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Marshall gets audited

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The annual audit of Marshall University was performed by CliftonLarsonAllen LLP, and according to CLA principal Bill McClain, Marshall passed with flying colors.

“Our opinion on the financial statement of Marshall University is unmodified,” McClain said.

Mark Robinson, chief financial officer for Marshall, broke down what an audit was and how it benefitted the university.

“Marshall participates in an audit every year to look at our controls and procedures to make sure there cannot be any gross error of at all the activity that we do and to make sure it get booked correctly,” Robinson said. “To make sure that our financial statements represent what really happened.”

Robinson said an audit is like a check and balance system.

“It is a check and balance to compare this year’s and last year’s report,” Robinson said. “Any time you see a variance you try to explain what happened in that variance. It is to make sure we have control in place.”

Robinson said there are many components that go into an audit.

“From our standpoint it combines a lot of different things like the research corporation, the Foundation and Big Green to let people know where we stand financially,” Robinson said. “It’s a measurement tool.”

Robinson said Marshall did well because of the organizational skills the university has.

“Marshall is one of the healthiest education institutes in the system,” Robinson said.

“I’ve been here five years and I’m amazed at the financial health of this institution. We have a healthy balance sheet. It’s conservative budgeting and spending. That has been very evident to me at my time here.”

The Higher Education Policy Commission published the audit on their website.

CLA wrote in the audit that the, “Total liabilities of the Institution decreased $9.4 million in fiscal year 2018.”

The audit goes on to state the progress Marshall has made.

“Due to the uncertainty of future State appropriations, the University continues to be proactive with its Marshall 20/20 process to lower its dependency on the State,” the CLA report said. “Student affordability remains a crucial consideration in the strategic rebalancing process that has been initiated.”

The fiscal changes that Marshall has made over the years have benefited the university.

“Marshall University is now more focuses than ever on cost controls, value creation, organizational structure-function efficiencies, judicious spending, utility conservation measures, targeted improvements to the physical plant, growth in extramural grant funding, strategic expansion of students enrollment and diversified revenue enhancements,” according to CLA.

Gretchen Kalar can be contacted at [email protected]

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