The Northern Marianas College posted a “balance” in its fiscal year operation in 2013, based on unaudited figures obtained by Saipan Tribune yesterday.
The financial statements indicate that the college raised $17.68 million in revenue in fiscal year 2013 while its expenses totaled $17.5 million, leaving over $100,000 in excess.
Much of NMC’s revenue was composed mostly of federal grants and other federal sources, but it also includes funds received from the local government, tuition and fees, and others.
NMC received $4.474 million from the local government, the bulk of which was used to pay for personnel wages and benefits. Federal grants and awards totaled $8.882 million. Tuition and fees totaled $4.321 million.
\NMC’s unaudited expenses in fiscal year 2013 was about $17.5 million, lower by a little over $100,000 compared to revenue for the fiscal year. But since the college expects reduced revenue in fiscal year 2014, the remaining funds have already been earmarked to pay for expenses that include accreditation-related costs like team visits from the accrediting commission.
A breakdown of last fiscal year’s expenses was not immediately available yesterday.
“NMC continues to improve the management of its finances and its internal control measures. Our unaudited expenditure figure also shows that the xollege continues to live within its means and that we continue to make progress in reducing operational expenses,” said NMC president Dr. Sharon Y. Hart when asked for comments.
Hart said that NMC has put in place internal austerity measures to reduce its operating expenses.
“From reducing electricity use to maximizing classroom space, we are looking for different ways to cut spending while maintaining a high quality learning environment,” said Hart.
Last year, the college noted that audit firm Deloitte and Touche indicated that NMC is one of the most financially compliant and stable government entities in the CNMI and the region.
According to the college, it has already engaged the services of J. Scott Magliari and Co. to audit NMC’s financial statements, internal controls, and compliance with rigorous accounting principles. The final, audited financial statements for 2013 will be made available in June 2014.
For the past six consecutive years, NMC has received an unqualified opinion on its financial statements. This means the financial statements were presented fairly, in all material aspects, and that they conformed with accounting principles generally accepted in the U.S.