College of Lake County Receives 'Clean' Audit
The College of Lake County has received an “unqualified” or “clean” audit for Fiscal Year 2012, according to a report presented to the CLC board last night at its regularly scheduled September meeting. The findings cover the college’s basic financial statements, state grants, claimed credit hours and federal grants, including financial aid.
John Weber, senior partner, and Robert Grapentine, senior manager, at Crowe Horwath LLP, presented the findings. An “unqualified” opinion is the highest designation auditors can give.
The auditors spent about six weeks on campus, reviewing the college’s financial documents, following the Government Auditing Standards set by the Comptroller General of the U.S.
Board Chairman Richard Anderson praised the professionalism of the college finance staff in working with the auditors. “It is always good to get a clean audit,” he said, indicating that it is important for trustees to receive this validation that the college’s financial systems and staff are performing “as they are supposed to do.”
In a related matter, Vice President David Agazzi reported that the college ended Fiscal Year 2012 with a budget surplus of $5.2 million. The surplus, Agazzi said, was achieved because the college budgeted state revenues conservatively and kept expenditures under budget. Additional savings were achieved through lower costs for workers compensation and utilities. Agazzi said that $4.8 million of the surplus is being held in reserve towards funding the college’s facilities master plan or additional pension costs, if the legislature transfers funding pensions to local bodies.
Two Seats to be Open on CLC Board
The board approved the appointment of David Agazzi, vice president for Administrative Affairs, as the local election official and assistant secretary for the April 9, 2013, election. Nominating petitions for two positions on the CLC board of trustees are now available in the Administrative Affairs office (A107) on the Grayslake campus. The term of office for each position is six years. The two positions are currently held by John W. Lumber of Ingleside and Barbara D. Oilschlager of Grayslake.
- The College of Lake County submitted this information.