After an extensive independent audit of the previous school year’s finances, Lane has received a nod of fiscal approval.
Kenneth Kuhns & Co., a Salem-based accounting firm, determined the college is at low risk for an audit. The firm also audits approximately half of Oregon’s community colleges.
The college compiled its financial statements and notes into a single financial report.
During Lane’s Jan. 8 Board of Education meeting, Kenneth Kuhns said the financial report was more extensive than most.
“It’s a clean opinion, with no exceptions, on your financial statements,” Kuhns said at the meeting.
Because Lane receives funding from the state and federal governments, it’s subject to a number of state and federal laws, Kuhns said.
This includes the state’s audit law, which requires institutions like Lane to periodically submit their financial records to a certified public accountant to be audited independently.
“I will say, about the financial records, they were well-maintained,” Kuhns said. “They were clean. There were no audit adjustments.”
The statistical information and economic data the college submitted to Kuhns was not audited.
“But we read a lot of that information, and we were happy with it,” Kuhns said.
Kuhns’ report also determined that Lane’s financial office was successful in maintaining an environment that allowed its employees to keep accurate financial records.
“Nothing came to our attention that causes us to believe Lane Community College was not in substantial compliance with certain provisions of laws, regulations, contracts and grant agreements,” Kuhns wrote in his report.
Speaking publicly, Kuhns said the college ultimately spent approximately $3.3 million more than it took in last year, after a state community college support payment of approximately $6.4 million that was made too late to be included in the financial report.