Page 12 - CU Hardee

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 response and attachments

The University had to eliminate a deficit of approximately

$7.7M!- in 4 months