Fairmont State Board Approves Unmodified Audit and Receives A2 Rating from Moody’s
During the December 17 Board of Governor’s meeting, the independent auditing firm
Suttle & Stalnaker reported, for the seventh year in a row, that Fairmont State University
closed out last fiscal year in strong financial standing.
The University was given an unmodified opinion on the audit, which is the highest status it can receive, continuing the legacy of outstanding financial reporting. The audit illustrated that Fairmont State’s financials had no incorrect statements and were presented accurately.
The Board was also informed that Moody’s Ratings (Moody’s) recently affirmed Fairmont State University’s A2 issuer rating and the A2 on the revenue bonds issued by the Fairmont State University Board of Governors. The university has approximately $46 million in total adjusted debt as of fiscal 2024. According to Moody’s media release, Fairmont State’s outlook is stable.
President Mike Davis expressed his satisfaction with the news, highlighting that Fairmont State University’s strong financial health reflects its commitment to financial discipline and strategic planning.
“Fairmont State’s financial strength allows us to provide the resources necessary to make the University a ‘Great Place to Work, to Learn, and to Call Home’,” said Davis. “Implementing the key initiatives identified during our strategic planning process also demonstrates our unwavering dedication to innovation, excellence, and value.”
For example, Davis has made several changes to support employees, including free parking, complimentary access to Falcon Center amenities, and launching a comprehensive classification and compensation study that will inform salary adjustments.
Finally, the University announced that interim Chief Financial Officer John Nisbet has accepted an extension of his contract through June 2026.
“During John’s first seven months at Fairmont State, the university has benefited from his superb financial leadership,” said Board Chair Jennifer Kinty. “He has been critical to the success of key projects, including enhancing our budgeting process. The Board looks forward to working closely with John over the next year and a half to build on this legacy of accomplishments and further strengthen Fairmont State.”
