Glen Oaks Community College News Article (generic - no featured image)

Glen Oaks Community College receives outstanding audit report

The Board of Trustees at Glen Oaks Community College received an early Christmas present at their Wednesday, December 14 meeting as college officials were given an outstanding annual audit report covering the year ended June 30, 2011 from Plante & Moran, PLLC, of Portage.

During this period of economic ups and downs, Plante-Moran officials said GOCC financial statements clearly met all Government Auditing Standards as set by the Comptroller General of the United States. “The College’s financial position increased at June 30, 2011 from June 30, 2010, with total assets of $16.7 million and $16.5 million, respectively, and total liabilities of $4.5 million and $4.9 million, respectively. The College’s revenue exceeded expenses during 2011 and 2010 by $0.6 million and $1.3 million, respectively. Net assets, which represent the residual interest in the College’s assets after liabilities are deducted, totaled $12.3 million, $11.6 million, and $10.3 million, at June 30, 2011, 2010, and 2009, respectively. These increases were due primarily to the College’s investment in capital improvements and to increases in enrollment and tuition and fee rates,” said Plante-Moran.

Dr. Gary Wheeler, President of Glen Oaks, thanked Plante &Moran, PLLC for the independent auditors report. After the Trustees unanimously accepted the auditor’s opinion, he said, “All of the employees at Glen Oaks Community College understand that we must use the public’s money wisely and provide the highest quality educational experience for our students.”

Marilyn Wieschowski, CPA, and Dean of Finance and Administrative Services, followed the auditor’s report with the Treasurer’s Report for November, 2011. She said total revenues year-to-date were $4.9 million, which represents 42 percent of the annual budget. This revenue rate, as a percentage of budget was approximately two percent lower than last year’s revenue rate at this time. Expenses year-to-date were $4.2 million, which represented 36 percent of the annual budget. Wieschowski said Glen Oaks must continue to monitor finances closely over the coming year as State Funds Revenue have decreased for fiscal year 2012 by $104,000 when compared to last year and other revenue sources are fairly level.

Pat Haas, Chairman of the Board of Trustees, presented the annual performance report for Dr. Gary Wheeler. Haas said the report is very positive. “The President is meeting the expectations of the College Board. Some action areas have been identified which we have asked him to act on and follow up. This is normal. But we are very pleased with his performance at Glen Oaks.”

The Trustees voted unanimously to continue their current roles and responsibilities on the Board over the coming year. Pat Haas will continue to serve as Chairman and David Allen as Vice Chairman.