During a recent presentation to McHenry County College’s Finance Committee, Aurora-based Sikich LLP noted that the financial condition of McHenry County College is excellent. Sikich LLP, the College’s external audit firm, highly praised MCC’s fiscal year 2010 Comprehensive Annual Financial Report (CAFR), the audit and the management letter, indicating that MCC is one of only a dozen Illinois community colleges that prepares such a detailed report. “We are very pleased to be part of a small group of community colleges in the nation that develops and publicly displays a comprehensive annual report,” stated MCC president, Vicky Smith.
According to Frederick G. Lantz, CPA, Sikich’s partner-in-charge, government services, “while MCC had close to a 30% increase in total credit hours for the year, the total costs only increased by 3%, which reflects a great job by the administration and staff of containing the College’s cost structure.” Another noteworthy factor, according to Sikich LLP partner, Ray Krouse, is the amount of federal financial assistance processed by MCC’s Financial Aid Office. “Financial aid processed applications exceeding 350% over prior year,” Krouse stated. “They passed the federal single audit with flying colors and should be exceptionally proud of the federal assistance they helped facilitate,” he added.
The auditing firm also congratulated the College and its new financial team for redesigning the report to include year-to-year comparative data, which provides more detailed and useful information for the president, Board of Trustees and the community.
The reports and management letter were accepted by MCC’s Board of Trustees during its monthly meeting on Thursday, October 28, 2010. The fiscal year 2010
Comprehensive Annual Financial Report will be submitted to the Illinois Community College Board (ICCB) as required and is posted on the College’s public website at www.mchenry.edu/finance.
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