Brown Edwards’ Commitment to Private Higher Education
We are committed to private higher education and its many challenges – students with greater financial needs; questions about access, affordability, and institutional value; and grave long-term financial sustainability concerns – to name a few. As you face these and future challenges, you will need an exceptional relationship with and commitment from a group of professionals who advise you and support your efforts. At Brown Edwards, private higher education is a core focus of our Firm – we know your issues.
- With over 40 years of experience and expertise, we are a recognized leader in the industry. Large enough to offer comprehensive services with an emphasis on quality and highly personalized services.
- We redefine “normal” with our “beyond the basics” value, service and highly unique deliverables.
- Our service philosophy – quality, timely and personalized service – the “cornerstone” of our practice.
- Round-the-clock, 24/7 commitment.
- Reasonable and competitive fees that are a “win/win.”
Our ultimate goal is not to merely render services, but to be committed to your institution’s strategic plan and needs.
Let us introduce you to our “normal.”
Why Choose Brown Edwards?
The Right Firm
- Brown Edwards is committed to higher education. Serving the private higher education industry is a core focus in our firm. For you, this means that we understand your issues, your challenges, and your unique accounting and reporting requirements.
- We offer you the comprehensive size and scope of a large national firm with a strong emphasis on personal and quality service; plus, you’ll be dealing with seasoned, high level CPAs on your important issues and your audit
- Higher education industry expertise – serving a number of small, private higher education clients within reasonable geographic proximity to you allows Brown Edwards to be a leader in this industry
- Quality audits and advice on making your financial statements more transparent and that “tell your story”.
- Unrivaled benchmarking information included in your audit fee; plus, we don’t just calculate the trends, we provide meaningful counsel regarding how they impact you
- An annual State of Private Higher Education article to keep you abreast of what’s happening in the industry; Monthly electronic tax alerts and accounting newsletters specifically geared to higher education
- A top-notch higher education seminar and other training sessions
The Right People
Brown Edwards has a pool of higher education specialists who are highly experienced and sensitive to your needs and concerns. Our team members are noted by our clients for their accessibility and hands-on style, as well as the depth of knowledge and capabilities. Ultimately, in professional relationships, people make the difference.
In addition, you know you can expect the following from your Brown Edwards’ team:
- Accessible and responsive – 24/7 availability with experienced HE personnel
- Significant senior level involvement and availability, which is not always a given with many of our competitors
- Trained to take a practical approach with practical solutions, and to be courteous and professional
Our Value-Added Audit Approach
Our audit process addresses today’s heightened risks and makes suggestions to alleviate them, which helps to ensure your integrity and reputation. In addition to giving you the compliance value you deserve through an efficient and effective audit, we will deliver the business value you should expect. This philosophy is the cornerstone of the Brown Edwards’ audit approach. You can expect all of the following as a part of your audit by Brown Edwards:
- Our audits are efficient, thorough, and effective – the epitome of quality
- Appropriately focused using an “8-hour” risk assessment methodology directed at key controls – budgeting process, restricted contributions, endowment monitoring and oversight, and the financial reporting process
- Timely communications – formal pre-audit, during the audit process, and formal post-audit
- State-of-the art approach – full use of the latest technology; paperless
- Assessment of your information technology risks and controls by an experienced CISA (Certified Information System Auditor)
- We give you the compliance value but also leverage our in-depth knowledge of the College to deliver business value
- Benchmarking comparisons and related high-level counsel, operational advice, and traditional required communications on internal controls
- Communicated to you in a clear and concise presentation along with other deliverables
- Our approach addresses today’s heightened awareness of corruption and fraud by identifying risks and making suggestions to alleviate them
Reasonable and Competitive Fees
Concern over the level of fees for accounting and consulting services is a real issue for every business, particularly with so much pressure on increasing costs. We are highly sensitive to this concern and are committed to ensuring all appropriate actions are taken to maintain fees at reasonable levels. However, we also recognize that fees cannot be compromised for reduced quality. Our goal is always to be fair to the College and to Brown Edwards – a “win/win situation.”
Brown Edwards Higher Education Services
Assurance and Audit Services
- Independent external audit
- Employee benefit plan/403(b) audit
- Specialized audits – effectiveness of internal controls, reports of specific operations
- Accounting advisory – accounting assistance, projections
Preparation or review of Form 990 and Form 990T
- Overall financial statement presentation, disclosure and transparency
- Utilizing an operating measure
- Classification of net assets
- Development of a chart of accounts structure
- Financial projections with related financial ratio analysis
- Employee training on all aspects of financial statement elements
- Accounting and classification of contributions and split-interest agreements
- Accounting for asset retirement obligations (asbestos removal)
- Enhancing financial reporting controls related to the closing process
Accountability & Governance
- Development of audit committee charters, roles and responsibilities and other related policies
- Conflict of interest, whistleblower and record retention policies
- Practical ways to meet audit committee responsibilities
- Development of policies related to executive compensation and Form 990 review
- Board financial statement training for not-for-profit organizations
- Development and execution of an internal audit function and programs
Organizational Change, Strategy & Finance
- Strategic business analysis – assess current resources and project future needs
- Organization structure
- Financial benchmarking
- Strategic debt management
- Accounting for various types of investments including alternative investments
- Implementation and accounting for the Uniform Prudent Management of Institutional Funds Act (UPMIFA)
- Endowment spending practices
- Benchmarking of investment returns
- Executive and other compensation-related matters
- Form 990 and 990-T issues
- Unrelated business income
- Assisted clients with the IRS College & University Compliance Project
- Internal control assessments
- Enterprise risk management (ERM)
- 401(k) and 403(b) consultation, design and audits
Learn more about how we can support your institutionContact One of Our Team Members
319 McClanahan St SW • Roanoke, VA, 24014-7705
David is a partner and has close to forty years of diversified assurance, accounting, and consulting experience with particular expertise serving private educational institutions and other types of not-for-profit organizations.
During his tenure with the Firm, David has served in a variety of executive leadership roles including the following:
- Member of the firm’s Leadership Committee (Executive Committee and governing board), a position he has held for over twenty five years. This committee is responsible for the Firm’s overall vision and strategic direction. For the past fifteen years, David has been the chairman of the committee.
- Firm Coordinator of Internal IT Services. In this role, David oversees Brown Edwards’ information technology systems.
- Firm Coordinator of Education Services. David started this niche over thirty years ago and currently leads our education team. During his leadership, the Firm has had significant growth with small, private colleges and universities. He is a well-respected authority in the industry with experience including:
- Assurance and related – auditing financial statements and advising on a variety of financial accounting and reporting issues such as presentation, disclosure and transparency
- Governance and accountability – designing best practices, developing practical ways to meet audit committee responsibilities, and crafting audit committee charters, roles and responsibilities
- Strategic finance and risk management – business analysis (assessing current resources and projecting future needs), organizational structure, financial benchmarking, strategic debt management (capital additions and debt offerings), reviewing internal controls, and advising on enterprise risk management (ERM)
- Endowment management – accounting for investments, Uniform Prudent Management of Institutional Funds Act (UPMIFA) accounting issues, unitization of investment pools, spending policies and benchmarking
- Past Coordinator of the Firm’s assurance, accounting, and quality control for more than twenty years. In this capacity David designed Brown Edwards’ quality control system and successfully led the Firm through four consecutive peer reviews. He was also responsible for reengineering the Firm’s audit process to enhance efficiencies, effectiveness and the implementation of a paperless (green) assurance approach which is still in use today.
David graduated from Old Dominion University in 1977 with a Bachelor of Science in Business Administration, concentrating in Accounting. He is a member of the American Institute of Certified Public Accountants (AICPA), the Virginia Society of Certified Public Accountants (VSCPA), and has served on the Leading Edge Alliance’s Accounting and Auditing Committee. In addition, David is the past treasurer and chairman of the Finance Committee of Virginia Amateur Sports, Inc., which annually organizes the Commonwealth Games of Virginia.
319 McClanahan St SW • Roanoke, VA, 24014-7705
John is an assurance and accounting services partner with responsibilities in the Roanoke office of Brown Edwards. He has over eleven years of experience providing a wide range of services to not-for-profit organizations, particularly private institutions of higher education. He has significant knowledge of the Student Financial Aid Programs provided by the Department of Education and the compliance testing associated with these programs. John was recognized as a “Super CPA” by Virginia Business magazine in the government/nonprofit area of practice.
John graduated from James Madison University in 1993 with a Bachelor of Business Administration degree. He is a member of the American Institute of Certified Public Accountants and the Virginia Society of Certified Public Accountants.
1715 Pratt Dr, Ste 2700 • Blacksburg, VA, 24060
Mark is a partner in the New River Valley office of Brown Edwards. He has over twenty years of experience in accounting and tax services including three years as the controller of a not-for-profit organization. Mark has extensive experience working with private colleges and universities & other not-for-profit organizations, construction contractors, manufacturers and affordable housing organizations.
Mark graduated from Radford University in 1993 with a Bachelor of Business Administration with a concentration in accounting. Mark is a Certified Public Accountant licensed in Virginia and Washington, D.C. He is a member of the American Institute of Certified Public Accountants and the Virginia Society of Certified Public Accountants. In addition, Mark is a member of the National Association of College and University Business Officers. Mark is a frequent presenter at not-for-profit and private higher education conferences.
Mark is the treasurer of New River Land Trust, a member of the Investor Relations & Development Committee of New River Valley Economic Development Alliance, and is an active leader in his local church and Rotary club.
What Clients SayAbout Our Accounting Services for Colleges and Universities
"Trinity Washington University has been a client of Brown Edwards for almost eight years. During that time, we have established an excellent relationship with not only the audit teams that come to campus but the team that supports them in Roanoke. Trinity used larger audit firms in the past and we have found no comparison to the accessibility, helpfulness, responsiveness and reasonableness of the Brown Edwards team. Their Higher Education Team are the consummate professionals. Trinity has been and continues to be a very satisfied client."
Barbara Lettiere - CEO Trinity Washington University
"Brown Edwards has added value at the two colleges I have served as chief financial officer. Higher education has a complicated business model in which many things have to go well in order for an institution to be successful. Brown Edwards understands the complexities of higher education and that each institution has its own individual strengths and weaknesses. Needs are different. As independent auditors they adjust to the needs of the client. I recommend that you consider Brown Edwards & Company to serve as your institution’s independent auditor."
Stephen E. Bright - Vice President for Business and Finance Lynchburg College
"Our time with Brown Edwards has been very positive. From a higher education perspective, their conference in June is high on our list to attend. The ability to network with other schools and learn from them as well as the speakers that are brought in is fantastic. The audit is very well prepared and the communication between us and them is great. Besides the normal financial statements and notes that go to the board they provide other information such as ratios from Moody’s, CFI score and articles on the industry that our board has found quite useful. We feel our time with Brown Edwards has been time well spent and has helped us do our jobs better."