by Nick Delgado
Guam - The Guam Community College got an unqualified clean opinion by the Office of Public Accountability for its report on Fiscal Year 2011 financial statements and its compliance and internal controls. The college closed FY2011 with an $8.6 million increase in net assets, nearly doubling the prior year.
The OPA report states this is due to the increase in financial aide for students. The increase offsets the hike in expenses which went up $2.8 million due to academic support and planning and new employees. The report notes one significant deficiency dealing with the lack of procurement documentation in accordance with its procurement process.
This is GCC's eleventh consecutive clean audit maintaining its low-risk status.