This special podcast episode of 'This Week in College Viability' continues our focus on the financial health of colleges.
My guest is Jeff Spear, CEO of CFO Colleague.
Here are two of the many strong observations from Jeff.
1. "Too many colleges are like a speeding minivan with no driver, heading for a cliff, while the occupants argue over what DVD to watch. Indeed, there are many who don’t have a workable plan to address the known external forces and the ignored internal ones that will lead to closure."
2. The deadlines for annual statements are unacceptable in light of how difficult things are. The federal government allows for a full nine months before annual financial statements are required. Reporting that $10 million loss for FY 2023 could have been delayed to March 31, 2024. Then, the department takes around three months to process these submissions. Essentially, another fiscal year has ended before the full impact of a previous year is revealed.
