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Board accepts clean FY2024 audit; finance report flags small shortfall and rising fringe costs
Summary
The Board of Governors accepted an unmodified (clean) FY2024 audit and approved the Sept. 30, 2024 financial report. University finance staff warned tuition and fees are tracking below target, fringe/benefit costs are rising, and cash stood at about $7.88 million as of Sept. 30.
The Missouri Western State University Board of Governors voted to accept a clean FY2024 audit and approved the university's September 30, 2024 financial report during its public meeting.
The audit presentation came from Dustin Haywood of the university's external audit team, who told governors the auditors had completed procedures and planned to issue an unmodified (clean) opinion for both the financial statements and federal funds compliance. "We are issuing an unmodified, or in other words a clean audit opinion on both the financial statements as well as the audit of compliance with federal funds," Haywood said, and commended university management for timely responses during the review.
The board then heard a quarter-one financial summary from university finance staff. Daniel summarized early FY25 results, saying tuition and fees are lower than the preferred 52–55% share of total revenue for the fall term and that, absent improved retention or spring enrollment, the university is unlikely to meet its tuition/fee revenue target. He reported operating revenues and a sizable increase in state grant receipts tied to campus projects; the university's cash balance was reported at approximately $7,876,791 as of Sept. 30.
Daniel also cautioned that payroll remains under budget but that fringe benefits are running higher than planned. He attributed the rise to a larger medical insurance premium during open enrollment and increased retirement contribution percentages, saying the university plans to target roughly a 44% fringe rate for the upcoming budget cycle. After adjustments reported by staff, Daniel said the university's shortfall position moved from about -1.3% to -1.6%, with scholarship-account adjustments and prior-year core-appropriation changes accounting for most of the swing.
Board members moved without recorded roll-call tallies to approve the financial report and to accept the audit as presented. There was no recorded formal discussion that altered the motions.
The board declined detailed roll-call counts, using voice votes for both approvals. The meeting packet included the draft audit materials awaiting final release after board approval.
The board will continue monitoring enrollment and retention metrics and will consider these figures as staff prepare the FY26 budget. No additional formal actions were taken in public on cost-cutting or new revenue measures at this meeting.
