OAKLAND COUNTY, Michigan — The Fiscal Year 2018 Comprehensive Annual Financial Report presented to the Oakland Community College Board of Trustees at its October board meeting found the college continued to stay on top of its bottom line. The independent auditing firm Plante Moran awarded OCC a clean audit with an “unmodified” opinion.
In essence, OCC maintained its strong internal controls, with no material weaknesses according to Dana Coomes, CPA and partner at Plante Moran, the college received the best opinion possible with excellent results. She congratulated the audit committee for their preparation, involvement, hard work and tough questions.
The OCC 2018 audit committee comprises three elected trustees and four community members. They are Trustees Susan Anderson, committee chair, Royal Oak; Shirley Bryant, Farmington Hills; and Pamala Davis, Clawson; and community members Michael Carroll of Farmington Hills, Helen Kieba-Tolksdorf of Warren, Peggy Scheske of Milford and Sara Voight of Bingham Farms.
The committee helps the Board of Trustees fulfill its oversight responsibilities for financial reporting, internal controls, audits and compliance with related regulations. This includes external review of the audited financial statements as well as risk management and internal controls.
OCC receives revenue from three major sources: local property taxes, state appropriations and tuition.
According to OCC Vice Chancellor for Administrative Services Roberta Remias, while property taxes are slowly catching up to pre-recession levels, state appropriations have remained flat over the past 10 years and have not kept up with inflation or costs. Oakland Community College remains steadfast in offering quality programs while maintaining affordable tuition for the benefit of students and the community.
Since 2015, OCC has been recognized for its financial excellence through the Comprehensive Annual Financial Report program — one of only two community colleges in Michigan to employ CAFR — going beyond the minimum requirements of financial reporting and Generally Accepted Accounting Principles for public entities. In tandem with the annual award, Plante Moran also has recognized the college and prior board audit committees for their excellence in fiscal oversight.
With five campuses in Oakland County, OCC is Michigan’s No. 1 transfer institution, offering nearly 100 degrees and certificates. The College empowers academic and developmental experiences, allowing students to reach their potential and enhance their communities. More than 1 million students have enrolled in the college since it opened in 1965. A seven-person Board of Trustees governs OCC. Board members are elected on a non-partisan, at-large basis, serve as volunteers and are not paid. Learn more at oaklandcc.edu.
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