PURPOSE / SCOPE:
To establish guidelines for control and administration of funds in order achieve and sustain ICOM’s educational mission and objectives.
ICOM establishes sound financial principles and processes to ensure the school has adequate funding to sustain a sound program of osteopathic medical education with the ability to accomplish programmatic and institutional goals. To that end, ICOM commits to the following:
- ICOM will secure and carry reserves sufficient to meet any regulatory requirements through pre- accreditation status to full accreditation.
- Reserves will be sufficient to meet any regulatory requirements including those appearing in Title IV of the Higher Education Act and in compliance with current debt indenture.
- The rate for tuition and fees will be reviewed annually to ensure ICOM can meet the operating needs of the school and maintain appropriate level of operating reserves.
- The Dean and CAO is provided with the resources and budgetary authority necessary to fulfill his/her responsibility consistent with the projected and authorized student class size.
- The Board of Trustees will review and approve the annual rate of tuition and fees, and annual budget put forth by ICOM Dean.
- ICOM shall secure an independent audit of its financial condition at least annually. Results of the audit will be provided by the independent auditor to ICOM. The audit report and all related documentation shall be made available to accrediting agencies and regulators as requested and by law.
PRIMARY POLICY OWNER:
Chief Financial Officer