In Fiscal Year 2021, GCC experienced a negative change in net position of $2.9 million which was more than double the negative change of $1.2M in FY 2020, according to independent auditors Deloitte & Touche LLP.
According to the Office of Public Accounting, this resulted from an increase in net operating revenues of $358 thousand; a decrease in operating expenses of $60 thousand; a decrease in net non-operating revenues of $2.1M; and an increase in bad debt expense of $103K.
GCC closed FY 2021 with a negative net position of $34.3M, from the previous negative net position of $31.3M.
GCC earned $36.5M in total revenues, which consisted of GovGuam appropriations of $21.4M, accounting for 59% of revenues. Another 26% of revenue–that is $9.5 million–came from federal grants and contracts.
The remaining 15% originates from a combination of tuition, auxiliary enterprises, and other revenues.
Despite the challenges brought by the COVID-19 pandemic–primarily the sustained decline in student enrollment–GCC continued to improve its programs and campus facilities in FY 2021.