollment reports, submitted each semester (see sample report in Exhibit Room)

Required Exhibits

RE 7-01:  Copies of the financial section of the IPEDS report for the past three years.

RE 7-02:  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.

RE 7-03:  Detailed current operating budget, including budget for off-campus programs, summer sessions, and other special programs.

RE 7-04:  Current operating budgets for auxiliary organizations including foundations, business investments, or satellite corporations under institutional control, with supplemental documentation including annual reports and audits.

RE 7-05:  Default rate for the two most recent years as provided by the U.S. Department of Education.

Required Tables

Other Supporting Materials

OSM 7-01:  Financial Statements

OSM 7-02:  Debt Management Policy

OSM 7-03:  Montana Department of Administration's Management Memo Number 2-02-04

  • Montana Department of Administration's Management Memo Number 2-02-04, Transfers and Capital Contributions (hard copy exhibit)

OSM 7-04:  Statutes and Policies that Govern the University