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Grant Thornton: We Know Change

St. John's University: EIRP Spring 2014
by

Dylana Suarez

on 2 May 2014

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Transcript of Grant Thornton: We Know Change

Grant Thornton
March 25, 2014
Let's Talk
About
Change!
Grant Thornton
SJU Takes on CHANGE!
THE TORCH
Why We Love SJU

VALUES

Why We Love SJU
The Future of Higher Education
Let's Talk About Change
Grant Thornton: We Know Change
Flowing Positively Through Change
Work Plan
Audit Services
Tax Services
Implement ERM
Leveraging Shared Services
Internship 360
Questions and Answers
Expertise
CLEARR
Collaboration
Leadership
Excellence
Agility
Respect
Responsibilty
TLROSE
Truth
Love
Respect
Opportunity
Service
Excellence
Excellence
Respect
Why We Love SJU

STRENGTHS
Diversity
SJU Name
Division I Sports
Global Presence
Increased HS and Community College Outreach
The Future of

HIGHER EDUCATION
Student Tuition
Debt Levels
Technology
Online Competition
Cash Levels
Pledged Gifts & Contributions
Federal Research Grants
Student Aid
How Industry Trends
IMPACT SJU
WEAKNESSES
Declining Enrollment
THREATS
Student Mindset Cost > Benefit
Looking at the
NUMBERS...
Current Changes At
SJU
SJU
Strategy
Leadership
Brand
Campus
Construction
Organizational
Redesign
One More Change...
A Change in Auditors!
Grant Thornton
Flowing Positively
Tax
Services
Shared Services
ERM
Internship
360
Increased Internal Controls
Positive Reputation
Increased Donor Contributions
Team Boston
Team Boston
Meet The Team!
Reliability
Experience
Thought Leaders
Roberto Westerband
Quality Review Partner
Mike Kavanagh
ERM Advisory Partner
Taylor Polsinski
Lead Audit Partner
Dylana Suarez
Senior Audit Manager
Ashleigh Womble
Experienced Audit Staff
Ni Zhan
Experienced Tax Staff
Apostolos Antoniou
Higher Education Resource
VALUE
Audit
Services
THROUGH CHANGE
Largest
Accounting Firm
Partners
NE Region
NFP Clients
NE Region
Higher-Ed Clients
Partner to Staff
Ratio
Why
GRANT THORNTON?
6th
140
45%
63%
1:8
Audit Services
SCOPE OF SERVICES
TRANSITION APPROACH
Financial statement audit
Circular A-133 compliance and internal audit testing
Defined benefit and compensation plan
NCAA compliance procedures
Fresh Eyes
Focus on SJU's critical risk areas
Improve existing internal controls
Minimize impact of change
Continual knowledge of industry trends through Thought Leadership
SJU AUDIT RISKS
Audit Services
Audit Services
BENEFITS & OUTCOMES
Integrated
Audit Methodology
Improved Design and Operating Effectiveness
Decreased Risks for
the Future
Comprehensive Assessment of Internal Controls
Tax Services
SCOPE OF SERVICES
Form 990
Tax Consulting Services on Compensation and Pension Benefits
Tax Implications of the Voluntary Separation Offer (VSO)
Expertise in Benefits of Education Incentives
Capitalize on Charitable-Giving Provisions
Global Tax Issues among International Campuses
Tax Services
BENEFITS & OUTCOMES
Tax
Services
Decreased Tax Liability
Awareness of Student Education Incentives
Ability to Use Increased Funds Towards SJU Mission
Why Implement ERM?
CURRENT CHANGES AFFECTING SJU
Leadership
Strategy
Brand
Campaign 2020
Campus Construction
Organization
Redesign
Uncertainty & Risks
ERM Implementation
Our Approach
Customize ERM
Methodology for SJU
Intimate Understanding of SJU's Risk Management Process
Deep Understanding of Higher Education Risks
Create Effective Risk Management Strategies
ERM Assessment
BENEFITS & OUTCOMES
High Level
ERM Assessment
Enhance Risk Response Decisions
Maintain SJU's Strong Moodys Credit Rating
Reduce Operational Surpluses and Losses
Increase SJU Reputation & Donor Confidence
Importance to SJU
High Variability of Contribution Income
Implementing an ERM Plan will increase donor confidence and boost SJU's Reputation.
This will lead to less variability in contribution income.
Economic
Pressure
VSO
Drive
Cost
Down
Leveraging
SHARED SERVICES
Identify transition goals
Recommend the most effective organization structure
Analyze opportunities for shared services
Implement an organization redesign plan
Minimize value leakage by leveraging plan schedule and budget
Leveraging Shared Services
BENEFITS & OUTCOMES
Value Added
Improve Employee Technical Expertise and Efficiency
Motivate SJU Workforce
Reduce Operational Expenditures and Staff Redundancies
Enhance Compliance and Oversight
Promote Best Practices and Improved Service Levels
Internship
360
GT Provides Internships for SJU Students
GT Trains
and Provides Resources for Interns
Interns
Provide
Free Advisory Services to Community
GT - SJU
Relationship
Benefits
Community
Internship 360
SYNERGY THROUGH COOPERATION
Create Additional Student Internship Program
Positive
Student Experience
Increase Opportunities for Students Beyond Graduation
RELATIONSHIP
BEYOND CLIENT-AUDITOR
Campus Construction
Voluntary Separation Offer
Forbes NFP Foundations
and Associations
47%
Fraudulent Actions
Project Schedule and Budget
Appropriately Estimated Expense
Staffing Levels
POCKET SLIDES
Audit Approach
ERM Implementation
INTEGRATED AUDIT METHODOLOGY
APPROACH
Phase 1
Phase 2
Phase 3
Phase 4
Understand the Business Environment and Previous ERM Activities
Identify Current Mitigation Practices and Develop Risk Evaluation Framework
Assess Risks
Design and Implement Monitoring Program
Grant Thornton
Increased Contributor Confidence
Source: SJU Strategic Plan 2011-2014 (goo.gl/n0M7F9)
Looking at the
NUMBERS...
Increased Tuition
Lack of Manhattan Presence
Limited Variety of Online Courses
Declining HS Graduation Rate
Virtual Classroom Options
High Saturation of NYC Business Schools
Decreased Risks
Increased Efficiency and Productivity
Increased Morale
Increased Donor Confidence
Higher Student Retention
Increased Funds Available for Scholarships
Overall Increased Revenues
Increase Presence on SJU Campuses
Add an Outlet for Potential New Hires
Enhance Opportunity to Gain Client Relationships with Start-up Companies
SJU
GT
Full transcript