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Small Institutions Roundtable Discussions - Session 1

May 11, 2009 (3:00 pm)The NACUBO Small Institutions Council hosted a roundtable discussion for chief business officers from similar institutions. Julee K. Sherman, vice president for finance and administration at Central Methodist University in Fayette, MO, facilitated the discussion. The following topics were discussed:

  • New requirements for the Form 5500 - Grant Thornton was mentioned for their knowledge about 403(b) plans. The TIAA-CREF website has resources for those just beginning to examine this issue.
  • IRS Form 990 - at some institutions, the board audit committee is taking responsibility for reviewing the form before the CFO files it. Not having in place a conflict of interest policy, whistleblower policy, etc., could trigger some IRS interest in the campus.
  • Sample records retention policy is available.
  • Emergency preparedness - a flip chart of To Dos for posting around Mount Ida College will be shared in the Administrative Procedures for Small Institutions Manual online (coming soon).
  • Utility savings are being found via newer, efficient boilers, biodiesel fuel, and new power plants. New equipment is more energy efficient, overall. Low flow toilets are saving water.
  • Organization charts - it's common for Student Services to oversee campus security when Finance/Administration does not.
  • Internal audit function can be effectively outsourced if expertise/capacity is not available on staff.
  • Economic stimulus funding is not flowing to independent institutions. But state departments of commerce might have funds for weatherizing buildings. This varies by state, so check the Department of Commerce State Services site.