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ACC accepts audit report

October 19, 2012
Emily Siegmon - News Staff Writer , The Alpena News

ALPENA - The Alpena Community College Board of Trustees accepted the 2012 fiscal year audit report, reflecting a time of economic hardships. The audit was completed by Straley, Ilsley & Lamp, P.C., the firm that managed the college's financial resources for the year ending June 30, 2012.

"In our opinion, the basic financial statements present fairly, in all material respects, the financial position of ACC at June 30, 2012, and 2011, and the result of its operations and cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America," Mark Sandula, CPA, said.

The 2012 audit report shows a total revenue of $12,103,766 with expenditures of $20,043,160, and non-operating revenue of $7,825,328.

"You're hanging in there. You went through 2012 and just about broke even," Sandula said. "Economic factors will affect the future. The college is dependent of the state of Michigan's economy."

Overall, the audit report showed a $114,066 change in net assets, with end of the year net assets of $15,728,725.

"In this tough economic time, we're still trying to put some money away and save for the future," Chair John Briggs said.

Emily Siegmon can be reached via e-mail at esiegmon@thealpenanews.com or by phone at 358-5687.

 
 

 

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