Despite a few difficult fiscal years, The University of Toledo is in good financial shape, the board of trustees committee on finance, administration and facilities learned during their regular meeting today. The preliminary findings are the result of an independent audit for the fiscal year ending June 30, 2003 conducted by the firm of Ernst & Young.
Unofficial until approved by the full board during their meeting on Dec. 17 and the auditor of state, Ernst & Young presented a clean audit with no exceptions, qualifications or findings.
“This is an excellent audit,” said William R. Decatur, senior vice president for finance, technology and operations. “It is important that we recognize the financial health of the University. We have made some tough decisions in recent years, maintaining a balanced budget, and this report shows that we’ve made the right choices.”
“Planning and discipline have really helped the financial outlook of this University,” remarked Richard Stansley, chair of the committee.
“We still have challenges,” added Decatur, “but this is very positive for the University. Improved financial health will facilitate our progress in implementing the strategic plan and the facilities master plan.”
In other news, the committee moved forward a proposal to increase tuition for the College of Law 8.5 percent, effective summer 2003. The board will also consider this matter on Dec. 17.
