Comprehensive Standard 3.10.2

The institution provides financial profile information on an annual basis and other measures of financial health as requested by the Commission. All information is presented accurately and appropriately and represents the total operation of the institution. (Submission of financial statements) 

Judgement: Compliant

Narrative: 

As a public higher education institution, the University of South Carolina Upstate (USC Upstate) develops, publishes and submits to various entitiesfinancial statements and related documents that accurately reflect the Institution’s operations.  The Report on Financial Statements is the annual audit report conducted by the independent certified public accounts, Elliott Davis, LLC.  Prior to 2009-2010, the financial statements and information for USC Upstate were included in a combined USC system report.  The financial statements include:Total Assets, Total Liabilities and Net Assets, Statement of Net Assets, Statement of Revenues, Expenses and Changes in Net Assets, Statement of Cash Flows and Schedule of Operating Expenses by Function.  These statements reflect the total financial operations of USC Upstate.For reporting integrity, the financial statements are provided in accordance with the requirements of Governmental Accounting Standards Board (GASB) (Audited Financial Statements June 30, 2006; June 30, 2007; June 30, 2008; June 30, 2009; and June 30, 2010).

Included as a note and reported as a component unit to the audited financial report is financial information for the USC Upstate Foundation, formerly the Carolina Piedmont Foundation, which existsprimarily to provide financial, capital development and other assistance to USC Upstate.The foundation’s new name reflects more appropriately its relationship with the university.  The USC Upstate Foundation accepts gifts for university programs, and provides student housing and other real property for the benefit of USC Upstate.  Consolidated Financial Statements for each year are compiled and audited by an independent auditor selected by the Board of Directors of the Foundation.  Financial information drawn from the foundation’s annual audit is included in the University’s audited report providingconsistency and proper disclosure (USC Upstate Foundation Audited Financial Statements, Consolidated Financial Statements, June 30, 2008 and 2007; USC Upstate Foundation Audited Financial Statements, Consolidated Financial Statements, June 30, 2009 and 2008; USC Upstate Foundation Audited Financial Statements, Consolidated Financial Statements, June 30, 2010 and 2009).

South Carolina requires an annual State Accountability Report for all agencies and entities thatcontain program expenditures and performance measures.  This report discloses how USC Upstate uses financial resources to achieve goals and implement the mission(State Accountability Report for 2006-2007, 2007-2008, 2008-2009 and 2009-2010).

Title 59, Section 103-10 of the South Carolina Code of Laws established the State Commission on Higher Education (SCCHE) and its mission, goals and responsibilities.  Data submitted to SCCHE includes numerous reports and information maintained in the Commission’s Management Information System (CHEMIS).  USC Upstate reports enrollment, financial information and other required data for disclosure to the public and for trend analysis and comparison with other South Carolina higher education institutions.

The 2011 Profile for Fin ancial Information, along with other required information,was completed consistent with financial information reported in the audited financial statements and submitted to the National Center for Education Statistics and the Commission on Colleges.USC Upstate has not received any request for further information related to these reports(Integrated Postsecondary Education Data System[IPEDS] for 2006-2007, 2007-2008, 2008-2009 and 2009-2010).

A budget document for each fiscal year, part of the annual budget development process, is presented to the USC System Board of Trustees for review and approval.  This contains a comprehensive set of financial reports including tuition and fees, revenues and expenditures, state appropriations, restricted and unrestricted funds resources and uses, auxiliary funds, and related information (University of South Carolina Budget Document, Fiscal Year 2010-2011).

USC Upstate is a member of the National Collegiate Athletic Association (NCAA) Atlantic Sun Conference and, as required, provides anIndependent Accountants’ Report on Applying Agreed Upon Procedures to the university and to the NCAA in accordance with standards established by the American Institute of Certified Public Accountants.  The report for June 30, 2008 was performed by Elliott Davis, LLC(Independent Accountant’s Report for Intercollegiate Athletic Programs, June 30, 2008; June 30, 2009; June 30, 2010).

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USC Upstate
800 University Way
Spartanburg, SC 29303
Toll-free: 800-277-8727
Phone: 864-503-5000
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