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									 V. Educational Support Services                                                                  5.5.3 Financial Control

                          5.5.3 Financial Control

                          Presentation of Findings
5.5.3/1 of 6              The University administration, through the Office of the President and the Director of
Administrative            Athletics, controls all fiscal matters pertaining to intercollegiate athletics. All financial
Control                   transactions are handled in a manner consistent with the University’s financial policies
                          and procedures. Operating income is provided primarily through student athletic fees.
                          The remainder comes from investment income, gate receipts and guarantees, concession
                          sales, advertising, and other minor sources of funds.

                          The Director presents the proposed budget annually to the University administration for
                          review and approval. Once the President approves the budget and notifies the Athletic
                          Director through a signed guidance memorandum, the budget is executed. Throughout
                          the year, the Budget Office monitors the expenditures and income related to all phases of
                          the athletic program and provides quarterly reports of actual income and expenditures to
                          the amounts budgeted. The athletic ticket office is responsible for reconciling ticket sales
                          to the game report for each event. The report is then submitted to the Athletic Business
                          Manager for reconciliation and then forwarded to the Office of Finance for processing.
                          The Auditor of Public Accounts for the Commonwealth of Virginia annually audits the
                          University’s financial records, including those related to Athletics.

5.5.3/2 and 3 of 6        Gifts and other external fund-raising activities that provide income over and above the
External Fund-            operational income sources listed above are under the auspices of the Old Dominion
Raising Activities        Intercollegiate Foundation (ODUIF). The foundation is one of five corporate entities that
                          receive, manage, and distribute gifts on behalf of the University. Through agreement
                          with the University, ODUIF raises funds and solicits gifts designated for intercollegiate
                          athletics on behalf of the University in ways consistent with the Board of Visitors policy
                          on fund raising. The university uses these funds to support the athletics program and
                          student athlete scholarships.

                          The ODUIF is subject to an annual independent financial audit. This action is required to
                          maintain compliance with the Board of Visitors policy and NCAA rules.

                          A Board of Trustees governs the ODUIF. The President and the Director of Athletics
                          serve as ex-officio members of the board; the Executive Director of Foundations serves
                          as the Executive Director; and the Foundations Manager serves as the assistant treasurer.
                          These links between the University and the Foundation enhance the University’s control
                          and monitoring of this source of intercollegiate athletics program funds.

5.5.3/4 of 6              The Office of Student Financial Aid administers all scholarships, student employment
Scholarships,             (work study), grants-in-aid, and loans. Student athletes are subject to the same rules,
Grants-in-Aid,            regulations, and oversight as any other student enrolled at the University, as well as to
Loans and Student         NCAA rules.
Employment
5.5.3/5 of 6              Expenditures for athletics are authorized annually as part of the regular University budget
Appropriate               process. The expenditure procedures for the Athletics Department are the same as for
Oversight                 any other academic or auxiliary unit of the institution. This means that all expenditures
                          require documentation and approval besides that of the Athletic Director. Thus, purchase
                          orders for basketballs and for classroom furnishings are treated in the same way. When
                          ODUIF accounts are used, the purchasing procedure may differ, but no one other than the

 Old Dominion University Self-Study 2000-02                                                                           409
V. Educational Support Services                                                                5.5.3 Financial Control

                         Athletic Director or his/her designee can sign an expenditure voucher authorizing the use
                         of these funds. In this way, external funds are controlled as stringently as those from
                         other sources.

5.5.3/6 of 6             The Auditor of Public Accounts for the Commonwealth of Virginia conducts an annual
Appropriate              independent audit of all University financial records, including intercollegiate athletic
Audit                    revenue and expenditure accounts, in accordance with generally accepted auditing
                         standards and the standards applicable to financial audits contained in Government
                         Auditing Standards, issued by the Comptroller General of the United States.

                         In addition, in accordance with the policies of the Board of Visitors and the NCAA, an
                         annual independent financial audit is conducted for ODUIF. The most recent audit
                         concluded that the financial statements of the Old Dominion University Intercollegiate
                         Foundation were in conformity with generally accepted accounting principles.

                         Both Old Dominion University and the Old Dominion University Intercollegiate
                         Foundation have been found to be in full compliance with established state, University,
                         and NCAA standards in annual audits of their financial records.

                         Conclusion
                         Old Dominion University is in compliance with the SACS/COC Criteria and NCAA
                         Operating Principles. The University conforms with generally accepted accounting
                         principles, has adopted appropriate internal controls over the operations of the
                         intercollegiate athletic programs, and has complied with the fiscal provisions of both
                         SACS and NCAA requirements.

                         Recommendations/Suggestions
                         None




410                                                                       Old Dominion University Self-Study 2000-02
V. Educational Support Services                                                                      5.5.3 Financial Control

                                                          Must Statement Compliance Table
                                                               5.5.3 Financial Control
                         Must Statement                          Compliance   Supporting Documentation
                                                                 Statement    Exhibit Numbering Key:
                                                                              Criteria#/MustStatement#:Exhibit
                         5.5.3/1 of 6. All fiscal matters        Compliance   5.5.3/01:01 2000 Financial Statements and
                         pertaining to the athletics program                  Report on Audit by the Auditor of Public
                         must be controlled by the                            Accounts for the Commonwealth of Virginia
                         administration, with ultimate                        for the year ended June 30, 2000
                         responsibility resting with the chief
                         executive officer.                                   5.5.3/01:02 1999 Financial Statements and
                                                                              Report on Audit by the Auditor of Public
                                                                              Accounts for the Commonwealth of Virginia
                                                                              for the Year Ended June 30, 1999

                                                                              5.5.3/01:03 University Operating Budget and
                                                                              Plan for 2001-2002

                                                                              5.5.3/01:04 University Operating Budget and
                                                                              Plan for 2000-2001

                                                                              5.5.3/01:05 Old Dominion University Budget
                                                                              Planning
                                                                              http://web.odu.edu/webroot/orgs/AF/FIN/
                                                                              Budget.nsf/pages/planning

                                                                              5.5.3/01:06 Copy of 2001-2002 Budget
                                                                              Guidance Letter from President to Director of
                                                                              Athletics

                                                                              5.5.3/01:07 Copy of 2000-2001 Budget
                                                                              Guidance Letter from President to Director of
                                                                              Athletics

                                                                              5.5.3/01:08 University Policies and
                                                                              Procedures

                                                                              5.5.3/01:09 Copy of Policy and Procedure on
                                                                              Responsibility of Budget Unit Directors
                                                                              (3001)
                         5.5.3/2 and 3 of 6. If external units   Compliance   5.5.3/02-03:01 Copy of Affiliation Agreement
                         (alumni organizations or                             between the University and the Intercollegiate
                         foundations) raise or expend funds                   Foundation (ODUIF)
                         for athletic purposes, all such
                         financial activities must be                         5.5.3/02-03:02 Old Dominion University
                         approved by the administration, and                  Board of Visitors Resolution—University
                         all such units shall be required to                  Related Corporations (Board of Visitors
                         submit independent audits.                           Manual (http://web.odu.edu/webroot/
                                                                              orgs/AO/PO/bovpols.nsf/pages)
                                                                              5.5.3/02-03:03 ODU Intercollegiate
                                                                              Foundation Financial Report and Audit dated
                                                                              12/31/98

                                                                              5.5.3/02-03:04 ODU Intercollegiate
                                                                              Foundation Financial Report and Audit dated
                                                                              12/31/99

                                                                              5.5.3/02-03:05 ODU Intercollegiate
                                                                              Foundation Financial Report and Audit dated
                                                                              12/31/00

Old Dominion University Self-Study 2000-02                                                                                    411
V. Educational Support Services                                                                       5.5.3 Financial Control

                         5.5.3/4 of 6. The administration of      Compliance   5.5.3/04:01 1999 Financial Statements and
                         scholarships, grants-in-aid, loans                    Report on Audit by the Auditor of Public
                         and student employment must be                        Accounts for the Commonwealth of Virginia
                         included in the institution’s regular                 for the Year Ended June 30, 1999
                         planning, budgeting, accounting,
                         and auditing procedures.                              5.5.3/04:02 University Operating Budget and
                                                                               Plan for 2000-2001

                                                                               5.5.3/04:03 Copy of University Policy and
                                                                               Procedure on Student Financial Aid (4102)

                                                                               5.5.3/04:04 Copy of University Policy and
                                                                               Procedure on the Cancellation of Athletic
                                                                               Scholarships (1301)
                         5.5.3/5 of 6. All income, from           Compliance   5.5.3/05:01 2000 Financial Statements and
                         whatever source, and expenditures                     Report on Audit by the Auditor of Public
                         for the athletics program must have                   Accounts for the Commonwealth of Virginia
                         appropriate oversight by an office of                 for the year ended June 30, 2000
                         the institution that is independent of
                         the athletics program.                                5.5.3/05:02 1999 Financial Statements and
                                                                               Report on Audit by the Auditor of Public
                                                                               Accounts for the Commonwealth of Virginia
                                                                               for the Year Ended June 30, 1999

                                                                               5.5.3/05:03 ODU Intercollegiate Foundation
                                                                               Financial Report and Audit dated 12/31/98

                                                                               5.5.3/05:04 ODU Intercollegiate Foundation
                                                                               Financial Report and Audit dated December
                                                                               31, 1999

                                                                               5.5.3/05:05 ODU Intercollegiate Foundation
                                                                               Financial Report and Audit dated 12/31/00

                                                                               5.5.3/05:06 Copy of the University Policy and
                                                                               Procedure on Gift Management (1100)
                         5.5.3/5 of 5. All such income and        Compliance   5.5.3/05:01 2000 Financial Statements and
                         expenditures must also be                             Report on Audit by the Auditor of Public
                         appropriately audited.                                Accounts for the Commonwealth of Virginia
                                                                               for the year ended June 30, 2000

                                                                               5.5.3/05:02 1999 Financial Statements and
                                                                               Report on Audit by the Auditor of Public
                                                                               Accounts for the Commonwealth of Virginia
                                                                               for the Year Ended June 30, 1999

                                                                               5.5.3/05:03 ODU Intercollegiate Foundation
                                                                               Financial Report and Audit dated December
                                                                               31, 1998

                                                                               5.5.3/05:04 ODU Intercollegiate Foundation
                                                                               Financial Report and Audit dated December
                                                                               31, 1999

                                                                               5.5.3/05:05 ODU Intercollegiate Foundation
                                                                               Financial Report and Audit dated 12/31/00




412                                                                            Old Dominion University Self-Study 2000-02

								
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