Financial Audits

NMC 2014 and 2013 Financial Audit

Summary


NMC FISCAL YEARS 2014 and 2013 FINANCIAL STATEMENTS ARE FAIRLY PRESENTED

(The following summary is based on the independent auditor’s report prepared by Burger, Comer, Magliari and does not constitute an audit report. Please visit OPA’s website for the full audit report.)

The Northern Marianas College (NMC) received an unmodified opinion on its financial statements from the independent auditor (Auditor) for fiscal years (FY) 2014 and 2013.  This means that NMC’s financial statements are fairly presented.  NMC has consistently maintained unmodified opinions on its financial statements.  In addition, NMC received an unmodified opinion on compliance for its major federal programs for fiscal year 2014.  This means that NMC complied with the requirements of laws, regulations, contracts, and grants related to the programs. 

Audit Findings

Audit findings generally occur when an auditor identifies weaknesses in an organization’s procedures or noncompliance with certain requirements.  The Auditor cited NMC for three findings in FY 2014 which is an increase from one finding in FY 2013.

Questioned Costs

A questioned cost is an expenditure that is questioned by the auditor and is the result of an audit finding related to federal programs:

  1. Which resulted from a violation or possible violation of a specific requirement;
  2. Where the costs, at the time of the audit, are not supported by adequate documentation; or
  3. When the expenditure of funds for the intended purpose is unnecessary or unreasonable.

The Auditor did not identify questioned costs related to the findings for FY 2014.  However, the total unresolved questioned costs at September 30, 2014, which includes questioned costs from FY 2009 through FY 2010, amounted to $76,575.

Background

NMC was created as an autonomous public agency of the Commonwealth of the Northern Mariana Islands pursuant to Public Law 4-34, also cited as the Postsecondary Education Act of 1984.  NMC is governed by a seven member Board of Regents, appointed by the Governor, and is headed by a President, who is appointed by the Board of Regents.  According to its website, NMC’s mission states, “Northern Marianas College, through its commitment to student learning, provides high quality, affordable and accessible educational programs and services for the individual and people of the Commonwealth.”

Report on the Audit of Financial Statements in Accordance with OMB Circular A-133-View

Reports on Internal Control and Compliance-View

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Last Updated 10/9/2015 2:47:52 PM