OAKLAND COUNTY, Michigan – At Oakland Community College's November Board of Trustees meeting, officials were presented with the College's Fiscal Year 2017 Comprehensive Annual Financial Report (CAFR) by independent auditing firm Plante Moran. Firm Partner Dana Coomes, CPA, stated OCC was awarded, "an 'unmodified' opinion with no findings, which illustrates strong internal controls and meets all federal grant criteria." The independent team commended the College and Board audit committee for their excellence in fiscal oversight, noting the size and scope of operations, student financial aid regulations and grant funding regulations unique to higher education.
While all community colleges in Michigan are independently audited, OCC is one of
only two community colleges to participate in the CAFR program. The CAFR goes beyond
the minimum requirements of financial reporting and Generally Accepted Accounting
Principles (GAAP) for public entities and provides a very comprehensive review of
an organization's financial picture.
Upon accepting the audit, Board Chair John McCulloch said, "This report once again represents the continued organizational health and sustainability of the College. On behalf of the Board and our community, we appreciate the work of the entire College team to ensure we are financially sound so we can more effectively focus on student success and the College's mission."
The College receives revenue from three major sources: local property taxes, state appropriations and student tuition. As a result of the extensive economic downturn and extended property value decline in Oakland County, OCC has cumulatively lost nearly $140 million in property taxes since 2008. In addition, state appropriations have remained flat over the last ten years and have not kept up with inflation or increasing costs. According to Roberta Remias, OCC interim vice chancellor for administrative services, the third major source of College revenue is, of course, tuition. Oakland Community College remains steadfast in its commitment to keep tuition affordable – currently the lowest in the state for the benefit of students and the community.
Despite revenue challenges, continued focus on efficient use of resources has resulted in an increase in net assets of $14.7 million for fiscal year 2017. These funds, in conjunction with other College reserves, are earmarked to strategically address aging facilities on the OCC campuses. The College continues to plan for a vibrant and sustainable future for its students.
Interim Chancellor Peter Provenzano, CPA, said, "The College's Board of Trustees, faculty and staff all know that OCC provides exceptional value for students seeking a quality post-secondary education. This year's CAFR underscores that value as well as our accountability to the community we serve."
About OCC - With multi campus system throughout Oakland County, OCC offers degrees and certificates in approximately 100 career fields as well as university transfer degrees in business, science and liberal arts. The College provides academic and developmental experiences allowing each student to reach their full potential and enhance the communities they serve. More than 45,000 students annually attend OCC; more than a million students have enrolled in the College since it opened in 1965. Learn more at oaklandcc.edu.
###