1. The institution is able to meet its current financial obligations.
2. The institution has a prepared budget for the current year and the capacity to compare it with budgets and actual results of previous years.
3. The institution has future financial projections addressing its long-term financial sustainability.
4. The institution maintains systems for collecting, analyzing, and using institutional information.
5. The accredited entity undergoes an external financial audit by a certified public accountant or a public audit agency. For private institutions the audit is annual; for public institutions it is at least every two years.*
*Note: Institutions under federal control are exempted, provided that they have other reliable information to document the institution’s fiscal resources and management.
6. The institution’s administrative structure includes a chief executive officer, chief financial officer, and chief academic officer (titles may vary) with appropriate credentials and experience and sufficient focus on the institution to ensure appropriate leadership and oversight.
View Criterion Five: Resources, Planning, and Institutional Effectiveness
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