UNCSA receives ninth consecutive clean financial audit

The University of North Carolina School of the Arts has received its ninth consecutive clean financial audit from the State Auditor. The auditor’s report for the fiscal year ending June 30, 2017 was released with “no findings,” said Charles Leffler, Interim Vice Chancellor for Finance and Administration.

“This means the State Auditor identified no deficiencies in internal controls related to financial reporting,” said Leffler, who took over as Interim Vice Chancellor Nov. 1 after retiring from a similar position at North Carolina State University in 2015. “It is testimony to the hard work and diligence of the financial staff here at the School of the Arts, and it reflects the value this administration places on excellence.”

The auditor’s report released Oct. 31 found that UNCSA “continued to manage and use its resources wisely in fiscal year 2017, due to effective institutional planning and continued support from the State to meet the educational needs of the University.”

The University’s management team led by Chancellor M. Lindsay Bierman remains fully committed to student affordability and prudent use of resources by spending carefully, wisely, and thoughtfully and allocating its resources strategically to support the University’s core academic mission. 

State Auditor Beth Wood

State Auditor Beth Wood noted “The University’s management team led by Chancellor M. Lindsay Bierman remains fully committed to student affordability and prudent use of resources by spending carefully, wisely, and thoughtfully and allocating its resources strategically to support the University’s core academic mission.”

The report noted state appropriations comprised approximately 44 percent of the University’s annual revenues during fiscal year 2017.

“The University continues to recruit, admit, and retain top-caliber students even as we compete against the most selective public and private performing arts conservatory schools in the country,” it said.

“Overall, the University sees strong enrollment numbers and the financial position remains positive. Management continues to maintain a close watch over resources to ensure the ability to react to unknown internal and external issues and sustain its current high quality financial position.”

By North Carolina law, financial statements of every state agency must undergo annual independent audit by the State Auditor, in accordance with Governmental Auditing Standards. The report is available online.

by Lauren Whitaker

November 08, 2017