IAR26: Operating Topics 2: Balance Sheet, FASB Approach

Terri Albertson is the vice president for finance and administration at Ursinus College. She was previously with Philadelphia College of Osteopathic Medicine and Haverford College. She has spent over 25 years in public accounting at national firms with an industry focus on colleges and universities, healthcare entities, and not-for-profit organizations. She is the current chair of NACUBO's accounting principles council and is a graduate of NACUBO's Fellows program. She is a member of the board of trustees of Salus University and is on the audit and compliance committee and the finance committee.

25+ years of accounting and finance experience in the fields of higher education and healthcare with the University of Pennsylvania in increasingly progressive roles of responsibility. Interim VP for Finance and Treasurer in 2022. University Comptroller and Chief Accounting Office since 2020. Licensed CPA in the State of NJ. Long standing member of the NACUBO APC collaborating on numerous projects. Member of the AICPA.

Lori Beaty joined LeTourneau University in late Spring 2024 as Vice President for Finance and Administration and Chief Financial Officer (CFO). In this role, she directly oversees the university’s budget and finances, in addition to many other important operational areas, including Financial Aid, Human Resources, Payroll, Accounting, Auxiliary Services, Facilities, Student Accounts, Information Technology, and Conferences & Events Services. Prior to her move to Longview, Lori served at Tarleton State University, starting in 2011 as a grant accountant. She moved through the ranks to become the university’s first female Chief Financial Officer and Executive Vice President for Finance and Administration in 2019. In this role, she provided leadership to Business Services, Employee Services, Strategic Financial Planning, Campus Operations, Information Technology Services and Compliance. She served as a member of the President’s Executive Cabinet and as a liaison with external entities for university business matters. Lori is passionate about transforming the role of finance and administration from a functional necessity to a strategic partner. A native of Pittsburg, Texas, she holds a B.S. degree in Accounting from Texas A&M University-Commerce, a Master’s in Business Administration from Tarleton State University, and is pursuing a Ph.D. in Higher Education Administration at Texas A&M University. Lori is a Certified Public Accountant and spent a number of years working in public accounting and small business management prior to finding her way to higher education finance. Outside of work, Lori enjoys spending time her husband, Michael, and four adult children.

Sue Menditto is NACUBO’s expert on financial accounting and reporting, managerial analysis, and financial viability. She is charged with fulfilling higher education advocacy needs with the GASB, FASB, AICPA, and Department of Education. She was appointed to the IPEDS Finance Survey Workgroup in August 2023 as one of its financial reporting experts. She has also represented higher education on the Governmental Accounting Standards Advisory Council (2006–2012), AICPA’s Revenue Recognition Task Force (2016–2017), and the Department of Education’s financial responsibility subcommittee (2017–2018).

Menditto informs the association’s research efforts on accounting issues, endowment management, and tuition discounting; writes member communications: news, advisories, accounting tutorials, and articles; and supports members’ professional development needs by providing subject matter guidance. She has also co-authored chapters of publications addressing accounting, public health, and analytics and regularly speaks on accounting and financial management topics at conferences.

Menditto began her career in public accounting, was a CFO and Controller for a not-for-profit organization, and a vice president for Bank of America where she specialized in change management and accounting policy. She holds degrees in psychology and accounting and is a certified public accountant.