Fairmont State University finishes fiscal year 2018 with a strong financial position following President Mirta Martin’s implementation of cost saving/containment and strategic initiatives in January 2018.
"The efforts of the entire campus community in cost saving initiatives, as well the implementation of GASB 75, helped us move from a financial loss in net position of $2.9 million in 2017 to a gain in net position of $1.9 million in 2018,” Chief Financial Officer Christa Kwiatkowski indicated. “That’s quite an accomplishment. We all made changes where we could and it made a world of difference.”
Suttle and Stalnaker, the institution’s independent auditing firm, presented the results of the 2018 audit at today’s Board of Governor’s meeting. The University continues in a tradition of excellence in financial reporting by receiving an unmodified opinion on its audit, the highest status it can receive. Kwiatkowski said the results showed the financials were fairly and accurately presented and there were no uncorrected statements and no audit adjustments.
In addition to the audit results, the Composite Financial Indicator (CFI) ratios were reviewed. The Higher Learning Commission (HLC), the institution’s accrediting body, reviews financial and non-financial data for specific risk indicators on an annual basis to calculate the CFI ratios. For the first time in four years, Fairmont State University’s CFI Score is “above the zone” at 2.0, which indicates strong financial stability.
“This is an important accomplishment for the University. It showcases the ability of our institution to be a leader in higher education. Financial stability is key to our continued growth and success,” said President Martin.