UMF · Finance
Finance
How UMF runs its financial operations against MSCHE standards and institutional policy — governance, budgeting, student accounts, aid compliance, reporting and the evidence an accreditor expects.
8
Topics
Std VI
Primary Standard
MSCHE
Aligned
Purpose of this section
MSCHE Standard VI — Planning, Resources and Institutional Improvement requires an institution to show that its financial resources are planned, allocated and monitored in support of its mission, and that it is fiscally sustainable. This section sets out how UMF meets that: how money is governed, budgeted, collected, awarded, reported and evidenced.
Outline — content in development. The topics below define what this section will cover and how each part ties back to MSCHE standards and UMF policy. Documents, procedures and guides will be added under each topic as they are written.
Section Outline
1
Financial Governance & OversightStd VI · VII
Who is accountable for institutional finances, and how that accountability is documented.
- Roles and authority for financial decisions
- Board and administrative oversight responsibilities
- Separation of duties and approval thresholds
- Conflict-of-interest and ethics requirements
2
Budget Planning & Resource AllocationStd VI
How the annual budget is built and tied to the institution's mission and goals — the core of MSCHE Standard VI.
- Annual budget cycle and calendar
- Linking resource allocation to mission and strategic goals
- Departmental budget requests and review
- Contingency and reserve planning
3
Tuition, Billing & Student Accounts
How students are charged, billed and supported through payment.
- Tuition and fee schedule and how it is published
- Billing cycle, due dates and payment plans
- Refund policy and withdrawal calculations
- Holds, collections and student communication
4
Financial Aid & Title IV ComplianceStd VI
Aid administration and the federal compliance obligations attached to it, including satisfactory academic progress.
- Aid packaging and disbursement process
- Satisfactory Academic Progress (SAP) evaluation and its financial consequences
- Return of Title IV funds on withdrawal
- Verification, record retention and audit trail
5
Financial Reporting & Audited StatementsStd VI
The reporting MSCHE expects to see, and the cadence it is produced on.
- Annual audited financial statements
- Management letter responses and remediation
- Internal monthly and quarterly reporting
- Submission of financial data with the Annual Institutional Update (AIU)
6
Institutional Financial Health IndicatorsStd VI
The measures MSCHE and the Department of Education watch to judge whether the institution is sustainable.
- Composite/financial responsibility indicators
- Enrolment-to-revenue sensitivity and cash position
- Trend monitoring and early-warning thresholds
- How findings feed back into planning
7
Procurement & Expenditure ControlsStd VI · VII
Controls that keep spending authorized, documented and auditable.
- Purchase authorization levels and approval chain
- Vendor selection and contracting
- Expense documentation and reimbursement rules
- Asset and inventory tracking
8
Evidence & Documentation for MSCHEStd VI
What Finance must be able to produce during an accreditation review or inspection.
- Audited statements and auditor communications
- Approved budgets and board minutes authorizing them
- Financial policies and procedure documentation
- Aid compliance records and SAP determinations
- Evidence linking resources to mission and planning