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It’s college admissions season—athletes are committing, students are writing essays, and parents are looking at financial aid options. Whether you are in leadership or admissions, on the board or an alum, you may have concerns or unanswered questions about your institution’s processes and related risks. Are you confident that the appropriate controls are in place to avoid an admissions scandal and assure prospective students and their families that risk has been mitigated?
There are multiple schemes at play including fraudulent student-athlete profiles and questionable legal guardianship status. Perhaps you are thinking, “How can my institution possibly keep up with the myriad of evolving schemes and untangle fact from fiction? What is being done, if anything, to make sure there isn’t unchecked and unmitigated risk?"
It may not be practical to detect every scheme, but you can have clear, well-documented processes, a robust risk assessment, and key internal controls. Colleges and universities have been forced to launch internal investigations, terminate staff, rescind admissions. These decisions, although necessary, have been costly and shed negative light on the institutions. A more proactive approach is recommended. Now is the time to review processes and procedures and to make any enhancements. What areas are of concern for the institution—and are you interested in learning about what steps other institutions are taking to mitigate risk?
Clients come to DGC when they’re looking for an independent assessment and clear, targeted, and cost-effective recommendations. Don’t leave questions unanswered—assure yourself, the Board and other constituents that the institution is being proactive rather than reactive. For additional information and to further discuss this, contact Elisabeth da Silva, CPA, CFF at 781-937-5792 or email@example.com. Elisabeth is a Partner in DGC’s Business Advisory practice.