The Board of Trustees Audit Committee discussed employee pensions and had an update of the external audit.
When the fiscal year for 2015 starts in June 2014, GASB 68 will be applicable.
The projected figures show OU will have $289 million in unrestricted net assets before GASB 68 is applicable. Once GASB 68 is applicable there could be a deficit of $256 million.
This is not just a problem for OU, other universities are in the same situations, but there isn’t anything the universities can do until the state makes changes to the pension plan.
The external audit report from was more positive. The report was prepared by Plante Moran, an audit, accounting, tax & business advisory firm.
OU has about $1.3 billion in assets with approximately half invested in capital assets. There is roughly $850 million in net assets.
md781510@ohiou.edu
@MariaDeVito13
