|A rendering of Grossmont College's future theater, a Prop. V project.|
The five separate audits presented to the board cover the district’s general audit; the Foundation for Grossmont and Cuyamaca Colleges, the district’s auxiliary, and Propositions R and V, the construction bond funds approved by East County voters in 2002 and 2012, respectively.
Although the East County college district’s annual affirmation of fiscal transparency has become routine, the stretch of what’s known in the accounting lexicon as unmodified, or flawless, audits for the district is no easy feat, Chancellor Cindy Miles said.
“Auditing standards and requirements have tightened in recent years with a greater focus on accountability,” Miles said. “It is because of this district’s commitment to transparency and its responsible stewardship of public funds that we have been able to earn these stellar audits year after year.”
The district’s general audit by the firm of Christy White Accountancy Corporation shows that the district complied with all applicable laws and regulations and had no questioned costs for the last fiscal year. It confirms that the college district is fiscally sound and also gives a clean bill of health to its financial reporting practices. The annual audits by certified public accountants are required by the state education code.
Governing Board President Bill Garrett said that in the case of the construction bond funds, the financial and performance affirm the public’s confidence in passing 2002’s $207 million and 2012’s $398 million measures. Prop. V’s passage paved the way for the district to continue the work started with Prop. R that resulted in the construction or renovation of 13 major facilities at the colleges. The first projects being designed using Prop. V funds include a new building for Cuyamaca College’s Ornamental Horticulture department and a new Arts and Communication complex at Grossmont College.
The financial audits by the firm Vicenti, Lloyd and Stutzman confirm that the building fund statements provided by the district fairly present the financial pictures of the Proposition R and Proposition V building funds in accordance with accepted accounting principles.
The objective of the performance audits was to determine that the proceeds of the sale of Proposition R and Proposition V bonds were only used for authorized bond projects.
“The audits confirm we are keeping our commitment to spend the dollars exactly as Dpromised in the ballot language,” Garrett said.
Grossmont and Cuyamaca colleges, located in eastern San Diego County, serve about 27,000 students.
For more information about the district and its colleges, go to www.gcccd.edu