SHERIDAN — Auditors applauded members of the Northern Wyoming Community College District Board of Trustees on Thursday for a relatively clean audit for fiscal year 2019, which ended June 30, 2019.
Prior to its regular monthly meeting, the board of trustees gathered to receive the NWCCD’s fiscal year 2019 audit report from Eide Bailly LLP.
Kristin Diggs from Eide Bailly said the audit found that the district’s financial statements presented by Vice President of Administrative Services and Chief Financial Officer Cheryl Heath were materially accurate.
Diggs noted that there were some “rather larger swings year to year” in the balance-sheet, mostly from costs due to construction projects that are scheduled to be completed in the current fiscal year. The district added debt by taking out bonds in 2018 and added about $12.4 million in capital assets from construction projects like the recently opened Centennial Hall.
Increased costs also came from student financial aid and the America’s Promise grant program, which were audited by Eide Bailly. The district had an increase in net cash of about $11.2 million after a decrease of $5.7 million last year.
The district also paid off a $1.4 million line of credit this year.
Diggs said the firm paid particular attention to student financial aid and the America’s Promise grant.
The only significant finding was a miscalculation of aid for a single student who disenrolled during the semester, changing his financial status.
Heath said the district corrected the error immediately and developed a corrective action plan to prevent future calculation errors.
“It was truly a one-off type situation,” Diggs said. “We looked through 39 items. That was the only one we noted, so we have no concerns over that.”
Diggs noted that the district’s financial reporting had improved greatly over the six years that Eide Bailly has been doing the audit after having a number of findings 10 years ago.
“The fact that you were able to get through the audit with no adjustments, that speaks to the team that you guys have in place,” Diggs said. “From where you’ve started to where you guys are now, it’s really impressive.”
Diggs said the firm had kept the price consistent this year rather than increasing it because the reports had been clean.
During the regular meeting, the board unanimously accepted the audit report as presented.
Tribley also reported to the board that the district is currently bracing for a shortfall in funding.
“We’re bracing for a reduction in funding, and we’re not sure where it’s gonna happen,” Tribley said. “We’re looking at a possibility of somewhere around $460,000-plus.”
Tribley requested two board members to sit on the committee to prepare for the shortfall, and Bob Leibrich and Deb Wendtland were chosen.
The board also held its elections for the next year, selecting Walt Wragge as chair, Leibrich as vice chair, Wendtland as treasurer and Shelley Kinnison as secretary. Each position had a single nominee who was unanimously selected. Current chair Norleen Healy said the board members will take their positions at the next meeting of the board.
The board also unanimously approved a resolution advancing the proposed applied baccalaureate degree in management and leadership that NWCCD President Walt Tribley had presented last month. The resolution authorizes Tribley to seek approval for the programs from the Wyoming Community College Commission and the Higher Learning Commission.
The board also recognized Vice President for Student Affairs Leah Barrett for her work during two and a half years of service at Sheridan College. Barrett will begin her term as president of Northeast Community College in Norfolk, Nebraska Jan. 6.