Standard Nine
Standard Nine
The institution should be financially stable. Financial stability is not achieved at the expense of educational quality.
The institution's financial resources should be sufficient to sustain the achievement of its educational objectives and to further institutional improvement now and in the foreseeable future.
The institution reallocates resources as necessary to achieve its objectives. All or substantially all of the institution's revenue is devoted to the support of its educational objectives and programmes.
The institution has the ability to respond to financial emergencies and unforeseen circumstances.
Calvary University complies to the standard.
The institution controls its financial resources and allocates them in a way which reflects its mission and objectives.
Its stability and viability are not unduly dependent upon vulnerable financial resources or an historically narrow base of support. If an institution depends for its financial support on an external agency (state, church, or other private or public agency), the institution's governing board retains appropriate autonomy in all budget and financial planning matters.
The institution demonstrates through verifiable internal and external factors its financial capacity to graduate its entering class.
Calvary University complies to the standard.
Note: Students do not have the benefit of loans and cannot therefor get into debt. Most of the Faculty are paid in proportion to activity of studies as these are paid for by students.
The institution establishes and implements its budget after appropriate consultation with relevant constituencies in accordance with realistic overall planning.
This should provide for the appropriate integration of:
to advance its educational objectives.
All fiscal policies, including those related to:
are clearly stated in writing and consistently implemented in compliance with ethical and sound financial practices.
Calvary University complies to the standard.
The institution ensures the integrity of its finances through:
... to provide a basis for sound financial decision-making.
The institution has and implements a realistic plan for addressing issues raised by the existence of any operating deficit.
Calvary University complies to the standard.
The institution directs its fund-raising efforts toward the fulfilment of institutional objectives and conducts them in accordance with clear and complete policies that stipulate the conditions and terms under which gifts are solicited and accepted.
The institution accurately represents itself and its capacities and needs to prospective donors and accurately portrays the impact that their gifts can reasonably be expected to have. Gifts are promptly directed toward donors' intentions.
Calvary University complies to the standard.
Note: Libraries are established by provision of books to strategic centres. Donors receive regular reports on the progress made with these. Such libraries are locally organized and administered.
The institution's financial records clearly relate to its educational activities.
The financial resources and transactions of independent institutions are audited annually by an external auditor in accordance with the generally accepted auditing standards by a Certified Public Accountant.
When public institutions are, by law, audited by a government agency, an independent audit is not required except for any funds not subject to such an audit. In either case, the audit is reviewed by the institution's administration and the resulting recommendations or conclusions should be addressed by the institution's financial planning.
The institution should also have in place appropriate internal mechanisms to evaluate its financial management.
Calvary University complies to the standard.
These Standards of Accreditation are copied by permission from Christian Quality Assurance, Copyright © 1997. All rights reserved.
This document shows in which way Calvary University complies to the CQA standards as an International Christian Institution for Higher Education.