Financial Condition of USM and the University of Maine System (UMS)
The 21st-Century USM: From President Selma Botman
This document presents some straightforward information that I hope will alleviate concerns raised by two recent external assessments of USM’s financial condition. It also attests to the integrity of USM’s fiscal management. An academic community depends upon faith in the rectitude of its leadership, especially in that institution’s fiscal affairs. I write to assure the USM community that its faith is well grounded.
First, I would like to call your attention to four documents that are posted at: http://usm.maine.edu/eatf/documents.html
- A ratio analysis of the University of Maine System’s financial condition, which was prepared by KPMG, an internationally known auditing firm that serves as the UM System’s independent financial auditor.
- A statement by Rebecca Wyke, Vice Chancellor for Finance and Administration, pertaining to the UMS financial condition.
- An evaluation of the two external assessments.
- A Composite Financial Index, an analysis of USM financial ratios that was prepared by Darla Reynolds, a CPA on Vice Chancellor Wyke’s staff, and Dick Campbell, CFO of USM. (more…)