The Northern Marianas Trades Institute recently received a clean audit from accounting firm Burger, Comer, and Magliari, during an audit that covered the entire fiscal year 2018.
This was learned at an NMTI board of directors meeting last week, during which Gilbert Morales of Burger, Comer, and Magliari presented the results of the audit.
NMTI used to follow a calendar year-based audit but, since its transformation to a government entity, it now follows a fiscal year process.
Based on Morales’ report, with the deductions of liabilities, NMTI’s net assets in fiscal year 2018 were at $606,994 as a combination cash, receivables, and equipment. NMTI also received several sources of funds from donors with and without restrictions.
Donors with restrictions come from certain funding sources with restrictions such as the funding from the CW law, which is strictly for education purposes. Donors without restrictions is money that come from tuition, student fees, government appropriations, and funds from Educational Tax Credit donors.
Morales also said that all NMTI employees were paid on time in fiscal year 2018.
NMTI chief executive officer Agnes McPhetres said that NMTI has done a good job maintaining a clean audit and that this tells the board that it has been keeping strict internal control. Board chair John Gonzales said that this presentation is good news for NMTI since it shows that the school enforces strict control and respects taxpayer funds.
Copies of the audit report will be sent to the CNMI Legislature and the Office of the Governor.