Linfield University’s Annual Audited Financial Statements have been released, and congratulations go to the entire team in Finance and Administration and beyond! Controller Paul Shillam noted that this milestone requires examining more than 35,000 different general ledger accounts; it takes the accounting and other departments weeks to finalize with the auditors.
It’s also a group effort, requiring the collaboration of many offices including Student Accounts, the Office of Human Resources and payroll, the Office of University Advancement, the Office of Financial Aid, Office of the Registrar and more. It represents the culmination of the enormous job accounting does every year to insure fair and accurate reporting of the financial activity of the university.
The attainment of an ‘unqualified opinion’ assures the readers of Linfield’s financial statements that the amounts and representations in the notes are presented fairly, in all material respects, and in compliance with accepted accounting principles.
“The report is the result of thousands of hours of coding, approving, posting, documenting, journalizing, analyzing, reconciliation, and review by the entire organization including staff, faculty, and students,” Shillam said, adding that his team sent hundreds of supporting documents and schedules to the independent auditors to validate transactional activity. The report is available to read online.
This year’s cover, a collage of pictures featuring students and programs, was a joint effort by Carol Stowell-Heller, Candido Salinas, and Paul Shillam and garnered rave reviews from a colleague at Scripps College, who emailed Shillam: “WOW! If nothing else, that is an impressive cover. I haven’t looked beyond that, but I wanted you to know how it really pops!” The theme, Uncommon Resilience, represents Linfield University’s successes in overcoming the many challenges faced by students, faculty and administration during the past two years.
