Bay College receives clean audit report for 2017-18
ESCANABA — Bay College received a clean audit report for its 2017-18 fiscal year, representatives of auditing firm Rehmann said. Members of the Bay College Board of Trustees heard about the report during a special board meeting Wednesday evening.
Rehmann Principal Stephen Peacock, CPA and Senior Audit Manager Joshua Sullivan, CPA discussed the college’s audit report.
“This is an unmodified, or clean, opinion, and that’s the highest level of assurance that we can place on financial statements,” Peacock said.
This applied to both the college’s financial statements audit and federal expenditures audit for its 2017-18 fiscal year.
According to supplemental information included in the audit report, Bay’s total net position as of June 30, 2018, was $6,167,453. The college’s total net position was recorded as being $10,779,126 as of June 30, 2017.
However, the more recent total net position figure contains multiple liabilities related to OPEB (Other Post-Employment Benefits), which were required to be listed under changes to Generally Accepted Accounting Principles that were adopted this year. As Bay has consistently complied with state law regarding the payment of these liabilities, Peacock said the college is in good financial health overall.
Bay College President Laura Coleman thanked Peacock and Sullivan for their efforts.
“You guys do great work,” she said.
The Bay College Board of Trustees’ regular meeting took place shortly after the special meeting. At its regular meeting, the board:
– was given an update on Bay’s athletic program from Athletic Director and Men’s Basketball Coach Matt Johnson. Johnson noted the college’s 84 student athletes for the fall 2018 semester paid $206,972 in tuition and fees during this semester.
The athletic program’s total revenues for the 2018-19 school year were estimated as being $573,194, and its direct expenses were estimated as being $527,660, resulting in an anticipated $45,534 surplus.
– approved revisions to its electronic and information technology accessibility and drug-free workplace policies on first reading.
– approved revisions to the college’s presidential succession plan.
– congratulated TORCH Award recipient Instructional Designer Edie Erickson.
– welcomed new Student Services Facilitator for Bay’s Iron Mountain campus Kelly Larson and Women’s Head Basketball Coach Rob Robinson.