College News

State Auditor presents CCCC financial audit report

04.24.2015 • College & Community, College General, Finances

SANFORD -- North Carolina State Auditor Beth A. Wood, CPA, recently visited with the Central Carolina Community College Board of Trustees' Finance Committee to present the financial statement audit report for the year ending June 30, 2014.

Ms. Wood indicated the results of their tests disclosed no deficiencies in internal controls over financial reporting that they considered to be a material weakness in relation to their audit scope or any instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

Further, Ms. Wood noted the financial statements were presented fairly and in accordance with accounting principles generally accepted in the U.S.

Julian Philpott, chairman of the CCCC Board of Trustees, said Ms. Wood told the board that CCCC had a clean audit -- with no exceptions. "I'm extremely pleased about this audit report," said Philpott. "It's a testament to the hard work and competency of people we have in our business office.

"The CCCC Board of Trustees wants to ensure that every penny we receive is used wisely and for the purposes for which the money was received," said Philpott.

As of June 30, 2014, the college had total assets of $43,730,643.33 and total liabilities of $3,728,128.04.

CCCC received $22,036,498.60 in state funding for operations and $1,287,161.63 in state funding for equipment purchases during the 2014 fiscal year. $4,518,775.20 in net student tuition and fees was also collected during the fiscal year ending June 30, 2014.

The college received $9,289,320.35 in student financial aid for students during the 2014 fiscal year.

Ms. Wood thanked the college staff for their assistance during the audit and complimented the staff on its work.

The committee asked Ms. Wood if there were any items that the college should look to improve or that would assist her team in the future. She indicated the college staff was doing an excellent job of preparing the financial statements and providing timely information to her office. Ms. Wood, who did not request any improvements in the process, thanked the committee for wanting to ensure the finances of the college were well managed.

Phillip Price, CCCC Vice President of Administrative Services, said the college is blessed to have such a well-qualified administrative services staff. "The individuals in the business office are true professionals," said Price.

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State Auditor presents CCCC financial audit report

North Carolina State Auditor Beth A. Wood (right) visits with Central Carolina Community College Board of Trustees Chairman Julian Philpott.