Board Accepts Fiscal Year 2015 Audit
Published 12.03.2015
News
The Pennsylvania College of Technology Board of Directors on Thursday accepted the college’s audited financial statements for Fiscal Year 2015.
The audit was the lone action item on the board’s December meeting agenda.
Penn College’s independent auditors (Baker Tilly Virchow Krause, LLP) issued an unmodified opinion – the highest level of assurance – on the college’s financial statements for the fiscal year that ended on June 30.
Suzanne T. Stopper, the college’s vice president for finance/CFO, presented financial highlights from the year, which she described as a positive one for the college.
“We take our fiduciary responsibility very seriously and work diligently to make smart financial decisions,” she noted.
The college refinanced the 2005 bond series during the fiscal year, which will result in significant interest expense savings in the future. And, despite relatively poor investment-market performance, the college’s permanently restricted funds grew again during the fiscal year. The earnings on those funds are used to support scholarships for students.
“The audit is important because it’s our financial story for the year, and I think it’s a good one,” Stopper added.
Penn College President Davie Jane Gilmour updated the board on limited office schedules for the holidays.
Board Chairman Sen. Gene Yaw told the board he is hopeful something can happen soon in negotiations for the state budget. He expects the Senate to be in session through Wednesday to work on budget issues.
The next Penn College Board meeting is scheduled for Feb. 11.
The audit was the lone action item on the board’s December meeting agenda.
Penn College’s independent auditors (Baker Tilly Virchow Krause, LLP) issued an unmodified opinion – the highest level of assurance – on the college’s financial statements for the fiscal year that ended on June 30.
Suzanne T. Stopper, the college’s vice president for finance/CFO, presented financial highlights from the year, which she described as a positive one for the college.
“We take our fiduciary responsibility very seriously and work diligently to make smart financial decisions,” she noted.
The college refinanced the 2005 bond series during the fiscal year, which will result in significant interest expense savings in the future. And, despite relatively poor investment-market performance, the college’s permanently restricted funds grew again during the fiscal year. The earnings on those funds are used to support scholarships for students.
“The audit is important because it’s our financial story for the year, and I think it’s a good one,” Stopper added.
Penn College President Davie Jane Gilmour updated the board on limited office schedules for the holidays.
Board Chairman Sen. Gene Yaw told the board he is hopeful something can happen soon in negotiations for the state budget. He expects the Senate to be in session through Wednesday to work on budget issues.
The next Penn College Board meeting is scheduled for Feb. 11.
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