East Central College has again received a clean opinion on the annual audit of the financial statements.
At their Dec. 3 meeting, the college’s board of trustees accepted the audit for the year that ended June 30, 2012.
The audit was conducted by the firm of Davis, Lynn, and Moots, of Springfield, Mo., which gave the college an unqualified opinion.
The financial statements of the ECC Foundation, which is considered a component unit of the college, were also audited for the year that ended Dec. 31, 2011. The foundation also received an unqualified opinion.
“We are very pleased to once again receive a unqualified ‘clean’ opinion on the audit that showed no significant deficiencies or material weaknesses,” said ECC President Jon Bauer.
No compliance issues were noted with regard to major federal award programs and there were no other findings that require a response from the college.
The college has total assets of almost $57 million, down $3.3 million from last year. Property and equipment constitute $43.1 million of the total. Total liabilities were also down more than $3 million for the year, and now total $24.1 million.
More than $15 million in federal monies passed through the college throughout the year, the majority in the form of Pell grants and SEOG (Supplemental Educational Opportunity Grants), work study and federal student loans.