GCC gets 21st consecutive clean audit
By Pacific Island Times News Staff
Guam Community College received an unmodified (clean) opinion on its financial statements and compliance over major federal programs.
According to the OPA, “Independent auditors did not identify any material weaknesses in its report on internal control over financial reporting and compliance over major federal programs. Additionally, there were no findings and questioned costs reported with regards to its federal awards.”
This year marks the 21st straight year that GCC has been recognized for its fiscal prudence and stewardship of public funds. GCC is the only Government of Guam agency to reach this milestone.
“The unmodified opinion on GCC’s financials, for 21 straight years, reflects the high standard to which we hold ourselves, even during these uncertain times,” according to Dr. Mary Okada, GCC president. “It is evident throughout the organization, and we believe it is reflected in the programs we offer to our community.”
In FY 2021, GCC experienced a negative change in net position of $2.9 million, from a negative $1.2 million in FY 2020, primarily as a result of adjustments to the pension liability and other postemployment benefits.
The college received 59 percent of its funding through the government of Guam appropriations, 26 percent from federal grants and contracts, 6 percent from tuition and fees, and 9 percent from other revenues.
While GCC as an institution has been held as a standard for fiscal responsibility, GCC recognizes three individuals who have played significant roles in the fiscal discipline within the college for the past 21 years: Cheryl San Nicolas, general accounting supervisor; and accountants Carol Guerrero and Linda Santos Torres.
"Their commitment to fiscal accountability has helped establish the culture of fiscal discipline that has shaped GCC’s practices and decisions," GCC said.
According to the OPA’s summary of highlights, “Despite the challenges brought on by the Covid-19 pandemic — primarily the sustained decline in student enrollment — GCC continued to improve its programs and campus facilities in FY 2021.
GCC, in partnership with GovGuam and the private sector, expanded its work-ready boot camps to include additional career fields — healthcare, information technology, telecommunications, and transportation — alongside construction and development. Thirteen work-ready boot camps were started and completed during FY 2021.
The infusion of supplementary Covid-19 federal funding allowed GCC to provide direct and additional opportunities for emergency financial aid to students; support for faculty development associated with distance learning; technological devices for students’ use; and personal protective equipment needed for the health and safety of the campus community. GCC also completed the construction of a new solar-powered covered walkway which connects Buildings C and D.” (GCC)