Audit shows GCC increased net assets in '09 - KUAM.com-KUAM News: On Air. Online. On Demand.

Audit shows GCC increased net assets in '09

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by Nick Delgado

Guam - An audit from the Office of Public Accountability shows that the Guam Community College closed Fiscal Year 2009 with a $3.3 million increase in net assets. The report shows that's $1 million more than the 2008 fiscal period.

For almost a decade GCC has qualified as a low-risk auditee. The audit however does reveal one instance of non-compliance that was identified pertaining to payments in excess of Pell Grant awards. The findings include recording of transactions in the correct accounting period, capital assets incorrectly recorded as expenditures, improper account reconciliation, untimely adjustments of encumbrances and proper approval and numbering of disposal report.

The auditors also issued documents to the College Board outlining strategies and audit deficiencies.

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