ACC receives good audit
ALPENA — Auditors reported a good financial year for Alpena Community College.
Auditors Mark Sandula and Phil Straley of Straley, Lamp & Kraenzlein presented the 2017 audit report to the ACC Board of Trustees at the regular meeting, Wednesday.
“In the general fund for Alpena Community College for June 30 of 2017 the end of year with assets with $4.5 million and you had liabilities of $3.5 million. End the year with $1,148,771,” Sandula said.
He said on an $18 million operation that’s a pretty good “carry forward into 2017-2018.”
The restricted fund ended the year with $84,984 in assets, liabilities were $60,700 and ended with a balance of $24,284. Sandula said this fund is where grant money is kept.
“That’s pretty small because of most of the grant activities are just an in and out and there’s no residual impact on the college,” Sandula said.
Last was the plant fund. The college accumulated $19,923,411, liabilities of $1.9 million, there’s a net position in the plant of $17, 947,829.
The college ended the year with a $239,107 to the good increase in net position, he said.
The college took in about $4 million in tuition and fees, took in $4.3 in grants, paid out $4 million to suppliers and $13 million to employees, state appropriations were at $6.6 million, $2.5 from property taxes and $220,000 worth of gifts, he said.
The net cash provided by noncapital financing activities was $9.4 million Sandula said.
“So overall ACC had a very good year in 2017; you increased your general fund which is your basic operation of the college fund equity. You took in more money than you spent,” Sandula said.
ACC Vice President for Administration and Finance Richard Sutherland said 18 months ago when the budget was passed here’s what they were going to do.
“Almost everything we were hoping to work out well did. Tuition was better than what we anticipated, by about $240,000. The state aid/personal property taxes was about $500,000 better than we anticipated,” he said.
He said the important takeaway was they had about $240,000 left over from what was budgeted to improve general fund balance.
“It’s unlikely we will see something like this next year. But it’s good to have one of these every few years,” he said.
Jordan Spence can be reached via email at firstname.lastname@example.org or by phone at 358-5687.