The Press Register
CPA Daniel Frey of J.E. Vance & Company, P.A. provided an annual audit report to the Coahoma Community College and Coahoma Early College High School board during Thursday’s meeting.
Frey provided a booklet of the audit for each board member and discussed some of the highlights.
“Major program we looked at this year is again financial aid,” he said. “That will always be a significant program in the higher educational institutional aid, which is the Title III programs.”
Frey said the audit also looked at career and technical education programs.
He said everything indicated the college and high school were compliant with all state laws. He provided comparative sheets dealing with the college and high school.
Frey said the cash equivalency was $2.2 million ahead of last year.
“Of course, some of that shifting of the restrictive cash and the unrestrictive cash,” he said.
Frey said the accounts receivable went down $1.4 million. It broke down by federal and state grants and student accounts.
“Inventories, again, that’s primary,” Frey said.
Frey said some of the things the inventory looked at were the bookstore and high school cafeteria.
He said insurance also went down.
“That’s actually gone down significantly this year because of a lot of money that was sent down to the bureau buildings,” Frey said.
Frey said $183,868 of the insurance was paid in advance.
He said the endowment investment went up a little bit and capital asset had a significant jump.
“You’ll see a big jump there in buildings and that’s due to three buildings that were picked up in the current year that were donated to the college,” Frey said.
He said three different buildings were at the Coahoma County Higher Education Center and one was across the street from the school.
“The value of those was over $11 million,” Frey said.
He said construction progress went down $3 million.
“Accounts payable and accrued liabilities are down a little bit,” Frey said.
“Salaries and expenses are pretty much consistent with the prior year.”
However, Frey said fringe benefits decreased.
Coahoma has roughly 1,860 students and it cost approximately $1,425 for a semester of classes at the school north of Clarksdale.