East Central College has again received a clean opinion on the annual audit of its financial statements.
The board of trustees Monday night accepted the audit for the year that ended June 30, 2012.
The audit was conducted by the firm of Davis, Lynn, and Moots, Springfield, which gave the college an “unqualified opinion.”
“We are very pleased to once again receive an unqualified ‘clean’ opinion on the audit that showed no significant deficiencies or material weaknesses,” said Dr. Jon Bauer, college president.
No compliance issues were noted with regard to major federal award programs, he said, nor were there any other findings that required a response from the college.
The financial statements of the ECC Foundation, which is considered a component unit of the college, also were audited for the year that ended Dec. 31, 2011. The foundation also received an unqualified opinion.
The college has total assets of almost $57 million, down $3.3 million from last year. Property and equipment constitute $43.1 million of the total.
Total liabilities also were down over $3 million for the year, and now total $24.1 million.
More than $15 million in federal money passed through the college throughout the year, the majority in the form of student grants, work study and federal loans.