Glen Oaks Board approves audit

Members of the Glen Oaks Community College Board of Trustees recently approved an audit of the college.

The audit, presented by Lisa VanDeWeert of Rehman Group, featured a series of reports, including federal awards that were expended by the college for fiscal year 2017 and the communication for those charged with governance.

In the end, VanDeWeert issued an unmodified or clean opinion for the fiscal year that ended June 30.

She said the net position of the college, which represents the assets less the liabilities, was $8.5 million, she said. Meanwhile, capital assets increased by $4.4 million with the construction of student housing which was funded by a USDA loan, she said.

The statement of revenues, expenditures and changes in net position reflect an increase in revenues over the prior year of about $900,000, she said. Expenses continue to be monitored and the spending was an increase of $184,000 over the prior year.

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