At the November board meeting, Waubonsee Community College’s independent auditor, Mr. Fred Lantz, CPA, Director, Government Services, of Sikich LLP, publicly announced that the college received an unmodified (clean) opinion on the college’s FY2021 comprehensive annual financial report (annual report) and the college’s audit of approximately $21 million in federal funds.
Obtaining an unmodified (clean) opinion confirms the accuracy, professional competence, and transparency exhibited by Waubonsee’s financial reporting. Waubonsee operates under a conservative budgeting model that supports fiscal responsibility while providing a strong financial commitment to the college’s teaching and learning focus. These sound financial measures have positioned the college well to provide economic relief to its students and its taxpayers in demonstrable ways.
By refinancing the college’s bonds and by abating the 2020 debt service property tax levy, the college provided District 516 taxpayers an aggregated savings of approximately $9,000,000 on their property tax bills.
Waubonsee leveraged its financial strength to assure students could still complete their academic goals during a disruptive year in FY2021. The college created one-time college-funded scholarships and grants in the amount of $2.4 million for students.
In addition to the creation of a record-high number of college-funded scholarships, the college actively distributed over $1.7 million in Higher Education Emergency Relief Funds (HEERF) to all Waubonsee students who qualify, off-setting numerous barriers for populations of economically disadvantaged students. The college continues to award these emergency grants in FY2022 to students who have immediate financial needs. The grant covers tuition, course materials, living expenses, transportation, technology, childcare, and medical expenses.
For the 22nd consecutive year, Waubonsee has received the coveted Government Finance Officers Association (GFOA) Certificate of Achievement for Excellence in Financial Reporting on the FY2020 Annual Report.
The Certificate of Achievement for Excellence in Financial Reporting was established by the GFOA in 1945 to recognize state and local governments that go beyond the minimum requirements to prepare their comprehensive annual financial reports in the spirit of transparency and full disclosure.
For more information on the college’s financial stewardship, visit www.waubonsee.edu/financials.