On Tuesday, the Garden City Community College Board of Trustees accepted the final opinion from Lewis, Hooper & Dick following the accounting firm’s annual financial audit of the college, the GCCC Endowment Association and Broncbuster Athletic Association for Fiscal Year 2018, which stated there were no errors or reportable conditions.
Lewis, Hooper and Dick accountants Theresa Dasenbrock and Kristin Sekavec presented the audit report to the board. Dasenbrock said the agency had not found any questionable costs regarding federal funds and programs and no material weaknesses or significant deficiencies through the process.
The college had $44.7 million in total assets, a dip down from $45.8 million in 2017. The decrease is partially due to the use of some excess cash in certain larger projects, Dasenbrock said.
As of June 30, the college had four purchases and one revenue bond labeled as outstanding debt, totaling slightly over $10 million in outstanding principal balance at the end of the year. The college was making the payments correctly and as scheduled, and about 13 percent of the payments had been paid, Dasenbrock said.
The college had approximately $6.5 million in operating revenue and $18.5 million in non-operating revenue, 41 percent of which was received through property taxes, with federal grants and contracts, state appropriations and student tuition and fees taking up another 49 percent combined. For the sixth year in a row, the school received an increasing amount of revenue through student tuition,
About 32 percent of operating expenses went to instruction, a 5 percent increase since 2017, and student services, institutional support, campus operations and maintenance took up 16, 12 and 12 percent, respectively.
The corrective plan attached in the audit showed no issues with financial statements, federal awards findings and questioned costs or the status of past corrective actions.
Sekavec offered several best practice suggestions to avoid larger issues moving forward. She suggested monitoring outstanding checks and reviewing student financial aid amounts more closely. She mentioned that she reviewed other best practices suggestions with the Endowment Association and BAA staff, as well.
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