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 2019, 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 2020 Operating Revenues by Source
Operating revenues for the years ended June 30 (in millions)
| Operating Revenue | 2018 | 2019 | 2020 |
|---|---|---|---|
| Local Government | $41.6 | $42.9 | $44.5 |
| State Government | 5.5 | 5.6 | 6.0 |
| Federal Government | 0.2 | 0.2 | 0.1 |
| Tuition and Fees | 22.6 | 21.6 | 21.0 |
| Other Revenues | 2.5 | 3.0 | 2.8 |
| Total Operating Revenues | $72.4 | $73.3 | $74.4 |
Fiscal Year 2020 Operating Expenses
Operating Expenses for the years ended June 30 (in millions)
| Operating Expenses | 2018 | 2019 | 2020 |
|---|---|---|---|
| Salaries and Wages | $37.3 | $36.5 | $37.0 |
| Employee Benefits | 6.6 | 6.3 | 6.4 |
| Contractual Services | 4.1 | 5.5 | 4.5 |
| General Material and Supplies | 7.1 | 6.5 | 6.9 |
| Conference and Meeting Expense | 0.8 | 0.8 | 0.4 |
| Fixed Charges | 0.1 | 0.1 | 0.1 |
| Utilities | 1.9 | 1.7 | 1.5 |
| Capital Outlay | 0.9 | 0.3 | 1.2 |
| Waivers and Institutional Scholarships | 0.9 | 0.7 | 0.7 |
| Other | 0.9 | 0.5 | 0.5 |
| Total Operating Expenses | $60.6 | $58.9 | $59.2 |
Recognized for Excellence
For the 20th 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, 2018. 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 year 2018. 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
The college's Comprehensive Annual Financial Report (CAFR), including the report from the independent financial audit, and college budget provide financial information about the college.
