Public University Analysis

Public University Analysis of

Winthrop University

Sonya Dakers

Dr. Janice Mereba

Acc 410

Strayer University

June 4, 2012

Winthrop University was founded in 1886 by David Bancroft Johnson to educate teacher in the area. The mission of the university is to build upon its 19th century origins as a distinctive women’s college, the Winthrop University of the 21st century is achieving national stature as a competitive and distinctive, co-education, residential, comprehensive, public, value oriented institute (Winthrop.edu ). The university has an Office of Internal Audit that is responsible for providing executive management with information about the adequacy and effectiveness of the university’s system of internal administrative accounting controls and the quality of operating performance when compared with established standards (Winthrop.edu). They conduct several audits during the year but the board of trustees or members of the executive staff are able to ask for one at any time.

Many of Winthrop University’s employees are covered by the South Carolina Retirement System. This pension plan is run by the Retirement division of the State Budget and Control Board. Article X, section 16 of the South Carolina constitution requires that all State operated retirement plans be funded on sound actuarial basis. Most employees are obligated to contribute to the fund as a condition of employment unless they are exempted by law. The annual benefits which are paid monthly for life are based on years of service and final annual compensation. Some state employees participate in an Optional Retirement Program (ORP). This plan provides death and retirement benefits through the purchase of fixed or variable annuity contracts which become the property of the participant. Employees who are eligible for the ORP cannot participate in the SCRS program. Some employees are also eligible to participate in the Teacher and Employee Retention...