Statement – by Chancellor Hank Huckaby:
“Georgia Perimeter College has successfully started the fall semester teaching students. Its teaching mission has not been interrupted. We do take seriously our responsibility to manage our fiscal affairs properly, since doing so is what allows us to carry out our teaching mission. While Georgia Perimeter College has been through a difficult period, I am confident we have addressed the issues leading to its financial problems. I believe Georgia Perimeter is a stronger organization as a result. The audit and our internal review have led to changes in policy and practice that have improved our fiscal management. I appreciate all the hard work of the Georgia Perimeter faculty and staff to keep the college moving forward and fulfilling its primary duty to teach students.”
New System-wide fiscal oversight actions:
At the System level, Chancellor Huckaby has instituted a number of steps designed to ensure greater governance and internal controls and oversight over financial and budget management across the University System. These include:
• Annual budget hearings attended by the institution’s president and senior financial staff to explain to the Chancellor and his senior staff the previous year’s fiscal performance and plan the upcoming year’s budget.
• Institutions must submit to the System Office new quarterly financial reports signed by both the president and chief financial officer. The purpose of these quarterly reports is to better capture projections of cash flow and expected revenues and expenses for the current year.
• The institutional president is now required to attend the exit conference conducted by the State Audit Department that is held to review audit results. USG internal auditors also attend these conferences.
• Institutions must notify the System Office of any plans to use reserve funds for uses other than originally designated.
• The System Office will conduct, upon the Chancellor’s request, in-depth, internal audits focused solely on an institution’s fiscal and budget management. These audits are in addition to those internal audits normally conducted by the System Office that focus on a broader spectrum of risks.