ACC gets, spends more
News Photo by Temi Fadayomi The Alpena Community College Board of Trustees listens on Thursday to a presentation on the college’s fiscal year 2023 audit report.
News Photo by Temi Fadayomi Alpena Community College retirees pose on Thursday with the emeritus certificates awarded to them by the ACC Board of Trustees that night.
News Photo by Temi Fadayomi The Alpena Community College Board of Trustees listens on Thursday to a presentation on the college’s fiscal year 2023 audit report.
News Photo by Temi Fadayomi Alpena Community College retirees pose on Thursday with the emeritus certificates awarded to them by the ACC Board of Trustees that night.
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ALPENA -- Alpena Community College saw an increase in both revenue and expenses in its last fiscal year.
Total revenue into the college's general fund for fiscal 2023, which ended June 30, was $17.6 million, according to the college's latest audit, which was presented to the college Board of Trustees on Thursday.
That's an increase compared to the $16.9 million in general fund revenue the college recorded in fiscal year 2022.
"ACC is pleased with the outcome of the audit," said ACC Director of Public Information and Marketing Jay Walterreit. "The college saw improvements in revenue due to increased enrollment among other improvements."
Total revenue proposed for the college's current budget is $16.2 million.
Total general fund expenses for fiscal 2023 were $17.1 million, an increase over the $16.1 million in fiscal 2022 and the total expenses from the 2023-24 proposed budget, which is $16.2 million.
The college ended the 2023 fiscal year with $2.6 million in its cash savings, up from $2.3 million at the end of 2022. The college expects to end the current fiscal year with $2.2 million in the bank.
ACC fell behind on its employee retirement and retiree health care accounts, according to the audit.
In 2022, the college's retirement account was about 61% funded, meaning it could today cover the retirements of about six out of every 10 retirees. That's down from about 73% funded in 2021, according to the audit.
Its retiree health care account was 83% funded in 2022, down from 87% funded in 2022, according to the audit.
Walterreit blamed the decreases on market forces outside of ACC's control.
"The truth of the matter is the college has no involvement or control of them," he said.
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BUSINESS
The Alpena Community College Board of Trustees on Thursday also:
∫ approved a resolution awarding several ACC staff members emeritus status.
Ronald Bellenir, John Bellows, Jeffrey Blumenthal, Wendy Brooks, Carolyn Daoust, Priscilla Homola, Connie Kaczorowski, Brenda Kelley, Kimberly Salziger, Nathaniel Salziger, and Karol Walchak were bestowed emeritus status for their continuous, honorable regular service as a member of ACC's staff, faculty, or board prior to retirement.
As ACC emeriti, they can now expect to have their names, photos, and years of service displayed on an honor wall of emeriti, retain purchasing privileges in the college bookstore, receive complimentary invitations to official college functions, and receive tuition waiver privileges.