Iowa Lakes Community College Audit Report Released
Williams & Company, P.C. released an audit report on Iowa Lakes Community College for the year ended June 30, 2017.
The College’s primary government operating revenues totaled $20,161,278 for the year ended June 30, 2017, a 0.86% increase from the prior year, and included $5,486,422 from tuition and fees, $4,3634082 from the federal government, and $4,165,388 from auxiliary enterprises. Operating expenses for the year totaled $37,624,849, a 0.32% decrease from the prior year.
The College reported an operating loss of $17,463,571. In general, a public college, such as Iowa Lakes community?College, will report an operating loss since the financial reporting model classifies state appropriations and property tax as non-operating revenues. Non-operating revenues totaled $17,641,393 including $12,051,329 from the state, $5,91,444 from property taxes, and $126,573 from interest income. Non-operating expenses totaled $466,529, consisting of interest on indebtedness. The College’s net position increased $177,822 during the year.
A copy of the audit report is available for review in Iowa Lakes Community College’s Business Office, in the Office of the Auditor of State and on the Auditor of State’s website at auditor.iowa.gove/reports/index.html.