Welcome to the Business Journal Archives
Search for articles below, or continue to the all new BusinessJournalDaily.com now.
Search
YSU Earns Higher Marks for Its Financial Health
YOUNGSTOWN, Ohio -- The financial health of Youngtsown State University is improving but if the state's financial health does not turn around, it could take a turn for the worse, officials warned yesterday.YSU has nearly doubled its score on a key indicator used to measure the financial health of Ohio public universities, the university reported, and YSU has received a clean report from its external auditors."We are in a healthy financial situation," said John Habat, vice president for administration. "That could change quickly, given the precarious funding situation at the state, but this score and our successful audit are solid accomplishments." Senate Bill 6, passed by state lawmakers in 1997, measures the financial health of Ohio's public universities and colleges based on a variety of factors, including revenues, operating expenses, net assets and long-term debt. The maximum score is 5.0. Universities with a score of 1.75 or below for two consecutive years are placed on fiscal watch. YSU's score in fiscal year 2004 is 4.0, up from 2.2 five years ago. In the 2003 fiscal year, YSU's score was 3.7; in fiscal 2002, it was 3.5. "This is a very good composite score," said Katrena Davidson, director of general accounting. Scores for other universities will not be available until this spring. Last year, only three of Ohio's 11 major public universities posted scores of 4.0 and above.Larry E. Esterly, chair of the YSU Board of Trustees, complimented Habat and his staff for the score. "When I first came on this board, these numbers were anemic," he said.Habat credited the reorganization of the university's financial division in March for the improved audit report. Last year, the audit noted a "reportable condition." There were no such conditions in this year's audit. "We turned it around pretty quickly," he said.Habat said a team consisting of Davidson; Eileen Greaf, interim executive director of financial affairs; and Jeff Taylor, director of budget planning and resource analysis; led the effort to shore up audit responsibilities and deadlines. In addition, three full-time professional positions and one part-time position were added to the general accounting area."The management structures are now in place to make sure accountability is there," Habat said.Visit Youngstown State University at www.ysu.edu"