Missouri Western governors approve May financial report after timing-related shortfall explained

The Missouri Western State University Board of Governors on Friday approved the university’s financial report for the period ending May 31, 2024, after administrators said an accounting timing issue temporarily made the institution’s net position look worse than its cash flow.

Daniel Holt, representing administration, told governors the university recognized all expenses tied to certain grant reimbursements by the May 31 reporting deadline while the matching revenues were not recorded until June. "We recognize all of the expense and none of the revenue on our numbers," Holt said, explaining that the timing made the May statements appear unfavorable even though cash recovered soon after.

Holt said operating revenues through May totaled $46,316,002.75 and noted a number of line-item shifts: tuition and fees rose with summer-school registration, athletic revenue increased, and bookstore receipts fell short of budget. He warned the university expects to miss tuition revenue targets by about 4 percent and flagged unfavorable trends in fringe benefits driven by rising health insurance costs.

The presentation included a cash-flow comparison: Holt said the university’s cash position had rebounded to $10,939,005.86 by June 14, compared with a lower May 31 balance. After the committee’s recommendation, the board moved, seconded and approved the financial report by voice vote.

The vote concluded the Personnel, Finance and Operations committee’s report. Administrators said they will continue post‑fiscal‑year analyses and present audited year-end financial statements to the board in the fall.