COD Earns Clean, Unqualified Audit
By Robyn Johnson
External auditing company Crowe Horwath LLP provided College of DuPage with an unqualified, "clean" FY 2012 annual financial audit at the College's Board of Trustees meeting on Monday, Oct. 15.
"We are providing College of DuPage with an unqualified, clean opinion," said Christine Torres, Crowe Horwath Senior Manager. "All numbers are materially correct and there are no deficiencies in the College's financial statements. We stand by this audit completely."
Listed in the report are total revenues of $248,286,845, total expenditures of $209,019,050 and an increase in net assets of $39,267,795. Total assets are $752,679,927, with total liabilities of $375,169,939 and unrestricted net assets (equity) of $129,986,978.
"Members of this Board and the College as a whole should be proud of the stellar financial stewardship outlined in this report," said COD Board Chairman David Carlin. "College of DuPage continues to drive forward on multiple fronts at a time other institutions are cutting back and worrying whether state funding will arrive in time to meet their financial obligations."
At its Oct. 15 meeting, the College of DuPage Board also approved a transfer of $16 million from the College's FY 2012 Fund Balance to ensure adequate funding for various strategic initiatives. These include a transfer of $5 million to cover costs in the likely event that the state of Illinois shifts pension funding to the College; $3 million for a "fund depreciation" account to address future maintenance costs associated with recent physical plant and infrastructure improvements; and $8 million to fund the College's Information Technology Strategic Plan.
With these transfers in place, the College maintains a Fund Balance of 50.5 percent of its operational budget.
"Our fiscal strength is the envy of other colleges and universities," said COD President Dr. Robert L. Breuder. "We operate in the same manner our taxpayers would run their own homes. We do not spend more than we take in, we set aside savings for unexpected emergencies and opportunities, and we have shown resourcefulness and commitment to meeting challenges head-on."
Click here to review the College's Comprehensive Annual Financial Report and additional financial
College of DuPage
425 Fawell Blvd., Glen Ellyn IL
60137 (630) 942-2800
2012 College of DuPage