Audit-finance committee report 12-6-18
Valley Community College board’s audit-finance committee learned Thursday the
college had received another “clean” audit of its financial statements.
IVCC’s Comprehensive Annual Financial Report for the year ending June 30,
Wipfli LLP auditors Sara McKenna and Matthew Schueler noted IVCC earned an
unmodified report with no weaknesses or deficiencies.
confirmed IVCC is debt-free, a statement few community colleges can make. Our
board and staff should be commended for reducing operating expenses $469,000,
especially by reducing our utility costs, much of which can be attributed to
the replacement of chiller and air-handler units in three buildings,” IVCC
President Jerry Corcoran said. “Through prudent fiscal management, revenues
With the college
on sound financial footing, only a slight tuition increase is expected for the
2019-20 academic year beginning this summer, said Vice President for Business
Services and Finance Cheryl Roelfsema.
political landscape for higher education becomes clear, we will likely be
recommending a low tuition increase next year to ensure our tradition of
affordability without compromising quality,” Roelfsema said.
costs shifting from the state to local districts, Roelfsema said for the first
time community colleges are required to show their College Insurance Plan (CIP)
liability on their financial statements. CIP is the state insurance plan for
is nearly $12 million but Corcoran said, “Comparatively speaking, we are
well-prepared to handle that amount.”
business, audit-finance learned tuition waivers may be granted to district high
school students enrolled in dual-credit automotive and agriculture courses next
To qualify for a
waiver, students must enroll in the agriculture or automotive technology
Associate in Applied Science degree programs within one year of high school
graduation, said Associate Vice President for Academic Affairs Bonnie Campbell.
partnering with Starved Rock Associates for Vocational and Technical Education
(SRAVTE) on the initiative.
The committee also
reviewed the 2017-18 annual report for dual credit courses. Headcount was
1,004, down slightly from 2016-17 (1,056). However, credit hours were at 6,090,
up from 6,070 in 2016-17. A total of 122 students received tuition waivers in
2018 compared to 112 in 2017.
also looked at the IT Security Audit prepared by Rehmann Robson early last
summer that included a vulnerability assessment and penetration testing on the
college’s external connections, hosts and network devices, as well as an internal
recommended replacement of network servers and workstations that contained
dated software, a finding “not unusual in an environment such as ours,” said
IVCC IT Director Chris Dunlap.
“IT has already
addressed several of the issues identified in the audit and will continue to do
so until all identified risks have been mitigated. Several of the servers have
already been replaced, upgraded or retired from service,” said Dunlap.
“The effort to
secure IVCC’s data and computing resources is never ending, and we plan to
include external penetration testing in the budget each year and internal
testing every three years to continue to protect our computing environment.”
The full board meets
at 6:30 p.m. Thursday, Dec. 13.