Friday, January 24, 2020

College district sets 16-year record for clean audits

The fiscal practices of the Grossmont-Cuyamaca Community College District have once again received the highest possible rating from independent auditors, marking a 16-year streak of financial transparency.
The accounting firm CWDL audited the 2018-19 fiscal year for the district and the Foundation for Grossmont & Cuyamaca Colleges. It conducted a separate audit of funds from Proposition V, the $398 million bond measure approved by East County voters in 2012. 
John Dominguez, a partner with CWDL, told the district’s Governing Board Tuesday evening that all of the audits resulted in unmodified opinions, meaning the financial information reviewed was accurate and complete, and done in accordance with accepted accounting principles.
Chancellor Lynn Neault said the audits provide an independent accounting of the district’s ledgers and are used by financial institutions and government agencies for bond ratings or oversight purposes.
“Our district is extremely conscientious in accounting for the taxpayer dollars that allow us to provide an education for Grossmont and Cuyamaca College students,” Neault said. “These clean audits demonstrate our commitment to carefully managing our district’s finances.”
The auditors noted that their financial review of Proposition V funds was conducted to ensure that expenditures were made in accordance with the project list approved by voters in 2012, and that bond funds were not used for the district’s general operations.
 “The results of our tests indicated that, in all significant respects, the Grossmont-Cuyamaca Community College District has properly accounted for the expenditures held in the Building Fund (Proposition V) and that such expenditures were made for authorized Bond projects,” the auditors wrote.
A rendering of the Grossmont College
Visual and Performing Arts Center
Key projects planned for construction using Proposition V bond funds include Grossmont College’s new Visual and Performing Arts Center, scheduled for completion this spring, and a new Student Services Building at Cuyamaca College, which is set to begin construction this summer.
Construction plans at the two colleges recently got a boost with news that both Grossmont and Cuyamaca College were included in a list of 24 community colleges slated to receive funding from a $27.6 million fund included in Governor Gavin Newsom’s proposed state budget. The list includes Grossmont College’s Liberal Arts/Business/CSIS building and Cuyamaca College’s Instructional F Building. State resources will fund 50% of the total projected cost of the facilities, with Proposition V funding the remaining cost.