agenda item (viii-e-2) · subject 2010-2011 independent audit report for the riverside community...
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e-board Agenda Item
Agenda Item
Agenda Item (VIII-E-2)Meeting 12/13/2011 - Regular
Agenda Item Committee - Resources (VIII-E-2)
Subject 2010-2011 Independent Audit Report for the Riverside Community College District Foundation
College/District District
Funding n/a
Recommended Action
It is recommended that the Board of Trustees receive the Riverside Community College District Foundation’s independent audit report for the year ended June 30, 2011 for the permanent file of the District.
Background Narrative:
See the attached background information relative to the 2010-2011 Independent Audit Report for the Riverside Community College District Foundation.
Prepared By: Jim Buysse, Vice Chancellor, Administration & FinanceAaron Brown, Associate Vice Chancellor, FinanceBill Bogle, Controller
Attachments:
2010-2011 Independent Audit Report for the Riverside Community College District Foundation Background Information - December 13, 2011
2010-2011 Independent Audit ReportFor the Riverside Community College District Foundation
December 13, 2011
An independent audit of the Foundation’s 2010-2011 financial statements was performed by Vavrinek, Trine, Day & Co., LLP Certified Public Accountants (VTD). A representative of the firm will be available to present the report. The Foundation’s Board of Directors accepted the audit report on November 15, 2011. Results of the audit are summarized below.
Auditor’s Opinion
The auditor has issued an unqualified opinion for the financial audit; an excerpt of which follows:
Financial Audit - “In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Riverside Community College District Foundation as of June 30, 2011 and 2010, and the changes in its net assets and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America”
Audit Findings
There were no findings or questioned costs related to the audit for the year ended June 30, 2011.
Audit Adjustments to the Financial Statements
No audit adjustments were recommended.
Auditor’s Required Communication - Audit Completion
In accordance with the Statement on Auditing Standards No. 115, at the conclusion of the audit engagement VTD is required to communicate information to the Board of Directors regarding their responsibility under United States Generally Accepted Auditing Standards. Attached for your information is the required communication issued by VTD.
Management Recommendations
There were two reported management recommendation for fiscal year 2010-2011 as shown in the attached letter.
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