{"id":2606,"date":"2021-01-05T22:14:02","date_gmt":"2021-01-05T22:14:02","guid":{"rendered":"https:\/\/www.northcentral.edu\/blog\/?p=2606"},"modified":"2021-10-26T20:39:44","modified_gmt":"2021-10-26T20:39:44","slug":"north-central-earns-high-grade-in-financial-strength","status":"publish","type":"post","link":"https:\/\/www.northcentral.edu\/blog\/north-central-earns-high-grade-in-financial-strength\/","title":{"rendered":"North Central earns high grade in financial strength"},"content":{"rendered":"<p>For Fiscal Year 2019\u201320, North Central University received a 3.0 Financial Responsibility Composite Score from the U.S. Department of Education, the highest awardable score. According to university auditors Clifton Larson Allen, &#8220;The composite score reflects the overall relative financial health of institutions on a scale from negative 1.0 to positive 3.0. A score greater than or equal to 1.5 indicates the institution is considered financially responsible.&#8221;<\/p>\n<p>North Central&#8217;s score has seen an increase in the past five years, rising steadily, from 2.2 in 2016 and 2017 to the most recent 3.0 score (see chart). Brian Li, MBA, Chief Financial Officer, explained the score essentially conveys that the institution&#8217;s financial strength is verifiable; it highlights a low level of debt and effective stewardship and budget management.<\/p>\n<figure id=\"attachment_2608\" aria-describedby=\"caption-attachment-2608\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-2608\" src=\"https:\/\/www.northcentral.edu\/blog\/wp-content\/uploads\/sites\/2\/2020\/12\/Pages-from-DOE-Score-Documentation-1024x795.jpg\" alt=\"\" width=\"1024\" height=\"795\" srcset=\"https:\/\/www.northcentral.edu\/blog\/wp-content\/uploads\/sites\/2\/2020\/12\/Pages-from-DOE-Score-Documentation-1024x795.jpg 1024w, https:\/\/www.northcentral.edu\/blog\/wp-content\/uploads\/sites\/2\/2020\/12\/Pages-from-DOE-Score-Documentation-300x233.jpg 300w, https:\/\/www.northcentral.edu\/blog\/wp-content\/uploads\/sites\/2\/2020\/12\/Pages-from-DOE-Score-Documentation-768x596.jpg 768w, https:\/\/www.northcentral.edu\/blog\/wp-content\/uploads\/sites\/2\/2020\/12\/Pages-from-DOE-Score-Documentation-1536x1193.jpg 1536w, https:\/\/www.northcentral.edu\/blog\/wp-content\/uploads\/sites\/2\/2020\/12\/Pages-from-DOE-Score-Documentation-2048x1590.jpg 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-2608\" class=\"wp-caption-text\">Graph showing NCU Dept of Ed Financial Responsibility scores, 2016\u20132020<\/figcaption><\/figure>\n<p>Andrew Denton, Ph.D., Executive Vice President, noted that North Central&#8217;s financial strength has transcended a recent shift in university administration. &#8220;Under President Scott Hagan [inaugurated in 2017], we have delivered and maintained balanced budgets,&#8221; Denton explained, &#8220;but the seeds of NCU&#8217;s stability began well before that under the leadership of our previous president, Gordon Anderson.&#8221;<\/p>\n<p>CFO Li said that the score is a result of an annual auditing process. &#8220;Each year, our auditors calculate our composite score based on our audited year-end financial statements,&#8221; Li said. &#8220;These scores are publicly available for all higher ed institutions and can give prospective students and donors a glimpse into the fiscal responsibility of each institution. We are thankful for the decades of work and leadership that have set NCU up for financial success.&#8221; The scores are reported on <a href=\"https:\/\/studentaid.gov\/data-center\/school\/composite-scores\" target=\"_blank\" rel=\"noopener noreferrer\">studentaid.gov<\/a>. Li said there is a lag-time between reporting and publishing the numbers; this year&#8217;s numbers are not likely to be available on the site until 2021 or 2022. An <a href=\"https:\/\/fsapartners.ed.gov\/sites\/default\/files\/attachments\/fsahandbook\/1617FSAHbkActiveIndexMaster.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">archived page<\/a> from the Department of Education website details how the score is calculated.<\/p>\n<p>Denton said, &#8220;We are grateful the financial condition of our school is strong. The pandemic has certainly had an impact, and we will need to be prudent in the coming years to bring balanced budgets in light of enrollment drops and the COVID-19 impact. But we are grateful to the Lord for the position we are in. Our Financial Responsibility Composite Score is a direct result of North Central&#8217;s financial stability, spiritual stability, and academic stability\u2014affected directly by Gordon Anderson&#8217;s presidency and Scott Hagan&#8217;s continued commitment to that legacy of financial strength.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>For Fiscal Year 2019\u201320, North Central University received a 3.0 Financial Responsibility Composite Score from the U.S. Department of Education, the highest awardable score. According to university auditors Clifton Larson Allen, &#8220;The composite score reflects the overall relative financial health of institutions on a scale from negative 1.0 to positive 3.0. A score greater than [&hellip;]<\/p>\n","protected":false},"author":16,"featured_media":2614,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27,45,38,37],"tags":[],"class_list":["post-2606","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-college-life","category-deciding-on-a-college-college-life","category-ncu-news","category-paying-for-college"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>NCU Earns High Grade in Financial Strength - Table Salt | NCU Blog<\/title>\n<meta name=\"description\" content=\"North Central University earned a 3.0 under the Department of Education&#039;s Financial Responsibility Score for Fiscal year 2019\u201320.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.northcentral.edu\/blog\/north-central-earns-high-grade-in-financial-strength\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NCU Earns High Grade in Financial Strength - 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