University of Missouri curators’ committee recommends $700k audit

COLUMBIA, Mo. (KMIZ)

A committee of the University of Missouri Board of Curators recommended Tuesday that the full board approve a $700,000 contract for an auditing firm's services.

Proposals were submitted by Ernst & Young LLP, CliftonLarsonAllen LLP, and BKD LLP. BKD LLP won the endorsement of the Board of Curators Audit, Compliance and Ethics Committee.

The committee said the agreement would cost the university $695,885 and represent $73,000 in savings for the system.

The contract is for independent financial auditing services for the fiscal year ending June 30, 2021 and subsequent years, for up to a five years.

A team of university financial administrators evaluated the proposals based on technical, service-related criteria and financial criteria. The team recommended the deal with BKD LLP based on the financial criteria.

The UM Board of Curators also met via Zoom Tuesday.

Ryan Rapp, the UM chief financial officer said the system needs to figure out how to generate revenue to offset losses.

"As the pandemic subsides, the key to success will be driven really by each of our universities ability to grow enrollment, improve the net tuition revenue on a per student basis, grow philanthropy and research revenue," Rapp said.