State Auditor presents CCCC financial audit report
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North Carolina State Auditor Beth A. Wood (right) visits with Phillip Price (left), Central Carolina ... (more)
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North Carolina State Auditor Beth A. Wood (center) visits with CCCC Trustees Vice Chairman Jim Burgin ... (more)
02.28.2019 • 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, 2018.
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 indicated the financial statements were presented fairly and in accordance with accounting principles generally accepted in the United States of America.
"I'm extremely pleased with this audit report," said Julian Philpott, chairman of the CCCC Board of Trustees. "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 Mr. Philpott.
As of June 30, 2018, the college had total assets of $60,928,076.45 and total liabilities of $3,882,308.58.
CCCC received $26,040,452.91 in state funding for operations and $1,598,568.16 in state funding for equipment purchases during the 2018 fiscal year. $4,163,520.33 in net Student Tuition and Fees was also collected during the fiscal year ending June 30, 2018.
The college received $7,227,579.82 in federal student financial aid for students during the 2018 fiscal year.
Ms. Wood, who indicated her office utilizes a risk based audit approach, thanked the college staff for its assistance during the audit and complimented the staff on its work.
The committee discussed with Ms. Wood items that they should be aware of for the future.
Phillip Price, CCCC Vice President of Administrative Services, said the College's Administrative Services does a tremendous job of meeting the needs of students and the communities served by the College. "We have many skilled individuals in the business office who work hard every day to make a difference," Mr. Price said. "I would especially like to thank the College's controller, Tamara Joyner, for her work on these financial statements and what she does for the college every day."
For more information on Central Carolina Community College, visit www.cccc.edu.
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