Section 2: SACS Core Requirement
The institution has a sound financial base and demonstrated financial stability to support the mission of the institution and the scope of its programs and services.
The member institution provides the following financial statements: (a) an institutional audit (or Standard Review Report issued in accordance with Statement on Standards for Accounting and Review Services issued by the AICPA for those institutions audited as part of the system-wide or an independent certified public accountant and/or an appropriate governmental auditing agency employing the appropriate audit (or Standard Review Report) guide; (b) a statement of financial position of unrestricted net assets, exclusive of plant assets and plant-related debt, which represents the change in unrestricted net assets attributable to operations for the most recent year; and, (c) an annual budget that is preceded by sound planning, is subject to sound fiscal procedures, and is approved by the governing board.
Audit requirements for applicant institutions may be found in the Commission policy entitled "Accreditation Procedures for Applicant Institutions." (Financial Resources)
Evidence of Support: