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STANDARD 9: FINANCIAL RESOURCES

As discussed in the Special Emphasis section, QVCC continues to maintain a strong financial position. The College has sufficient financial resources not only to sustain its educational objectives, but also to promote institutional improvement for the foreseeable future. Based on Flexibility Legislation passed in 1991, the College is able to manage its own resources. This flexibility allows QVCC continually to plan for the most efficient use of its funds now and in the future. It also provides the College with not only the added ability to respond appropriately to financial emergencies and unforeseen circumstances, but also to seize opportunities as they arise in the course of a fiscal year.

The annual College budget is based on priorities established by the Connecticut Community College Strategic Plan as well as the College’s established educational objectives. The budget process is highly decentralized, with input solicited from all areas of the College. The budget is approved by the President’s Cabinet, with all full-time faculty members and the majority of professional staff members each receiving a separate budget allocation. Budget reports are distributed monthly and are monitored both by the Cabinet and the various divisions of the College. Accounts are reconciled by the Business Office, and trends are monitored to continually assess QVCC’s financial condition.

The College’s financial records are subject to review by the State of Connecticut Auditors of Public Accounts. This is a limited scope review that evaluates the College’s internal control structure, policies, and procedures and its compliance with laws, regulations, contracts, and grants. The records are reviewed every one to two years. The most recently completed review covered the fiscal years 2002 and 2003; there were no instances of noncompliance. In addition, the records of the College are included as part of the CTC system annual audit, which is conducted by a certified public accounting firm. The audit report is reviewed by a subcommittee of the BOT. The most recently completed audit is for fiscal 2005.

Financial Aid Office

The mission of the Financial Aid Office is to assist as many students as possible in meeting their direct educational needs: tuition, fees, books, and supplies. The College strives to meet these needs by working closely with students. Guidelines and eligibility requirements are published in the QVCC catalog, on the QVCC website, and in the course schedules for each term. Over fifty percent of the student body receives some form of financial aid. The majority of students with demonstrated financial need receive assistance in the form of Federal, state, and/or institutional grants. Need- and merit-based scholarships are also awarded to students by the QVCC Foundation as well as other outside sources. Veterans’ benefits are available to students who meet the eligibility requirements. Financial counseling as well as emergency and textbook scholarships are also available to students, to minimize the use of student loans. In fiscal 2005, $1.8M in aid was awarded to 872 students. The Cabinet receives financial aid updates throughout the school year to monitor the College’s ability to address the needs of the student body.

QVCC Foundation

The Foundation’s 2003 capital campaign received strong support from community organizations and private citizens, raising $1.5M, of which $.9M has been allocated for furniture and equipment and $.6M for endowments and scholarships. The Foundation enjoys continued success with its annual golf tournament, on-line auction, galas, and annual appeal. Net assets increased 12.7% in fiscal 2005 to $2.4M, which allowed the Foundation to grant scholarships in the amount of $79,000 to deserving students. Foundation awards are split between merit and need-based scholarships for both credit and non-credit students, with recipient selection based on criteria established by donors.

Institutional Effectiveness

The College’s strong financial position is maintained by its continuing assessment of financial resources, which occurs through the regular monitoring of budget reports at various levels of the institution. The institution’s effectiveness in this area is evidenced by its 4:1 unrestricted current asset to unrestricted current liabilities ratio, which ensures short- and long-term financial health and liquidity and which exceeds the 2:1 standard recommended by BOT policy.

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