NIU committee reviews FY24 audit, hears plan to reach balanced FY26 budget

The Finance, Audit, Compliance, Facilities and Operations Committee of the Northern Illinois University Board of Trustees reviewed the university's fiscal 2024 financial audit and corrective-action plan and heard administration's plan to reach a balanced budget for fiscal year 2026. Committee Chair Dennis Barsima opened the discussion and turned the presentation over to Chief Financial Officer George Middlemas. The nut of the committee's discussion: auditors issued an unmodified opinion on the FY24 financial statements but reported administrative findings; university leaders described active corrective actions and a multi-year plan to stabilize cash and reach a balanced FY26 budget. Middlemas told trustees the FY24 external audit, completed May 26, 2025, produced an unmodified opinion and identified 15 findings, of which nine were repeats from the prior year and six were new. He said the findings were…