For fiscal year 2021, Northern Marianas College has received\u2014for the 15th consecutive year\u2014a favorable or unqualified audit opinion on its financial statements.\u00a0<\/p>\n
An unqualified opinion means that the financial statements present fairly, in all material aspects, the financial position of the Northern Marianas College, and conform with accounting principles generally accepted in the United States.<\/p>\n
NMC continues to be designated as a \u201clow risk\u201d auditee by its independent auditors. This designation means less administrative burden for the institution in applying for and administering grants, fewer audit requirements, and higher confidence in the institution by federal agencies and the community.
\nThe audit noted that the college continues to meet the CNMI\u2019s workforce needs. In the report the auditors stated that \u201cNMC was able to provide direct support and transition students into the much-needed workforce shortages created from COVID-19.\u201d\u00a0<\/p>\n
The report added that the growing number of graduates is \u201cfurther evidence that more and more residents of the Northern Mariana Islands are looking to NMC for their professional advancement and personal growth as well as turning to the college to reskill or upskill themselves for the rapidly changing workforce.\u201d\u00a0<\/p>\n
Additionally, no material weaknesses were identified and there were no questioned costs.\u00a0
\nHowever, there were audit findings identified that pertained to the timely processing of employees\u2019 contract renewal paperwork and travel authorizations. The college has identified action items to address these findings and will continue to strengthen its procedures to avoid delays in processing the documents.<\/p>\n
\u201cI commend our team at the Finance Office and other departments for their diligence and strict adherence to internal controls and sound financial management,\u201d said NMC president Galvin Deleon Guerrero, EdD.<\/p>\n
According to NMC\u2019s chief financial officer David Attao, recommendations were made by the independent auditors to help improve the college\u2019s finance and procurement procedures and NMC is committed to and has taken appropriate measures for continuous improvement.<\/p>\n
A copy of NMC\u2019s financial audit, prepared by Burger Comer Magliari, has been transmitted to the Office of the Public Auditor and all other required entities. (NMC)<\/p>\n","protected":false},"excerpt":{"rendered":"
For fiscal year 2021, Northern Marianas College has received\u2014for the 15th consecutive year\u2014a favorable or…<\/p>\n","protected":false},"author":28,"featured_media":372334,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[900],"tags":[69],"class_list":["post-372333","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","tag-nmc"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/372333","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/users\/28"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=372333"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/372333\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media\/372334"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=372333"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=372333"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=372333"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}