Jefferson City, Missouri– As a best practice, the President, Dr. Jerald J. Woolfolk, and the Board of Curators, launched an extensive review of Lincoln University’s fiscal operations to identify opportunities to improve fiscal performance and operational efficiencies. The University engaged The Wesley Peach tree Group, a CPA firm that specializes in higher education and historically black colleges and universities, to conduct the comprehensive assessment and to provide objective information and counsel to University administrators and Curators. The assessment revealed 80 findings, observations and proposed solutions to further enhance fiscal operations.
“Whenever there is a significantchange in leadership, it is a sound practice to objectively critique Universityoperations to identify and prioritize areas to improve. We are committed to building upon the strongfoundation at Lincoln and this report provides a great source of input as wecomplete our Strategic Plan to propel us forward over the next five years,”said Dr. Woolfolk.
The report identifies solutions for addressing the University’s declining enrollment; simplifying the budget process; improving financial reporting; reorganizing the University’s Foundation; establishing enterprise risk management; succession planning and employee retention; improving student financial aid processing; evaluating academic programs; implementing a sponsored research function; revenue generation; enhancing internal controls and improving administrative policies,procedures and practices. The University has already begun the process of addressing the findings and implementing the proposed solutions.