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.

• Debt Service Schedule, FY 2007-FY 2009 and Debt Projections, FY 2010-FY 2014 (hard copy exhibit)

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

• Table 9, Operating Gifts and Endowments, UM Foundation (also shown below with other Required Tables)

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

• Year-End Accruals Process

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.

• Financial Section of IPEDS Reports
  • FY 2006
  • FY 2007
  • FY 2008
  • Hard copies in Exhibit Room

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.

• Complete Financial Audit, FY 2008 (hard copy exhibit), including the following:
  • Audited Financial Statement Summary
  • Auditor's Management Letter
• Previous Financial Audit Reports

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

• Current Unrestricted Operating Budget, FY 2010 (hard copy exhibit)

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.

• Auxiliary Budgets contained in Unrestricted Operating Budget (see above, RE 7-03)
• UM Foundation Audit Report, FY 2009 (hard copy exhibit)
• UM Foundation Annual Report, FY 2009 (hard copy in Exhibit Room on UM Publications Table)
• BOR Policy 901.9:  Campus-Affiliated Foundations
• Agreement between the Board of Regents (for UM) and the UM Foundation
  • 2007 Memorandum of Understanding with Attachments A and B
  • 2009 Cost Sharing Amendment

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

• UM Student Loan Default Rates, U.S. Department of Education, FY 2005-FY 2007
• National Student Loan Default Rates, U.S. Department of Education, FY 1987-FY 2007

Required Tables

• Table 1, Current Funds Revenues
• Table  2, Current Funds Expenditures and Mandatory Transfers
• Table 3, Summary Report of Revenues and Expenditures
• Table 4,  Sources  of  Financial Aid
• Table 9, Operating Gifts and Endowments-UM Foundation
• Table 9, Operating Gifts and Endowments-Grizzly Scholarship Association
• Table 10, Capital  Investments
• Hard copies in Exhibit Room

Other Supporting Materials

OSM 7-01:  Financial Statements

• Annual Financial Reports
  • FY 2005
  • FY 2006
  • FY 2007
  • FY 2008
  • FY 2009
  • Hard copies in Exhibit Room

OSM 7-02:  Debt Management Policy

• UM Debt Management Policy (hard copy exhibit)

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

• Montana Code Annotated
• Administrative Rules of Montana
• Board of Regents Policy and Procedures Manual
• UM Policies