News Release
CONTACT: Della Elliott, Public Information, (619) 644-7690, della.elliott@gcccd.edu
FOR IMMEDIATE RELEASE January 17, 2006
More spotless independent audits
for East County college district
EL CAJON – – If the topic were a team’s football record, superlatives like “unprecedented” and “stellar” would no doubt be bandied about.
It is, rather, the considerably more staid subject of financial audits, but Grossmont-Cuyamaca Community College District officials are no less quick to highlight what they say is a pretty remarkable feat: a continuation of spotless, independent audits.
The five separate audits presented Tuesday to the governing board cover the district’s general audit; its part-time employees’ pension plan; Grossmont and Cuyamaca colleges’ foundations; and the district’s auxiliary. Two more audits relating to the district’s Prop. R facilities bond program, are expected to be presented to the board next month.
As budgets expand and increase in complexity with the colleges’ growth in program offerings, financial aid, and facilities, the fact that the district has retained its perfect record is quite an accomplishment, said Governing Board President Deanna Weeks.
“With the public’s heightened awareness of the importance of such audits and media playing a stronger watchdog role, auditors are that much more detailed and thorough in their reviews, so to be able to obtain audits that are not only clean, but spotless, is a testament to the district’s excellent fiscal management,” she said.
The district’s general audit by the accounting firm of Vavrinek, Trine, Day & Co., shows no findings of non-compliance with laws and regulations, no questioned costs for the last fiscal year, and no management recommendations. It confirms that the college district is fiscally sound and also, gives a clean bill of health to its financial reporting practices.
“We noted no matters involving the internal control over financial reporting and its operation that we consider to be material weaknesses,” the auditing report states. “The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under governing auditing standards.”
Chancellor Omero Suarez said the district takes pride in its string of unblemished audits, which reflect meticulous attention to financial management in areas such as financial aid, cashiering, budget and accounting, purchasing, contracts and payroll.
“Last year, we saw a number of key administrators in these areas retiring, but as these audits show, our systems remain intact and the practices remain above board,” Suarez said.
“As one of the most under funded college districts in the state, we continue to deal with the challenge of operating this district and both colleges on the most stringent of budgets, but as these audits show, we manage by making sure that every dollar coming out of our coffers is a dollar wisely spent.”
The annual audits by certified public accountants are required by the state education code. For several years now, auditors have submitted reports with no findings of non-compliance or questioned costs on the part of the district.
For the year ended June 30, 2005, the district showed a net asset increase of nearly $18.3 million or 32.8 percent. An accompanying audit analysis notes that these assets have been designated for specific purposes, such as capital outlay, health services, a parking fund and specially funded programs. The district’s total assets are reported at $250 million; total liabilities at $176 million, for total net assets of $74 million.
Grossmont and Cuyamaca colleges, located in El
Cajon in eastern San Diego County, serve 26,000 students. For Grossmont
College information, call
(619) 644-7000 or visit www.grossmont.edu.
For Cuyamaca College information, call (619) 660-4000 or visit
www.cuyamaca.edu.
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Intergovernmental Relations,
Economic Development, and Public Information
8800 Grossmont College
Drive El Cajon, CA 92020-1799
Phone 619-644-7573 Fax 619-644-7924