WVC financial audits

Media Contact:
Suzie Benson, vice president of administrative services, 509.682.6515
Libby Siebens, community relations executive director, 509.682.6436 (Mon.-Thurs.)

October 25, 2016

State auditors recently completed the first ever independent audit of WVC financial statements. The report identifies deficiencies within college inventory tracking systems that WVC is currently addressing.

The audit began last fall. Corrective action began as soon as the weakness was identified, prior to the conclusion of the financial statements audit.

"A change in our asset management system (database) coupled with turnover in key staff positions led to inaccurate asset balances," said WVC President Jim Richardson.  "I am fully confident the issues will be resolved quickly. All relevant staff are informed of the issue and have been meeting to resolve it. We are putting procedures in place to be sure this does not happen again."

Richardson shared the auditor's concern with the WVC Board of Trustees. After reviewing the issue, the board concluded that no adjustments need be made at the board policy level. "We are satisfied that WVC administration is taking the appropriate approach and will quickly resolve the issue," commented board chairman Phil Rasmussen.

Rasmussen added that the public is welcome to attend WVC Board of Trustee meetings. The next meeting is Wednesday, November 30 at 3 p.m. on the Wenatchee campus.

Prior to 2016, Washington community and technical colleges were audited together as a system as part of the Washington State consolidated annual financial report. The last WVC compliance audit took place in 2008.