Page 9 - TSU

Information

First Monitoring Report:

❑ Unrestricted net assets, net of plant had a deficit
❑ Operational expenses (with the exclusion of depreciation) exceeded revenues

(operating and non-operating)

Second Monitoring Report:
❑ The Board placed the institution on Warning for twelve months for failure to comply

with Standard 4.1 (Governing board characteristics) and Standard 13.3 (Financial

responsibility)

Third Monitoring Report:

❑ The institution’s narrative provided in the “Response Report to the Recommendation

Contained in the Report of the Special Committee,” contained information on several
possible options of additional resources to reduce and/or eliminate the deficit in

unrestricted net assets, but a clear plan with specific dollar reductions and a target

date for eliminating the deficit cannot be seen from the responseand attachments