Guam Community College received a clean audit for Fiscal Year (FY) 2020. According to the Office of Public Accountability, “Independent Auditor, Deloitte & Touche, LLP, rendered an unmodified (clean) opinion on GCC’s financial statements and compliance over major federal programs. GCC is commended for qualifying as a low-risk auditee for the 20th consecutive year. GCC is the only Government of Guam (GovGuam) agency to do so.”
“Despite the challenges we faced through the year, GCC maintained the highest standards of fiscal stewardship. We focused the use of our resources to ensure that support for our students remains the highest priority,” according to Dr. Mary Okada, GCC President. “To achieve 20 straight years of clean, unmodified financials, especially in the midst of the pandemic, reflects the commitment we uphold to ensuring that every dollar we spend benefits our students and the community.”
In FY20, GCC’s net operating and nonoperating revenues totaled $35.7 million, a decrease of $600,000 from the previous year. The college received 59% of its funding through Government of Guam appropriations, 29.1% from federal grants and contracts, just 4.3% from tuition and fees, and 5.3% from other revenues. GCC decreased its net losses from $2.5 million in FY19 to $1.2 million for FY20.
The high standards GCC upholds in our finances is a reflection of the accountability instilled across all aspects of the college, especially in the education and training of students. As our island and region begin to recover from the effects of COVID-19, GCC is positioned to provide the job training and upskilling that will be required for many of our residents to thrive in the new economy. For many, financial circumstances have changed and they may now qualify for Pell grant support to cover their education.
“I want to encourage our people to take the opportunity now to learn new, relevant skills that will help you gain employment or advance you in your current career,” Dr. Okada added. “Give us a call and we can help you find the right path forward.”
(GCC News Release)