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News Brief

Sept. 9, 2011MARYVILLE, MO |  By: Wayman

Northwest Audit Changes

The university in Maryville says it's already started addressing state concerns after a state audit of financial operations during the past several years.

The audit found questionable practices under a previous administration in bidding out contracts, transferring money between the school and its private foundation, and payments to the former school president. Current president Dr. John Jasinski says a series of new polices are being put in place. These include not accepting loans or donations from vendors in exchange for leases, having the Board of Regents review the reasonableness of any financial allowances to the school's president at contract renewal, continuing to formally document the systematic process used in setting room and board charges, and instituting a variety of accounting and internal procedures to more carefully track cash receipts and other financial transactions. The timeline for implementing the changes ranges from immediate to the next 2 years, depending on state law.