Fiscal assessment of Lincoln University completed

LU hired firm to audit operations

JEFFERSON CITY, Mo. - A Georgia-based accounting firm completed a fiscal assessment of Lincoln University, according to LU spokesperson Misty Young.

In a news release distributed Friday, Young said the university contracted The Wesley Peachtree Group to perform a "comprehensive assessment and to provide objective information and counsel to University administrators and curators."

The press release said the firm's final report included 80 findings that would "enhance fiscal operations."

When ABC 17 News requested a copy of the full report Friday afternoon, Young said it will be sent as soon as she has a copy to distribute.

"Whenever there is a significant change in leadership, it is a sound practice to objectively critique University operations to identify and prioritize areas to improve," LU President Dr. Jerald Woolfolk said in the press release. "We are committed to building upon the strong foundation at Lincoln and this report provides a great source of input as we complete our strategic plan to propel us forward over the next five years."

The university declined to answer any questions or make any comments beyond the contents of the press release Friday.

The university's declining enrollment, budget process, financial reporting, enterprising risk management, succession planning, employee retention, student financial aid process, academic programs, sponsored research, revenue generation, internal control and administrative policies are among the items addressed in the report, according to the press release.

Another issue mentioned in the report, the release said, is the reorganization of the university's foundation.

Lincoln University began taking and distributing donations directly after it cut ties with its longtime fundraising partner in January. 

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