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November 5, 2007

UMaine System to issue quarterly reports

The University of Maine System and its seven universities will issue financial reports four times a year rather than annually as part of an ongoing effort to improve its accounting system.

At a meeting yesterday in Augusta, the Finance and Facilities Committee of the UMS board of trustees decided to give financial reports quarterly to increase financial accountability and transparency, John Diamond, executive director of public affairs for the system, told Mainebiz this morning.

Previously, the committee had issued financial reports every November. Diamond said the decision was not made in response to the current $8 million, three-year budget shortfall at the University of Southern Maine. Finance Committee Chairman Jim Dowe said in today's Portland Press Herald that the USM situation "helped a lot of us to see the need for greater financial transparency and accountability."

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