HATTIESBURG, MS (WDAM) - This is a news release from William Carey University
For the seventh consecutive year, William Carey University has received a perfect score of 3.0 on the Financial Responsibility Index released by the U.S. Department of Education.
For-profit and non-profit institutions of higher learning are required to annually submit audited financial statements to the Department of Education to demonstrate they are maintaining the standards of financial responsibility necessary to participate in Title IV, or federal student aid.
Data from the statements are used to gauge the financial responsibility of the institution and to calculate the Financial Responsibility Composite Score, which may range from negative 1.0 to positive 3.0.
A score greater than or equal to 1.5 indicates the institution is considered financially responsible, while a score of less than 1.5 but greater than or equal to 1.0 indicates the institution requires additional financial oversight. An institution with a score less than 1.0 is considered not financially responsible and may be at risk of losing Title IV programs.
"We are so gratified that Carey has received a perfect score for seven consecutive years," said Carey President Dr. Tommy King. "This stamp of approval by the U.S. Department of Education attests to our prudent management of financial resources that are given to us."
Carey's perfect score of 3.0 indicates the university's financial health, said Grant Guthrie, Carey's vice president for business affairs and chief financial officer.