Comprehensive Standard 3.10.2

 

The institution provides financial profile information on an annual basis and other measures of financial health as requested by the Commission. All information is presented accurately and appropriately and represents the total operation of the institution. (Submission of Financial Statements)

 

COMPLIANCE

 

Narrative:

 

Vernon College provides financial profile information on an annual basis with the submission of the annual audit to the Commission on Colleges. The audit is conducted on an annual basis with an independent certified public accounting firm contracted by the Board of Trustees of the institution. The auditor conducts his audit in accordance with the guidelines of the AICPA and performs duties as required by GASB and the Single Audit Act. All funds of the institution are audited annually. The scope includes not only the institutional funds and student financial aid but the college component unit; Vernon College Foundation, Inc. is audited and reported in the bound copy of the report submitted to the Commission.

 

The audit includes the auditorsí opinion page, management discussion and analysis, statement of net assets, statements of revenue, expenses and changes in net assets, statement of cash flows, notes to the financial statements, supplemental schedule of operating revenues, schedule of operating expense by object, schedule of non-operating revenues and expense, schedule of net assets by source and availability, schedule of expenditures of federal awards, schedule of expenditures of state awards,

a statistical section with 18 statistical supplements, auditorís report on internal controls, auditorís report on compliance with requirements of major programs with OMB A-133, schedule of findings and questioned costs, schedule of corrective action plan and summary of prior year audit findings and questioned costs.

 

Documentation

 

1.    2007 Vernon College Annual Audit

2.    2006 Vernon College Annual Audit

3.    2005 Vernon College Annual Audit