*From the point of view of a full professor
PRIDE
at the College of Business at the University of Southern Mississippi*
At a recent Court hearing, USM’s attorneys told my attorneys that many documents from that period were “missing” from the USM Foundation’s records. Why are the documents recording financial transactions missing and why has it been kept secret from stakeholders--contributors, taxpayers, faculty, and students? Stakeholders will be interested to know that USM attorneys say that everything is now okay.
Do you feel comfortable with that assurance?
Do you feel comfortable with that assurance?
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Our core mission reflects taking PRIDE in all we do - Professionalism, Respect, Integrity, Discipline, Excellence
Once again, thanks to those who have provided information, documents and thoughts to help build this website.
Chauncey M. DePree, Jr.
Chauncey M. DePree, Jr.
For example, if you visit the USM Foundation website, “Facts and Figures,” which should show us financial statements, you’ll see that it is “currently under construction.” (http://www.usm.edu/foundation/facts_figures.html) It has been “under construction” for a number of years.
Among the information we recently received from USM’s attorneys was a “statement of financial position” for the Foundation and an audit report which expressed an opinion on the statement. There are a number of peculiarities in the audit report and financial statement that we will discuss in later editions of USM Pride.
However, at first glance, this particular audit report is unusual for what is missing. As any accountant knows, an audit report normally expresses an opinion about a statement of financial position AND two additional financial statements: a statement of activities and a statement of cash flows. The three taken together provide a financial picture of an entity. The fact that two of three financial statements are missing and the audit statement specifically excludes any reference to them is alarming.
Among the information we recently received from USM’s attorneys was a “statement of financial position” for the Foundation and an audit report which expressed an opinion on the statement. There are a number of peculiarities in the audit report and financial statement that we will discuss in later editions of USM Pride.
However, at first glance, this particular audit report is unusual for what is missing. As any accountant knows, an audit report normally expresses an opinion about a statement of financial position AND two additional financial statements: a statement of activities and a statement of cash flows. The three taken together provide a financial picture of an entity. The fact that two of three financial statements are missing and the audit statement specifically excludes any reference to them is alarming.