2015-18 audit reports and financial statement now available

Last week I promised to post our newest financial statement and our 2015-16, 2016-17, and 2017-18 audit reports to the College Budget SharePoint site. Here are these documents for your reference.

It really has been a long and winding road. Finishing four years of financial statements and working with the State Auditor’s Office has been time consuming but satisfying now that everything is winding down.

The 2018-2019 financial statement has now been shared with the State Auditor. They will be working to finish this last audit before June 30th. This will be a daunting task attempting to audit by not coming to our campus. I will keep you posted in our regular updates to the campus. Also, we will start posting monthly budget status reports to the site.

A side note is that in all three audits, we were in full compliance and had a “clean” opinion.

As I reported earlier, we had one finding in our 2017-2018 audit. They recalculated the accounts receivable balance and determined the balance is not correctly calculated and classified. They determined the current portion of accounts receivable was overstated by $8,852,651 and Long-term Due to Other Agencies was understated by $8,852,651. This change in no way affected our financial statement.

If you have any questions regarding our financials or audits please feel free to contact Satoko or myself.

Stay Safe,

Bill Saraceno

Interim Chief Financial Officer

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