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ND Colleges Share Finances Amid Accounting Woes
25 Mar
Summary
- Larger ND universities are assisting smaller colleges with financial services.
- Staffing shortages caused accounting issues at Dickinson State and Dakota College.
- A new policy aims to formalize shared financial support among ND campuses.
North Dakota's University System is developing a draft policy to establish a long-term strategy for shared financial services, as larger institutions assist smaller ones with accounting challenges. Universities like North Dakota State University (NDSU) and Minot State University are currently providing financial support to Dickinson State University and Dakota College at Bottineau, respectively. These smaller institutions have faced accounting problems attributed to significant staffing shortages and difficulties in reconciling financial records.
Dickinson State University had not reconciled its books since July 2022, and Dakota College at Bottineau encountered unreconciled transactions totaling hundreds of thousands of dollars over several months. NDSU began assisting Dickinson State in December, identifying no fraudulent behavior but noting issues with documentation and timely transaction entries. Minot State has been aiding Dakota College since November, reporting significant improvements in its financial standing.
NDSU's involvement with Dickinson State has required considerable effort from its finance and administration staff, though the workload is expected to decrease as DSU's financial processes become integrated and more efficient. This collaboration highlights the University System's move towards greater efficiency by leveraging the expertise and resources of its larger campuses to support smaller ones.
