Financials from Annual Report

Waubonsee Community College operates under a conservative budgeting model that supports fiscal responsibility while providing a strong financial commitment to the college’s teaching and learning focus. For fiscal year 2021, the college again received a clean, unmodified audit opinion from its external auditing firm. This confirms the accuracy, professional competence and transparency exhibited by Waubonsee’s financial reporting. The college’s financial position continues to remain strong. The following charts reflect the actual results of the college for the Operating Funds which consist of the Education Fund and the Operations and Maintenance Fund.

Fiscal Year 2021 Operating Revenues by Source

Fiscal year 2021 operating revenues by source

Operating revenues for the years ended June 30 (in millions)

Operating Revenue 2019 2020 2021
Local Government $42.9 $44.5 $45.8
State Government 5.6 6.0 6.0
Federal Government 0.2 0.1 7.3
Tuition and Fees 21.6 21.0 19.2
Other Revenues 3.0 2.8 1.0
Total Operating Revenues $73.3 $74.4 $79.3

Fiscal Year 2021 Operating Expenses

Fiscal year 2021 operating expenses

Operating Expenses for the years ended June 30 (in millions)

Operating Expenses 2019 2020 2021
Salaries and Wages $36.5 $37.0 $35.2
Employee Benefits 6.3 6.4 6.3
Contractual Services 5.5 4.5 4.3
General Material and Supplies 6.5 6.9 6.3
Conference and Meeting Expense 0.8 0.4 0.2
Utilities 1.7 1.5 1.8
Capital Outlay and Other 0.3 1.2 0.5
Waivers and Institutional Scholarships 0.7 0.7 3.0
Total Operating Expenses $58.9 $59.2 $57.6

Recognized for Excellence

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For the 22nd consecutive year, as a testament to Waubonsee's diligence and skills in financial stewardship, the Government Finance Officers Association of the United States and Canada (GFOA) awarded the college a Certificate of Achievement for Excellence in Financial Reporting for its comprehensive annual financial report for the fiscal year that ended June 30, 2020. This is a prestigious national award recognizing conformance with the highest standards for preparation of state and local government financial reports.

Waubonsee also received the GFOA Award for Best Practices in Community College Budgeting for fiscal years 2018 and 2019. This award is presented to community colleges demonstrating a budget process aligned with the GFOA best practice recommendations. Waubonsee previously received the Distinguished Budget Presentation Award for fiscal years 2014-2017.

Comprehensive Annual Financial Report/College Budget

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