As a result of long-time discussions, starting with the Middle States Reaccreditation report in 2006, IUP has made an investment with ParenteBeard LLC to examine the way that we do business. ParenteBeard LLC provides audit, accounting, tax, and business advisory services. The firm will study the Finance and Information Technology areas during the months of November and December.
Members of the company will review the current processes and procedures of these offices, with a goal of developing recommendations to enhance operations, improve communication between functions and key stakeholders and improve services and overall efficiency.
Without question, IUP employees care deeply about their jobs, and are committed to strong customer service and a service-oriented campus. We are expecting a very healthy return on our investment in the form of recommendations to better streamline operations and enhance the services we provide in the most efficient manner possible.
ParenteBeard has extensive experience with colleges and universities throughout the region, including the University of Pennsylvania, Cedar Crest College, Gannon University, and many others.
Some of the recommendations made for colleges and universities at the conclusion of the study have included process changes within the payment processing functions including receiving and processing payments (check, cash, and electronic payments), reconcilement activities across multiple functions and departments, payroll processing activities, financial reporting, budget monitoring, and reporting activities.
While the decision to proceed with this project was made well before current issues related to the commonwealth and State System of Higher Education budget issues, it is even timelier in light of the economic climate. This study is another tool to help IUP be even more diligent in our commitment to maintain the financial health and viability of the institution while ensuring that the strategic goals and priorities of the university are met.
The company is currently reviewing information about IUP, and members of the study team are meeting with employees in November.
