The following information is being sent to you on behalf of Laura King, Vice Chancellor and Chief Financial Officer.
We have reviewed and redrafted Procedure 7.3.16 Financial Health Indicators. Rather than dividing the risk factors into long-term and short-term categories, we found it more relevant to classify these factors into 4 parts: enrollment-based, cash-based, accrual-based and facility-based.
The source for each risk factor summary is:
Enrollment-based & Cash-based – Deb Bednarz
Accrual-Based – Denise Kirkeby
Facility-Based – Greg Ewig
Please use these links to review the draft of the procedure and also the indicator summaries for each of the risk factor. Percentages or numeric calculations that meet the new triggers are highlighted in red on the excel files.
These will be posted and accessible on SharePoint. Please submit any comments on this website. https://connect.mnscu.edu/sites/findivpolproc/SitePages/Home.aspx. COMMENTS CLOSE ON MAY 10, 2016
These changes were based on feedback from leadership across the system as well as from the board of trustees, with less emphasis on accrual and more on enrollment and cash based activity. Your final input is critical please do take the time to review and share your concerns and comments.
Laura M. King
Vice Chancellor – Chief Financial Officer