Washburn undergoes annual audit [Topeka Capital Journal (KS)]
(Topeka Capital Journal (KS) Via Acquire Media NewsEdge) Washburn University is undergoing its annual routine audit, university officials said Wednesday.
The audit includes all units of the university, including an examination of its use of federal funds -- mainly student financial aid and the Washburn Institute of Technology's $19.6 million U.S. Department of Labor grant.
Certified public accountants from the firm RubinBrown met with members of the Washburn Board of Regents audit committee Wednesday to discuss the process.
The firm will conduct the audit and present its findings to the regents in December.
Meanwhile, the university will recommend to the regents at their meeting Thursday that the school maintain its current rate structure for health insurance.
The university's insurance is self-funded, meaning it pays its own claims, while relying on Blue Cross and Blue Shield for certain services.
Though many public and private entities are currently facing hikes in insurance premiums, officials said the university had the opportunity this year to lower its rates slightly.
Instead, the university would like to keep rates flat to build its insurance reserves.
The university has been gradually restoring its depleted reserves since 2009, Washburn President Jerry Farley said, with the goal of having the equivalent of a year's worth of claims in the bank.
"If something goes badly wrong, we'll have our own reserve fund," Farley said.
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